<SEC-DOCUMENT>0001206774-15-002911.txt : 20150828
<SEC-HEADER>0001206774-15-002911.hdr.sgml : 20150828
<ACCEPTANCE-DATETIME>20150828172114
ACCESSION NUMBER:		0001206774-15-002911
CONFORMED SUBMISSION TYPE:	S-3
PUBLIC DOCUMENT COUNT:		12
FILED AS OF DATE:		20150828
DATE AS OF CHANGE:		20150828

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GERON CORP
		CENTRAL INDEX KEY:			0000886744
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		IRS NUMBER:				752287752
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-3
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-206659
		FILM NUMBER:		151083002

	BUSINESS ADDRESS:	
		STREET 1:		149 COMMONWEALTH DRIVE
		STREET 2:		SUITE 2070
		CITY:			MENLO PARK
		STATE:			CA
		ZIP:			94025
		BUSINESS PHONE:		6504737700

	MAIL ADDRESS:	
		STREET 1:		149 COMMONWEALTH DRIVE
		STREET 2:		SUITE 2070
		CITY:			MENLO PARK
		STATE:			CA
		ZIP:			94025

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GERON CORPORATION
		DATE OF NAME CHANGE:	19960521
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-3
<SEQUENCE>1
<FILENAME>geron_s3.htm
<DESCRIPTION>REGISTRATION STATEMENT FOR SPECIFIED TRANSACTIONS BY CERTAIN ISSUERS
<TEXT>

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    <TD style="TEXT-ALIGN: center" noWrap width="99%" colSpan=2><B><FONT face="Times New Roman" size=1>As filed with the Securities and Exchange
      Commission on August 28, 2015</FONT></B></TD></TR>
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    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="30%"><B><FONT face="Times New Roman" size=1>Registration No.
      333-</FONT></B></TD></TR></TABLE><BR>
<P align=center><B><FONT face="Times New Roman">UNITED STATES
<BR></FONT></B><B><FONT face="Times New Roman">SECURITIES AND EXCHANGE
COMMISSION <BR></FONT></B><B><FONT face="Times New Roman" size=1>Washington,
D.C. 20549 <BR>____________________________________<BR><BR></FONT></B><B><FONT face="Times New Roman">FORM S-3 <BR></FONT></B><B><FONT face="Times New Roman" size=1>REGISTRATION STATEMENT <BR>UNDER <BR></FONT></B><B><FONT face="Times New Roman" size=1>THE SECURITIES ACT OF 1933
<BR>____________________________________<BR><BR></FONT></B><B><FONT face="Times New Roman" size=1>GERON CORPORATION <BR></FONT></B><FONT face="Times New Roman" size=1>(Exact Name of Registrant as Specified in Its
Charter) <BR><STRONG>____________________________________</STRONG></FONT></P>
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    <TD style="TEXT-ALIGN: center" noWrap width="54%"><B><FONT face="Times New Roman" size=1>Delaware</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="45%"><B><FONT face="Times New Roman" size=1>75-2287752</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: center" noWrap width="54%"><FONT face="Times New Roman" size=1>(State or Other Jurisdiction of</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="45%"><FONT face="Times New Roman" size=1>(I.R.S. Employer</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: center" noWrap width="54%"><FONT face="Times New Roman" size=1>Incorporation or Organization)</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="45%"><FONT face="Times New Roman" size=1>Identification
No.)</FONT></TD></TR></TABLE>
<DIV align=center><B><FONT face="Times New Roman" size=1>____________________________________<BR><BR>149 Commonwealth Drive, Suite
2070 <BR>Menlo Park, California 94025 <BR>(650) 473-7700</FONT></B><FONT face="Times New Roman" size=1> <BR></FONT><FONT face="Times New Roman" size=1>(Address, Including Zip Code and Telephone Number, Including Area Code,
of Registrant&#146;s Principal Executive Offices)
<BR><STRONG>____________________________________<BR><BR></STRONG></FONT><B><FONT face="Times New Roman" size=1>John A. Scarlett <BR></FONT></B><B><FONT face="Times New Roman" size=1>President and Chief Executive Officer <BR>Geron
Corporation <BR>149 Commonwealth Drive, Suite 2070 <BR>Menlo Park, California
94025 <BR>(650) 473-7700 <BR></FONT></B><FONT face="Times New Roman" size=1>(Name, Address, Including Zip Code and Telephone Number, Including Area
Code, of Agent for Service)
<BR><STRONG>____________________________________<BR><BR></STRONG></FONT><B><FONT face="Times New Roman" size=1>Copies to:</FONT></B><FONT face="Times New Roman" size=1> <BR></FONT><B><FONT face="Times New Roman" size=1>Chadwick L. Mills
<BR>Cooley LLP <BR></FONT></B><B><FONT face="Times New Roman" size=1>101
California Street, 5th Floor <BR>San Francisco, California 94111 <BR>(415)
693-2000</FONT></B><FONT face="Times New Roman" size=1>
<BR><STRONG>____________________________________<BR><BR></STRONG></FONT><B><FONT face="Times New Roman" size=1>Approximate date of commencement of proposed sale
to the public: From time to time after this Registration Statement becomes
effective. <BR>____________________________________</FONT></B></DIV>
<P align=left><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If the only securities being
registered on this form are being offered pursuant to dividend or interest
reinvestment plans, please check the following box. &#9744;&nbsp;<BR></FONT><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If any of the securities being
registered on this Form are to be offered on a delayed or continuous basis
pursuant to Rule 415 under the Securities Act of 1933, other than securities
offered only in connection with dividend or interest reinvestment plans, check
the following box.&nbsp;&#9746;<BR></FONT><FONT face="Times New Roman" size=1></FONT><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If this Form is filed to register
additional securities for an offering pursuant to Rule 462(b) under the
Securities Act, please check the following box and list the Securities Act
registration statement number of the earlier effective registration statement
for the same offering. &#9744;</FONT><FONT face="Times New Roman" size=1></FONT><FONT face="Times New Roman" size=1>&nbsp;<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If
this Form is a post-effective amendment filed pursuant to Rule 462(c) under the
Securities Act, check the following box and list the Securities Act registration
statement number of the earlier effective registration statement for the same
offering. &#9744;</FONT><FONT face="Times New Roman" size=1></FONT><FONT face="Times New Roman" size=1>&nbsp;<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If
this Form is a registration statement pursuant to General Instruction I.D. or a
post-effective amendment thereto that shall become effective upon filing with
the Commission pursuant to Rule 462(e) under the Securities Act, check the
following box. &#9744;</FONT><FONT face="Times New Roman" size=1></FONT><FONT face="Times New Roman" size=1>&nbsp;<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If
this Form is a post-effective amendment to a registration statement filed
pursuant to General Instruction I.D. filed to register additional securities or
additional classes of securities pursuant to Rule 413(b) under the Securities
Act, check the following box. &#9744;</FONT><FONT face="Times New Roman" size=1></FONT><FONT face="Times New Roman" size=1>&nbsp;<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indicate by check mark
whether the registrant is a large accelerated filer, an accelerated filer, a
non-accelerated filer, or a smaller reporting company. See the definitions of
&#147;large accelerated filer,&#148; &#147;accelerated filer&#148; and &#147;smaller reporting company&#148;
in Rule 12b2 of the Exchange Act. </FONT></P>
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    <TD noWrap align=left width="20%"><FONT face="Times New Roman" size=1>Large accelerated filer &#9744;</FONT><FONT face="Times New Roman" size=1></FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="24%" STYLE="text-align: center"><FONT face="Times New Roman" size=1>Accelerated filer &#9746;</FONT><FONT face="Times New Roman" size=1></FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="35%"><FONT face="Times New Roman" size=1>Non-accelerated filer &#9744;</FONT><FONT face="Times New Roman" size=1></FONT></TD>
    <TD noWrap align=left width="20%"><FONT face="Times New Roman" size=1>Smaller reporting company &#9744;</FONT><FONT face="Times New Roman" size=1></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="20%"></TD>
    <TD noWrap align=left width="24%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="35%"><FONT face="Times New Roman" size=1>(Do not check if a smaller reporting
      company)</FONT></TD>
    <TD noWrap align=left width="20%"></TD></TR></TABLE><BR>
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    <TD style="TEXT-ALIGN: center" noWrap width="99%" colSpan=5><B><FONT face="Times New Roman" size=1>CALCULATION OF REGISTRATION
  FEE</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 2pt double" noWrap align=left width="39%"></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 2pt double" noWrap align=center width="15%"><B><FONT face="Times New Roman" size=1>Amount to be</FONT></B></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 2pt double" noWrap align=center width="15%"><B><FONT face="Times New Roman" size=1>Proposed Maximum</FONT></B></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 2pt double" noWrap align=center width="15%"><B><FONT face="Times New Roman" size=1>Proposed Maximum</FONT></B></TD>
    <TD style="BORDER-TOP: #000000 2pt double" noWrap align=center width="15%"><B><FONT face="Times New Roman" size=1>Amount
  of</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP ALIGN="LEFT" WIDTH="39%" STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; text-align: center"><B><FONT face="Times New Roman" size=1>Title
      of Each Class of Securities to be Registered</FONT></B></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="15%"><B><FONT face="Times New Roman" size=1>Registered</FONT></B></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="15%"><B><FONT face="Times New Roman" size=1>Offering Price Per Unit</FONT></B></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="15%"><B><FONT face="Times New Roman" size=1>&nbsp;&nbsp;Aggregate Offering Price&nbsp;&nbsp;</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="15%"><B><FONT face="Times New Roman" size=1>Registration
      Fee(1)</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="39%"><FONT face="Times New Roman" size=1>Common
      Stock, par value $0.001 per share</FONT></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="15%"><FONT face="Times New Roman" size=1>(2)</FONT></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="15%"><FONT face="Times New Roman" size=1>(3)</FONT></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="15%"><FONT face="Times New Roman" size=1>(3)</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="15%"><FONT face="Times New Roman" size=1>&#151;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="39%"><FONT face="Times New Roman" size=1>Preferred Stock, par value $0.001 per share</FONT></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="15%"><FONT face="Times New Roman" size=1>(2)</FONT></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="15%"><FONT face="Times New Roman" size=1>(3)</FONT></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="15%"><FONT face="Times New Roman" size=1>(3)</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="15%"><FONT face="Times New Roman" size=1>&#151;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="39%"><FONT face="Times New Roman" size=1>Debt
      Securities</FONT></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="15%"><FONT face="Times New Roman" size=1>(2)</FONT></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="15%"><FONT face="Times New Roman" size=1>(3)</FONT></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="15%"><FONT face="Times New Roman" size=1>(3)</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="15%"><FONT face="Times New Roman" size=1>&#151;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="39%"><FONT face="Times New Roman" size=1>Warrants</FONT></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="15%"><FONT face="Times New Roman" size=1>(2)</FONT></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="15%"><FONT face="Times New Roman" size=1>(3)</FONT></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="15%"><FONT face="Times New Roman" size=1>(3)</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="15%"><FONT face="Times New Roman" size=1>&#151;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="39%"><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total</FONT></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 2pt double" noWrap align=center width="15%"><FONT face="Times New Roman" size=1>(2)</FONT></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 2pt double" noWrap align=center width="15%"></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-BOTTOM: #000000 2pt double" noWrap align=center width="15%"><FONT face="Times New Roman" size=1>$250,000,000</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=center width="15%"><FONT face="Times New Roman" size=1>$28,909(4)</FONT></TD></TR></TABLE>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=1>(1)</FONT></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=1>Pursuant
      to Rule 415(a)(6) under the Securities Act of 1933, as amended (the
      &#147;Securities Act&#148;), the securities registered pursuant to this Registration
      Statement include unsold securities previously registered by the
      Registrant on the Registrant&#146;s Registration Statement on Form S-3 (File
      No. 333-182537), filed on July 3, 2012 and declared effective on October
      11, 2012 (the &#147;Prior Registration Statement&#148;). The Prior Registration
      Statement registered the offer and sale of (i) 150,000 shares of common
      stock issuable upon the exercise of outstanding warrants having an
      aggregate offering price of $1,350,000 and (ii) an indeterminate number of
      shares of common stock and preferred stock, an indeterminate principal
      amount of debt securities, and an indeterminate number of warrants to
      purchase common stock, preferred stock or debt securities (collectively,
      the &#147;Shelf Securities&#148;), having an aggregate initial offering price of
      $200,000,000, a portion of which Shelf Securities remain unsold as the
      date of filing of this Registration Statement. The Registrant has
      determined to include in this Registration Statement unsold Shelf
      Securities under the Prior Registration Statement with an aggregate
      offering price of $88,350,000 (the &#147;Unsold Shelf Securities&#148;). Pursuant to
      Rule 415(a)(6) under the Securities Act, the filing fee of $10,125
      relating to the Unsold Shelf Securities under the Prior Registration
      Statement will continue to be applied to the Unsold Shelf Securities
      registered pursuant to this Registration Statement. The Registrant is also
      registering new securities on this registration statement with an
      aggregate initial offering price of $161,650,000 (the &#147;New Shelf
      Securities&#148;), which aggregate offering price is not specified as to each
      class of security (see footnote (2)). To the extent that, after the filing
      date hereof and prior to the effectiveness of this Registration Statement,
      the Registrant sells any Unsold Shelf Securities pursuant to the Prior
      Registration Statement, the Registrant will identify in a pre-effective
      amendment to this Registration Statement the updated amount of Unsold
      Shelf Securities from the Prior Registration Statement to be included in
      this Registration Statement pursuant to Rule 415(a)(6) and the updated
      amount of New Shelf Securities to be registered on this Registration
      Statement. Pursuant to Rule 415(a)(6) under the Securities Act, the
      offering of the Unsold Shelf Securities under the Prior Registration
      Statement will be deemed terminated as of the date of effectiveness of
      this Registration Statement.</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=1>(2)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=1>There are
      being registered hereunder such indeterminate number of shares of common
      stock and preferred stock, such indeterminate principal amount of debt
      securities, and such indeterminate number of warrants to purchase common
      stock, preferred stock and/or debt securities as may be sold by the
      Registrant from time to time, which together shall have an aggregate
      initial offering price not to exceed $250,000,000. If any debt securities
      are issued at an original issue discount, then the offering price of such
      debt securities shall be in such greater principal amount as shall result
      in an aggregate offering price not to exceed $250,000,000, less the
      aggregate dollar amount of all securities previously issued hereunder. Any
      securities registered hereunder may be sold separately or in combination
      with other securities registered hereunder. The proposed maximum offering
      price of the securities will be determined, from time to time, by the
      Registrant in connection with the issuance by the Registrant of the
      securities registered hereunder. The securities registered hereunder also
      include such indeterminate number of shares of common stock and preferred
      stock and amount of debt securities as may be issued upon conversion of or
      exchange for preferred stock or debt securities that provide for
      conversion or exchange, upon exercise of warrants or pursuant to the
      antidilution provisions of any of such securities. In addition, pursuant
      to Rule 416 under the Securities Act, the shares being registered
      hereunder include such indeterminate number of shares of common stock and
      preferred stock as may be issuable with respect to the shares being
      registered hereunder as a result of stock splits, stock dividends or
      similar transactions.</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=1>(3)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=1>The
      proposed maximum aggregate offering price per class of security will be
      determined from time to time by the Registrant in connection with the
      issuance by the Registrant of the securities registered hereunder and is
      not specified as to each class of security pursuant to General Instruction
      II.D. of Form S-3 under the Securities Act.</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=1>(4)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=1>The filing
      fee of $10,125 relating to the Unsold Shelf Securities under the Prior
      Registration Statement was previously paid and will continue to be applied
      to such Unsold Shelf Securities included in this Registration Statement. A
      filing fee of $18,784 with respect to the New Shelf Securities is being paid in
      connection with the filing of this Registration Statement. See also
      footnote (1) above.</FONT></TD></TR></TABLE>
<P align=left><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <STRONG>THE REGISTRANT HEREBY AMENDS
THIS REGISTRATION STATEMENT ON SUCH DATE OR DATES AS MAY BE NECESSARY TO DELAY
ITS EFFECTIVE DATE UNTIL THE REGISTRANT SHALL FILE A FURTHER AMENDMENT WHICH
SPECIFICALLY STATES THAT THIS REGISTRATION STATEMENT SHALL HEREAFTER BECOME
EFFECTIVE IN ACCORDANCE WITH SECTION 8(a) OF THE SECURITIES ACT OF 1933 OR UNTIL
THE REGISTRATION STATEMENT SHALL BECOME EFFECTIVE ON SUCH DATE AS THE SECURITIES
AND EXCHANGE COMMISSION, ACTING PURSUANT TO SAID SECTION 8(a), MAY
DETERMINE.</STRONG></FONT><FONT face="Times New Roman" size=1> </FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><B><FONT face="Times New Roman" size=2>EXPLANATORY NOTE
</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>This registration statement
contains two prospectuses: </FONT></P>
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    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2></FONT><FONT face="Times New Roman" size=2>a base prospectus which covers the offering,
      issuance and sale of such indeterminate number of shares of the
      Registrant&#146;s common stock and preferred stock, such indeterminate
      principal amount of debt securities, and such indeterminate number of
      warrants to purchase common stock, preferred stock and/or debt securities,
      which together shall have an aggregate initial offering price not to
      exceed $250,000,000; and <BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2></FONT><FONT face="Times New Roman" size=2>a sales agreement prospectus covering the
      offering, issuance and sale of shares of the Registrant&#146;s common stock
      that may be issued and sold under the At Market Issuance Sales Agreement,
      or the sales agreement, between the Registrant and MLV &amp; Co. LLC in an
      aggregate amount of up to $50,000,000. </FONT></P></TD></TR></TABLE>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The base prospectus
immediately follows this explanatory note. The specific terms of any securities
to be offered pursuant to the base prospectus will be specified in a prospectus
supplement to the base prospectus. The sales agreement prospectus immediately
follows the base prospectus. The $50,000,000 of common stock that may be
offered, issued and sold under the sales agreement prospectus is part of the
$250,000,000 of securities that may be offered, issued and sold by the
Registrant under the base prospectus. Upon termination of the sales agreement,
any portion of the $50,000,000 included in the sales agreement prospectus that
is not sold pursuant to the sales agreement will be available for sale in other
offerings pursuant to the base prospectus and any related prospectus supplement.
</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><FONT face="Times New Roman" size=2><FONT color=#ff0000>THE
INFORMATION IN THIS PROSPECTUS IS NOT COMPLETE AND MAY BE CHANGED. WE MAY</FONT>
<BR><FONT color=#ff0000>NOT SELL THESE SECURITIES OR ACCEPT AN OFFER TO BUY
THESE SECURITIES UNTIL THE</FONT> <BR></FONT><FONT face="Times New Roman" size=2><FONT color=#ff0000>REGISTRATION STATEMENT FILED WITH THE SECURITIES AND
EXCHANGE COMMISSION IS</FONT> <BR><FONT color=#ff0000>EFFECTIVE. THIS PROSPECTUS
IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT</FONT> <BR></FONT><FONT face="Times New Roman" size=2><FONT color=#ff0000>SOLICITING AN OFFER TO BUY
THESE SECURITIES IN ANY STATE WHERE THE OFFER OR SALE IS</FONT> <BR><FONT color=#ff0000>NOT PERMITTED.</FONT></FONT></P>
<P align=center><FONT face="Times New Roman" size=2><STRONG><FONT color=#ff0000><STRONG>SUBJECT TO COMPLETION, DATED AUGUST 28,
2015</STRONG></FONT></STRONG></FONT></P>
<P align=left><FONT face="Times New Roman" size=2><STRONG>PROSPECTUS</STRONG></FONT></P>
<P align=center><IMG src="geron_s31x3x1.jpg" border=0><BR><FONT face="Times New Roman" size=4><STRONG>$250,000,000 <BR>Common Stock
<BR>Preferred Stock <BR>Debt Securities
<BR>Warrants<BR>____________________</STRONG></FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>From
time to time, we may offer and sell up to $250,000,000 of any combination of the
securities described in this prospectus, either individually or in combination
with other securities. We may also offer common stock or preferred stock upon
conversion of debt securities, common stock upon conversion of preferred stock,
or com<FONT face="Times New Roman" size=2>m</FONT>on stock, preferred stock or
debt securities upon the exercise of warrants. </FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>We
will provide the specific terms of these offerings and securities in one or more
supplements to this prospectus. We may also authorize one or more free writing
prospectuses to be provided to you <FONT face="Times New Roman" size=2>i</FONT>n
connection with these offerings. The prospectus supplement and any related free
writing prospectus may also add, update or change information contained in this
prospectus. You should carefully read this prospectus, the applicable prospectus
supplement and any related free writing prospectus, as well as the d<FONT face="Times New Roman" size=2>o</FONT>cuments incorporated by reference, before
buying any of the securities being offered. </FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>Our
common stock is listed on The NASDAQ Global Select Market under the trading
symbol &#147;GERN.&#148; On August 21, 2015, the last reported sale price of our c<FONT face="Times New Roman" size=2>o</FONT>mmon stock was $3.08 per share. The
applicable prospectus supplement will contain information, where applicable, as
to other listings, if any, on The NASDAQ Global Select Market or other
securities exchange of the securities covered by the applicable prospectus
supplement.</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><I><FONT face="Times New Roman"><STRONG>Investing in our securities involves a high
degree of risk. You should review carefully the risks and uncertainties
described under the heading &#147;Risk Factors&#148; contained in the applicable
prospectus supplement and in any free writing prospectuses we have authorized
for use in connection with a specific offering, and under similar headings in
the documents that are incorporated by reference into this
prospectus.</STRONG></FONT></I></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2><STRONG>This prospectus may not be used to consummate a sale of
securities unless accompanied by a prospectus supplement.</STRONG></FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>The
securities may be sold directly by us to investors, through agents designated
from time to time or to or through underwriters or dealers, on a continuous or
delayed basis. For additional information on the methods of sale, you should
refer to the s<FONT face="Times New Roman" size=2>e</FONT>ction titled &#147;Plan of
Distribution&#148; in this prospectus. If any agents or underwriters are involved in
the sale of any securities with respect to which this prospectus is being
delivered, the names of such agents or underwriters and any applicable fees,
com<FONT face="Times New Roman" size=2>m</FONT>issions, discounts and
over-allotment options will be set forth in a prospectus supplement. The price
to the public of such securities and the net proceeds we expect to receive from
such sale will also be set forth in a prospectus supplement.</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2><STRONG>Neither the Securities and Exchange Commission nor any state
securities commission has approved or disapproved of these securities or
determined if this prospectus is truthful or complete. Any representation to
the contrary is a criminal offense.</STRONG></FONT></P>
<DIV align=center><STRONG><FONT face="Times New Roman" size=2>_____________________</FONT></STRONG></DIV>
<P align=center><FONT face="Times New Roman" size=2>The date of this prospectus
is&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
, 20&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><B><FONT face="Times New Roman" size=2>TABLE OF
CONTENTS</FONT></B></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="97%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="2%"><B><FONT face="Times New Roman" size=1>Page</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="97%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>About This Prospectus</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>1</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="97%"><FONT face="Times New Roman" size=2>Prospectus Summary</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%"><FONT face="Times New Roman" size=2>2</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="97%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Risk Factors</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>6</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="97%"><FONT face="Times New Roman" size=2>Forward-Looking Statements</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%"><FONT face="Times New Roman" size=2>6</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="97%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Financial Ratios</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>7</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="97%"><FONT face="Times New Roman" size=2>Use
      of Proceeds</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%"><FONT face="Times New Roman" size=2>7</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="97%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Description of Capital Stock</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>8</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="97%"><FONT face="Times New Roman" size=2>Description of Debt Securities</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%"><FONT face="Times New Roman" size=2>11</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="97%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Description of Warrants</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>18</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="97%"><FONT face="Times New Roman" size=2>Legal Ownership of Securities</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%"><FONT face="Times New Roman" size=2>20</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="97%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Plan of Distribution</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>23</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="97%"><FONT face="Times New Roman" size=2>Legal Matters</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%"><FONT face="Times New Roman" size=2>24</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="97%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Experts</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>24</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="97%"><FONT face="Times New Roman" size=2>Where You Can Find More Information</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%"><FONT face="Times New Roman" size=2>24</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="97%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Incorporation of Certain Information by
      Reference</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>25</FONT></TD></TR></TABLE><BR>
<P align=center><FONT face="Times New Roman" size=2>i </FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><B><FONT face="Times New Roman" size=2>ABOUT THIS PROSPECTUS
</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>This prospectus is part of a
registration statement on Form S-3 that we filed with the Securities and
Exchange Commission, or SEC, utilizing a &#147;shelf&#148; registration process. Under
this shelf registration process, we may offer and sell shares of our common
stock and preferred stock, various series of debt securities and/or warrants to
purchase any of such securities, either individually or in combination with
other securities, in one or more offerings, up to a total dollar amount of
$250,000,000. This prospectus provides you with a general description of the
securities we may offer. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Each time we offer securities
under this prospectus, we will provide a prospectus supplement that will contain
more specific information about the terms of that offering. We may also
authorize one or more free writing prospectuses to be provided to you that may
contain material information relating to these offerings. The prospectus
supplement and any related free writing prospectus that we may authorize to be
provided to you may also add, update or change any of the information contained
in this prospectus or in the documents that we have incorporated by reference
into this prospectus. We urge you to read carefully this prospectus, any
applicable prospectus supplement and any free writing prospectuses we have
authorized for use in connection with a specific offering, together with the
information incorporated herein by reference as described under the heading
&#147;Incorporation of Certain Information by Reference,&#148; before buying any of the
securities being offered. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>This prospectus may not be
used to consummate a sale of securities unless it is accompanied by a prospectus
supplement.</FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>You should rely only on the
information contained in, or incorporated by reference into, this prospectus and
any applicable prospectus supplement, along with the information contained in
any free writing prospectuses we have authorized for use in connection with a
specific offering. We have not authorized anyone to provide you with different
or additional information. This prospectus is an offer to sell only the
securities offered hereby, but only under circumstances and in jurisdictions
where it is lawful to do so. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The information appearing in
this prospectus, any applicable prospectus supplement or any related free
writing prospectus is accurate only as of the date on the front of the document
and any information we have incorporated by reference is accurate only as of the
date of the document incorporated by reference, regardless of the time of
delivery of this prospectus, any applicable prospectus supplement or any related
free writing prospectus, or any sale of a security. Our business, financial
condition, results of operations and prospects may have changed since those
dates. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>This prospectus contains
summaries of certain provisions contained in some of the documents described
herein, but reference is made to the actual documents for complete information.
All of the summaries are qualified in their entirety by the actual documents.
Copies of some of the documents referred to herein have been filed, will be
filed or will be incorporated by reference as exhibits to the registration
statement of which this prospectus is a part, and you may obtain copies of those
documents as described below under the section titled &#147;Where You Can Find More
Information.&#148; </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>This prospectus and the
information incorporated herein by reference include trademarks, services marks
and trade names owned by us or other companies. All trademarks, service marks
and trade names included or incorporated by reference into this prospectus, any
applicable prospectus supplement or any related free writing prospectuses are
the property of their respective owners.</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>1 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<DIV style="BORDER-RIGHT: #000000 1pt solid; PADDING-RIGHT: 12pt; BORDER-TOP: #000000 1pt solid; PADDING-LEFT: 12pt; PADDING-BOTTOM: 4pt; BORDER-LEFT: #000000 1pt solid; PADDING-TOP: 4pt; BORDER-BOTTOM: #000000 1pt solid">
<P align=center><B><FONT face="Times New Roman" size=2>PROSPECTUS SUMMARY
</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><I><FONT face="Times New Roman" size=2>This summary highlights
selected information contained elsewhere in this prospectus or incorporated by
reference in this prospectus, and does not contain all of the information that
you need to consider in making your investment decision. You should carefully
read the entire prospectus, the applicable prospectus supplement and any related
free writing prospectus, including the risks of investing in our securities
discussed under the heading &#147;Risk Factors&#148; contained in the applicable
prospectus supplement and any related free writing prospectus, and under similar
headings in the other documents that are incorporated by reference into this
prospectus. You should also carefully read the information incorporated by
reference into this prospectus, including our financial statements, and the
exhibits to the registration statement of which this prospectus is a part.
</FONT></I><FONT face="Times New Roman" size=2></FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>Geron Corporation
</FONT></B></P>
<P align=left><B><FONT face="Times New Roman" size=2>Overview </FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Geron is a clinical stage
biopharmaceutical company focused on the development of a telomerase inhibitor,
imetelstat, in hematologic myeloid malignancies. The discovery and early
development of imetelstat, our sole product candidate, was based on our core
expertise in telomerase and telomere biology. Telomerase is an enzyme that
enables cancer cells, including malignant progenitor cells, to maintain telomere
length, which provides them with the capacity for limitless, uncontrolled
proliferation. Using our proprietary nucleic acid chemistry, we designed
imetelstat to be an oligonucleotide that targets and binds with high affinity to
the active site of telomerase, thereby directly inhibiting telomerase activity
and impeding malignant cell proliferation. Molecular responses in essential
thrombocythemia, or ET, and remission responses, including reversal of bone
marrow fibrosis, in myelofibrosis, or MF, suggest imetelstat has disease
modifying activity by inhibiting the progenitor cells of the malignant clone for
the underlying disease in a relatively selective manner. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>On November 13, 2014, we
entered into an exclusive collaboration and license agreement, or the
Collaboration Agreement, with Janssen Biotech, Inc., or Janssen, to develop and
commercialize imetelstat worldwide for all indications in oncology, including
hematologic myeloid malignancies, and all other human therapeutic uses. The
Collaboration Agreement became effective on December 15, 2014 and we received
$35 million from Janssen as an upfront payment. Additional consideration under
the Collaboration Agreement includes payments up to a potential total of $900
million for the achievement of development, regulatory and commercial
milestones, as well as royalties on worldwide net sales. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Under the Collaboration
Agreement, Janssen is responsible for the development, manufacturing and
commercialization of, and seeking regulatory approval for, imetelstat worldwide.
Development of imetelstat will proceed under a mutually agreed clinical
development plan, which includes two Phase 2 studies to be pursued initially,
one in MF, referred to as the Initial Phase 2 MF Study, and one in
myelodysplastic syndrome, or MDS, referred to as the Initial Phase 2 MDS Study.
Janssen opened the Initial Phase 2 MF Study, named the IMbark<SUP>TM</SUP>
Study, to enrollment in July 2015. We expect Janssen to initiate the Initial
Phase 2 MDS Study by the end of 2015. In addition, the clinical development plan
may also include additional, possible registration studies in MF and MDS, and
possible exploratory Phase 2 and potential follow on Phase 3 studies in acute
myelogenous leukemia.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>On June 11, 2015, the United
States Food and Drug Administration, or FDA, granted orphan drug designation to
imetelstat for the treatment of MF. Orphan drug designation qualifies the
sponsor of the drug for various development incentives under the Orphan Drug
Act, or ODA, including, if regulatory approval is received, seven years of
market exclusivity with certain limited exceptions, exemption from FDA
application fees and certain tax credits for qualified clinical testing. The
granting of orphan drug designation does not alter the standard regulatory
requirements and process for obtaining marketing approval. The safety and
effectiveness of a drug must be established through adequate and well-controlled
studies. Orphan drug exclusivity does not prevent the FDA from approving a
different drug for the same disease or condition, or the same drug for a
different disease or condition. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>We are subject to risks common
to companies in our industry and at our stage of development, including but not
limited to risks related to our research and development efforts, our dependence
on Janssen for the development, regulatory approval, manufacture and
commercialization of our sole product candidate, imetelstat, need for future
capital, uncertainty of preclinical or clinical trial results or regulatory
approvals or clearances, the future development of imetelstat, including any
future efficacy or safety results that cause the benefit-risk profile of
imetelstat to become unacceptable, enforcement of our patent and proprietary
rights, reliance upon our collaborators,</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>2 </FONT></P></DIV><BR>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<DIV style="BORDER-RIGHT: #000000 1pt solid; PADDING-RIGHT: 12pt; BORDER-TOP: #000000 1pt solid; PADDING-LEFT: 12pt; PADDING-BOTTOM: 4pt; BORDER-LEFT: #000000 1pt solid; PADDING-TOP: 4pt; BORDER-BOTTOM: #000000 1pt solid">
<P align=left><FONT face="Times New Roman" size=2>investigators, and other third
parties, potential competition and other risks. We do not expect to receive
revenues or royalties based on therapeutic products for a number of years, if at
all. </FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Company Information
</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>We were incorporated in 1990
under the laws of Delaware. Our principal executive offices are located at 149
Commonwealth Drive, Suite 2070, Menlo Park, California 94025 and our telephone
number is (650) 473-7700. Our website address is www.geron.com. Information
found on, or accessible through, our website is not a part of, and is not
incorporated into, this prospectus, and you should not consider it part of this
prospectus or part of any prospectus supplement. Our website address is included
in this document as an inactive textual reference only. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Unless the context indicates
otherwise, as used in this prospectus, the terms &#147;Geron,&#148; &#147;Geron Corporation,&#148;
&#147;we,&#148; &#147;us&#148; and &#147;our&#148; refer to Geron Corporation, a Delaware corporation.
</FONT></P>
<P STYLE="text-align: center"><B><FONT face="Times New Roman" size=2>The Securities We May Offer
</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>We may offer shares of our
common stock and preferred stock, various series of debt securities and/or
warrants to purchase any of such securities, either individually or in
combination with other securities, with a total value of up to $250,000,000 from
time to time under this prospectus, together with the applicable prospectus
supplement and any related free writing prospectus, at prices and on terms to be
determined by market conditions at the time of any offering. We may also offer
common stock, preferred stock and/or debt securities upon the exercise of
warrants. This prospectus provides you with a general description of the
securities we may offer. Each time we offer a type or series of securities under
this prospectus, we will provide a prospectus supplement that will describe the
specific amounts, prices and other important terms of the securities, including,
to the extent applicable: </FONT></P>
<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2></FONT><FONT face="Times New Roman" size=2>designation or classification;
      <BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2></FONT><FONT face="Times New Roman" size=2>aggregate principal amount or aggregate
      offering price; <BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2></FONT><FONT face="Times New Roman" size=2>maturity date, if applicable;
      <BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2></FONT><FONT face="Times New Roman" size=2>original issue discount, if any;
      <BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2></FONT><FONT face="Times New Roman" size=2>rates and times of payment of interest or
      dividends, if any; <BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2></FONT><FONT face="Times New Roman" size=2>redemption, conversion, exercise, exchange
      or sinking fund terms, if any; <BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2></FONT><FONT face="Times New Roman" size=2>ranking; <BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2></FONT><FONT face="Times New Roman" size=2>restrictive covenants, if any;
      <BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2></FONT><FONT face="Times New Roman" size=2>voting or other rights, if any;
      <BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2></FONT><FONT face="Times New Roman" size=2>conversion or exchange prices or rates, if
      any, and, if applicable, any provisions for changes to or adjustments in
      the conversion or exchange prices or rates and in the securities or other
      property receivable upon conversion or exchange; and
    <BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2></FONT><FONT face="Times New Roman" size=2>material or special U.S. federal income tax
      considerations, if any. </FONT></P></TD></TR></TABLE>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The applicable prospectus
supplement and any related free writing prospectus that we may authorize to be
provided to you may also add, update or change any of the information contained
in this prospectus or in the documents we have incorporated by reference.
However, no prospectus supplement or free writing prospectus will offer a
security that is not registered and described in this prospectus at the time of
the effectiveness of the registration statement of which this prospectus is a
part. </FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>THIS PROSPECTUS MAY NOT BE
USED TO CONSUMMATE A SALE OF SECURITIES UNLESS IT IS ACCOMPANIED BY A PROSPECTUS
SUPPLEMENT.</FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>3 </FONT></P></DIV><BR>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<DIV style="BORDER-RIGHT: #000000 1pt solid; PADDING-RIGHT: 12pt; BORDER-TOP: #000000 1pt solid; PADDING-LEFT: 12pt; PADDING-BOTTOM: 4pt; BORDER-LEFT: #000000 1pt solid; PADDING-TOP: 4pt; BORDER-BOTTOM: #000000 1pt solid">
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>We may sell the securities
directly to investors or to or through agents, underwriters or dealers. We, and
our agents or underwriters, reserve the right to accept or reject all or part of
any proposed purchase of securities. If we do offer securities to or through
agents or underwriters, we will include in the applicable prospectus supplement:
</FONT></P>
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  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2></FONT><FONT face="Times New Roman" size=2>the names of those agents or underwriters;
      <BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2></FONT><FONT face="Times New Roman" size=2>applicable fees, discounts and commissions
      to be paid to them; <BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2></FONT><FONT face="Times New Roman" size=2>details regarding over-allotment options, if
      any; <BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>and </FONT><FONT face="Times New Roman" size=2></FONT><FONT face="Times New Roman" size=2>the net proceeds to us. </FONT></P></TD></TR></TABLE>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><I><FONT face="Times New Roman" size=2>Common Stock.
</FONT></I><FONT face="Times New Roman" size=2>We may issue shares of our common
stock from time to time. The holders of our common stock are entitled to one
vote for each share held of record on all matters submitted to a vote of
stockholders. Subject to preferences that may be applicable to any outstanding
shares of preferred stock, the holders of common stock are entitled to receive
ratably such dividends as may be declared by our board of directors out of
legally available funds. Upon our liquidation, dissolution or winding up,
holders of our common stock are entitled to share ratably in all assets legally
available for distribution to stockholders remaining after payment of
liabilities and the liquidation preferences of any outstanding shares of
preferred stock. Holders of common stock have no preemptive rights and no right
to convert their common stock into any other securities. There are no redemption
or sinking fund provisions applicable to our common stock. When we issue shares
of common stock under this prospectus, the shares will be fully paid and
non-assessable. The rights, preferences and privileges of the holders of common
stock are subject to, and may be adversely affected by, the rights of the
holders of shares of any series of preferred stock which we may designate in the
future. In this prospectus, we have summarized certain general features of the
common stock under &#147;Description of Capital Stock&#151;Common Stock.&#148; We urge you,
however, to read the applicable prospectus supplement (and any related free
writing prospectus that we may authorize to be provided to you) related to any
common stock being offered. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><I><FONT face="Times New Roman" size=2>Preferred Stock.
</FONT></I><FONT face="Times New Roman" size=2>We may issue shares of our
preferred stock from time to time, in one or more series. Under our certificate
of incorporation, our board of directors has the authority to designate up to
3,000,000 shares of preferred stock, $0.001 par value per share, in one or more
series and to fix the privileges, preferences and rights of each series of
preferred stock, any or all of which may be greater than the rights of the
common stock. If we sell any new series of preferred stock under this prospectus
and any applicable prospectus supplement, our board of directors will determine
the designations, voting powers, preferences and rights of the preferred stock
being offered, as well as the qualifications, limitations or restrictions
thereof, including dividend rights, conversion rights, preemptive rights, terms
of redemption or repurchase, liquidation preferences, sinking fund terms and the
number of shares constituting any series or the designation of any series.
Preferred stock may be convertible into our common stock or other securities of
ours, or may be exchangeable for debt securities. Conversion may be mandatory or
at the holder&#146;s option and would be at prescribed conversion rates. We will file
as an exhibit to the registration statement of which this prospectus is a part,
or will incorporate by reference from reports that we file with the SEC, the
form of the certificate of designation that describes the terms of the series of
preferred stock that we are offering before the issuance of the related series
of preferred stock. In this prospectus, we have summarized certain general
features of the preferred stock under &#147;Description of Capital Stock&#151;Preferred
Stock.&#148; We urge you, however, to read the applicable prospectus supplement (and
any related free writing prospectus that we may authorize to be provided to you)
related to the series of preferred stock being offered, as well as the complete
certificate of designation that contains the terms of the applicable series of
preferred stock. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><I><FONT face="Times New Roman" size=2>Debt Securities.
</FONT></I><FONT face="Times New Roman" size=2>We may issue debt securities from
time to time, in one or more series, as either senior or subordinated debt or as
senior or subordinated convertible debt. The senior debt securities will rank
equally with any other unsecured and unsubordinated debt. The subordinated debt
securities will be subordinate and junior in right of payment, to the extent and
in the manner described in the instrument governing the debt, to all of our
senior indebtedness. Convertible debt securities will be convertible into or
exchangeable for our common stock or our other securities. Conversion may be
mandatory or at the holder&#146;s option and would be at prescribed conversion rates.
</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The debt securities will be
issued under an indenture that we will enter into with a national banking
association or other eligible party, as trustee. In this prospectus, we have
summarized certain general features of the debt securities under &#147;Description of
Debt Securities.&#148; We urge you, however, to read the applicable prospectus
supplement (and any related free writing prospectus that we may authorize to be
provided to you) related to the </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>4 </FONT></P></DIV><BR>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<DIV style="BORDER-RIGHT: #000000 1pt solid; PADDING-RIGHT: 12pt; BORDER-TOP: #000000 1pt solid; PADDING-LEFT: 12pt; PADDING-BOTTOM: 4pt; BORDER-LEFT: #000000 1pt solid; PADDING-TOP: 4pt; BORDER-BOTTOM: #000000 1pt solid">
<P align=left><FONT face="Times New Roman" size=2>series of debt securities
being offered, as well as the complete indenture and any supplemental indentures
that contain the terms of the debt securities. We have filed the form of
indenture as an exhibit to the registration statement of which this prospectus
is a part, and supplemental indentures and forms of debt securities containing
the terms of the debt securities being offered will be filed as exhibits to the
registration statement of which this prospectus is a part or will be
incorporated by reference from reports that we file with the SEC. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><I><FONT face="Times New Roman" size=2>Warrants. </FONT></I><FONT face="Times New Roman" size=2>We may issue warrants for the purchase of common
stock, preferred stock and/or debt securities in one or more series. We may
issue warrants independently or in combination with common stock, preferred
stock and/or debt securities. In this prospectus, we have summarized certain
general features of the warrants under &#147;Description of Warrants.&#148; We urge you,
however, to read the applicable prospectus supplement (and any related free
writing prospectus that we may authorize to be provided to you) related to the
particular series of warrants being offered, as well as the form of warrant
and/or the warrant agreement and warrant certificate, as applicable, that
contain the terms of the warrants. We have filed the forms of the warrant
agreements and forms of warrant certificates containing the terms of the
warrants that we may offer as exhibits to the registration statement of which
this prospectus is a part. We will file as exhibits to the registration
statement of which this prospectus is a part, or will incorporate by reference
from reports that we file with the SEC, the form of warrant and/or the warrant
agreement and warrant certificate, as applicable, that contain the terms of the
particular series of warrants we are offering, and any supplemental agreements,
before the issuance of such warrants. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Warrants may be issued under a
warrant agreement that we enter into with a warrant agent. We will indicate the
name and address of the warrant agent, if any, in the applicable prospectus
supplement relating to a particular series of warrants. </FONT></P>
<P align=left><FONT face="Times New Roman" size=2></FONT>&nbsp;</P>
<P align=left><FONT face="Times New Roman" size=2></FONT>&nbsp;</P>
<P align=left><FONT face="Times New Roman" size=2></FONT>&nbsp;</P>
<P align=left><FONT face="Times New Roman" size=2></FONT>&nbsp;</P>
<P align=left><FONT face="Times New Roman" size=2></FONT>&nbsp;</P>
<P align=left><FONT face="Times New Roman" size=2></FONT>&nbsp;</P>
<P align=left><FONT face="Times New Roman" size=2></FONT>&nbsp;</P>
<P align=left><FONT face="Times New Roman" size=2></FONT>&nbsp;</P>
<P align=left><FONT face="Times New Roman" size=2></FONT>&nbsp;</P>
<P align=left><FONT face="Times New Roman" size=2></FONT>&nbsp;</P>
<P align=left>&nbsp;</P>
<P align=center><FONT face="Times New Roman" size=2>5 </FONT></P></DIV><BR>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><B><FONT face="Times New Roman" size=2>RISK FACTORS
</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Investing in our securities
involves a high degree of risk. Before deciding whether to invest in our
securities, you should consider carefully the risks and uncertainties described
under the heading &#147;Risk Factors&#148; contained in the applicable prospectus
supplement and any related free writing prospectus, and discussed under the
section titled &#147;Risk Factors&#148; contained in our most recent Annual Report on Form
10-K and in our most recent Quarterly Report on Form 10-Q, as well as any
amendments thereto reflected in subsequent filings with the SEC, which are
incorporated by reference into this prospectus in their entirety, together with
other information in this prospectus, the documents incorporated by reference
and any free writing prospectus that we may authorize for use in connection with
a specific offering. The risks described in these documents are not the only
ones we face, but those that we consider to be material. There may be other
unknown or unpredictable economic, business, competitive, regulatory or other
factors that could have material adverse effects on our future results. Past
financial performance may not be a reliable indicator of future performance, and
historical trends should not be used to anticipate results or trends in future
periods. If any of these risks actually occurs, our business, financial
condition, results of operations or cash flow could be seriously harmed. This
could cause the trading price of our securities to decline, resulting in a loss
of all or part of your investment. Please also read carefully the section below
titled &#147;Forward-Looking Statements.&#148; </FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>FORWARD-LOOKING
STATEMENTS </FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>This prospectus and the
documents we have filed with the SEC that are incorporated by reference contain
&#147;forward-looking statements&#148; within the meaning of Section 27A of the Securities
Act of 1933, as amended, or the Securities Act, and Section 21E of the
Securities Exchange Act of 1934, as amended, or the Exchange Act. These
statements relate to future events or to our future operating or financial
performance and involve known and unknown risks, uncertainties and other factors
which may cause our actual results, performance or achievements to be materially
different from any future results, performances or achievements expressed or
implied by the forward-looking statements. Forward-looking statements may
include, but are not limited to, statements about: </FONT></P>
<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2></FONT><FONT face="Times New Roman" size=2>changes or delays in our and Janssen&#146;s
      development plans for imetelstat, including changes which may result from
      any future clinical holds on the investigational new drug applications for
      imetelstat; <BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2></FONT><FONT face="Times New Roman" size=2>the progress, timing, magnitude, scope and
      costs of clinical development, manufacturing and commercialization for
      imetelstat, including the number of indications being pursued, subject to
      permission from the FDA and other regulatory agencies;
      <BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2></FONT><FONT face="Times New Roman" size=2>Janssen&#146;s ability to consistently and
      reproducibly manufacture imetelstat; <BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2></FONT><FONT face="Times New Roman" size=2>the time and costs involved in obtaining
      regulatory clearances and approvals in the United States and in other
      countries; <BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2></FONT><FONT face="Times New Roman" size=2>Janssen&#146;s ability to successfully market and
      </FONT><FONT face="Times New Roman" size=2>sell </FONT><FONT face="Times New Roman" size=2>imetelstat, upon any regulatory approval or
      clearance, in the United States and other countries;
    <BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2></FONT><FONT face="Times New Roman" size=2>the achievement of development, regulatory
      and commercial milestones resulting in the payment to us from Janssen
      under the Collaboration Agreement and the timing of receipt or recognition
      of such payments, if any; <BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2></FONT><FONT face="Times New Roman" size=2>the timing, receipt and amount of royalties
      under the Collaboration Agreement on worldwide net sales of imetelstat,
      upon regulatory approval or clearance, if any;<BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2></FONT><FONT face="Times New Roman" size=2>the implementation of our corporate
      strategy, including our ability to in-license or acquire any new product
      candidates, programs or companies to diversify our business;
      <BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2></FONT><FONT face="Times New Roman" size=2>our ability to protect our intellectual
      property and operate our business without infringing upon the intellectual
      property rights of others; <BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2></FONT><FONT face="Times New Roman" size=2>the size and timing of expenditures and
      whether there are unanticipated expenditures;
</FONT></P></TD></TR></TABLE>
<P align=center><FONT face="Times New Roman" size=2>6 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse; TEXT-ALIGN: left" cellSpacing=0 cellPadding=0 width="100%" border=0>

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    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">our requirements for additional capital;<BR>&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">our estimates regarding the sufficiency of our cash
      resources and our intended use of the net proceeds from offerings of
      securities under this prospectus; and<BR>&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">our future financial performance.</TD></TR></TABLE>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>In some cases, you can
identify forward-looking statements by terms such as &#147;may,&#148; &#147;plan,&#148;, &#147;intend,&#148;
&#147;will,&#148; &#147;should,&#148; &#147;could,&#148; &#147;would,&#148; &#147;expects,&#148; &#147;plans,&#148; &#147;anticipates,&#148;
&#147;believes,&#148; &#147;estimates,&#148; &#147;projects,&#148; &#147;predicts,&#148; &#147;potential&#148; and similar
expressions intended to identify forward-looking statements. These statements
reflect our current views with respect to future events, are based on
assumptions and are subject to risks and uncertainties. Given these
uncertainties, you should not place undue reliance on these forward-looking
statements. We discuss in greater detail, and incorporate by reference into this
prospectus in their entirety, many of these risks and uncertainties under the
heading &#147;Risk Factors&#148; contained in the applicable prospectus supplement, in any
free writing prospectus we may authorize for use in connection with a specific
offering, and in our most recent annual report on Form 10-K and most recent
quarterly report on Form 10-Q, as well as any amendments thereto reflected in
subsequent filings with the SEC. Also, these forward-looking statements
represent our estimates and assumptions only as of the date of the document
containing the applicable statement. Unless required by law, we undertake no
obligation to update or revise any forward-looking statements to reflect new
information or future events or developments. Thus, you should not assume that
our silence over time means that actual events are bearing out as expressed or
implied in such forward-looking statements. You should read this prospectus, the
applicable prospectus supplement, together with the documents we have filed with
the SEC that are incorporated by reference and any free writing prospectus that
we may authorize for use in connection with a specific offering completely and
with the understanding that our actual future results may be materially
different from what we expect. We qualify all of the forward-looking statements
in the foregoing documents by these cautionary statements. </FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>FINANCIAL RATIOS
</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The following table sets forth
our ratio of earnings to fixed charges. We have not included a ratio of earnings
to combined fixed charges and preferred stock dividends because we do not have
any preferred stock outstanding and did not have any preferred stock outstanding
during any of the periods presented. Our net losses were inadequate to cover
fixed charges for each of the periods presented. Accordingly, the following
table sets forth the dollar amount of the coverage deficiency. Because of the
deficiency, ratio information is not applicable. Amounts shown are in thousands.
</FONT></P>
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    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%" colSpan=3><B><FONT face="Times New Roman" size=2 >Six Months</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%" colSpan=3><B><FONT face="Times New Roman" size=2 >Ended</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%">&nbsp;</TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="28%" colSpan=19><B><FONT face="Times New Roman" size=2 >Year Ended December
      31,</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%" colSpan=3><B><FONT face="Times New Roman" size=2 >June 30,</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=3><B><FONT face="Times New Roman" size=2 >2010</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=3><B><FONT face="Times New Roman" size=2 >2011</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=3><B><FONT face="Times New Roman" size=2 >2012</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=3><B><FONT face="Times New Roman" size=2 >2013</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=3><B><FONT face="Times New Roman" size=2 >2014</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%" colSpan=3><B><FONT face="Times New Roman" size=2 >2015</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2 >Ratio of
      earnings to fixed charges </FONT><FONT face="Times New Roman" size=2 ><SUP>(1)</SUP></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2 >N/A</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2 >N/A</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2 >N/A</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2 >N/A</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2 >N/A</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2 >N/A</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="67%"><FONT face="Times New Roman" size=2 >Coverage
      deficiency</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2 >$</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2 >(111,046</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2 >)</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2 >$</FONT></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=2 >(96,401</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2 >)</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2 >$</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2 >(68,512</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2 >)</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2 >$</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2 >(38,023</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2 >)</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2 >$</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2 >(35,436</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2 >)</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2 >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(18,555</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2 >)</FONT></TD></TR></TABLE><div>____________________</div><BR>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(1)</FONT></TD>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>The ratio of earnings
      to fixed charges was computed by dividing earnings by fixed charges. For
      this purpose, earnings consist of net loss before fixed charges. Fixed
      charges consist of estimated interest expense on outstanding lease
      liabilities and amortization of debt discount and accrual of interest on
      outstanding debt.</FONT></TD></TR></TABLE>
<P align=center><B><FONT face="Times New Roman" size=2>USE OF PROCEEDS
</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Except as described in any
applicable prospectus supplement or in any free writing prospectus we may
authorize for use in connection with a specific offering, we currently intend to
use the net proceeds from the sale of the securities under this prospectus, if
any, for working capital and general corporate purposes, which may include
funding research and development, general and administrative activities and
capital expenditures, as well to potentially in-license or acquire other
oncology products, programs or companies to diversify our business. We will set
forth in the prospectus supplement applicable to a specific offering our
intended use for the net proceeds received from the sale of any securities in
that offering. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>7 </FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The amounts and timing of our
use of the net proceeds from any offerings hereunder will depend on a number of
factors, such as the timing and progress of the imetelstat development program
under the Collaboration Agreement with Janssen, the timing and progress of any
potential acquisition or in-licensing efforts and the availability and cost of
other capital. As of the date of this prospectus, we cannot specify with
certainty all of the particular uses for the net proceeds to us from offerings
hereunder. Accordingly, our management will have broad discretion in the timing
and application of these proceeds. Pending application of the net proceeds as
described above, we intend to temporarily invest the proceeds in short-term,
interest-bearing instruments. </FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>DESCRIPTION OF CAPITAL
STOCK</FONT></B></P>
<P align=left><B><FONT face="Times New Roman" size=2>General </FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>As of the date of this
prospectus, our restated certificate of incorporation, as amended, or the
Restated Certificate, authorizes us to issue 300,000,000 shares of common stock,
par value $0.001 per share, and 3,000,000 shares of preferred stock, par value
$0.001 per share. As of June 30, 2015, 158,122,877 shares of common stock were
outstanding and no shares of preferred stock were outstanding. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The following summary
description of our capital stock is based on the provisions of our Restated
Certificate, our amended and restated bylaws, or the Bylaws, and applicable
provisions of the Delaware General Corporation Law. This information may not be
complete in all respects and is qualified entirely by reference to the
applicable provisions of our Restated Certificate, our Bylaws and the Delaware
General Corporation Law. For information on how to obtain copies of our Restated
Certificate and Bylaws, which are exhibits to the registration statement of
which this prospectus is a part, see &#147;Where You Can Find More Information.&#148;
</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Common Stock
</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The holders of common stock
are entitled to one vote for each share held of record on all matters submitted
to a vote of the stockholders. Subject to preferences that may be applicable to
any outstanding shares of the preferred stock, the holders of common stock are
entitled to receive ratably such dividends as may be declared by the board of
directors out of legally available funds. Upon our liquidation, dissolution or
winding up, holders of our common stock are entitled to share ratably in all
assets remaining after payment of liabilities and the liquidation preferences of
any outstanding shares of preferred stock legally available for distribution to
stockholders. Holders of common stock have no preemptive rights and no right to
convert their common stock into any other securities. There are no redemption or
sinking fund provisions applicable to the common stock. When we issue shares of
common stock under this prospectus, the shares will be fully paid and
non-assessable. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Additional shares of
authorized common stock may be issued, as authorized by our board of directors
from time to time, without stockholder approval, except as may be required by
applicable stock exchange requirements. </FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Preferred Stock
</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Pursuant to our Restated
Certificate, our board of directors has the authority, without further action by
our stockholders, to issue up to 3,000,000 shares of preferred stock in one or
more series and to fix the designations, powers, preferences, privileges and
relative participating, optional or special rights and the qualifications,
limitations or restrictions thereof, including dividend rights, conversion
rights, voting rights, terms of redemption and liquidation preferences, any or
all of which may be greater than the rights of the common stock. The board of
directors, without stockholder approval, can issue preferred stock with voting,
conversion or other rights that could adversely affect the voting power and
other rights of the holders of common stock. Preferred stock could thus be
issued quickly with terms calculated to delay or prevent a change in control of
our company or make removal of management more difficult. Additionally, the
issuance of preferred stock may have the effect of decreasing the market price
of the common stock and may adversely affect the voting power of holders of
common stock and reduce the likelihood that common stockholders will receive
dividend payments and payments upon liquidation. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Our board of directors will
fix the rights, preferences, privileges, qualifications, limitations or
restrictions of the preferred stock of each series that we sell under this
prospectus and applicable prospectus supplements in the certificate of
designation relating to that series. We will file as an exhibit to the
registration statement of which this prospectus is a part, or will incorporate
by reference from reports that we file with the SEC, the form of any certificate
of designation that describes the terms of the series of preferred stock we are
offering before the issuance of the related series of preferred stock. This
description will include: </FONT></P>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse; TEXT-ALIGN: left" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">the title and stated value;</TD></TR></TABLE>
<P align=center><FONT face="Times New Roman" size=2>8 </FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse; TEXT-ALIGN: left" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">the number of shares we are offering;
    <BR>&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">the liquidation preference per
    share;<BR>&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">the purchase price per share;<BR>&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">the dividend rate per share, dividend period
      and payment dates and method of calculation for dividends;<BR>&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">whether dividends will be cumulative or
      non-cumulative and, if cumulative, the date from which dividends will
      accumulate;<BR>&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">our right, if any, to defer payment of
      dividends and the maximum length of any such deferral period; <BR>&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">the procedures for any auction and remarketing,
      if any; <BR>&nbsp; </TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">the provisions for a sinking fund, if
      any;<BR>&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">the provisions for redemption or repurchase, if
      applicable, and any restrictions on our ability to exercise those
      redemption and repurchase rights;<BR>&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">any listing of the preferred stock on any
      securities exchange or market;<BR>&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">whether the preferred stock will be convertible
      into our common stock or other securities of ours, including warrants,
      and, if applicable, the conversion period, the conversion price, or how it
      will be calculated, and under what circumstances it may be adjusted;
    <BR>&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">whether the preferred stock will be
      exchangeable for debt securities, and, if applicable, the exchange period,
      the exchange price, or how it will be calculated, and under what
      circumstances it may be adjusted;<BR>&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">voting rights, if any, of the preferred
      stock;&nbsp;<FONT face="Times New Roman" size=2>&nbsp;<BR>&nbsp;</FONT></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">preemption rights, if any;
    <BR>&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">restrictions on transfer, sale or
      other assignment, if any;<BR>&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">a discussion of any material or special United
      States federal income tax considerations applicable to the preferred
      stock;<BR>&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">the relative ranking and preferences of the
      preferred stock as to dividend rights and rights if we liquidate, dissolve
      or wind up our affairs;<BR>&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">any limitations on issuances of any class or
      series of preferred stock ranking senior to or on a parity with the series
      of preferred stock being issued as to dividend rights and rights if we
      liquidate, dissolve or wind up our affairs; and<BR>&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">any other specific terms, rights, preferences,
      privileges, qualifications or restrictions of the preferred
  stock.</TD></TR></TABLE>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>When we issue shares of
preferred stock under this prospectus, the shares will be fully paid and
nonassessable and will not have, or be subject to, any preemptive or similar
rights. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Unless we specify otherwise in
the applicable prospectus supplement, the preferred stock will rank, with
respect to dividends and upon our liquidation, dissolution or winding up:
</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>9 </FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse; TEXT-ALIGN: left" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P>senior to all classes or series of our common stock and to all of our
      equity securities ranking junior to the preferred
  stock;<BR>&nbsp;</P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">on a parity with all of our equity securities
      the terms of which specifically provide that the equity securities rank on
      a parity with the preferred stock; and <BR>&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">junior to all of our equity securities the
      terms of which specifically provide that the equity securities rank senior
      to the preferred stock.</TD></TR></TABLE>
<P ALIGN="LEFT"><FONT face="Times New Roman" size=2>&nbsp;</FONT><FONT face="Times New Roman" size=2>The term &#147;equity securities&#148; does not include
convertible debt securities. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The General Corporation Law of
the State of Delaware, the state of our incorporation, provides that the holders
of preferred stock will have the right to vote separately as a class on any
proposal involving fundamental changes in the rights of holders of that
preferred stock. This right is in addition to any voting rights that may be
provided for in the applicable certificate of designation. </FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Anti-takeover Effects of
Provisions of Charter Documents and Delaware Law </FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><I><FONT face="Times New Roman" size=2>Charter Documents.
</FONT></I><FONT face="Times New Roman" size=2>Our Restated Certificate and
Bylaws contain provisions that could discourage potential takeover attempts and
make it more difficult for stockholders to change management, which could
adversely affect the market place of our common stock. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Our Restated Certificate
limits the personal liability for monetary damages for breach of fiduciary duty
of our directors to Geron and our stockholders to the fullest extent permitted
by the Delaware General Corporation Law. The inclusion of this provision in our
Restated Certificate may reduce the likelihood of derivative litigation against
directors and may discourage or deter stockholders or management from bringing a
lawsuit against directors for breach of their fiduciary duty. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Our Restated Certificate
provides that all stockholder action must be effected at a meeting of
stockholders and not by a consent in writing. In addition, our Bylaws provide
that special meetings of stockholders may only be called by the board of
directors pursuant to a resolution adopted by a majority of the total number of
authorized directors, the chairman of the board of directors, the chief
executive officer or president (in the absence of a chief executive officer), or
at the request in writing of stockholders owning a majority of the amount of our
entire capital stock issued and outstanding and entitled to vote. Finally, our
Bylaws establish procedures, including advance notice procedures, with regard to
the nomination of candidates for election as directors and stockholder
proposals. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Our Bylaws provides for the
board of directors to be divided into three classes of directors, with each
class as nearly equal in number as possible, serving staggered three-year terms.
As a result, approximately one-third of the board of directors will be elected
each year. The classified board provision could have the effect of discouraging
a third party from making a tender offer or attempting to obtain control of us.
In addition, the classified board provision could delay stockholders who do not
agree with the policies of the board of directors from removing a majority of
the board of directors for two years. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><I><FONT face="Times New Roman" size=2>Delaware Law.
</FONT></I><FONT face="Times New Roman" size=2>We are subject to Section 203 of
the Delaware General Corporation Law. Section 203 generally prohibits a public
Delaware corporation such as us from engaging in a &#147;business combination&#148; with
an &#147;interested stockholder&#148; for a period of three years following the time that
the stockholder became an interested stockholder, unless: </FONT></P>
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  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">prior to the time the stockholder became an
      interested stockholder, the board of directors of the corporation approved
      either the business combination or the transaction which resulted in the
      stockholder becoming an interested stockholder;<BR>&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">upon consummation of the transaction which
      resulted in the stockholder becoming an interested stockholder, the
      interested stockholder owned at least 85% of the voting stock of the
      corporation outstanding at the time the transaction commenced, excluding
      for purposes of determining the number of shares outstanding (a) shares
      owned by persons who are directors and also officers and (b) employee
      stock plans in which employee participants do not have the right to
      determine confidentially whether shares held subject to the plan will be
      tendered in a tender or exchange offer; or </TD></TR></TABLE>
<P align=center><FONT face="Times New Roman" size=2>10 </FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
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  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%"><FONT face="Times New Roman" size=2>at or subsequent to the time the stockholder
      became an interested stockholder, the business combination is approved by
      the board and authorized at an annual or special meeting of stockholders,
      and not by written consent, by the affirmative vote of at least 66&#8532;% of
      the outstanding voting stock which is not owned by the interested
      stockholder.</FONT></TD></TR></TABLE>
<P ALIGN="LEFT"><FONT face="Times New Roman" size=2>Section 203 defines a business
combination to include: </FONT></P>

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    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%"><FONT face="Times New Roman" size=2>any merger or consolidation involving the
      corporation and the interested stockholder;<BR>&nbsp;</FONT></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%"><FONT face="Times New Roman" size=2>any sale, lease, exchange, mortgage, pledge,
      transfer or other disposition (in one transaction or a series of
      transactions) involving the interested stockholder of 10% or more of the
      assets of the corporation (or its majority-owned
    subsidiary);<BR></FONT>&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%"><FONT face="Times New Roman" size=2>subject to exceptions, any transaction that
      results in the issuance or transfer by the corporation of any stock of the
      corporation to the interested stockholder;<BR>&nbsp;</FONT></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%"><FONT face="Times New Roman" size=2>subject to exceptions, any transaction
      involving the corporation that has the effect, directly or indirectly, of
      increasing the proportionate share of the stock or any class or series of
      the corporation beneficially owned by the interested stockholder; and
      <BR>&nbsp;</FONT></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%"><FONT face="Times New Roman" size=2>the receipt by the interested stockholder of
      the benefit, directly or indirectly (except proportionately as a
      stockholder of such corporation), of any loans, advances, guarantees,
      pledges or other financial benefits, other than certain benefits set forth
      in Section 203, provided by or through the
  corporation.</FONT></TD></TR></TABLE>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>In general, Section 203
defines an interested stockholder as any entity or person beneficially owning
15% or more of the outstanding voting stock of the corporation and any entity or
person that is an affiliate or associate of such entity or person. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Although Section 203 permits
us to elect not to be governed by its provisions, we have not made this
election. As a result of the application of Section 203, potential acquirers of
Geron may be discouraged from attempting to effect an acquisition transaction
with us, thereby possibly depriving holders of our securities of certain
opportunities to sell or otherwise dispose of such securities at above-market
prices pursuant to such transactions. </FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Transfer Agent and
Registrar </FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The transfer agent and
registrar for our common stock is Computershare, Inc. The transfer agent for any
series of preferred stock that we may offer under this prospectus will be named
and described in the applicable prospectus supplement for that series.
</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Listing on The NASDAQ
Global Select Market </FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Our common stock is listed on
The NASDAQ Global Select Market under the symbol &#147;GERN.&#148; </FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>DESCRIPTION OF DEBT
SECURITIES </FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>We may issue debt securities
from time to time, in one or more series, as either senior or subordinated debt
or as senior or subordinated convertible debt. While the terms we have
summarized below will apply generally to any debt securities that we may offer
under this prospectus, we will describe the particular terms of any debt
securities that we may offer in more detail in the applicable prospectus
supplement. The terms of any debt securities offered under a prospectus
supplement may differ from the terms described below. Unless the context
requires otherwise, whenever we refer to the indenture, we also are referring to
any supplemental indentures that specify the terms of a particular series of
debt securities. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>We will issue the debt
securities under the indenture that we will enter into with the trustee named in
the indenture. The indenture will be qualified under the Trust Indenture Act of
1939, as amended, or the Trust Indenture Act. We have filed the form of
indenture as an exhibit to the registration statement of which this prospectus
is a part, and supplemental indentures and forms of debt securities containing
the terms of the debt securities being offered </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>11 </FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=left><FONT face="Times New Roman" size=2>will be filed as exhibits to
the registration statement of which this prospectus is a part or will be
incorporated by reference from reports that we file with the SEC. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The following summary of
material provisions of the debt securities and the indenture is subject to, and
qualified in its entirety by reference to, all of the provisions of the
indenture applicable to a particular series of debt securities. We urge you to
read the applicable prospectus supplements and any related free writing
prospectuses related to the debt securities that we may offer under this
prospectus, as well as the complete indenture that contains the terms of the
debt securities. </FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>General </FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The indenture does not limit
the amount of debt securities that we may issue. It provides that we may issue
debt securities up to the principal amount that we may authorize and may be in
any currency or currency unit that we may designate. Except for the limitations
on consolidation, merger and sale of all or substantially all of our assets
contained in the indenture, the terms of the indenture do not contain any
covenants or other provisions designed to give holders of any debt securities
protection against changes in our operations and financial condition or
transactions involving us. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>We may issue the debt
securities issued under the indenture as &#147;discount securities,&#148; which means they
may be sold at a discount below their stated principal amount. These debt
securities, as well as other debt securities that are not issued at a discount,
may be issued with &#147;original issue discount,&#148; or OID, for U.S. federal income
tax purposes because of interest payment and other characteristics or terms of
the debt securities. Material U.S. federal income tax considerations applicable
to debt securities issued with OID will be described in more detail in any
applicable prospectus supplement. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>We will describe in the
applicable prospectus supplement the terms of the series of debt securities
being offered, including: </FONT></P>
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    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">the title of the series of debt securities;
      <BR>&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">any limit upon the aggregate principal amount
      that may be issued; <BR>&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">the maturity date or dates; <BR>&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">the form of the debt securities of the
      series; <BR>&nbsp;</TD></TR>
        <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">the applicability of any guarantees; <BR>&nbsp;</TD></TR>
        <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">whether or not the debt securities will be secured or unsecured,
      and the terms of any secured debt;<BR>&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">whether the debt securities rank as senior
      debt, senior subordinated debt, subordinated debt or any combination
      thereof, and the terms of any subordination;<BR>&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">if the price (expressed as a percentage of the
      aggregate principal amount thereof) at which such debt securities will be
      issued is a price other than the principal amount thereof, the portion of
      the principal amount thereof payable upon declaration of acceleration of
      the maturity thereof, or if applicable, the portion of the principal
      amount of such debt securities that is convertible into another security
      or the method by which any such portion shall be
  determined;<BR>&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">the interest rate or rates, which may be fixed
      or variable, or the method for determining the rate and the date interest
      will begin to accrue, the dates interest will be payable and the regular
      record dates for interest payment dates or the method for determining such
      dates; <BR>&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">our right, if any, to defer payment of interest
      and the maximum length of any such deferral period;<BR>&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">if applicable, the date or dates after which,
      or the period or periods during which, and the price or prices at which,
      we may, at our option, redeem the series of debt securities pursuant to
      any optional or provisional redemption provisions and the terms of those
      redemption provisions; </TD></TR></TABLE>
<P align=center><FONT face="Times New Roman" size=2>&nbsp;</FONT><FONT face="Times New Roman" size=2>12 </FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
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  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">the date or dates, if any, on which, and the
      price or prices at which we are obligated, pursuant to any mandatory
      sinking fund or analogous fund provisions or otherwise, to redeem, or at
      the holder&#146;s option to purchase, the series of debt securities and the
      currency or currency unit in which the debt securities are
      payable;&nbsp;<BR>&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">the denominations in which we will issue the
      series of debt securities, if other than denominations of $1,000 and any
      integral multiple thereof;&nbsp;<BR>&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">any and all terms, if applicable, relating to
      any auction or remarketing of the debt securities of that series and any
      security for our obligations with respect to such debt securities and any
      other terms which may be advisable in connection with the marketing of
      debt securities of that series;<FONT face="Times New Roman" size=2><BR>&nbsp;</FONT><FONT face="Times New Roman" size=2>&nbsp;</FONT></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%"><FONT face="Times New Roman" size=2>whether the
      debt securities of the series shall be issued in whole or in part in the
      form of a global security or securities; the terms and conditions, if any,
      upon which such global security or securities may be exchanged in whole or
      in part for other individual securities; and the depositary for such
      global security or securities;<BR>&nbsp;</FONT></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">if applicable, the provisions relating to
      conversion or exchange of any debt securities of the series and the terms
      and conditions upon which such debt securities will be so convertible or
      exchangeable, including the conversion or exchange price, as applicable,
      or how it will be calculated and may be adjusted, any mandatory or
      optional (at our option or the holders&#146; option) conversion or exchange
      features, the applicable conversion or exchange period and the manner of
      settlement for any conversion or exchange;<BR>&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">if other than the full principal amount
      thereof, the portion of the principal amount of debt securities of the
      series which shall be payable upon declaration of acceleration of the
      maturity thereof;<BR>&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">additions to or changes in the covenants
      applicable to the particular debt securities being issued, including,
      among others, the consolidation, merger or sale
    covenant;&nbsp;<BR>&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">additions to or changes in the events of
      default with respect to the securities and any change in the right of the
      trustee or the holders to declare the principal, premium, if any, and
      interest, if any, with respect to such securities to be due and
      payable;<BR>&nbsp;</TD></TR>

  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">additions to or changes in or deletions of the provisions relating to covenant defeasance and legal
defeasance;<BR>&nbsp;</TD></TR>
        <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">additions to or changes in the provisions
      relating to satisfaction and discharge of the indenture;<BR>&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">additions to or changes in the provisions
      relating to the modification of the indenture both with and without the
      consent of holders of debt securities issued under the
    indenture;<BR>&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">the currency of payment of debt securities if
      other than U.S. dollars and the manner of determining the equivalent
      amount in U.S. dollars;<BR>&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">whether interest will be payable in cash or
      additional debt securities at our or the holders&#146; option and the terms and
      conditions upon which the election may be made;<BR>&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">the terms and conditions, if any, upon which we
      will pay amounts in addition to the stated interest, premium, if any and
      principal amounts of the debt securities of the series to any holder that
      is not a &#147;United States person&#148; for federal tax purposes; <BR>&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">any restrictions on transfer, sale or
      assignment of the debt securities of the series; and<BR>&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">any other specific terms, preferences, rights
      or limitations of, or restrictions on, the debt securities, any other
      additions or changes in the provisions of the indenture, and any terms
      that may be required by us or advisable under applicable laws or
      regulations.</TD></TR></TABLE>
<P align=center><FONT face="Times New Roman" size=2>13 </FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=left><B><FONT face="Times New Roman" size=2>Conversion or Exchange
Rights </FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>We will set forth in the
applicable prospectus supplement the terms on which a series of debt securities
may be convertible into or exchangeable for our common stock or our other
securities. We will include provisions as to settlement upon conversion or
exchange and whether conversion or exchange is mandatory, at the option of the
holder or at our option. We may include provisions pursuant to which the number
of shares of our common stock or our other securities that the holders of the
series of debt securities receive would be subject to adjustment. </FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Consolidation, Merger or
Sale </FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Unless we provide otherwise in
the prospectus supplement applicable to a particular series of debt securities,
the indenture will not contain any covenant that restricts our ability to merge
or consolidate, or sell, convey, transfer or otherwise dispose of our assets as
an entirety or substantially as an entirety. However, any successor to or
acquirer of such assets (other than a subsidiary of ours) must assume all of our
obligations under the indenture or the debt securities, as appropriate.
</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Events of Default Under the
Indenture </FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Unless we provide otherwise in
the prospectus supplement applicable to a particular series of debt securities,
the following are events of default under the indenture with respect to any
series of debt securities that we may issue: </FONT></P>
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    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">if we fail to pay any installment of interest
      on any series of debt securities, as and when the same becomes due and
      payable, and such default continues for a period of 90 days; provided,
      however, that a valid extension of an interest payment period by us in
      accordance with the terms of any indenture supplemental thereto shall not
      constitute a default in the payment of interest for this purpose;
    <BR>&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">if we fail to pay the principal of, or premium,
      if any, on any series of debt securities as and when the same becomes due
      and payable whether at maturity, upon redemption, by declaration or
      otherwise, or in any payment required by any sinking or analogous fund
      established with respect to such series; provided, however, that a valid
      extension of the maturity of such debt securities in accordance with the
      terms of any indenture supplemental thereto shall not constitute a default
      in the payment of principal or premium, if any;<BR>&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">if we fail to observe or perform any other
      covenant or agreement contained in the debt securities or the indenture,
      other than a covenant specifically relating to another series of debt
      securities, and our failure continues for 90 days after we receive written
      notice of such failure, requiring the same to be remedied and stating that
      such is a notice of default thereunder, from the trustee or holders of at
      least 25% in aggregate principal amount of the outstanding debt securities
      of the applicable series; and<BR>&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">if specified events of
      bankruptcy, insolvency or reorganization occur.</TD></TR></TABLE>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>If an event of default with
respect to debt securities of any series occurs and is continuing, other than an
event of default specified in the last bullet point above, the trustee or the
holders of at least 25% in aggregate principal amount of the outstanding debt
securities of that series, by notice to us in writing, and to the trustee if
notice is given by such holders, may declare the unpaid principal amount of
premium, if any, and accrued interest, if any, due and payable immediately. If
an event of default specified in the last bullet point above occurs with respect
to us, the principal amount of and accrued interest, if any, of each issue of
debt securities then outstanding shall be due and payable without any notice or
other action on the part of the trustee or any holder. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The holders of a majority in
principal amount of the outstanding debt securities of an affected series may
waive any default or event of default with respect to the series and its
consequences, except defaults or events of default regarding payment of
principal, premium, if any, or interest, unless we have cured the default or
event of default in accordance with the indenture. Any waiver shall cure the
default or event of default. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Subject to the terms of the
indenture, if an event of default under an indenture shall occur and be
continuing, the trustee will be under no obligation to exercise any of its
rights or powers under such indenture at the request or direction of any of the
holders of the applicable series of debt securities, unless such holders have
offered </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>14 </FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=left><FONT face="Times New Roman" size=2>the trustee reasonable
indemnity. The holders of a majority in principal amount of the outstanding debt
securities of any series will have the right to direct the time, method and
place of conducting any proceeding for any remedy available to the trustee, or
exercising any trust or power conferred on the trustee, with respect to the debt
securities of that series, provided that: </FONT></P>
<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse; TEXT-ALIGN: left" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">the direction so given by the holder is not in
      conflict with any law or the applicable indenture; and<BR>&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2></FONT><FONT face="Times New Roman" size=2>subject to its duties under the Trust
      Indenture Act, the trustee need not take any action that might involve it
      in personal liability or might be unduly prejudicial to the holders not
      involved in the proceeding. </FONT></P></TD></TR></TABLE>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>A holder of the debt
securities of any series will have the right to institute a proceeding under the
indenture or to appoint a receiver or trustee, or to seek other remedies only
if: </FONT></P>
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  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">the holder has given written notice to the
      trustee of a continuing event of default with respect to that
    series;<BR>&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">the holders of at least 25% in aggregate
      principal amount of the outstanding debt securities of that series have
      made written request, such holders have offered to the trustee indemnity
      satisfactory to it against the costs, expenses and liabilities to be
      incurred by the trustee in compliance with the request; and
  <BR>&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">the trustee does not institute the proceeding,
      and does not receive from the holders of a majority in aggregate principal
      amount of the outstanding debt securities of that series other conflicting
      directions within 90 days after the notice, request and
  offer.</TD></TR></TABLE>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>These limitations do not apply
to a suit instituted by a holder of debt securities if we default in the payment
of the principal, premium, if any, or interest on, the debt securities.
</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>We will periodically file
statements with the trustee regarding our compliance with specified covenants in
the indenture. </FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Modification of Indenture;
Waiver </FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>We and the trustee may change
an indenture without the consent of any holders with respect to specific
matters: </FONT></P>
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  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">to cure any ambiguity, defect or inconsistency
      in the indenture or in the debt securities of any series;<BR>&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">to comply with the provisions described above
      under &#147;Description of Debt Securities&#151;Consolidation, Merger or
    Sale;&#148;<BR>&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">to provide for uncertificated debt securities
      in addition to or in place of certificated debt
securities;<BR>&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">to add to our covenants, restrictions,
      conditions or provisions such new covenants, restrictions, conditions or
      provisions for the benefit of the holders of all or any series of debt
      securities, to make the occurrence, or the occurrence and the continuance,
      of a default in any such additional covenants, restrictions, conditions or
      provisions an event of default or to surrender any right or power
      conferred upon us in the indenture;<BR>&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">to add to, delete from or revise the
      conditions, limitations, and restrictions on the authorized amount, terms,
      or purposes of issue, authentication and delivery of debt securities, as
      set forth in the indenture;&nbsp;<BR>&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">to make any change that does not adversely
      affect the interests of any holder of debt securities of any series in any
      material respect;</TD></TR></TABLE>
<P align=center><FONT face="Times New Roman" size=2>15 </FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
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  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">to provide for the issuance of and establish
      the form and terms and conditions of the debt securities of any series as
      provided above under &#147;Description of Debt Securities&#151;General&#148; to establish
      the form of any certifications required to be furnished pursuant to the
      terms of the indenture or any series of debt securities, or to add to the
      rights of the holders of any series of debt securities;<BR>&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">to evidence and provide for the acceptance of
      appointment under any indenture by a successor trustee; or<BR>&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">to comply with any requirements of the SEC in
      connection with the qualification of any indenture under the Trust
      Indenture Act.</TD></TR></TABLE>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>In addition, under the
indenture, the rights of holders of a series of debt securities may be changed
by us and the trustee with the written consent of the holders of at least a
majority in aggregate principal amount of the outstanding debt securities of
each series that is affected. However, unless we provide otherwise in the
prospectus supplement applicable to a particular series of debt securities, we
and the trustee may make the following changes only with the consent of each
holder of any outstanding debt securities affected: </FONT></P>
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  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">extending the fixed maturity of any debt
      securities of any series;<BR>&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">reducing the principal amount, reducing the
      rate of or extending the time of payment of interest, or reducing any
      premium payable upon the redemption of any series of any debt securities;
      or<BR>&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">reducing the percentage of debt securities, the
      holders of which are required to consent to any amendment, supplement,
      modification or waiver.</TD></TR></TABLE>
<P align=left><B><FONT face="Times New Roman" size=2>Discharge </FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Each indenture provides that
we can elect to be discharged from our obligations with respect to one or more
series of debt securities, except for specified obligations, including
obligations to: </FONT></P>
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  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">provide for payment; <BR>&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">register the transfer or exchange of debt
      securities of the series;<BR>&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">replace stolen, lost or mutilated debt
      securities of the series; <BR>&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">pay principal of and premium and interest on
      any debt securities of the series;<BR>&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">maintain paying agencies; <BR>&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">hold monies for payment in trust;
  <BR>&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">recover excess money held by the trustee;
    <BR>&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">compensate and indemnify the trustee; and <BR>&nbsp;</TD></TR>
      <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">appoint any successor trustee.</TD></TR>
    </TABLE>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>In order to exercise our
rights to be discharged, we must deposit with the trustee money or government
obligations sufficient to pay all the principal of, any premium, if any, and
interest on, the debt securities of the series on the dates payments are due.
</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Form, Exchange and Transfer
</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>We will issue the debt
securities of each series only in fully registered form without coupons and,
unless we provide otherwise in the applicable prospectus supplement, in
denominations of $1,000 and any integral multiple thereof. The indenture
provides that we may issue debt securities of a series in temporary or permanent
global form and as book-entry securities that will be deposited with, or on
behalf of, The Depository Trust Company, or DTC, or another depositary named by
us and identified in the applicable prospectus supplement with respect to that
series. To </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>16 </FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>


<P align=left><FONT face="Times New Roman" size=2>the extent the debt securities
of a series are issued in global form and as book-entry, a description of terms
relating to any book-entry securities will be set forth in the applicable
prospectus supplement. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>At the option of the holder,
subject to the terms of the indenture and the limitations applicable to global
securities described in the applicable prospectus supplement, the holder of the
debt securities of any series can exchange the debt securities for other debt
securities of the same series, in any authorized denomination and of like tenor
and aggregate principal amount. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Subject to the terms of the
indenture and the limitations applicable to global securities set forth in the
applicable prospectus supplement, holders of the debt securities may present the
debt securities for exchange or for registration of transfer, duly endorsed or
with the form of transfer endorsed thereon duly executed if so required by us or
the security registrar, at the office of the security registrar or at the office
of any transfer agent designated by us for this purpose. Unless otherwise
provided in the debt securities that the holder presents for transfer or
exchange, we will impose no service charge for any registration of transfer or
exchange, but we may require payment of any taxes or other governmental charges.
</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>We will name in the applicable
prospectus supplement the security registrar, and any transfer agent in addition
to the security registrar, that we initially designate for any debt securities.
We may at any time designate additional transfer agents or rescind the
designation of any transfer agent or approve a change in the office through
which any transfer agent acts, except that we will be required to maintain a
transfer agent in each place of payment for the debt securities of each series.
</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>If we elect to redeem the debt
securities of any series, we will not be required to: </FONT></P>
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  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>issue, register the
      transfer of, or exchange any debt securities of that series during a
      period beginning at the opening of business 15 days before the day of
      mailing of a notice of redemption of any debt securities that may be
      selected for redemption and ending at the close of business on the day of
      the mailing; or <BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>register the transfer of
      or exchange any debt securities so selected for redemption, in whole or in
      part, except the unredeemed portion of any debt securities we are
      redeeming in part. </FONT></P></TD></TR></TABLE>
<P align=left><B><FONT face="Times New Roman" size=2>Information Concerning the
Trustee </FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The trustee, other than during
the occurrence and continuance of an event of default under an indenture,
undertakes to perform only those duties as are specifically set forth in the
applicable indenture. Upon an event of default under an indenture, the trustee
must use the same degree of care as a prudent person would exercise or use in
the conduct of his or her own affairs. Subject to this provision, the trustee is
under no obligation to exercise any of the powers given it by the indenture at
the request of any holder of debt securities unless it is offered reasonable
security and indemnity against the costs, expenses and liabilities that it might
incur. </FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Payment and Paying Agents
</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Unless we otherwise indicate
in the applicable prospectus supplement, we will make payment of the interest on
any debt securities on any interest payment date to the person in whose name the
debt securities, or one or more predecessor securities, are registered at the
close of business on the regular record date for the interest. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>We will pay principal of and
any premium and interest on the debt securities of a particular series at the
office of the paying agents designated by us, except that unless we otherwise
indicate in the applicable prospectus supplement, we will make interest payments
by check that we will mail to the holder or by wire transfer to certain holders.
Unless we otherwise indicate in the applicable prospectus supplement, we will
designate the corporate trust office of the trustee as our sole paying agent for
payments with respect to debt securities of each series. We will name in the
applicable prospectus supplement any other paying agents that we initially
designate for the debt securities of a particular series. We will maintain a
paying agent in each place of payment for the debt securities of a particular
series. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>All money we pay to a paying
agent or the trustee for the payment of the principal of or any premium or
interest on any debt securities that remains unclaimed at the end of two years
after such principal, premium or </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>17 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=left><FONT face="Times New Roman" size=2>interest has become due and payable will be repaid to us, and the holder
of the debt security thereafter may look only to us for payment thereof.
</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Governing Law
</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The indenture and the debt
securities will be governed by and construed in accordance with the laws of the
State of New York, except to the extent that the Trust Indenture Act of 1939 is
applicable. </FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>DESCRIPTION OF WARRANTS
</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The following description,
together with the additional information we may include in any applicable
prospectus supplement and free writing prospectus, summarizes the material terms
and provisions of the warrants that we may offer under this prospectus, which
may consist of warrants to purchase common stock, preferred stock or debt
securities and may be issued in one or more series. Warrants may be offered
independently or in combination with common stock, preferred stock or debt
securities offered by any prospectus supplement. While the terms we have
summarized below will apply generally to any warrants that we may offer under
this prospectus, we will describe the particular terms of any series of warrants
in more detail in the applicable prospectus supplement. The following
description of warrants will apply to the warrants offered by this prospectus
unless we provide otherwise in the applicable prospectus supplement. The
applicable prospectus supplement for a particular series of warrants may specify
different or additional terms. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>We have filed forms of the
warrant agreements and forms of warrant certificates containing the terms of the
warrants that may be offered as exhibits to the registration statement of which
this prospectus is a part. We will file as exhibits to the registration
statement of which this prospectus is a part, or will incorporate by reference
from reports that we file with the SEC, the form of warrant and/or the warrant
agreement and warrant certificate, as applicable, that contain the terms of the
particular series of warrants we are offering, and any supplemental agreements,
before the issuance of such warrants. The following summaries of material terms
and provisions of the warrants are subject to, and qualified in their entirety
by reference to, all the provisions of the form of warrant and/or the warrant
agreement and warrant certificate, as applicable, and any supplemental
agreements applicable to a particular series of warrants that we may offer under
this prospectus. We urge you to read the applicable prospectus supplement
related to the particular series of warrants that we may offer under this
prospectus, as well as any related free writing prospectus, and the complete
form of warrant and/or the warrant agreement and warrant certificate, as
applicable, and any supplemental agreements, that contain the terms of the
warrants. </FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>General </FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>We will describe in the
applicable prospectus supplement the terms of the series of warrants being
offered, including: </FONT></P>
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  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>the offering price and
      aggregate number of warrants offered; <BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>the currency for which
      the warrants may be purchased; <BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>if applicable, the
      designation and terms of the securities with which the warrants are issued
      and the number of warrants issued with each such security or each
      principal amount of such security; <BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>in the case of warrants
      to purchase debt securities, the principal amount of debt securities
      purchasable upon exercise of one warrant and the price at, and currency in
      which, this principal amount of debt securities may be purchased upon such
      exercise; <BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>in the case of warrants
      to purchase common stock or preferred stock, the number of shares of
      common stock or preferred stock, as the case may be, purchasable upon the
      exercise of one warrant and the price at which these shares may be
      purchased upon such exercise; <BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>the effect of any
      merger, consolidation, sale or other disposition of our business on the
      warrant agreements and the warrants; <BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>the terms of any rights
      to redeem or call the warrants; </FONT></P></TD></TR></TABLE>
<P align=center><FONT face="Times New Roman" size=2>18 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
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    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>any provisions for
      changes to or adjustments in the exercise price or number of securities
      issuable upon exercise of the warrants; <BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>the dates on which the
      right to exercise the warrants will commence and expire;
      <BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>the manner in which the
      warrant agreements and warrants may be modified;
  <BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>a discussion of material
      or special U.S. federal income tax considerations, if any, of holding or
      exercising the warrants; <BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>the terms of the
      securities issuable upon exercise of the warrants; and
      <BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>any other specific
      terms, preferences, rights or limitations of or restrictions on the
      warrants. </FONT></P></TD></TR></TABLE>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Before exercising their warrants, holders of warrants will not have any
of the rights of holders of the securities purchasable upon such exercise,
including: </FONT></P>
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    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>in the case of warrants
      to purchase debt securities, the right to receive payments of principal
      of, or premium, if any, or interest on, the debt securities purchasable
      upon exercise or to enforce covenants in the applicable indenture; or
      <BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>in the case of warrants
      to purchase common stock or preferred stock, the right to receive
      dividends, if any, or payments upon our liquidation, dissolution or
      winding up or to exercise voting rights, if any.
</FONT></P></TD></TR></TABLE>
<P align=left><B><FONT face="Times New Roman" size=2>Exercise of Warrants
</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Each warrant will entitle the
holder to purchase the securities that we specify in the applicable prospectus
supplement at the exercise price that we describe in the applicable prospectus
supplement. The warrants may be exercised as set forth in the prospectus
supplement relating to the warrants offered. Unless we otherwise specify in the
applicable prospectus supplement, warrants may be exercised at any time up to
the close of business on the expiration date set forth in the prospectus
supplement relating to the warrants offered thereby. After the close of business
on the expiration date, unexercised warrants will become void. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Upon receipt of payment and
the warrant or warrant certificate, as applicable, properly completed and duly
executed at the corporate trust office of the warrant agent, if any, or any
other office, including ours, indicated in the prospectus supplement, we will,
as soon as practicable, issue and deliver the securities purchasable upon such
exercise. If less than all of the warrants (or the warrants represented by such
warrant certificate) are exercised, a new warrant or a new warrant certificate,
as applicable, will be issued for the remaining warrants. </FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Governing Law
</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Unless we provide otherwise in
the applicable prospectus supplement, the warrants and any warrant agreements
will be governed by and construed in accordance with the laws of the State of
New York. </FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Enforceability of Rights by
Holders of Warrants </FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Each warrant agent, if any,
will act solely as our agent under the applicable warrant agreement and will not
assume any obligation or relationship of agency or trust with any holder of any
warrant. A single bank or trust company may act as warrant agent for more than
one issue of warrants. A warrant agent will have no duty or responsibility in
case of any default by us under the applicable warrant agreement or warrant,
including any duty or responsibility to initiate any proceedings at law or
otherwise, or to make any demand upon us. Any holder of a warrant may, without
the consent of the related warrant agent or the holder of any other warrant,
enforce by appropriate legal action its right to exercise, and receive the
securities purchasable upon exercise of, its warrants. </FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Outstanding Warrants
</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>As of June 30, 2015, there was
one outstanding warrant to purchase 573,893 shares of our common stock. The
warrant may be exercised for cash or, under certain circumstances, on a cashless
basis, in which case we will </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>19 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=left><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=2>deliver, upon exercise, the number of shares with respect to which the
warrant is being exercised reduced by a number of shares having a value (as
determined in accordance with the terms of the applicable warrant) equal to the
aggregate exercise price of the shares with respect to which the warrant is
being exercised. </FONT></FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>LEGAL OWNERSHIP OF
SECURITIES </FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>We can issue securities in
registered form or in the form of one or more global securities. We describe
global securities in greater detail below. We refer to those persons who have
securities registered in their own names on the books that we or any applicable
trustee, depositary or warrant agent maintain for this purpose as the &#147;holders&#148;
of those securities. These persons are the legal holders of the securities. We
refer to those persons who, indirectly through others, own beneficial interests
in securities that are not registered in their own names, as &#147;indirect holders&#148;
of those securities. As we discuss below, indirect holders are not legal
holders, and investors in securities issued in book-entry form or in street name
will be indirect holders. </FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Book-Entry Holders
</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>We may issue securities in
book-entry form only, as we will specify in the applicable prospectus
supplement. This means securities may be represented by one or more global
securities registered in the name of a financial institution that holds them as
depositary on behalf of other financial institutions that participate in the
depositary&#146;s book-entry system. These participating institutions, which are
referred to as participants, in turn, hold beneficial interests in the
securities on behalf of themselves or their customers. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Only the person in whose name
a security is registered is recognized as the holder of that security.
</FONT><FONT face="Times New Roman" size=2>Securities issued in global form will
be registered in the name of the depositary or its participants. Consequently,
for securities issued in global form, we will recognize only the depositary as
the holder of the securities, and we will make all payments on the securities to
the depositary. The depositary passes along the payments it receives to its
participants, which in turn pass the payments along to their customers who are
the beneficial owners. The depositary and its participants do so under
agreements they have made with one another or with their customers; they are not
obligated to do so under the terms of the securities. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>As a result, investors in a
book-entry security will not own securities directly. Instead, they will own
beneficial interests in a global security, through a bank, broker or other
financial institution that participates in the depositary&#146;s book-entry system or
holds an interest through a participant. As long as the securities are issued in
global form, investors will be indirect holders, and not holders, of the
securities. </FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Street Name Holders
</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>We may terminate a global
security or issue securities in non-global form. In these cases, investors may
choose to hold their securities in their own names or in &#147;street name.&#148;
Securities held by an investor in street name would be registered in the name of
a bank, broker or other financial institution that the investor chooses, and the
investor would hold only a beneficial interest in those securities through an
account he or she maintains at that institution. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>For securities held in street
name, we will recognize only the intermediary banks, brokers and other financial
institutions in whose names the securities are registered as the holders of
those securities, and we will make all payments on those securities to them.
These institutions pass along the payments they receive to their customers who
are the beneficial owners, but only because they agree to do so in their
customer agreements or because they are legally required to do so. Investors who
hold securities in street name will be indirect holders, not holders, of those
securities. </FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Legal Holders
</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Our obligations, as well as
the obligations of any applicable trustee and of any third parties employed by
us or a trustee, run only to the legal holders of the securities. We do not have
obligations to investors who hold beneficial interests in global securities, in
street name or by any other indirect means. This will be the case whether an
investor chooses to be an indirect holder of a security or has no choice because
we are issuing the securities only in global form. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>20 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>For example, once we make a
payment or give a notice to the holder, we have no further responsibility for
the payment or notice even if that holder is required, under agreements with
depositary participants or customers or by law, to pass it along to the indirect
holders but does not do so. Similarly, we may want to obtain the approval of the
holders to amend an indenture, to relieve us of the consequences of a default or
of our obligation to comply with a particular provision of the indenture or for
other purposes. In such an event, we would seek approval only from the holders,
and not the indirect holders, of the securities. Whether and how the holders
contact the indirect holders is up to the holders. </FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Special Considerations for
Indirect Holders </FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>If you hold securities through
a bank, broker or other financial institution, either in book-entry form or in
street name, you should check with your own institution to find out: </FONT></P>
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    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>the performance of third
      party service providers; <BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>how it handles
      securities payments and notices; <BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>whether it imposes fees
      or charges; <BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>how it would handle a
      request for the holders&#146; consent, if ever required;
    <BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>whether and how you can
      instruct it to send you securities registered in your own name so you can
      be a holder, if that is permitted in the future;
  <BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>how it would exercise
      rights under the securities if there were a default or other event
      triggering the need for holders to act to protect their interests; and
      <BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>if the securities are in
      book-entry form, how the depositary&#146;s rules and procedures will affect
      these matters. </FONT></P></TD></TR></TABLE>
<P align=left><B><FONT face="Times New Roman" size=2>Global Securities
</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>A global security is a
security that represents one or any other number of individual securities held
by a depositary. Generally, all securities represented by the same global
securities will have the same terms. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Each security issued in
book-entry form will be represented by a global security that we deposit with
and register in the name of a financial institution or its nominee that we
select. The financial institution that we select for this purpose is called the
depositary. Unless we specify otherwise in the applicable prospectus supplement,
DTC will be the depositary for all securities issued in book-entry form.
</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>A global security may not be
transferred to or registered in the name of anyone other than the depositary,
its nominee or a successor depositary, unless special termination situations
arise. We describe those situations below under the section titled &#147;Special
Situations When a Global Security Will Be Terminated&#148; in this prospectus. As a
result of these arrangements, the depositary, or its nominee, will be the sole
registered owner and holder of all securities represented by a global security,
and investors will be permitted to own only beneficial interests in a global
security. Beneficial interests must be held by means of an account with a
broker, bank or other financial institution that in turn has an account with the
depositary or with another institution that does. Thus, an investor whose
security is represented by a global security will not be a holder of the
security, but only an indirect holder of a beneficial interest in the global
security. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>If the prospectus supplement
for a particular security indicates that the security will be issued in global
form only, then the security will be represented by a global security at all
times unless and until the global security is terminated. If termination occurs,
we may issue the securities through another book-entry clearing system or decide
that the securities may no longer be held through any book-entry clearing
system. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>21 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=left><B><FONT face="Times New Roman" size=2>Special Considerations for
Global Securities </FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The rights of an indirect
holder relating to a global security will be governed by the account rules of
the investor&#146;s financial institution and of the depositary, as well as general
laws relating to securities transfers. We do not recognize an indirect holder as
a holder of securities and instead deal only with the depositary that holds the
global security. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>If securities are issued only
in the form of a global security, an investor should be aware of the following:
</FONT></P>
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    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>an investor cannot cause
      the securities to be registered in his or her name, and cannot obtain
      non-global certificates for his or her interest in the securities, except
      in the special situations we describe below; <BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>an investor will be an
      indirect holder and must look to his or her own bank or broker for
      payments on the securities and protection of his or her legal rights
      relating to the securities, as we describe above;
  <BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>an investor may not be
      able to sell interests in the securities to some insurance companies and
      to other institutions that are required by law to own their securities in
      non-book-entry form; <BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>an investor may not be
      able to pledge his or her interest in a global security in circumstances
      where certificates representing the securities must be delivered to the
      lender or other beneficiary of the pledge in order for the pledge to be
      effective; <BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>the depositary&#146;s
      policies, which may change from time to time, will govern payments,
      transfers, exchanges and other matters relating to an investor&#146;s interest
      in a global security; <BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>we and any applicable
      trustee have no responsibility for any aspect of the depositary&#146;s actions
      or for its records of ownership interests in a global security, nor do we
      or any applicable trustee supervise the depositary in any way;
      <BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>the depositary may, and
      we understand that DTC will, require that those who purchase and sell
      interests in a global security within its book-entry system use
      immediately available funds, and your broker or bank may require you to do
      so as well; and <BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>financial institutions
      that participate in the depositary&#146;s book-entry system, and through which
      an investor holds its interest in a global security, may also have their
      own policies affecting payments, notices and other matters relating to the
      securities. </FONT></P></TD></TR></TABLE>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>There may be more than one
financial intermediary in the chain of ownership for an investor. We do not
monitor and are not responsible for the actions of any of those intermediaries.
</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Special Situations When a
Global Security Will Be Terminated </FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>In a few special situations
described below, the global security will terminate and interests in it will be
exchanged for physical certificates representing those interests. After that
exchange, the choice of whether to hold securities directly or in street name
will be up to the investor. Investors must consult their own banks or brokers to
find out how to have their interests in securities transferred to their own
name, so that they will be direct holders. We have described the rights of
holders and street name investors above. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Unless we provide otherwise in
the applicable prospectus supplement, the global security will terminate when
the following special situations occur: </FONT></P>
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    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>if the depositary
      notifies us that it is unwilling, unable or no longer qualified to
      continue as depositary for that global security and we do not appoint
      another institution to act as depositary within 90 days;
      <BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>if we notify any
      applicable trustee that we wish to terminate that global security; or
      <BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>if an event of default
      has occurred with regard to securities represented by that global security
      and has not been cured or waived. </FONT></P></TD></TR></TABLE>
<P align=center><FONT face="Times New Roman" size=2>22 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The applicable prospectus
supplement may also list additional situations for terminating a global security
that would apply only to the particular series of securities covered by the
applicable prospectus supplement. When a global security terminates, the
depositary, and not we or any applicable trustee, is responsible for deciding
the names of the institutions that will be the initial direct holders.
</FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>PLAN OF DISTRIBUTION
</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>We may sell the securities
from time to time pursuant to underwritten public offerings, &#147;at the market&#148;
offerings, negotiated transactions, block trades or a combination of these
methods. We may sell the securities to or through underwriters or dealers,
through agents, or directly to one or more purchasers. We may distribute
securities from time to time in one or more transactions: </FONT></P>
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  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>at a fixed price or
      prices, which may be changed; <BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>at market prices
      prevailing at the time of sale; <BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>at prices related to
      such prevailing market prices; or <BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>at negotiated prices.
      </FONT></P></TD></TR></TABLE>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>A prospectus supplement or
supplements (and any related free writing prospectus that we may authorize to be
provided to you) will describe the terms of the offering of the securities,
including, to the extent applicable: </FONT></P>
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  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>the name or names of the
      underwriters, if any; <BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>the purchase price of
      the securities or other consideration therefor, and the proceeds, if any,
      we will receive from the sale; <BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>any over-allotment
      options under which underwriters may purchase additional securities from
      us; <BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>any agency fees or
      underwriting discounts and other items constituting agents&#146; or
      underwriters&#146; compensation; <BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>any public offering
      price; <BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>any discounts or
      concessions allowed or reallowed or paid to dealers; and
      <BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>any securities exchange
      or market on which the securities may be listed.
</FONT></P></TD></TR></TABLE>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Only underwriters named in the
prospectus supplement will be underwriters of the securities offered by the
prospectus supplement. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>If underwriters are used in
the sale, they will acquire the securities for their own account and may resell
the securities from time to time in one or more transactions at a fixed public
offering price or at varying prices determined at the time of sale. The
obligations of the underwriters to purchase the securities will be subject to
the conditions set forth in the applicable underwriting agreement. We may offer
the securities to the public through underwriting syndicates represented by
managing underwriters or by underwriters without a syndicate. Subject to certain
conditions, the underwriters will be obligated to purchase all of the securities
offered by the prospectus supplement, other than securities covered by any
over-allotment option. Any public offering price and any discounts or
concessions allowed or reallowed or paid to dealers may change from time to
time. We may use underwriters with whom we have a material relationship. We will
describe in the prospectus supplement, naming the underwriter, the nature of any
such relationship. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>We may sell securities
directly or through agents we designate from time to time. We will name any
agent involved in the offering and sale of securities and we will describe any
commissions we will pay the agent in the prospectus supplement. Unless the
prospectus supplement states otherwise, our agent will act on a best-efforts
basis for the period of its appointment. </font></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>We may authorize agents or
underwriters to solicit offers by certain types of institutional investors to
purchase securities from us at the public offering price set forth in the
prospectus supplement pursuant to delayed </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>23 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=left><FONT face="Times New Roman" size=2>delivery contracts providing for payment and delivery on a
specified date in the future. We will describe the conditions to these contracts
and the commissions we must pay for solicitation of these contracts in the
prospectus supplement. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>We may provide agents and
underwriters with indemnification against civil liabilities, including
liabilities under the Securities Act, or contribution with respect to payments
that the agents or underwriters may make with respect to these liabilities.
Agents and underwriters may engage in transactions with, or perform services
for, us in the ordinary course of business. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>All securities we may offer,
other than common stock, will be new issues of securities with no established
trading market. Any underwriters may make a market in these securities, but will
not be obligated to do so and may discontinue any market making at any time
without notice. We cannot guarantee the liquidity of the trading markets for any
securities. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Any underwriter may engage in
over-allotment, stabilizing transactions, short-covering transactions and
penalty bids in accordance with Regulation M under the Exchange Act.
Over-allotment involves sales in excess of the offering size, which create a
short position. Stabilizing transactions permit bids to purchase the underlying
security so long as the stabilizing bids do not exceed a specified maximum
price. Syndicate-covering or other short-covering transactions involve purchases
of the securities, either through exercise of the over-allotment option or in
the open market after the distribution is completed, to cover short positions.
Penalty bids permit the underwriters to reclaim a selling concession from a
dealer when the securities originally sold by the dealer are purchased in a
stabilizing or covering transaction to cover short positions. Those activities
may cause the price of the securities to be higher than it would otherwise be.
If commenced, the underwriters may discontinue any of the activities at any
time. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Any underwriters that are
qualified market makers on The NASDAQ Global Select Market may engage in passive
market making transactions in the common stock on The NASDAQ Global Select
Market in accordance with Regulation M under the Exchange Act, during the
business day prior to the pricing of the offering, before the commencement of
offers or sales of the common stock. Passive market makers must comply with
applicable volume and price limitations and must be identified as passive market
makers. In general, a passive market maker must display its bid at a price not
in excess of the highest independent bid for such security; if all independent
bids are lowered below the passive market maker&#146;s bid, however, the passive
market maker&#146;s bid must then be lowered when certain purchase limits are
exceeded. Passive market making may stabilize the market price of the securities
at a level above that which might otherwise prevail in the open market and, if
commenced, may be discontinued at any time. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>In compliance with guidelines
of the Financial Industry Regulatory Authority, or FINRA, the maximum
consideration or discount to be received by any FINRA member or independent
broker dealer may not exceed 8% of the aggregate amount of the securities
offered pursuant to this prospectus and the applicable prospectus supplement.
</FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>LEGAL MATTERS
</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Unless otherwise indicated in
the applicable prospectus supplement, the validity of the securities offered by
this prospectus, and any supplement thereto, will be passed upon for us by
Cooley LLP, San Francisco, California. </FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>EXPERTS </FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The consolidated financial
statements of Geron Corporation appearing in Geron&#146;s Annual Report on Form 10-K
for the year ended December 31, 2014, and the effectiveness of internal control
over financial reporting as of December 31, 2014 have been audited by Ernst
&amp; Young LLP, independent registered public accounting firm, as set forth in
their reports thereon, included therein, and incorporated herein by reference.
Such consolidated financial statements are incorporated herein by reference in
reliance upon such reports given on the authority of such firm as experts in
accounting and auditing. </FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>WHERE YOU CAN FIND MORE
INFORMATION </FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>This prospectus is part of the
registration statement on Form S-3 we filed with the SEC under the Securities
Act and does not contain all the information set forth in the registration
statement. Whenever a reference is made in this prospectus to any of our
contracts, agreements or other documents, the reference may not be complete and
you </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>24 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=left><FONT face="Times New Roman" size=2>should refer to the exhibits that are a part of the registration
statement or the exhibits to the reports or other documents incorporated by
reference into this prospectus for a copy of such contract, agreement or other
document. Because we are subject to the information and reporting requirements
of the Exchange Act, we file annual, quarterly and current reports, proxy
statements and other information with the SEC. Our SEC filings are available to
the public over the Internet at the SEC&#146;s website at http://www.sec.gov. You may
also read and copy any document we file at the SEC&#146;s Public Reference Room at
100 F Street, N.E., Washington, D.C. 20549. Please call the SEC at
1-800-SEC-0330 for further information on the operation of the Public Reference
Room. </FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>INCORPORATION OF CERTAIN
INFORMATION BY REFERENCE </FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The SEC allows us to
&#147;incorporate by reference&#148; information from other documents that we file with
it, which means that we can disclose important information to you by referring
you to those documents. The information incorporated by reference is considered
to be part of this prospectus. Information in this prospectus supersedes
information incorporated by reference that we filed with the SEC prior to the
date of this prospectus, while information that we file later with the SEC will
automatically update and supersede the information in this prospectus. We
incorporate by reference into this prospectus and the registration statement of
which this prospectus is a part the information or documents listed below that
we have filed with the SEC (Commission File No. 000-20859): </FONT></P>
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  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>Geron&#146;s Annual Report on
      Form 10-K for the year ended December 31, 2014, filed with the SEC on
      March 11, 2015; <BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>Geron&#146;s Quarterly
      Reports on Form 10-Q for the quarterly periods ended March 31, 2015 and
      June 30, 2015, filed with the SEC on May 7, 2015 and August 5, 2015,
      respectively; <BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>Geron&#146;s Current Reports
      on Form 8-K filed with the SEC on March 3, 2015 (other than the
      information furnished under Item 2.02 and the related exhibit), May 22,
      2015 and August 28, 2015; <BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>the information
      specifically incorporated by reference into Geron&#146;s 2014 Annual Report on
      Form 10-K referred to above from Geron&#146;s revised definitive proxy
      statement relating to Geron&#146;s 2015 annual meeting of stockholders, filed
      with the SEC on April 3, 2015; and <BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>the description of
      Geron&#146;s common stock set forth in Geron&#146;s registration statement on Form
      8-A, filed with the SEC on June 13, 1996. </FONT></P></TD></TR></TABLE>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>We also incorporate by
reference any future filings (other than current reports furnished under Item
2.02 or Item 7.01 of Form 8-K and exhibits filed on such form that are related
to such items unless such Form 8-K expressly provides to the contrary) made with
the SEC pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act,
including those made after the date of the initial filing of the registration
statement of which this prospectus is a part and prior to effectiveness of such
registration statement, until we file a post-effective amendment that indicates
the termination of the offering of the securities made by this prospectus and
will become a part of this prospectus from the date that such documents are
filed with the SEC. Information in such future filings updates and supplements
the information provided in this prospectus. Any statements in any such future
filings will automatically be deemed to modify and supersede any information in
any document we previously filed with the SEC that is incorporated or deemed to
be incorporated herein by reference to the extent that statements in the later
filed document modify or replace such earlier statements. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>We will furnish without charge
to you, on written or oral request, a copy of any or all of the documents
incorporated by reference, including exhibits to these documents. You should
direct any requests for documents to Stephen Rosenfield, General Counsel and
Corporate Secretary, Geron Corporation, 149 Commonwealth Drive, Suite 2070,
Menlo Park, California 94025, telephone: (650) 473-7700. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>25 </FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><B><FONT face="Times New Roman" size=2 color=red>THE INFORMATION IN THIS
PROSPECTUS IS NOT COMPLETE AND MAY BE CHANGED. WE MAY NOT SELL THESE
SECURITIES OR ACCEPT AN OFFER TO BUY THESE SECURITIES UNTIL THE REGISTRATION STATEMENT FILED WITH THE
SECURITIES AND EXCHANGE COMMISSION IS EFFECTIVE. THIS PROSPECTUS IS NOT AN OFFER
TO SELL THESE SECURITIES AND IT IS NOT SOLICITING AN OFFER TO BUY THESE SECURITIES IN ANY
STATE WHERE THE OFFER OR SALE IS NOT PERMITTED. </FONT></B></P>
<P align=center><B><FONT face="Times New Roman" size=2 color=red>SUBJECT TO COMPLETION,
DATED AUGUST 28, 2015</FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>PROSPECTUS</FONT></B></P>
<P align=center><IMG src="geron_s33x10x1.jpg" border=0><BR><B><FONT face="Times New Roman">$50,000,000<BR>Common
Stock<BR>____________________</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>We have entered into an at
market issuance sales agreement, or sales agreement, with MLV &amp; Co., LLC, or
MLV, relating to shares of our common stock offered by this prospectus. In
accordance with the terms of the sales agreement, we may offer and sell shares
of our common stock from time to time through MLV having an aggregate offering
price of up to $50.0 million.</font></p>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Our common stock is listed on The NASDAQ Global
Select Market under the symbol &#147;GERN.&#148; On August 21, 2015, the last reported
sale price of our common stock on The NASDAQ Global Select Market was $3.08 per
share.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Sales of our common stock, if
any, under this prospectus may be made in sales deemed to be &#147;at the market
offerings&#148; as defined in Rule 415 promulgated under the Securities Act of 1933,
as amended, or the Securities Act, including sales made directly on or through
The NASDAQ Global Select Market, the existing trading market for our common
stock, sales made to or through a market maker other than on an exchange or
otherwise, in negotiated transactions at market prices prevailing at the time of
sale or at prices related to such prevailing market prices, and/or any other
method permitted by law. MLV will act as sales agent on a best efforts basis
using commercially reasonable efforts to sell on our behalf all of the shares of
common stock requested to be sold by us, consistent with its normal trading and
sales practices, on mutually agreed terms between MLV and us. There is no
arrangement for funds to be received in any escrow, trust or similar
arrangement.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The compensation to MLV for
sales of common stock sold pursuant to the sales agreement is an aggregate of up
to 3.0% of the gross proceeds of the sales price per share. In connection with
the sale of the common stock on our behalf, MLV will be deemed to be an
&#147;underwriter&#148; within the meaning of the Securities Act, and the compensation of
MLV will be deemed to be underwriting commissions or discounts. We have also
agreed to provide indemnification and contribution to MLV with respect to
certain liabilities, including liabilities under the Securities Act.</FONT></P>
<P align=center><B><FONT face="Times New Roman">____________________</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><B><I><FONT face="Times New Roman" size=2>Investing in our common
stock involves a high degree of risk. Please read the information contained in
and incorporated by reference under the heading &#147;Risk Factors&#148; beginning on
page 4 of this prospectus, and under similar headings in the other documents
that are filed after the date hereof and incorporated by reference into this
prospectus.</FONT></I></B><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Neither the Securities and
Exchange Commission nor any state securities commission has approved or
disapproved of these securities or determined if this prospectus is truthful
or complete. Any representation to the contrary is a criminal
offense.</FONT></B></P>
<P align=center><B><FONT face="Times New Roman">____________________</FONT></B></P>
<P align=center><IMG src="geron_s33x10x2.jpg" border=0><BR><FONT face="Times New Roman" size=2>T</FONT><FONT face="Times New Roman" size=2>he
date of thi</FONT><FONT face="Times New Roman" size=2>s</FONT><FONT face="Times New Roman" size=2> prospectus is&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
, 20 . </FONT><FONT face="Times New Roman" size=2></FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>

<P align=center><B><FONT face="Times New Roman" size=2>TABLE OF CONTENTS
</FONT></B></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="99%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%"><B><FONT face="Times New Roman" size=2>Page</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>About This Prospectus</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>1</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%"><FONT face="Times New Roman" size=2>Prospectus Summary</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=2>2</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Risk Factors</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>4</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%"><FONT face="Times New Roman" size=2>Forward-Looking Statements</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=2>5</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Use of Proceeds</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>6</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%"><FONT face="Times New Roman" size=2>Dilution</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=2>7</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Description of Capital Stock</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>8</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%"><FONT face="Times New Roman" size=2>Plan
      of Distribution</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=2>10</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Legal Matters</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>11</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%"><FONT face="Times New Roman" size=2>Experts</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=2>11</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Where You Can Find More
Information</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>11</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%"><FONT face="Times New Roman" size=2>Incorporation of Certain Information by Reference</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      12&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD></TR></TABLE><BR>
<P align=center><FONT face="Times New Roman" size=2>i </FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>

<P align=center><B><FONT face="Times New Roman" size=2>ABOUT THIS PROSPECTUS
</FONT></B><FONT face="Times New Roman" size=2></FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>This prospectus relates to the
offering of our common stock. Before buying any of the common stock that we are
offering, we urge you to carefully read this prospectus, together with the
information incorporated by reference as described under the heading
&#147;Incorporation of Certain Information by Reference&#148; in this prospectus. These
documents contain important information that you should consider when making
your investment decision.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>This prospectus describes the
specific terms of the common stock we are offering and also adds to and updates
information contained in the documents incorporated by reference into this
prospectus. To the extent there is a conflict between the information contained
in this prospectus, on the one hand, and the information contained in any
document incorporated by reference into this prospectus that was filed with the
Securities and Exchange Commission, or SEC, before the date of this prospectus,
on the other hand, you should rely on the information in this prospectus. If any
statement in one of these documents is inconsistent with a statement in another
document having a later date &#151; for example, a document incorporated by reference
into this prospectus &#151; the statement in the document having the later date
modifies or supersedes the earlier statement.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>You should rely only on the
information contained in, or incorporated by reference into this prospectus and
in any free writing prospectus that we may authorize for use in connection with
this offering. We have not, and MLV has not, authorized any other person to
provide you with different information. If anyone provides you with different or
inconsistent information, you should not rely on it. We are not, and MLV is not,
making an offer to sell or soliciting an offer to buy our securities in any
jurisdiction in which an offer or solicitation is not authorized or in which the
person making that offer or solicitation is not qualified to do so or to anyone
to whom it is unlawful to make an offer or solicitation. You should assume that
the information appearing in this prospectus, the documents incorporated by
reference into this prospectus, and in any free writing prospectus that we may
authorize for use in connection with this offering, is accurate only as of the
date of those respective documents. Our business, financial condition, results
of operations and prospects may have changed since those dates. You should read
this prospectus, the documents incorporated by reference into this prospectus,
and any free writing prospectus that we may authorize for use in connection with
this offering, in their entirety before making an investment decision. You
should also read and consider the information in the documents to which we have
referred you in the sections of this prospectus titled &#147;Where You Can Find More
Information&#148; and &#147;Incorporation of Certain Information by Reference.&#148;</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>1 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR><div style="padding-top: 4pt; padding-bottom: 4pt; padding-left: 12pt; padding-right: 12pt; border: 1pt solid black">
<P align=center><B><FONT face="Times New Roman" size=2>PROSPECTUS SUMMARY
</FONT></B><FONT face="Times New Roman" size=2></FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><I><FONT face="Times New Roman" size=2>This summary highlights
certain information about us, this offering and selected information contained
elsewhere in or incorporated by reference into this prospectus. This summary is
not complete and does not contain all of the information that you should
consider before deciding whether to invest in our common stock. For a more
complete understanding of our company and this offering, we encourage you to
read and consider carefully the more detailed information in this prospectus,
including the information incorporated by reference into this prospectus, and
the information included in any free writing prospectus that we have authorized
for use in connection with this offering, including the information contained in
and incorporated by reference under the heading &#147;Risk Factors&#148; beginning on page
4 of this prospectus, and under similar headings in the other documents that are
filed after the date hereof and incorporated by reference into this
prospectus.</FONT></I></P>
<P align=center><B><FONT face="Times New Roman" size=2>Geron Corporation
</FONT></B></P>
<P align=left><B><FONT face="Times New Roman" size=2>Overview </FONT></B><FONT face="Times New Roman" size=2></FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Geron is a clinical stage
biopharmaceutical company focused on the development of a telomerase inhibitor,
imetelstat, in hematologic myeloid malignancies. The discovery and early
development of imetelstat, our sole product candidate, was based on our core
expertise in telomerase and telomere biology. Telomerase is an enzyme that
enables cancer cells, including malignant progenitor cells, to maintain telomere
length, which provides them with the capacity for limitless, uncontrolled
proliferation. Using our proprietary nucleic acid chemistry, we designed
imetelstat to be an oligonucleotide that targets and binds with high affinity to
the active site of telomerase, thereby directly inhibiting telomerase activity
and impeding malignant cell proliferation. Molecular responses in essential
thrombocythemia, or ET, and remission responses, including reversal of bone
marrow fibrosis, in myelofibrosis, or MF, suggest imetelstat has disease
modifying activity by inhibiting the progenitor cells of the malignant clone for
the underlying disease in a relatively selective manner. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>On November 13, 2014, we
entered into an exclusive collaboration and license agreement, or the
Collaboration Agreement, with Janssen Biotech, Inc., or Janssen, to develop and
commercialize imetelstat worldwide for all indications in oncology, including
hematologic myeloid malignancies, and all other human therapeutic uses. The
Collaboration Agreement became effective on December 15, 2014 and we received
$35 million from Janssen as an upfront payment. Additional consideration under
the Collaboration Agreement includes payments up to a potential total of $900
million for the achievement of development, regulatory and commercial
milestones, as well as royalties on worldwide net sales. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Under the Collaboration
Agreement, Janssen is responsible for the development, manufacturing and
commercialization of, and seeking regulatory approval for imetelstat worldwide.
Development of imetelstat will proceed under a mutually agreed clinical
development plan, which includes two Phase 2 studies to be pursued initially,
one in MF, referred to as the Initial Phase 2 MF Study, and one in
myelodysplastic syndrome, or MDS, referred to as the Initial Phase 2 MDS Study.
Janssen opened the Initial Phase 2 MF Study, named the IMbark<SUP>TM</SUP>
Study, to enrollment in July 2015. We expect Janssen to initiate the Initial
Phase 2 MDS Study by the end of 2015. In addition, the clinical development plan
may also include additional, possible registration studies in MF and MDS, and
possible exploratory Phase 2 and potential follow on Phase 3 studies in acute
myelogenous leukemia. </FONT></P>


<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>On June 11, 2015, the United
States Food and Drug Administration, or FDA, granted orphan drug designation to
imetelstat for the treatment of MF. Orphan drug designation qualifies the
sponsor of the drug for various development incentives under the Orphan Drug
Act, or ODA, including, if regulatory approval is received, seven years of
market exclusivity with certain limited exceptions, exemption from FDA
application fees and certain tax credits for qualified clinical testing. The
granting of orphan drug designation does not alter the standard regulatory
requirements and process for obtaining marketing approval. The safety and
effectiveness of a drug must be established through adequate and well-controlled
studies. Orphan drug exclusivity does not prevent the FDA from approving a
different drug for the same disease or condition, or the same drug for a
different disease or condition. </FONT></P>


<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>We are subject to risks common
to companies in our industry and at our stage of development, including but not
limited to risks related to our research and development efforts, our dependence
on Janssen or the development, regulatory approval, manufacture and
commercialization of our sole product candidate, imetelstat, need for future
capital, uncertainty of preclinical or clinical trial results or regulatory
approvals or clearances, the future development of imetelstat, including any
future efficacy or safety results that cause the benefit-risk profile of
imetelstat to become unacceptable, enforcement of our patent and proprietary
rights, reliance upon our collaborators, investigators, and other third parties,
potential competition and other risks. We do not expect to receive revenues or
royalties based on therapeutic products for a number of years, if at all.
</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Company Information
</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>We were incorporated in 1990
under the laws of Delaware. Our principal executive offices are located at 149
Commonwealth Drive, Suite 2070, Menlo Park, California 94025 and our telephone
number is (650) 473-7700. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>2 </FONT></P></div><BR>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR><div style="padding-top: 4pt; padding-bottom: 4pt; padding-left: 12pt; padding-right: 12pt; border: 1pt solid black">
<P align=left><FONT face="Times New Roman" size=2>Our website address is
www.geron.com. Information found on, or accessible through, our website is not a
part of, and is not incorporated into, this prospectus, and you should not
consider it part of this prospectus. Our website address is included in this
document as an inactive textual reference only. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Unless the context indicates
otherwise, as used in this prospectus, the terms &#147;Geron,&#148; &#147;Geron Corporation,&#148;
&#147;we,&#148; &#147;us&#148; and &#147;our&#148; refer to Geron Corporation, a Delaware corporation.
</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>The Offering
</FONT></B><FONT face="Times New Roman" size=2></FONT></P>
<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="29%"><FONT face="Times New Roman" size=2>Common stock offered by us</FONT></TD>
    <TD vAlign=top align=left width="71%">
      <P align=left><FONT face="Times New Roman" size=2>In accordance with the
      terms of the sales agreement, we may offer and sell shares of our common
      stock from time to time through MLV having an aggregate offering price of
      up to $50.0 million. </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="29%"></TD>
    <TD vAlign=top align=left width="71%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="29%">
      <P align=left><FONT face="Times New Roman" size=2>Manner of offering
      </FONT></P></TD>
    <TD vAlign=top align=left width="71%">
      <P align=left><FONT face="Times New Roman" size=2>&#147;At the market&#148; offering
      that may be made from time to time through MLV as our sales agent. See
      &#147;Plan of Distribution&#148; on page 10. </FONT></P></TD></TR></TABLE><BR>
<P align=left><B><I><FONT face="Times New Roman" size=2>Use of Proceeds
</FONT></I></B><I><FONT face="Times New Roman" size=2></FONT></I></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>We currently intend to use the
net proceeds from this offering, if any, for working capital and general
corporate purposes, including but not limited to fund research and development
activities to support our imetelstat collaboration with Janssen and to fund
general and administrative activities. We may also use a portion of the net
proceeds from this offering to potentially in-license or acquire other oncology
products, programs or companies to diversify our business. See &#147;Use of Proceeds&#148;
on page 6 of this prospectus.</FONT></P>
<P align=left><B><I><FONT face="Times New Roman" size=2>Risk Factors
</FONT></I></B><I><FONT face="Times New Roman" size=2></FONT></I></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Investing in our common stock
involves a high degree of risk. Please read the information contained in and
incorporated by reference under the heading &#147;Risk Factors&#148; beginning on page 4
of this prospectus, and under similar headings in the other documents that are
filed after the date hereof and incorporated by reference into this
prospectus.</FONT></P>
<P align=left><B><I><FONT face="Times New Roman" size=2>NASDAQ Global Select
Market Listing </FONT></I></B><I><FONT face="Times New Roman" size=2></FONT></I></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Our common stock is listed on
The NASDAQ Global Select Market under the symbol &#147;GERN.&#148;</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>3</FONT><FONT face="Times New Roman" size=2> </FONT></P></div><br>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><B><FONT face="Times New Roman" size=2>RISK FACTORS
</FONT></B><FONT face="Times New Roman" size=2></FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><I><FONT face="Times New Roman" size=2>Investing in our common
stock involves a high degree of risk. Before deciding whether to invest in our
common stock, you should consider carefully the risks and uncertainties
described below and discussed under the section &#147;Risk Factors&#148; contained in our
Quarterly Report for the period ended June 30, 2015, which are incorporated by
reference into this prospectus in their entirety, as updated or superseded by
the risks and uncertainties described under similar headings in the other
documents that are filed after the date hereof and incorporated by reference
into this prospectus, together with other information in this prospectus, the
information and documents incorporated by reference and any free writing
prospectus that we may authorize for use in connection with this offering. The
risks described in these documents are not the only ones we face, but those that
we consider to be material. There may be other unknown or unpredictable
economic, business, competitive, regulatory or other factors that could have
material adverse effects on our future results. Past financial performance may
not be a reliable indicator of future performance, and historical trends should
not be used to anticipate results or trends in future periods. If any of these
risks actually occurs, our business, financial condition, results of operations
or cash flow could be seriously harmed. This could cause the trading price of
our common stock to decline, resulting in a loss of all or part of your
investment. Please also read carefully the section below titled &#147;Forward-Looking
Statements.&#148;</FONT></I></P>
<P align=left><B><FONT face="Times New Roman" size=2>Additional Risks Related to
This Offering </FONT></B></P>
<P align=left><B><I><FONT face="Times New Roman" size=2>Management will have
broad discretion as to the use of the proceeds from this offering and may not
use the proceeds effectively.</FONT></I></B><FONT face="Times New Roman" size=2>
</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Because we have not designated
the amount of net proceeds from this offering to be used for any particular
purpose, our management will have broad discretion as to the application of the
net proceeds from this offering and could use them for purposes other than those
contemplated at the time of the offering. Our management may use the net
proceeds for corporate purposes that may not improve our financial condition or
market value. </FONT></P>
<P align=left><B><I><FONT face="Times New Roman" size=2>You may experience
immediate and substantial dilution.</FONT></I></B><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The offering prices per share
in this offering may exceed the net tangible book value per share of our common
stock. Assuming that an aggregate of 16,233,766 shares of our common stock are
sold at a price of $3.08 per share pursuant to this prospectus, which was the
last reported sale price of our common stock on The NASDAQ Global Select Market
on August 21, 2015, for aggregate gross proceeds of $50.0 million, after
deducting commissions and estimated aggregate offering expenses payable by us,
you would experience immediate dilution of $2.12 per share, representing the
difference between our as adjusted net tangible book value per share as of June
30, 2015 after giving effect to this offering and the assumed offering price.
The exercise of outstanding stock options and warrants may result in further
dilution of your investment. See the section titled &#147;Dilution&#148; below for a more
detailed illustration of the dilution you would incur if you participate in this
offering. </FONT></P>
<P align=left><B><I><FONT face="Times New Roman" size=2>You may experience
future dilution as a result of future equity offerings.</FONT></I></B><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>In order to raise additional
capital, we may in the future offer additional shares of our common stock or
other securities convertible into or exchangeable for our common stock at prices
that may not be the same as the price per share paid by any investor in this
offering. We may sell shares or other securities in any other offering at a
price per share that is less than the price per share paid by any investor in
this offering, and investors purchasing shares or other securities in the future
could have rights superior to you. The price per share at which we sell
additional shares of our common stock, or securities convertible or exchangeable
into common stock, in future transactions may be higher or lower than the price
per share paid by any investor in this offering. </FONT></P>
<P align=left><B><I><FONT face="Times New Roman" size=2>We do not intend to pay
dividends in the foreseeable future.</FONT></I></B><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>We have never paid cash
dividends on our common stock and currently do not plan to pay any cash
dividends in the foreseeable future. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>4 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><B><FONT face="Times New Roman" size=2>FORWARD-LOOKING
STATEMENTS </FONT></B><FONT face="Times New Roman" size=2></FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>This prospectus, the documents
we have filed with the SEC that are incorporated by reference and any free
writing prospectuses that we may authorize for use in connection with this
offering contain &#147;forward-looking statements&#148; within the meaning of Section 27A
of the Securities Act of 1933, as amended, or the Securities Act, and Section
21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act.
These statements relate to future events or to our future operating or financial
performance and involve known and unknown risks, uncertainties and other factors
which may cause our actual results, performance or achievements to be materially
different from any future results, performances or achievements expressed or
implied by the forward-looking statements. Forward-looking statements may
include, but are not limited to, statements about:</FONT></P>
<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse; TEXT-ALIGN: left" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2></FONT><FONT face="Times New Roman" size=2>changes or delays in our and Janssen&#146;s
      development plans for imetelstat, including changes which may result from
      any future clinical holds on the investigational new drug applications for
      imetelstat; </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp; </TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2></FONT><FONT face="Times New Roman" size=2>the progress, timing, magnitude, scope and
      costs of clinical development, manufacturing and commercialization for
      imetelstat, including the number of indications being pursued, subject to
      permission from the FDA and other regulatory agencies; </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp; </TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2></FONT><FONT face="Times New Roman" size=2>Janssen&#146;s ability to consistently and
      reproducibly manufacture imetelstat; </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp; </TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2></FONT><FONT face="Times New Roman" size=2>the time and costs involved in obtaining
      regulatory clearances and approvals in the United States and in other
      countries; </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp; </TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2></FONT><FONT face="Times New Roman" size=2>Janssen&#146;s ability to successfully market and
      sell imetelstat, upon any regulatory approval or clearance, in the United
      States and other countries; </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp; </TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2></FONT><FONT face="Times New Roman" size=2>the achievement of development, regulatory
      and commercial milestones resulting in the payment to us from Janssen
      under the Collaboration Agreement and the timing of receipt or recognition
      of such payments, if any; </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp; </TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2></FONT><FONT face="Times New Roman" size=2>the timing, receipt and amount of royalties
      under the Collaboration Agreement on worldwide net sales of imetelstat,
      upon regulatory approval or clearance, if any;</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp; </TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2></FONT><FONT face="Times New Roman" size=2>the implementation of our corporate
      strategy, including our ability to in-license or acquire any new product
      candidates, programs or companies to diversify our business;
  </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp; </TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2></FONT><FONT face="Times New Roman" size=2>our ability to protect our intellectual
      property and operate our business without infringing upon the intellectual
      property rights of others; </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp; </TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2></FONT><FONT face="Times New Roman" size=2>the size and timing of expenditures and
      whether there are unanticipated expenditures; </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp; </TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2></FONT><FONT face="Times New Roman" size=2>our requirements for additional capital;
      </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp; </TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2></FONT><FONT face="Times New Roman" size=2>our estimates regarding the sufficiency of
      our cash resources and our use of the net proceeds from this offering; and
      </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp; </TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2></FONT><FONT face="Times New Roman" size=2>our future financial
    performance.</FONT></P></TD></TR></TABLE>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>In some cases, you can
identify forward-looking statements by terms such as &#147;may,&#148; &#147;plan,&#148; &#147;intend,&#148;
&#147;will,&#148; &#147;should,&#148; &#147;could,&#148; &#147;would,&#148; &#147;expects,&#148; &#147;plans,&#148; &#147;anticipates,&#148;
&#147;believes,&#148; &#147;estimates,&#148; &#147;projects,&#148; &#147;predicts,&#148; &#147;potential&#148; and similar
expressions intended to identify forward-looking statements. These statements
reflect our current views with respect to future events, are based on
assumptions and are subject to risks and uncertainties. Given these
uncertainties, you should not place undue reliance on these forward-looking
statements. We discuss in greater detail, and incorporate by reference into this
prospectus in their entirety, many of these risks and uncertainties under the
headings &#147;Risk Factors&#148; on page 4 of this prospectus and in our Quarterly Report
on Form 10-Q for the quarter ended June 30, 2015, which is incorporated herein
by reference, as may be updated or</FONT></P>
<P align=center><FONT face="Times New Roman" size=2></FONT><FONT face="Times New Roman" size=2>5</FONT><FONT face="Times New Roman" size=2>
</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>


<P ALIGN="LEFT" ><FONT face="Times New Roman" size=2>superseded by the risks and uncertainties
described under similar headings in the other documents that are filed after the
date hereof and incorporated by reference into this prospectus. Also, these
forward-looking statements represent our estimates and assumptions only as of
the date of the document containing the applicable statement. Unless required by
law, we undertake no obligation to update or revise any forward-looking
statements to reflect new information or future events or developments. Thus,
you should not assume that our silence over time means that actual events are
bearing out as expressed or implied in such forward-looking statements. You
should read this prospectus together with the documents we have filed with the
SEC that are incorporated by reference and any free writing prospectus that we
may authorize for use in connection with this offering completely and with the
understanding that our actual future results may be materially different from
what we expect. We qualify all of the forward-looking statements in the
foregoing documents by these cautionary statements.</FONT></P>



<P STYLE="text-align: center"><B><FONT face="Times New Roman" size=2>USE OF
PROCEEDS</FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>We currently intend to use the
net proceeds from this offering, if any, for working capital and general
corporate purposes, including but not limited to fund research and development
activities to support our imetelstat collaboration with Janssen and to fund
general and administrative activities. We may also use a portion of the net
proceeds from this offering to potentially in-license or acquire other oncology
products, programs or companies to diversify our business.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The amounts and timing of our
use of the net proceeds from this offering, if any, will depend on a number of
factors, such as the timing and progress of the imetelstat development program
under the Collaboration Agreement with Janssen, the timing and progress of any
potential acquisition or in-licensing efforts and the availability and cost of
other capital. As of the date of this prospectus, we cannot specify with
certainty all of the particular uses for the net proceeds to us from this
offering. Accordingly, our management will have broad discretion in the timing
and application of these proceeds. Pending application of the net proceeds as
described above, we intend to temporarily invest the proceeds in short-term,
interest-bearing instruments.</FONT></P>
<P align=center><FONT face="Times New Roman" size=2></FONT><FONT face="Times New Roman" size=2>6</FONT><FONT face="Times New Roman" size=2>
</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><B><FONT face="Times New Roman" size=2>DILUTION</FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>If you invest in this
offering, your ownership interest will be diluted to the extent of the
difference between the public offering price per share and the as adjusted net
tangible book value per share after giving effect to this offering. We calculate
net tangible book value per share by dividing the net tangible book value, which
is tangible assets less total liabilities, by the number of outstanding shares
of our common stock. Dilution represents the difference between the portion of
the amount per share paid by purchasers of shares in this offering and the as
adjusted net tangible book value per share of our common stock immediately after
giving effect to this offering. Our net tangible book value as of June 30, 2015
was approximately $118.4 million, or $0.75 per share.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>After giving effect to the
sale of our common stock during the term of the sales agreement with MLV in the
aggregate amount of $50,000,000 at an assumed offering price of $3.08 per share,
the last reported sale price of our common stock on The NASDAQ Global Select
Market on August 21, 2015, and after deducting commissions and estimated
aggregate offering expenses payable by us, our net tangible book value as of
June 30, 2015 would have been $167.0 million, or $0.96 per share of common
stock. This represents an immediate increase in the net tangible book value of
$0.21 per share to our existing stockholders and an immediate dilution in net
tangible book value of $2.12 per share to new investors. The following table
illustrates this per share dilution:</FONT></P>
<DIV align=center>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="90%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="95%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Assumed public offering price per
      share</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>3.08</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="95%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net tangible book value per
      share as of June 30, 2015</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>0.75</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="95%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Increase in net tangible book value per share attributable to this
      offering</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0  ><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>0.21</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="95%"><FONT face="Times New Roman" size=2>As
      adjusted net tangible book value per share as of June 30, 2015,
      after</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="95%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; giving effect to this
      offering</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"  style="padding-bottom: .5pt"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face="Times New Roman" size=2>0.96</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="95%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Dilution per share to new investors
      purchasing shares in this offering</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0 style="padding-bottom: 1.5pt"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>2.12</FONT></TD></TR></TABLE></DIV><BR>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The table above assumes for
illustrative purposes that an aggregate of 16,233,766 shares of our common stock
are sold during the term of the sales agreement with MLV at a price of $3.08 per
share, the last reported sale price of our common stock on The NASDAQ Global
Select Market on August 21, 2015, for aggregate gross proceeds of $50,000,000.
The shares subject to the sales agreement with MLV are being sold from time to
time at various prices. An increase of $0.50 per share in the price at which the
shares are sold from the assumed offering price of $3.08 per share shown in the
table above, assuming all of our common stock in the aggregate amount of
$50,000,000 during the term of the sales agreement with MLV is sold at that
price, would increase our adjusted net tangible book value per share after the
offering to $0.97 per share and would increase the dilution in net tangible book
value per share to new investors in this offering to $2.61 per share, after
deducting commissions and estimated aggregate offering expenses payable by us. A
decrease of $0.50 per share in the price at which the shares are sold from the
assumed offering price of $3.08 per share shown in the table above, assuming all
of our common stock in the aggregate amount of $50,000,000 during the term of
the sales agreement with MLV is sold at that price, would decrease our adjusted
net tangible book value per share after the offering to $0.94 per share and
would decrease the dilution in net tangible book value per share to new
investors in this offering to $1.64 per share, after deducting commissions and
estimated aggregate offering expenses payable by us. This information is
supplied for illustrative purposes only.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The above discussion and table
are based on 158,122,877 shares of our common stock issued and outstanding as of
June 30, 2015 and exclude the following, all as of June 30, 2015:</FONT></P>
<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse; TEXT-ALIGN: left" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2></FONT><FONT face="Times New Roman" size=2>18,249,993 shares of common stock issuable
      upon the exercise of outstanding stock options with a weighted-average
      exercise price of $3.29 per share; </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2></FONT><FONT face="Times New Roman" size=2>537,893 shares of common stock issuable upon
      the exercise of an outstanding warrant with an exercise price of $3.98 per
      share; and</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2></FONT><FONT face="Times New Roman" size=2>up to an aggregate of 12,611,453 shares of
      common stock reserved for future issuance under our 2011 Incentive Award
      Plan and 2014 Employee Stock Purchase Plan.</FONT></P></TD></TR></TABLE>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The number of shares of our
common stock outstanding in the computations above includes 500 unvested </FONT></P>
<P align=center><FONT face="Times New Roman" size=2></FONT><FONT face="Times New Roman" size=2>7</FONT><FONT face="Times New Roman" size=2>
</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>



<P align=left><FONT face="Times New Roman" size=2>shares
of common stock issued as restricted stock awards and outstanding as of June 30,
2015.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>To the extent that options or
warrants outstanding as of June 30, 2015 have been or are exercised, or other
shares are issued, investors purchasing shares in this offering could experience
further dilution. In addition, we may choose to raise additional capital due to
market conditions or strategic considerations, including for potential
acquisition or in-licensing opportunities, even if we believe we have sufficient
funds for our current or future operating plans. To the extent that additional
capital is raised through the sale of equity or convertible debt securities, the
issuance of these securities could result in further dilution to our
stockholders.</FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>DESCRIPTION OF CAPITAL
STOCK </FONT></B></P>
<P align=left><B><FONT face="Times New Roman" size=2>General </FONT></B><FONT face="Times New Roman" size=2></FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>As of the date of this
prospectus, our restated certificate of incorporation, as amended, or the
Restated Certificate, authorizes us to issue 300,000,000 shares of common stock,
par value $0.001 per share, and 3,000,000 shares of preferred stock, par value
$0.001 per share. As of June 30, 2015, 158,122,877 shares of common stock were
outstanding and no shares of preferred stock were outstanding.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The following summary
description of our capital stock is based on the provisions of our Restated
Certificate, our amended and restated bylaws, or the Bylaws, and applicable
provisions of the Delaware General Corporation Law. This information may not be
complete in all respects and is qualified entirely by reference to the
applicable provisions of our Restated Certificate, our Bylaws and the Delaware
General Corporation Law. For information on how to obtain copies of our Restated
Certificate and Bylaws, which are exhibits to the registration statement of
which this prospectus is a part, see "Where You Can Find More
Information."</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Common Stock
</FONT></B><FONT face="Times New Roman" size=2></FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The holders of common stock
are entitled to one vote for each share held of record on all matters submitted
to a vote of the stockholders. Subject to preferences that may be applicable to
any outstanding shares of the preferred stock, the holders of common stock are
entitled to receive ratably such dividends as may be declared by the board of
directors out of legally available funds. Upon our liquidation, dissolution or
winding up, holders of our common stock are entitled to share ratably in all
assets remaining after payment of liabilities and the liquidation preferences of
any outstanding shares of preferred stock legally available for distribution to
stockholders. Holders of common stock have no preemptive rights and no right to
convert their common stock into any other securities. There are no redemption or
sinking fund provisions applicable to the common stock. When we issue shares of
common stock under this prospectus, the shares will be fully paid and
non-assessable.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Additional shares of
authorized common stock may be issued, as authorized by our board of directors
from time to time, without stockholder approval, except as may be required by
applicable stock exchange requirements.</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Preferred Stock
</FONT></B><FONT face="Times New Roman" size=2></FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Pursuant to our Restated
Certificate, our board of directors has the authority, without further action by
our stockholders, to issue up to 3,000,000 shares of preferred stock in one or
more series and to fix the designations, powers, preferences, privileges and
relative participating, optional or special rights and the qualifications,
limitations or restrictions thereof, including dividend rights, conversion
rights, voting rights, terms of redemption and liquidation preferences, any or
all of which may be greater than the rights of the common stock. The board of
directors, without stockholder approval, can issue preferred stock with voting,
conversion or other rights that could adversely affect the voting power and
other rights of the holders of common stock. Preferred stock could thus be
issued quickly with terms calculated to delay or prevent a change in control of
our company or make removal of management more difficult. Additionally, the
issuance of preferred stock may have the effect of decreasing the market price
of the common stock and may adversely affect the voting power of holders of
common stock and reduce the likelihood that common stockholders will receive
dividend payments and payments upon liquidation.</FONT></P>
<P align=center><FONT face="Times New Roman" size=2></FONT><FONT face="Times New Roman" size=2>8</FONT><FONT face="Times New Roman" size=2>
</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=left><B><FONT face="Times New Roman" size=2>Anti-takeover Effects of
Provisions of Charter Documents and Delaware Law </FONT></B><FONT face="Times New Roman" size=2></FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><I><FONT face="Times New Roman" size=2>Charter Documents.
</FONT></I><FONT face="Times New Roman" size=2>Our Restated Certificate and
Bylaws contain provisions that could discourage potential takeover attempts and
make it more difficult for stockholders to change management, which could
adversely affect the market place of our common stock.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Our Restated Certificate
limits the personal liability for monetary damages for breach of fiduciary duty
of our directors to Geron and our stockholders to the fullest extent permitted
by the Delaware General Corporation Law. The inclusion of this provision in our
Restated Certificate may reduce the likelihood of derivative litigation against
directors and may discourage or deter stockholders or management from bringing a
lawsuit against directors for breach of their fiduciary duty.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Our Restated Certificate
provides that all stockholder action must be effected at a meeting of
stockholders and not by a consent in writing. In addition, our Bylaws provide
that special meetings of stockholders may only be called by the board of
directors pursuant to a resolution adopted by a majority of the total number of
authorized directors, the chairman of the board of directors, the chief
executive officer or president (in the absence of a chief executive officer), or
at the request in writing of stockholders owning a majority of the amount of our
entire capital stock issued and outstanding and entitled to vote. Finally, our
Bylaws establish procedures, including advance notice procedures, with regard to
the nomination of candidates for election as directors and stockholder
proposals.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Our Bylaws provides for the
board of directors to be divided into three classes of directors, with each
class as nearly equal in number as possible, serving staggered three-year terms.
As a result, approximately one-third of the board of directors will be elected
each year. The classified board provision could have the effect of discouraging
a third party from making a tender offer or attempting to obtain control of us.
In addition, the classified board provision could delay stockholders who do not
agree with the policies of the board of directors from removing a majority of
the board of directors for two years.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><I><FONT face="Times New Roman" size=2>Delaware Law.
</FONT></I><FONT face="Times New Roman" size=2>We are subject to Section 203 of
the Delaware General Corporation Law. Section 203 generally prohibits a public
Delaware corporation such as us from engaging in a "business combination" with
an "interested stockholder" for a period of three years following the time that
the stockholder became an interested stockholder, unless: </FONT></P>
<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse; TEXT-ALIGN: left" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2></FONT><FONT face="Times New Roman" size=2>prior to the time the stockholder became an
      interested stockholder, the board of directors of the corporation approved
      either the business combination or the transaction which resulted in the
      stockholder becoming an interested stockholder;</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2></FONT><FONT face="Times New Roman" size=2>upon consummation of the transaction which
      resulted in the stockholder becoming an interested stockholder, the
      interested stockholder owned at least 85% of the voting stock of the
      corporation outstanding at the time the transaction commenced, excluding
      for purposes of determining the number of shares outstanding (a) shares
      owned by persons who are directors and also officers and (b) employee
      stock plans in which employee participants do not have the right to
      determine confidentially whether shares held subject to the plan will be
      tendered in a tender or exchange offer; or</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>at or subsequent to the time the stockholder
      became an interested stockholder, the business combination is approved by
      the board and authorized at an annual or special meeting of stockholders,
      and not by written consent, by the affirmative vote of at least
      66&#8532;% of the outstanding voting stock which is not owned by
      the interested stockholder.</FONT></P></TD></TR></TABLE>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 203 defines a business
combination to include: </FONT></P>
<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse; TEXT-ALIGN: left" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2></FONT><FONT face="Times New Roman" size=2>any merger or consolidation involving the
      corporation and the interested stockholder;</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2></FONT><FONT face="Times New Roman" size=2>any sale, lease, exchange, mortgage, pledge,
      transfer or other disposition (in one transaction or a series of
      transactions) involving the interested stockholder of 10% or more of the
      assets of the corporation (or its majority-owned
  subsidiary);</FONT></P></TD></TR></TABLE>
<P align=center><FONT face="Times New Roman" size=2></FONT><FONT face="Times New Roman" size=2>9</FONT><FONT face="Times New Roman" size=2>
</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>


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  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>subject to exceptions,
      any transaction that results in the issuance or transfer by the
      corporation of any stock of the corporation to the interested
      stockholder;<BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>subject to exceptions,
      any transaction involving the corporation that has the effect, directly or
      indirectly, of increasing the proportionate share of the stock or any
      class or series of the corporation beneficially owned by the interested
      stockholder; and<BR></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>the receipt by the
      interested stockholder of the benefit, directly or indirectly (except
      proportionately as a stockholder of such corporation), of any loans,
      advances, guarantees, pledges or other financial benefits, other than
      certain benefits set forth in Section 203, provided by or through the
      corporation.</FONT></P></TD></TR></TABLE>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>In general, Section 203
defines an interested stockholder as any entity or person beneficially owning
15% or more of the outstanding voting stock of the corporation and any entity or
person that is an affiliate or associate of such entity or person.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Although Section 203 permits
us to elect not to be governed by its provisions, we have not made this
election. As a result of the application of Section 203, potential acquirers of
Geron may be discouraged from attempting to effect an acquisition transaction
with us, thereby possibly depriving holders of our securities of certain
opportunities to sell or otherwise dispose of such securities at above-market
prices pursuant to such transactions.</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Transfer Agent and
Registrar </FONT></B><FONT face="Times New Roman" size=2></FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The transfer agent and
registrar for the common stock is Computershare, Inc. </FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Listing on The NASDAQ
Global Select Market </FONT></B><FONT face="Times New Roman" size=2></FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Our common stock is listed on
The NASDAQ Global Select Market under the symbol &#147;GERN.&#148;</FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>PLAN OF DISTRIBUTION
</FONT></B><FONT face="Times New Roman" size=2></FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>We have entered into an at
market issuance sales agreement, or sales agreement, with MLV &amp; Co. LLC, or
MLV, under which we may issue and sell shares of our common stock having
aggregate sales proceeds of up to $50.0 million from time to time through MLV
acting as agent. MLV may sell the common stock by any method that is deemed to
be an &#147;at the market offering&#148; as defined in Rule 415 promulgated under the
Securities Act, including sales made directly on or through The NASDAQ Global
Select Market or any other existing trading market for the common stock in the
United States or to or through a market maker. MLV may also sell the common
stock in negotiated transactions, subject to our prior approval. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Each time we wish to issue and
sell common stock under the sales agreement, we will notify MLV of the number of
shares to be issued, the dates on which such sales are anticipated to be made
and any minimum price below which sales may not be made. Once we have so
instructed MLV, unless MLV declines to accept the terms of such notice, MLV has
agreed to use its commercially reasonable efforts consistent with its normal
trading and sales practices to sell such shares up to the amount specified on
such terms. The obligations of MLV under the sales agreement to sell our common
stock are subject to a number of conditions that we must meet. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The settlement between us and
MLV is generally anticipated to occur on the third trading day following the
date on which the sale was made. Sales of our common stock as contemplated in
this prospectus will be settled through the facilities of The Depository Trust
Company or by such other means as we and MLV may agree upon. There is no
arrangement for funds to be received in an escrow, trust or similar arrangement.
</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>We will pay MLV a commission
equal to an aggregate of up to 3.0% of the gross proceeds we receive from the
sales of our common stock. We also agreed to reimburse MLV for legal expenses
incurred by it up to $20,000 in the aggregate. Because there is no minimum
offering amount required as a condition to close this offering, the actual total
public offering amount, commissions and proceeds to us, if any, are not
determinable at this time. In connection with the sale of the common stock on
our behalf, MLV will be deemed to be an &#147;underwriter&#148; within the
meaning of the Securities Act, and the compensation of MLV
will be deemed to be </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>10</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR><P align=left><FONT face="Times New Roman" size=2>underwriting
commissions or discounts. We have agreed to provide indemnification and
contribution to MLV with respect to certain civil liabilities, including
liabilities under the Securities Act. We estimate that the total expenses for
the offering, excluding compensation payable to MLV under the terms of the sales
agreement, will be approximately $200,000. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The offering of our common
stock pursuant to the sales agreement will terminate upon the earlier of (i) the
sale of all of our common stock provided for in this prospectus, (ii) August 28, 2018, or (iii)
termination of the sales agreement as permitted therein. MLV may terminate the
sales agreement at any time in certain circumstances, including the occurrence
of a material adverse change with respect to us that, in MLV&#146;s sole judgment,
makes it impracticable or inadvisable to market the shares, if there has
occurred any material adverse change in the U.S. financial markets or
international financial markets, or any outbreak of hostilities or escalation
thereof or other calamity or crisis or any change or development involving a
prospective change in national or international political, financial or economic
conditions, which in MLV&#146;s sole judgment makes it impracticable or inadvisable
to market the shares, if trading in the shares has been suspended or limited by
the Securities Exchange Commission or The NASDAQ Global Select Market, or the
Exchange, or if trading generally has been suspended or limited by Exchange, if
any suspension of trading of any shares of the Company on any exchange or
over-the-counter market shall have occurred and be continuing, if there is a
major disruption of securities settlements or clearance services in the U.S.
which shall be continuing, or if a banking moratorium has been declared in the
U.S. Federal or New York authorities. We and MLV may each terminate the sales
agreement at any time upon ten days prior notice. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>This summary of the material
provisions of the sales agreement does not purport to be a complete statement of
its terms and conditions. A copy of the sales agreement is filed with the SEC
and is incorporated by reference<SUP> </SUP>into the registration statement of
which this prospectus is a part. See &#147;Where You Can Find More Information&#148;
below. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>To the extent required by
Regulation M under the Exchange Act, MLV will not engage in any market making
activities involving our common stock while the offering is ongoing under this
prospectus. </FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>LEGAL
MATTERS</FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Cooley LLP, San Francisco,
California, has passed upon the validity of the common stock offered by this
prospectus. LeClairRyan, A Professional Corporation, New York, New York, is
counsel for MLV in connection with this offering.</FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>EXPERTS </FONT></B><FONT face="Times New Roman" size=2></FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The consolidated financial
statements of Geron Corporation appearing in Geron&#146;s Annual Report on Form 10-K
for the year ended December 31, 2014, and the effectiveness of internal control
over financial reporting as of December 31, 2014 have been audited by Ernst
&amp; Young LLP, independent registered public accounting firm, as set forth in
their reports thereon, included therein, and incorporated herein by reference.
Such consolidated financial statements are incorporated herein by reference in
reliance upon such reports given on the authority of such firm as experts in
accounting and auditing.</FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>WHERE YOU CAN FIND MORE
INFORMATION </FONT></B><FONT face="Times New Roman" size=2></FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>This prospectus is part of the
registration statement on Form S-3 we filed with the SEC under the Securities
Act and does not contain all the information set forth in the registration
statement. Whenever a reference is made in this prospectus to any of our
contracts, agreements or other documents, the reference may not be complete and
you should refer to the exhibits that are a part of the registration statement
or the exhibits to the reports or other documents incorporated by reference into
this prospectus for a copy of such contract, agreement or other document.
Because we are subject to the information and reporting requirements of the
Exchange Act, we file annual, quarterly and current reports, proxy statements
and other information with the SEC. Our SEC filings are available to the public
over the Internet at the SEC&#146;s website at http://www.sec.gov. You may also read
and copy any document we file at the SEC&#146;s Public Reference Room at 100 F
Street, N.E., Washington, D.C. 20549. Please call the SEC at 1-800-SEC-0330 for
further information on the operation of the Public Reference Room.</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>11</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><B><FONT face="Times New Roman" size=2>INCORPORATION OF CERTAIN
INFORMATION BY REFERENCE </FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The SEC allows us to
&#147;incorporate by reference&#148; information from other documents that we file with
it, which means that we can disclose important information to you by referring
you to those documents. The information incorporated by reference is considered
to be part of this prospectus. Information in this prospectus supersedes
information incorporated by reference that we filed with the SEC prior to the
date of this prospectus, while information that we file later with the SEC will
automatically update and supersede the information in this prospectus. We
incorporate by reference into this prospectus and the registration statement of
which this prospectus is a part the information or documents listed below that
we have filed with the SEC (Commission File No. 000-20859):</FONT></P>
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  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>Geron&#146;s Annual Report on
      Form 10-K for the year ended December 31, 2014, filed with the SEC on
      March 11, 2015; <BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>Geron&#146;s Quarterly
      Reports on Form 10-Q for the quarterly periods ended March 31, 2015 and
      June 30, 2015, filed with the SEC on May 7, 2015 and August 5, 2015,
      respectively;<BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>Geron&#146;s Current Reports
      on Form 8-K filed with the SEC on March 3, 2015 (other than the
      information furnished under Item 2.02 and the related exhibit), May 22,
      2015 and August 28, 2015; <BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>the information
      specifically incorporated by reference into Geron&#146;s 2014 Annual Report on
      Form 10-K referred to above from Geron&#146;s revised definitive proxy
      statement relating to Geron&#146;s 2015 annual meeting of stockholders, filed
      with the SEC on April 3, 2015; and <BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>the description of
      Geron&#146;s common stock set forth in Geron&#146;s registration statement on Form
      8-A, filed with the SEC on June 13, 1996. </FONT></P></TD></TR></TABLE>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>We also incorporate by
reference any future filings (other than current reports furnished under Item
2.02 or Item 7.01 of Form 8-K and exhibits filed on such form that are related
to such items unless such Form 8-K expressly provides to the contrary) made with
the SEC pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act,
including those made after the date of the initial filing of the registration
statement of which this prospectus is a part and prior to effectiveness of such
registration statement, until the termination of the offering of the common
stock covered by this prospectus and will become a part of this prospectus from
the date that such documents are filed with the SEC. Information in such future
filings updates and supplements the information provided in this prospectus. Any
statements in any such future filings will automatically be deemed to modify and
supersede any information in any document we previously filed with the SEC that
is incorporated or deemed to be incorporated herein by reference to the extent
that statements in the later filed document modify or replace such earlier
statements.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>We will furnish without charge
to you, on written or oral request, a copy of any or all of the documents
incorporated by reference, including exhibits to these documents. You should
direct any requests for documents to Stephen Rosenfield, General Counsel and
Corporate Secretary, Geron Corporation, 149 Commonwealth Drive, Suite 2070,
Menlo Park, California 94025, telephone: (650) 473-7700.</FONT><B><FONT face="Times New Roman" size=2> </FONT></B></P>
<P align=center><FONT face="Times New Roman" size=2>12</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><B><FONT face="Times New Roman" size=2>PART
II<BR></FONT></B><B><FONT face="Times New Roman" size=2>INFORMATION NOT REQUIRED
IN THE PROSPECTUS </FONT></B></P>
<P align=left><B><FONT face="Times New Roman" size=2>Item 14. Other Expenses of
Issuance and Distribution. </FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The following table sets forth
an estimate of the fees and expenses, other than the underwriting discounts and
commissions, payable by us in connection with the issuance and distribution of
the securities being registered. All amounts shown are estimates except for the
Securities and Exchange Commission registration fee. </FONT></P>
<DIV align=center>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="80%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="95%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Securities and Exchange Commission Registration
      Fee</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>28,909</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="95%"><FONT face="Times New Roman" size=2>NASDAQ Global Select Market Listing
    Fee</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>65,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="95%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>FINRA Filing Fee (if applicable)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>30,500</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="95%"><FONT face="Times New Roman" size=2>Accounting Fees and Expenses</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>175,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="95%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Legal Fees and Expenses</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>200,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="95%"><FONT face="Times New Roman" size=2>Transfer Agent Fees and Expenses</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>5,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="95%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Trustee Fees and Expenses</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>15,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="95%"><FONT face="Times New Roman" size=2>Printing and Miscellaneous Fees and
      Expenses</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>20,591</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="95%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Total</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>540,000</FONT></TD></TR></TABLE></DIV><BR>
<P align=left><B><FONT face="Times New Roman" size=2>Item 15. Indemnification of
Directors and Officers. </FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>As permitted by Delaware law,
the Registrant&#146;s restated certificate of incorporation provides that no director
will be personally liable to the Registrant or the Registrant&#146;s stockholders for
monetary damages for breach of fiduciary duty as a director, except for
liability: </FONT></P>
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  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>for any breach of the
      duty of loyalty to the Registrant or the Registrant&#146;s stockholders;
      <BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>for acts or omissions
      not in good faith or that involve intentional misconduct or a knowing
      violation of law; <BR></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>for unlawful payment of
      dividends or unlawful stock repurchases or redemptions under Section 174
      of the Delaware General Corporation Law; and <BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>for any transaction from
      which the director derived an improper personal benefit.
  </FONT></P></TD></TR></TABLE>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Registrant&#146;s restated
certificate of incorporation further provides that the Registrant must indemnify
the Registrant&#146;s directors to the fullest extent permitted by Delaware law. In
addition, the Registrant&#146;s amended and restated bylaws provide that: </FONT></P>
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  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>the Registrant is
      required to indemnify the Registrant&#146;s directors to the fullest extent not
      prohibited by Delaware law, subject to limited
      exceptions;<BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>the Registrant may
      indemnify the Registrant&#146;s officers, employees and agents as set forth in
      the Delaware General Corporation Law;<BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>the Registrant is
      required to advance expenses to the Registrant&#146;s directors as incurred in
      connection with legal proceedings against them for which they may be
      indemnified, against an undertaking by the indemnified party to repay such
      advances if it is ultimately determined that the indemnified party is not
      entitled to indemnification; and<BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>the rights conferred in
      the amended and restated bylaws are not exclusive.
  </FONT></P></TD></TR></TABLE>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Registrant has entered
into indemnification agreements with each of the Registrant&#146;s directors and
executive officers that require the Registrant to indemnify these persons
against expenses, witness fees, damages, judgments, fines and settlement amounts
incurred by the director or officer in any action or proceeding, whether actual,
pending or threatened, subject to certain limitations, to which any of these
people may be made a party by reason of the fact that he or she is or was a
director or an executive officer of the Registrant or is or was serving or at
any time serves at the request of the Registrant as a director, officer,
employee or other agent of another corporation, partnership, joint venture,
trust, employee benefit plan or other enterprise. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>II-1 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The At Market Issuance Sales
Agreement by and between the Registrant and MLV &amp; Co. LLC, or MLV, provides
for indemnification by MLV of the Registrant, its directors and its officers who
signed the registration statement for some liabilities, including liabilities
arising under the Securities Act. In addition, the underwriting agreement that
the Registrant may enter into (Exhibit 1.1) may provide for indemnification by
any underwriters of the Registrant, its directors, its officers who signed the
registration statement and the Registrant&#146;s controlling persons for some
liabilities, including liabilities arising under the Securities Act. </FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Item 16. Exhibits
</FONT></B></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD NOWRAP WIDTH="3%" STYLE="text-align: center"><B><FONT face="Times New Roman" size=2>Exhibit</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="95%"></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP ALIGN="CENTER" WIDTH="3%" STYLE="border-bottom: #000000 1pt solid; text-align: center"><B><FONT face="Times New Roman" size=2>No.</FONT></B></TD>
    <TD noWrap align=left width="1%"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="95%" STYLE="border-bottom: #000000 1pt solid; text-align: center"><B><FONT face="Times New Roman" size=2>Description</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD VALIGN="TOP" NOWRAP ALIGN="LEFT" WIDTH="3%" BGCOLOR="#c0c0c0" STYLE="text-align: center"><FONT face="Times New Roman" size=2>1.1(1)</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD vAlign=top align=left width="95%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Form
      of Underwriting Agreement.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD VALIGN="TOP" NOWRAP ALIGN="LEFT" WIDTH="3%" STYLE="text-align: center"><FONT face="Times New Roman" size=2>1.2(6)</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD vAlign=top align=left width="95%"><FONT face="Times New Roman" size=2>At Market Issuance Sales
      Agreement, dated August 28, 2015, by and between Geron Corporation and MLV
      &amp; Co. LLC.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD VALIGN="TOP" NOWRAP ALIGN="LEFT" WIDTH="3%" BGCOLOR="#c0c0c0" STYLE="text-align: center"><FONT face="Times New Roman" size=2>3.1(2)</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2></FONT></TD>
    <TD vAlign=top align=left width="95%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Restated Certificate of Incorporation of Geron
      Corporation.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD VALIGN="TOP" NOWRAP ALIGN="LEFT" WIDTH="3%" STYLE="text-align: center"><FONT face="Times New Roman" size=2>3.2(3)</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD vAlign=top align=left width="95%"><FONT face="Times New Roman" size=2>Certificate of Amendment of
      Restated Certificate of Incorporation of Geron Corporation.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD VALIGN="TOP" NOWRAP ALIGN="LEFT" WIDTH="3%" BGCOLOR="#c0c0c0" STYLE="text-align: center"><FONT face="Times New Roman" size=2>3.3(4)</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2></FONT></TD>
    <TD vAlign=top align=left width="95%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Amended and Restated Bylaws of Geron
Corporation.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD VALIGN="TOP" NOWRAP ALIGN="LEFT" WIDTH="3%" STYLE="text-align: center"><FONT face="Times New Roman" size=2>4.1(5)</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD vAlign=top align=left width="95%"><FONT face="Times New Roman" size=2>Form of Common Stock
      Certificate.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD VALIGN="TOP" NOWRAP ALIGN="LEFT" WIDTH="3%" BGCOLOR="#c0c0c0" STYLE="text-align: center"><FONT face="Times New Roman" size=2>4.2(1)</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2></FONT></TD>
    <TD vAlign=top align=left width="95%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Specimen Preferred Stock Certificate and Form of Certificate
      of Designation of Preferred Stock.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD VALIGN="TOP" NOWRAP ALIGN="LEFT" WIDTH="3%" STYLE="text-align: center"><FONT face="Times New Roman" size=2>4.3(1)</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=top align=left width="95%"><FONT face="Times New Roman" size=2>Form of Debt
  Securities.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD VALIGN="TOP" NOWRAP ALIGN="LEFT" WIDTH="3%" BGCOLOR="#c0c0c0" STYLE="text-align: center"><FONT face="Times New Roman" size=2>4.4</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top align=left width="95%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Form
      of Indenture between Geron Corporation and a trustee to be
  named.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD VALIGN="TOP" NOWRAP ALIGN="LEFT" WIDTH="3%" STYLE="text-align: center"><FONT face="Times New Roman" size=2>4.5</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top align=left width="95%"><FONT face="Times New Roman" size=2>Form of Common Stock Warrant
      Agreement and Warrant Certificate.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD VALIGN="TOP" NOWRAP ALIGN="LEFT" WIDTH="3%" BGCOLOR="#c0c0c0" STYLE="text-align: center"><FONT face="Times New Roman" size=2>4.6</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top align=left width="95%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Form
      of Preferred Stock Warrant Agreement and Warrant Certificate.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD VALIGN="TOP" NOWRAP ALIGN="LEFT" WIDTH="3%" STYLE="text-align: center"><FONT face="Times New Roman" size=2>4.7</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top align=left width="95%"><FONT face="Times New Roman" size=2>Form of Debt Securities Warrant
      Agreement and Warrant Certificate.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD VALIGN="TOP" NOWRAP ALIGN="LEFT" WIDTH="3%" BGCOLOR="#c0c0c0" STYLE="text-align: center"><FONT face="Times New Roman" size=2>5.1</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top align=left width="95%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Opinion of Cooley LLP.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD VALIGN="TOP" NOWRAP ALIGN="LEFT" WIDTH="3%" STYLE="text-align: center"><FONT face="Times New Roman" size=2>12.1</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top align=left width="95%"><FONT face="Times New Roman" size=2>Statement Regarding Computation of
      Ratio of Earnings to Fixed Charges.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD VALIGN="TOP" NOWRAP ALIGN="LEFT" WIDTH="3%" BGCOLOR="#c0c0c0" STYLE="text-align: center"><FONT face="Times New Roman" size=2>23.1</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top align=left width="95%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Consent of Independent Registered Public Accounting
      Firm.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD VALIGN="TOP" NOWRAP ALIGN="LEFT" WIDTH="3%" STYLE="text-align: center"><FONT face="Times New Roman" size=2>23.2</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top align=left width="95%"><FONT face="Times New Roman" size=2>Consent of Cooley LLP (included in
      Exhibit 5.1).</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD VALIGN="TOP" NOWRAP ALIGN="LEFT" WIDTH="3%" BGCOLOR="#c0c0c0" STYLE="text-align: center"><FONT face="Times New Roman" size=2>24.1</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top align=left width="95%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Power of Attorney (included on the signature page
      hereto).</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD VALIGN="TOP" NOWRAP ALIGN="LEFT" WIDTH="3%" STYLE="text-align: center"><FONT face="Times New Roman" size=2>25.1</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top align=left width="95%"><FONT face="Times New Roman" size=2>Statement of Eligibility of
      Trustee under the Indenture (to be filed separately under the electronic
      form type 305B2, if
applicable).</FONT></TD></TR></TABLE><div>____________________</div><BR>

<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(1)</FONT></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>To be filed by amendment or by a report
      filed under the Exchange Act and incorporated herein by reference, if
      applicable.</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD width="100%"></TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(2)</FONT></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>Incorporated by reference to Exhibit 3.3 to
      the Registrant&#146;s Current Report on Form 8-K (File No. 000- 20859) filed on
      May 18, 2012.</FONT></TD></TR>
  <TR>
    <TD colSpan=2><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(3)</FONT></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>Incorporated by reference to Exhibit 3.1 to
      the Registrant&#146;s Current Report on Form 8-K (File No. 000- 20859) filed on
      May 18, 2012.</FONT></TD></TR>
  <TR>
    <TD colSpan=2><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(4)</FONT></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>Incorporated by reference to Exhibit 3.1 to
      the Registrant&#146;s Current Report on Form 8-K (File No. 000- 20859) filed on
      March 19, 2010.</FONT></TD></TR>
  <TR>
    <TD colSpan=2><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(5)</FONT></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>Incorporated by reference to Exhibit 4.1 to
      the Registrant&#146;s Annual Report on Form 10-K (File No. 000- 20859) filed on
      March 15, 2013.</FONT></TD></TR>
  <TR>
    <TD colSpan=2><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(6)</FONT></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>Incorporated by reference to Exhibit 10.1 to
      the Registrant&#146;s Current Report on Form 8-K (File No. 000- 20859) filed on
      August 28, 2015.</FONT></TD></TR>
  </TABLE>
<P align=left><B><FONT face="Times New Roman" size=2>Item 17. Undertakings
</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The undersigned registrant
hereby undertakes: </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt; padding-left: 15pt"><FONT face="Times New Roman" size=2>(1) To file, during any period
in which offers or sales are being made, a post-effective amendment to this
registration statement: </FONT></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD vAlign=top noWrap><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD width="100%"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(i)</FONT></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>to include any prospectus required by
      Section 10(a)(3) of the Securities Act of 1933;</FONT></TD></TR></TABLE>
<P align=center><FONT face="Times New Roman" size=2>II-2 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(ii)</FONT></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>to reflect in the prospectus any facts or
      events arising after the effective date of the registration statement (or
      the most recent post-effective amendment thereof) which, individually or
      in the aggregate, represent a fundamental change in the information set
      forth in the registration statement. Notwithstanding the foregoing, any
      increase or decrease in volume of securities offered (if the total dollar
      value of securities offered would not exceed that which was registered)
      and any deviation from the low or high end of the estimated maximum
      offering range may be reflected in the form of prospectus filed with the
      Commission pursuant to Rule 424(b) if, in the aggregate, the changes in
      volume and price represent no more than a 20% change in the maximum
      aggregate offering price set forth in the &#147;Calculation of Registration
      Fee&#148; table in the effective registration statement; and</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD vAlign=top noWrap><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD width="100%"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(iii)</FONT></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>to include any material information with
      respect to the plan of distribution not previously disclosed in the
      registration statement or any material change to such information in the
      registration statement;</FONT></TD></TR></TABLE>
<P ALIGN="LEFT" STYLE="padding-left: 15pt; text-indent: 15pt"><I><FONT face="Times New Roman" size=2>provided,
however</FONT></I><FONT face="Times New Roman" size=2>, that paragraphs (1)(i),
(1)(ii) and (1)(iii) do not apply if the information required to be included in
a post-effective amendment by those paragraphs is contained in reports filed
with or furnished to the Commission by the registrant pursuant to Section 13 or
15(d) of the Securities Exchange Act of 1934 that are incorporated by reference
in the registration statement, or is contained in a form of prospectus filed
pursuant to Rule 424(b) that is part of the registration statement. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt; margin-left: 15pt"><FONT face="Times New Roman" size=2>(2) That, for the purpose of
determining any liability under the Securities Act of 1933, each such
post-effective amendment shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such securities
at that time shall be deemed to be the initial bona fide offering thereof.
</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt; margin-left: 15pt"><FONT face="Times New Roman" size=2>(3) To remove from
registration by means of a post-effective amendment any of the securities being
registered which remain unsold at the termination of the offering. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt; margin-left: 15pt"><FONT face="Times New Roman" size=2>(4) That, for the purpose of
determining liability under the Securities Act of 1933 to any purchaser:
</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(i)</FONT></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>Each prospectus filed by the registrant
      pursuant to Rule 424(b)(3) shall be deemed to be part of the registration
      statement as of the date the filed prospectus was deemed part of and
      included in the registration statement; and</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD width="100%"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(ii)</FONT></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>Each prospectus required to be filed
      pursuant to Rule 424(b)(2), (b)(5), or (b)(7) as part of a registration
      statement in reliance on Rule 430B relating to an offering made pursuant
      to Rule 415(a)(1)(i), (vii), or (x) for the purpose of providing the
      information required by Section 10(a) of the Securities Act of 1933 shall
      be deemed to be part of and included in the registration statement as of
      the earlier of the date such form of prospectus is first used after
      effectiveness or the date of the first contract of sale of securities in
      the offering described in the prospectus. As provided in Rule 430B, for
      liability purposes of the issuer and any person that is at that date an
      underwriter, such date shall be deemed to be a new effective date of the
      registration statement relating to the securities in the registration
      statement to which that prospectus relates, and the offering of such
      securities at that time shall be deemed to be the initial bona fide
      offering thereof. Provided, however, that no statement made in a
      registration statement or prospectus that is part of the registration
      statement or made in a document incorporated or deemed incorporated by
      reference into the registration statement or prospectus that is part of
      the registration statement will, as to a purchaser with a time of contract
      of sale prior to such effective date, supersede or modify any statement
      that was made in the registration statement or prospectus that was part of
      the registration statement or made in any such document immediately prior
      to such effective date.</FONT></TD></TR></TABLE>
<P align=center><FONT face="Times New Roman" size=2>II-3 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="LEFT" STYLE="text-indent: 15pt; margin-left: 15pt"><FONT face="Times New Roman" size=2>(5) That, for the purpose of
determining liability of the registrant under the Securities Act of 1933 to any
purchaser in the initial distribution of the securities, the undersigned
registrant undertakes that in a primary offering of securities of the
undersigned registrant pursuant to this registration statement, regardless of
the underwriting method used to sell the securities to the purchaser, if the
securities are offered or sold to such purchaser by means of any of the
following communications, the undersigned registrant will be a seller to the
purchaser and will be considered to offer or sell such securities to such
purchaser: </FONT></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(i)</FONT></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>Any preliminary prospectus or prospectus of
      the undersigned registrant relating to the offering required to be filed
      pursuant to Rule 424;</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD vAlign=top noWrap><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD width="100%"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(ii)</FONT></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>Any free writing prospectus relating to the
      offering prepared by or on behalf of the undersigned registrant or used or
      referred to by the undersigned registrant;</FONT></TD></TR>
  <TR>
    <TD noWrap><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD width="100%" colSpan=2><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(iii)</FONT></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>The portion of any other free writing
      prospectus relating to the offering containing material information about
      the undersigned registrant or its securities provided by or on behalf of
      the undersigned registrant; and</FONT></TD></TR>
  <TR>
    <TD noWrap><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD width="100%" colSpan=2><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(iv)</FONT></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>Any other communication that is an offer in
      the offering made by the undersigned registrant to the
  purchaser.</FONT></TD></TR></TABLE>
<P ALIGN="LEFT" STYLE="margin-left: 15pt; text-indent: 15pt"><FONT face="Times New Roman" size=2>(6) That, for the purpose of
determining liability of the registrant under the Securities Act of 1933, each
filing of the registrant&#146;s annual report pursuant to Section 13(a) or Section
15(d) of the Securities Exchange Act of 1934 (and, where applicable, each filing
of an employee benefit plan&#146;s annual report pursuant to section 15(d) of the
Securities Exchange Act of 1934) that is incorporated by reference in the
registration statement shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such securities
at that time shall be deemed to be the initial bona fide offering thereof.
</FONT></P>
<P ALIGN="LEFT" STYLE="margin-left: 15pt; text-indent: 15pt"><FONT face="Times New Roman" size=2>(7) That, for purposes of
determining any liability under the Securities Act of 1933: </FONT></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(i)</FONT></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>the information
      omitted from the form of prospectus filed as part of the registration
      statement in reliance upon Rule 430A and contained in the form of
      prospectus filed by the registrant pursuant to Rule 424(b)(l) or (4) or
      497(h) under the Securities Act of 1933 shall be deemed to be a part of
      the registration statement as of the time it was declared effective;
      and</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD width="100%"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(ii)</FONT></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>each post-effective
      amendment that contains a form of prospectus shall be deemed to be a new
      registration statement relating to the securities offered therein, and the
      offering of such securities at that time shall be deemed to be the initial
      bona fide offering thereof.</FONT></TD></TR></TABLE>
<P ALIGN="LEFT" STYLE="margin-left: 15pt; text-indent: 15pt"><FONT face="Times New Roman" size=2>(8) To file an application for
the purpose of determining the eligibility of the trustee to act under
subsection (a) of Section 310 of the Trust Indenture Act in accordance with the
rules and regulations prescribed by the Commission under Section 305(b)(2) of
the Act. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Insofar as indemnification for
liabilities arising under the Securities Act of 1933 may be permitted to
directors, officers and controlling persons of the registrant pursuant to the
foregoing provisions, or otherwise, the registrant has been advised that in the
opinion of the Securities and Exchange Commission such indemnification is
against public policy as expressed in the Securities Act and is, therefore,
unenforceable. In the event that a claim for indemnification against such
liabilities (other than the payment by the registrant of expenses incurred or
paid by a director, officer or controlling person of the registrant in the
successful defense of any action, suit or proceeding) is asserted by such
director, officer or controlling person in connection with the securities being
registered, the registrant will, unless in the opinion of its counsel the matter
has been settled by controlling precedent, submit to a court of appropriate
jurisdiction the question whether such indemnification by it is against public
policy as expressed in the Securities Act of 1933 and will be governed by the
final adjudication of such issue. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>II-4 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><B><FONT face="Times New Roman" size=2>SIGNATURES
</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Pursuant to the requirements
of the Securities Act of 1933, the Registrant certifies that it has reasonable
grounds to believe that it meets all of the requirements for filing on Form S-3
and has duly caused this Registration Statement to be signed on its behalf by
the undersigned, thereunto duly authorized, in Menlo Park, State of California,
on August 28, 2015. </FONT></P>
<DIV align=right>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="50%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=2><B><FONT face="Times New Roman" size=2>GERON CORPORATION</FONT></B></TD></TR>
  <TR>
    <TD width="99%" colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>By:&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="98%"><FONT face="Times New Roman" size=2>/s/ OLIVIA K. BLOOM</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap style="text-align: center" width="98%"><FONT face="Times New Roman" size=2>O</FONT><FONT face="Times New Roman" size=1>LIVIA </FONT><FONT face="Times New Roman" size=2>K.
      B</FONT><FONT face="Times New Roman" size=1>LOOM</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap style="text-align: center" width="98%"><I><FONT face="Times New Roman" size=2>Executive Vice President, Finance, Chief
      Financial</FONT></I></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap style="text-align: center" width="98%"><I><FONT face="Times New Roman" size=2>Officer and
Treasurer</FONT></I></TD></TR></TABLE></DIV><BR>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>KNOW ALL BY THESE PERSONS
PRESENT, that the persons whose signatures appear below do hereby constitute and
appoint John A. Scarlett, Olivia K. Bloom and Stephen N. Rosenfield, or any of
them, with full power of substitution and full power to act without the other,
his or her true and lawful attorney-in-fact and agent to act for him or her in
his or her name, place and stead, in any and all capacities, to sign any and all
amendments (including pre-effective and post-effective amendments) to this
Registration Statement, and to sign any registration statement for the same
offering covered by this Registration Statement that is to be effective upon
filing pursuant to Rule 462 under the Securities Act of 1933, as amended, and to
file each of the same, with all exhibits thereto, and other documents in
connection therewith, with the Securities and Exchange Commission, granting unto
said attorneys-in-fact and agents, and each of them, full power and authority to
do and perform each and every act and thing requisite and necessary to be done
in and about the premises in order to effectuate the same as fully, to all
intents and purposes, as they, he or she might or could do in person, hereby
ratifying and confirming all that said attorneys-in-fact and agents, or any of
them, may lawfully do or cause to be done by virtue hereof. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Pursuant to the requirements
of the Securities Act of 1933, as amended, the Registration Statement has been
signed by the following persons in the capacities and on the dates indicated.
</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="29%"><B><FONT face="Times New Roman" size=2>Signature</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><STRONG><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="52%"><B><FONT face="Times New Roman" size=2>Title</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><STRONG><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="17%"><B><FONT face="Times New Roman" size=2>Date</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="29%"><FONT face="Times New Roman" size=2>/s/ JOHN A.
    SCARLETT</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: center" noWrap width="52%"><FONT face="Times New Roman" size=2>President, Chief Executive Officer and
      Director</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: center" vAlign=middle noWrap align=center width="17%" rowSpan=2><FONT face="Times New Roman" size=2>August 28, 2015</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: center" noWrap width="29%"><FONT face="Times New Roman" size=2>J</FONT><FONT face="Times New Roman" size=1>OHN </FONT><FONT face="Times New Roman" size=2>A. S</FONT><FONT face="Times New Roman" size=1>CARLETT</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="52%"><FONT face="Times New Roman" size=2>(Principal Executive Officer)</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR>
    <TD width="100%" colSpan=5><STRONG><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></STRONG></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="29%"><FONT face="Times New Roman" size=2>/s/ OLIVIA K.
    BLOOM</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="52%"><FONT face="Times New Roman" size=2>Executive Vice President, Finance, Chief
      Financial</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" vAlign=middle noWrap align=center width="17%" rowSpan=2><FONT face="Times New Roman" size=2>August 28, 2015</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: center" noWrap width="29%"><FONT face="Times New Roman" size=2>O</FONT><FONT face="Times New Roman" size=1>LIVIA </FONT><FONT face="Times New Roman" size=2>K. B</FONT><FONT face="Times New Roman" size=1>LOOM</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="52%"><FONT face="Times New Roman" size=2>Officer and Treasurer (Principal Financial
      Officer)</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR>
    <TD width="100%" colSpan=5><STRONG><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></STRONG></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="29%"><FONT face="Times New Roman" size=2>/s/ DANIEL M.
      BRADBURY</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD vAlign=middle noWrap align=center width="52%" rowSpan=2><FONT face="Times New Roman" size=2>Director</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD vAlign=middle noWrap align=center width="17%" rowSpan=2><FONT face="Times New Roman" size=2>August 28, 2015</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: center" noWrap width="29%"><FONT face="Times New Roman" size=2>D</FONT><FONT face="Times New Roman" size=1>ANIEL </FONT><FONT face="Times New Roman" size=2>M. B</FONT><FONT face="Times New Roman" size=1>RADBURY</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD></TR>
  <TR>
    <TD width="100%" colSpan=5><STRONG><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></STRONG></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="29%"><FONT face="Times New Roman" size=2>/s/ KARIN
EASTHAM</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" vAlign=middle noWrap align=center width="52%" rowSpan=2><FONT face="Times New Roman" size=2>Director</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" vAlign=middle noWrap align=center width="17%" rowSpan=2><FONT face="Times New Roman" size=2>August 28, 2015</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: center" noWrap width="29%"><FONT face="Times New Roman" size=2>K</FONT><FONT face="Times New Roman" size=1>ARIN </FONT><FONT face="Times New Roman" size=2>E</FONT><FONT face="Times New Roman" size=1>ASTHAM</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR>
    <TD width="100%" colSpan=5><STRONG><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></STRONG></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="29%"><FONT face="Times New Roman" size=2>/s/ HOYOUNG HUH</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD vAlign=middle noWrap align=center width="52%" rowSpan=2><FONT face="Times New Roman" size=2>Director</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD vAlign=middle noWrap align=center width="17%" rowSpan=2><FONT face="Times New Roman" size=2>August 28, 2015</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: center" noWrap width="29%"><FONT face="Times New Roman" size=2>H</FONT><FONT face="Times New Roman" size=1>OYOUNG </FONT><FONT face="Times New Roman" size=2>H</FONT><FONT face="Times New Roman" size=1>UH</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD></TR>
  <TR>
    <TD width="100%" colSpan=5><STRONG><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></STRONG></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="29%"><FONT face="Times New Roman" size=2>/s/ V. BRYAN
    LAWLIS</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" vAlign=middle noWrap align=center width="52%" rowSpan=2><FONT face="Times New Roman" size=2>Director</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" vAlign=middle noWrap align=center width="17%" rowSpan=2><FONT face="Times New Roman" size=2>August 28, 2015</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: center" noWrap width="29%"><FONT face="Times New Roman" size=2>V. B</FONT><FONT face="Times New Roman" size=1>RYAN </FONT><FONT face="Times New Roman" size=2>L</FONT><FONT face="Times New Roman" size=1>AWLIS</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR>
    <TD width="100%" colSpan=5><STRONG><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></STRONG></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="29%"><FONT face="Times New Roman" size=2>/s/ SUSAN
    MOLINEAUX</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD vAlign=middle noWrap align=center width="52%" rowSpan=2><FONT face="Times New Roman" size=2>Director</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD vAlign=middle noWrap align=center width="17%" rowSpan=2><FONT face="Times New Roman" size=2>August 28, 2015</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: center" noWrap width="29%"><FONT face="Times New Roman" size=2>S</FONT><FONT face="Times New Roman" size=1>USAN </FONT><FONT face="Times New Roman" size=2>M. M</FONT><FONT face="Times New Roman" size=1>OLINEAUX</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD></TR>
  <TR>
    <TD width="100%" colSpan=5><STRONG><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></STRONG></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="29%"><FONT face="Times New Roman" size=2>/s/ ROBERT J.
      SPIEGEL</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" vAlign=middle noWrap align=center width="52%" rowSpan=2><FONT face="Times New Roman" size=2>Director</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" vAlign=middle noWrap align=center width="17%" rowSpan=2><FONT face="Times New Roman" size=2>August 28, 2015</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: center" noWrap width="29%"><FONT face="Times New Roman" size=2>R</FONT><FONT face="Times New Roman" size=1>OBERT </FONT><FONT face="Times New Roman" size=2>J. S</FONT><FONT face="Times New Roman" size=1>PIEGEL</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR></TABLE><BR>
<P align=center><FONT face="Times New Roman" size=2>S-1 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><B><FONT face="Times New Roman" size=2>EXHIBIT INDEX
</FONT></B></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap style="text-align: center" width="3%"><B><FONT face="Times New Roman" size=2>Exhibit</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="95%"></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%"><B><FONT face="Times New Roman" size=2>No.</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="95%"><B><FONT face="Times New Roman" size=2>Description</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>1.1(1)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD noWrap align=left width="95%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Form
      of Underwriting Agreement.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap style="text-align: center" width="3%"><FONT face="Times New Roman" size=2>1.2(6)</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="95%"><FONT face="Times New Roman" size=2>At Market Issuance Sales
      Agreement, dated August 28, 2015, by and between Geron Corporation and MLV
      &amp; Co. LLC.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>3.1(2)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="95%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Restated Certificate of Incorporation of Geron
      Corporation.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap style="text-align: center" width="3%"><FONT face="Times New Roman" size=2>3.2(3)</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="95%"><FONT face="Times New Roman" size=2>Certificate of Amendment of
      Restated Certificate of Incorporation of Geron Corporation.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>3.3(4)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="95%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Amended and Restated Bylaws of Geron
      Corporation.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap style="text-align: center" width="3%"><FONT face="Times New Roman" size=2>4.1(5)</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="95%"><FONT face="Times New Roman" size=2>Form of Common Stock
      Certificate.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>4.2(1)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="95%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Specimen Preferred Stock Certificate and Form
      of Certificate of Designation of Preferred Stock.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap style="text-align: center" width="3%"><FONT face="Times New Roman" size=2>4.3(1)</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="95%"><FONT face="Times New Roman" size=2>Form of Debt
  Securities.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>4.4</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="95%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Form
      of Indenture between Geron Corporation and a trustee to be
  named.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap style="text-align: center" width="3%"><FONT face="Times New Roman" size=2>4.5</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="95%"><FONT face="Times New Roman" size=2>Form of Common Stock Warrant
      Agreement and Warrant Certificate.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>4.6</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="95%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Form
      of Preferred Stock Warrant Agreement and Warrant Certificate.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap style="text-align: center" width="3%"><FONT face="Times New Roman" size=2>4.7</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="95%"><FONT face="Times New Roman" size=2>Form of Debt Securities Warrant
      Agreement and Warrant Certificate.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>5.1</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="95%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Opinion of Cooley LLP.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap style="text-align: center" width="3%"><FONT face="Times New Roman" size=2>12.1</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="95%"><FONT face="Times New Roman" size=2>Statement Regarding Computation of
      Ratio of Earnings to Fixed Charges.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>23.1</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="95%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Consent of Independent Registered Public
      Accounting Firm.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap style="text-align: center" width="3%"><FONT face="Times New Roman" size=2>23.2</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="95%"><FONT face="Times New Roman" size=2>Consent of Cooley LLP (included in
      Exhibit 5.1).</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>24.1</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="95%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Power of Attorney (included on the signature
      page hereto).</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP WIDTH="3%" STYLE="text-align: center; vertical-align: top"><FONT face="Times New Roman" size=2>25.1</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD align=left width="95%"><FONT face="Times New Roman" size=2>Statement of Eligibility of
      Trustee under the Indenture (to be filed separately under the electronic
      form type 305B2, if applicable).</FONT></TD></TR></TABLE><div>____________________</div><BR>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(1)</FONT></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>To be filed by
      amendment or by a report filed under the Exchange Act and incorporated
      herein by reference, if applicable.</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD width="100%"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(2)</FONT></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>Incorporated by
      reference to Exhibit 3.3 to the Registrant&#146;s Current Report on Form 8-K
      (File No. 000- 20859) filed on May 18, 2012.</FONT></TD></TR>
  <TR>
    <TD colSpan=2><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(3)</FONT></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>Incorporated by
      reference to Exhibit 3.1 to the Registrant&#146;s Current Report on Form 8-K
      (File No. 000- 20859) filed on May 18, 2012.</FONT></TD></TR>
  <TR>
    <TD colSpan=2><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(4)</FONT></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>Incorporated by
      reference to Exhibit 3.1 to the Registrant&#146;s Current Report on Form 8-K
      (File No. 000- 20859) filed on March 19, 2010.</FONT></TD></TR>
  <TR>
    <TD colSpan=2><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(5)</FONT></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>Incorporated by
      reference to Exhibit 4.1 to the Registrant&#146;s Annual Report on Form 10-K
      (File No. 000- 20859) filed on March 15, 2013.</FONT></TD></TR>
  <TR>
    <TD colSpan=2><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(6)</FONT></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>Incorporated by
      reference to Exhibit 10.1 to the Registrant&#146;s Current Report on Form 8-K
      (File No. 000- 20859) filed on August 28, 2015.</FONT></TD></TR></TABLE><BR>
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<DOCUMENT>
<TYPE>EX-4.4
<SEQUENCE>2
<FILENAME>exhibit4-4.htm
<DESCRIPTION>FORM OF INDENTURE BETWEEN GERON CORPORATION AND A TRUSTEE TO BE NAMED
<TEXT>

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<BR>
<P align=right><B><FONT face="Times New Roman" size=2>EXHIBIT 4.4
</FONT></B></P>
<P align=center><B><FONT face="Times New Roman" size=2></FONT></B>&nbsp;</P>
<P align=center><B><FONT face="Times New Roman" size=2></FONT></B>&nbsp;</P>
<P align=center><B><FONT face="Times New Roman" size=2></FONT></B>&nbsp;</P>
<P align=center><B><FONT face="Times New Roman" size=2></FONT></B>&nbsp;</P>
<P align=center><B><FONT face="Times New Roman" size=2></FONT></B>&nbsp;</P>
<P align=center><B><FONT face="Times New Roman" size=2>GERON CORPORATION
<BR>Iss</FONT></B><FONT face="Times New Roman" size=2>u</FONT><B><FONT face="Times New Roman" size=2>er </FONT></B></P>
<P align=center><B><FONT face="Times New Roman" size=2>AND </FONT></B></P>
<P align=center><B><FONT face="Times New Roman" size=2>[TRUSTEE], <BR>Trustee
</FONT></B></P>
<P align=center><B><FONT face="Times New Roman" size=2><BR>_______________
</FONT></B></P>
<P align=center><B><FONT face="Times New Roman" size=2>INDENTURE </FONT></B></P>
<P align=center><FONT face="Times New Roman" size=2><STRONG>Dated as of
[</STRONG><FONT size=3 face="Times New Roman">&#9679;</FONT><STRONG>], 20__
<BR><BR>_______________<BR><BR>Debt Securities </STRONG></FONT></P>
<P align=center><STRONG><FONT size=2 face="Times New Roman"></FONT></STRONG>&nbsp;</P>
<P align=center><STRONG><FONT size=2 face="Times New Roman"></FONT></STRONG>&nbsp;</P>
<P align=center><STRONG><FONT size=2 face="Times New Roman"></FONT></STRONG>&nbsp;</P>
<P align=center><STRONG><FONT size=2 face="Times New Roman"></FONT></STRONG>&nbsp;</P>
<P align=center><STRONG><FONT size=2 face="Times New Roman"></FONT></STRONG>&nbsp;</P>
<P align=center><STRONG><FONT size=2 face="Times New Roman"></FONT></STRONG>&nbsp;</P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><B><FONT face="Times New Roman" size=2>T</FONT></B><B><FONT face="Times New Roman" size=1>ABLE </FONT></B><B><FONT face="Times New Roman" size=2>O</FONT></B><B><FONT face="Times New Roman" size=1>F </FONT></B><B><FONT face="Times New Roman" size=2>C</FONT></B><B><FONT face="Times New Roman" size=1>ONTENTS</FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top align=left width="95%"></TD>
    <TD vAlign=top noWrap align=right width="1%"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD VALIGN="TOP" NOWRAP ALIGN="RIGHT" WIDTH="1%" STYLE="text-align: center"><B><FONT face="Times New Roman" size=2>P</FONT></B><B><FONT face="Times New Roman" size=1>AGE</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=2>ARTICLE 1</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top align=left width="95%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>DEFINITIONS</FONT></TD>
    <TD vAlign=top noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD VALIGN="TOP" NOWRAP ALIGN="RIGHT" WIDTH="1%" BGCOLOR="#c0c0c0" STYLE="text-align: center"><FONT face="Times New Roman" size=2>1</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Section 1.01</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top align=left width="95%"><FONT face="Times New Roman" size=2>Definitions of Terms</FONT></TD>
    <TD vAlign=top noWrap align=right width="1%"></TD>
    <TD VALIGN="TOP" NOWRAP ALIGN="RIGHT" WIDTH="1%" STYLE="text-align: center"><FONT face="Times New Roman" size=2>1</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=2>ARTICLE 2</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top align=left width="95%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>ISSUE, DESCRIPTION, TERMS, EXECUTION,
      REGISTRATION AND EXCHANGE OF SECURITIES</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD VALIGN="TOP" NOWRAP ALIGN="LEFT" WIDTH="1%" BGCOLOR="#c0c0c0" STYLE="text-align: center"><FONT face="Times New Roman" size=2>4</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Section 2.01</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD vAlign=top align=left width="95%"><FONT face="Times New Roman" size=2>Designation and Terms of Securities</FONT></TD>
    <TD vAlign=top noWrap align=right width="1%"></TD>
    <TD VALIGN="TOP" NOWRAP ALIGN="RIGHT" WIDTH="1%" STYLE="text-align: center"><FONT face="Times New Roman" size=2>4</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section 2.02</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top align=left width="95%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Form of Securities and Trustee&#146;s
      Certificate</FONT></TD>
    <TD vAlign=top noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD VALIGN="TOP" NOWRAP ALIGN="RIGHT" WIDTH="1%" BGCOLOR="#c0c0c0" STYLE="text-align: center"><FONT face="Times New Roman" size=2>6</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Section 2.03</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top align=left width="95%"><FONT face="Times New Roman" size=2>Denominations: Provisions for Payment</FONT></TD>
    <TD vAlign=top noWrap align=right width="1%"></TD>
    <TD VALIGN="TOP" NOWRAP ALIGN="RIGHT" WIDTH="1%" STYLE="text-align: center"><FONT face="Times New Roman" size=2>6</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section 2.04</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top align=left width="95%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Execution and Authentications</FONT></TD>
    <TD vAlign=top noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD VALIGN="TOP" NOWRAP ALIGN="RIGHT" WIDTH="1%" BGCOLOR="#c0c0c0" STYLE="text-align: center"><FONT face="Times New Roman" size=2>7</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Section 2.05</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top align=left width="95%"><FONT face="Times New Roman" size=2>Registration of Transfer and Exchange</FONT></TD>
    <TD vAlign=top noWrap align=right width="1%"></TD>
    <TD VALIGN="TOP" NOWRAP ALIGN="RIGHT" WIDTH="1%" STYLE="text-align: center"><FONT face="Times New Roman" size=2>8</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section 2.06</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top align=left width="95%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Temporary Securities</FONT></TD>
    <TD vAlign=top noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD VALIGN="TOP" NOWRAP ALIGN="RIGHT" WIDTH="1%" BGCOLOR="#c0c0c0" STYLE="text-align: center"><FONT face="Times New Roman" size=2>9</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Section 2.07</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top align=left width="95%"><FONT face="Times New Roman" size=2>Mutilated, Destroyed, Lost or Stolen Securities</FONT></TD>
    <TD vAlign=top noWrap align=right width="1%"></TD>
    <TD VALIGN="TOP" NOWRAP ALIGN="RIGHT" WIDTH="1%" STYLE="text-align: center"><FONT face="Times New Roman" size=2>9</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section 2.08</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top align=left width="95%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Cancellation</FONT></TD>
    <TD vAlign=top noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD VALIGN="TOP" NOWRAP ALIGN="RIGHT" WIDTH="1%" BGCOLOR="#c0c0c0" STYLE="text-align: center"><FONT face="Times New Roman" size=2>10</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Section 2.09</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top align=left width="95%"><FONT face="Times New Roman" size=2>Benefits of Indenture</FONT></TD>
    <TD vAlign=top noWrap align=right width="1%"></TD>
    <TD VALIGN="TOP" NOWRAP ALIGN="RIGHT" WIDTH="1%" STYLE="text-align: center"><FONT face="Times New Roman" size=2>10</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section 2.10</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top align=left width="95%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Authenticating Agent</FONT></TD>
    <TD vAlign=top noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD VALIGN="TOP" NOWRAP ALIGN="RIGHT" WIDTH="1%" BGCOLOR="#c0c0c0" STYLE="text-align: center"><FONT face="Times New Roman" size=2>10</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Section 2.11</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top align=left width="95%"><FONT face="Times New Roman" size=2>Global Securities</FONT></TD>
    <TD vAlign=top noWrap align=right width="1%"></TD>
    <TD VALIGN="TOP" NOWRAP ALIGN="RIGHT" WIDTH="1%" STYLE="text-align: center"><FONT face="Times New Roman" size=2>11</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section 2.12</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top align=left width="95%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>CUSIP Numbers</FONT></TD>
    <TD vAlign=top noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD VALIGN="TOP" NOWRAP ALIGN="RIGHT" WIDTH="1%" BGCOLOR="#c0c0c0" STYLE="text-align: center"><FONT face="Times New Roman" size=2>11</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%" colSpan=2><FONT face="Times New Roman" size=2>ARTICLE 3</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top align=left width="95%"><FONT face="Times New Roman" size=2>REDEMPTION OF SECURITIES AND SINKING FUND PROVISIONS</FONT></TD>
    <TD vAlign=top noWrap align=right width="1%"></TD>
    <TD VALIGN="TOP" NOWRAP ALIGN="RIGHT" WIDTH="1%" STYLE="text-align: center"><FONT face="Times New Roman" size=2>12</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section 3.01</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top align=left width="95%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Redemption</FONT></TD>
    <TD vAlign=top noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD VALIGN="TOP" NOWRAP ALIGN="RIGHT" WIDTH="1%" BGCOLOR="#c0c0c0" STYLE="text-align: center"><FONT face="Times New Roman" size=2>12</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Section 3.02</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top align=left width="95%"><FONT face="Times New Roman" size=2>Notice of Redemption</FONT></TD>
    <TD vAlign=top noWrap align=right width="1%"></TD>
    <TD VALIGN="TOP" NOWRAP ALIGN="RIGHT" WIDTH="1%" STYLE="text-align: center"><FONT face="Times New Roman" size=2>12</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section 3.03</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top align=left width="95%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Payment Upon Redemption</FONT></TD>
    <TD vAlign=top noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD VALIGN="TOP" NOWRAP ALIGN="RIGHT" WIDTH="1%" BGCOLOR="#c0c0c0" STYLE="text-align: center"><FONT face="Times New Roman" size=2>13</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Section 3.04</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top align=left width="95%"><FONT face="Times New Roman" size=2>Sinking Fund</FONT></TD>
    <TD vAlign=top noWrap align=right width="1%"></TD>
    <TD VALIGN="TOP" NOWRAP ALIGN="RIGHT" WIDTH="1%" STYLE="text-align: center"><FONT face="Times New Roman" size=2>13</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section 3.05</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top align=left width="95%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Satisfaction of Sinking Fund Payments with
      Securities</FONT></TD>
    <TD vAlign=top noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD VALIGN="TOP" NOWRAP ALIGN="RIGHT" WIDTH="1%" BGCOLOR="#c0c0c0" STYLE="text-align: center"><FONT face="Times New Roman" size=2>13</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Section 3.06</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top align=left width="95%"><FONT face="Times New Roman" size=2>Redemption of Securities for Sinking Fund</FONT></TD>
    <TD vAlign=top noWrap align=right width="1%"></TD>
    <TD VALIGN="TOP" NOWRAP ALIGN="RIGHT" WIDTH="1%" STYLE="text-align: center"><FONT face="Times New Roman" size=2>13</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=2>ARTICLE 4</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top align=left width="95%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>COVENANTS</FONT></TD>
    <TD vAlign=top noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD VALIGN="TOP" NOWRAP ALIGN="RIGHT" WIDTH="1%" BGCOLOR="#c0c0c0" STYLE="text-align: center"><FONT face="Times New Roman" size=2>14</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Section 4.01</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top align=left width="95%"><FONT face="Times New Roman" size=2>Payment of Principal, Premium and Interest</FONT></TD>
    <TD vAlign=top noWrap align=right width="1%"></TD>
    <TD VALIGN="TOP" NOWRAP ALIGN="RIGHT" WIDTH="1%" STYLE="text-align: center"><FONT face="Times New Roman" size=2>14</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section 4.02</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top align=left width="95%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Maintenance of Office or Agency</FONT></TD>
    <TD vAlign=top noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD VALIGN="TOP" NOWRAP ALIGN="RIGHT" WIDTH="1%" BGCOLOR="#c0c0c0" STYLE="text-align: center"><FONT face="Times New Roman" size=2>14</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Section 4.03</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top align=left width="95%"><FONT face="Times New Roman" size=2>Paying Agents</FONT></TD>
    <TD vAlign=top noWrap align=right width="1%"></TD>
    <TD VALIGN="TOP" NOWRAP ALIGN="RIGHT" WIDTH="1%" STYLE="text-align: center"><FONT face="Times New Roman" size=2>14</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section 4.04</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top align=left width="95%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Appointment to Fill Vacancy in Office of
      Trustee</FONT></TD>
    <TD vAlign=top noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD VALIGN="TOP" NOWRAP ALIGN="RIGHT" WIDTH="1%" BGCOLOR="#c0c0c0" STYLE="text-align: center"><FONT face="Times New Roman" size=2>15</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%" colSpan=2><FONT face="Times New Roman" size=2>ARTICLE 5</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top align=left width="95%"><FONT face="Times New Roman" size=2>SECURITYHOLDERS&#146; LISTS AND REPORTS BY THE COMPANY AND THE
      TRUSTEE</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD VALIGN="TOP" NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="text-align: center"><FONT face="Times New Roman" size=2>15</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section 5.01</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top align=left width="95%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Company to Furnish Trustee Names and
      Addresses of Securityholders</FONT></TD>
    <TD vAlign=top noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD VALIGN="TOP" NOWRAP ALIGN="RIGHT" WIDTH="1%" BGCOLOR="#c0c0c0" STYLE="text-align: center"><FONT face="Times New Roman" size=2>15</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Section 5.02</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top align=left width="95%"><FONT face="Times New Roman" size=2>Preservation Of Information; Communications With
      Securityholders</FONT></TD>
    <TD vAlign=top noWrap align=right width="1%"></TD>
    <TD VALIGN="TOP" NOWRAP ALIGN="RIGHT" WIDTH="1%" STYLE="text-align: center"><FONT face="Times New Roman" size=2>15</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section 5.03</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top align=left width="95%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Reports by the Company</FONT></TD>
    <TD vAlign=top noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD VALIGN="TOP" NOWRAP ALIGN="RIGHT" WIDTH="1%" BGCOLOR="#c0c0c0" STYLE="text-align: center"><FONT face="Times New Roman" size=2>16</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Section 5.04</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top align=left width="95%"><FONT face="Times New Roman" size=2>Reports by the Trustee</FONT></TD>
    <TD vAlign=top noWrap align=right width="1%"></TD>
    <TD VALIGN="TOP" NOWRAP ALIGN="RIGHT" WIDTH="1%" STYLE="text-align: center"><FONT face="Times New Roman" size=2>16</FONT></TD></TR>
  </TABLE><BR>
<P align=center><FONT face="Times New Roman" size=2>i</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><B><FONT face="Times New Roman" size=2>T</FONT></B><B><FONT face="Times New Roman" size=1>ABLE </FONT></B><B><FONT face="Times New Roman" size=2>O</FONT></B><B><FONT face="Times New Roman" size=1>F </FONT></B><B><FONT face="Times New Roman" size=2>C</FONT></B><B><FONT face="Times New Roman" size=1>ONTENTS</FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="95%"></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap style="text-align: center" width="1%"><B><FONT face="Times New Roman" size=2>P</FONT></B><B><FONT face="Times New Roman" size=1>AGE</FONT></B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Silver">
    <TD NOWRAP COLSPAN="2" STYLE="vertical-align: top; text-align: left; width: 2%"><FONT face="Times New Roman" size=2>ARTICLE 6</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; text-align: left; width: 1%"></TD>
    <TD STYLE="vertical-align: top; text-align: left; width: 95%"><FONT face="Times New Roman" size=2>REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS
      ON EVENT OF DEFAULT</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; text-align: left; width: 1%"></TD>
    <TD NOWRAP STYLE="vertical-align: top; text-align: left; width: 1%; text-align: center"><FONT face="Times New Roman" size=2>16</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: left; width: 1%"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT face="Times New Roman" size=2>Section 6.01</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 95%"><FONT face="Times New Roman" size=2>Events of Default</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; width: 1%"></TD>
    <TD NOWRAP STYLE="text-align: center; width: 1%"><FONT face="Times New Roman" size=2>16</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: Silver">
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Section 6.02</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="95%"><FONT face="Times New Roman" size=2>Collection of Indebtedness and Suits for Enforcement by
      Trustee</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=2>18</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: left; width: 1%"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT face="Times New Roman" size=2>Section 6.03</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 95%"><FONT face="Times New Roman" size=2>Application of Moneys Collected</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; width: 1%"></TD>
    <TD NOWRAP STYLE="text-align: center; width: 1%"><FONT face="Times New Roman" size=2>19</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: Silver">
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Section 6.04</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="95%"><FONT face="Times New Roman" size=2>Limitation on Suits</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=2>19</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: left; width: 1%"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT face="Times New Roman" size=2>Section 6.05</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 95%"><FONT face="Times New Roman" size=2>Rights and Remedies Cumulative; Delay or
      Omission Not Waiver</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; width: 1%"></TD>
    <TD NOWRAP STYLE="text-align: center; width: 1%"><FONT face="Times New Roman" size=2>20</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: Silver">
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Section 6.06</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="95%"><FONT face="Times New Roman" size=2>Control by Securityholders</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=2>20</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: left; width: 1%"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT face="Times New Roman" size=2>Section 6.07</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 95%"><FONT face="Times New Roman" size=2>Undertaking to Pay Costs</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; width: 1%"></TD>
    <TD NOWRAP STYLE="text-align: center; width: 1%"><FONT face="Times New Roman" size=2>20</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: Silver">
    <TD noWrap align=left width="2%" colSpan=2><FONT face="Times New Roman" size=2>ARTICLE 7</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="95%"><FONT face="Times New Roman" size=2>CONCERNING THE TRUSTEE</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=2>21</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: left; width: 1%"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT face="Times New Roman" size=2>Section 7.01</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 95%"><FONT face="Times New Roman" size=2>Certain Duties and Responsibilities of
      Trustee</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; width: 1%"></TD>
    <TD NOWRAP STYLE="text-align: center; width: 1%"><FONT face="Times New Roman" size=2>21</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: Silver">
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Section 7.02</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="95%"><FONT face="Times New Roman" size=2>Certain Rights of Trustee</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=2>22</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: left; width: 1%"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT face="Times New Roman" size=2>Section 7.03</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 95%"><FONT face="Times New Roman" size=2>Trustee Not Responsible for Recitals or
      Issuance or Securities</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; width: 1%"></TD>
    <TD NOWRAP STYLE="text-align: center; width: 1%"><FONT face="Times New Roman" size=2>23</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: Silver">
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Section 7.04</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="95%"><FONT face="Times New Roman" size=2>May
      Hold Securities</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=2>23</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: left; width: 1%"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT face="Times New Roman" size=2>Section 7.05</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 95%"><FONT face="Times New Roman" size=2>Moneys Held in Trust</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; width: 1%"></TD>
    <TD NOWRAP STYLE="text-align: center; width: 1%"><FONT face="Times New Roman" size=2>24</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: Silver">
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Section 7.06</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="95%"><FONT face="Times New Roman" size=2>Compensation and Reimbursement</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=2>24</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: left; width: 1%"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT face="Times New Roman" size=2>Section 7.07</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 95%"><FONT face="Times New Roman" size=2>Reliance on Officer&#146;s Certificate</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; width: 1%"></TD>
    <TD NOWRAP STYLE="text-align: center; width: 1%"><FONT face="Times New Roman" size=2>24</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: Silver">
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Section 7.08</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="95%"><FONT face="Times New Roman" size=2>Disqualification; Conflicting Interests</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=2>24</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: left; width: 1%"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT face="Times New Roman" size=2>Section 7.09</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 95%"><FONT face="Times New Roman" size=2>Corporate Trustee Required;
      Eligibility</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; width: 1%"></TD>
    <TD NOWRAP STYLE="text-align: center; width: 1%"><FONT face="Times New Roman" size=2>25</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: Silver">
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Section 7.10</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="95%"><FONT face="Times New Roman" size=2>Resignation and Removal; Appointment of Successor</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=2>25</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: left; width: 1%"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT face="Times New Roman" size=2>Section 7.11</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 95%"><FONT face="Times New Roman" size=2>Acceptance of Appointment By
    Successor</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; width: 1%"></TD>
    <TD NOWRAP STYLE="text-align: center; width: 1%"><FONT face="Times New Roman" size=2>26</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: Silver">
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Section 7.12</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="95%"><FONT face="Times New Roman" size=2>Merger, Conversion, Consolidation or Succession to
    Business</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=2>27</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: left; width: 1%"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT face="Times New Roman" size=2>Section 7.13</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 95%"><FONT face="Times New Roman" size=2>Preferential Collection of Claims Against
      the Company</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; width: 1%"></TD>
    <TD NOWRAP STYLE="text-align: center; width: 1%"><FONT face="Times New Roman" size=2>27</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: Silver">
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Section 7.14</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="95%"><FONT face="Times New Roman" size=2>Notice of Default</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=2>27</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="2" STYLE="text-align: left; width: 2%"><FONT face="Times New Roman" size=2>ARTICLE 8</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 95%"><FONT face="Times New Roman" size=2>CONCERNING THE SECURITYHOLDERS</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; width: 1%"></TD>
    <TD NOWRAP STYLE="text-align: center; width: 1%"><FONT face="Times New Roman" size=2>27</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: Silver">
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Section 8.01</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="95%"><FONT face="Times New Roman" size=2>Evidence of Action by Securityholders</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=2>27</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: left; width: 1%"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT face="Times New Roman" size=2>Section 8.02</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 95%"><FONT face="Times New Roman" size=2>Proof of Execution by
    Securityholders</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; width: 1%"></TD>
    <TD NOWRAP STYLE="text-align: center; width: 1%"><FONT face="Times New Roman" size=2>28</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: Silver">
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Section 8.03</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="95%"><FONT face="Times New Roman" size=2>Who
      May be Deemed Owners</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=2>28</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: left; width: 1%"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT face="Times New Roman" size=2>Section 8.04</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 95%"><FONT face="Times New Roman" size=2>Certain Securities Owned by Company
      Disregarded</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; width: 1%"></TD>
    <TD NOWRAP STYLE="text-align: center; width: 1%"><FONT face="Times New Roman" size=2>28</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: Silver">
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Section 8.05</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="95%"><FONT face="Times New Roman" size=2>Actions Binding on Future Securityholders</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=2>28</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="2" STYLE="text-align: left; width: 2%"><FONT face="Times New Roman" size=2>ARTICLE 9</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 95%"><FONT face="Times New Roman" size=2>SUPPLEMENTAL INDENTURES</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; width: 1%"></TD>
    <TD NOWRAP STYLE="text-align: center; width: 1%"><FONT face="Times New Roman" size=2>29</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: Silver">
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Section 9.01</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="95%"><FONT face="Times New Roman" size=2>Supplemental Indentures Without the Consent of
      Securityholders</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=2>29</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: left; width: 1%"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT face="Times New Roman" size=2>Section 9.02</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 95%"><FONT face="Times New Roman" size=2>Supplemental Indentures With Consent of
      Securityholders</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; width: 1%"></TD>
    <TD NOWRAP STYLE="text-align: center; width: 1%"><FONT face="Times New Roman" size=2>30</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: Silver">
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Section 9.03</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="95%"><FONT face="Times New Roman" size=2>Effect of Supplemental Indentures</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=2>30</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: left; width: 1%"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT face="Times New Roman" size=2>Section 9.04</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 95%"><FONT face="Times New Roman" size=2>Securities Affected by Supplemental
      Indentures</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; width: 1%"></TD>
    <TD NOWRAP STYLE="text-align: center; width: 1%"><FONT face="Times New Roman" size=2>30</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: Silver">
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Section 9.05</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="95%"><FONT face="Times New Roman" size=2>Execution of Supplemental Indentures</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=2>30</FONT></TD></TR>
 </TABLE><BR>
<P align=center><FONT face="Times New Roman" size=2>ii</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><B><FONT face="Times New Roman" size=2>T</FONT></B><B><FONT face="Times New Roman" size=1>ABLE </FONT></B><B><FONT face="Times New Roman" size=2>O</FONT></B><B><FONT face="Times New Roman" size=1>F </FONT></B><B><FONT face="Times New Roman" size=2>C</FONT></B><B><FONT face="Times New Roman" size=1>ONTENTS</FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top align=left width="95%"></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="1%"><B><FONT face="Times New Roman" size=2>P</FONT></B><B><FONT face="Times New Roman" size=1>AGE</FONT></B></TD></TR>
     <TR vAlign=bottom>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=2>ARTICLE 10</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="95%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>SUCCESSOR ENTITY</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>31</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Section 10.01</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="95%"><FONT face="Times New Roman" size=2>Company May Consolidate, Etc.</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=2>31</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section 10.02</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD vAlign=top align=left width="95%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Successor Entity Substituted</FONT></TD>
    <TD vAlign=top noWrap align=center width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD vAlign=top noWrap align=center width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>31</FONT></TD></TR>

   <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%" colSpan=2><FONT face="Times New Roman" size=2>ARTICLE 11</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top align=left width="95%"><FONT face="Times New Roman" size=2>SATISFACTION AND DISCHARGE</FONT></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="1%"><FONT face="Times New Roman" size=2>32</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section 11.01</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top align=left width="95%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Satisfaction and Discharge of
      Indenture</FONT></TD>
    <TD vAlign=top noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>32</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Section 11.02</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top align=left width="95%"><FONT face="Times New Roman" size=2>Discharge of Obligations</FONT></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="1%"><FONT face="Times New Roman" size=2>32</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section 11.03</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top align=left width="95%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Deposited Moneys to be Held in
    Trust</FONT></TD>
    <TD vAlign=top noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>32</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Section 11.04</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top align=left width="95%"><FONT face="Times New Roman" size=2>Payment of Moneys Held by Paying Agents</FONT></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="1%"><FONT face="Times New Roman" size=2>32</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section 11.05</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top align=left width="95%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Repayment to Company</FONT></TD>
    <TD vAlign=top noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>33</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%" colSpan=2><FONT face="Times New Roman" size=2>ARTICLE 12</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top align=left width="95%"><FONT face="Times New Roman" size=2>IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND
      DIRECTORS</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD VALIGN="TOP" NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="text-align: center"><FONT face="Times New Roman" size=2>33</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section 12.01</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top align=left width="95%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>No Recourse</FONT></TD>
    <TD vAlign=top noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>33</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%" colSpan=2><FONT face="Times New Roman" size=2>ARTICLE 13</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top align=left width="95%"><FONT face="Times New Roman" size=2>MISCELLANEOUS PROVISIONS</FONT></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="1%"><FONT face="Times New Roman" size=2>33</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section 13.01</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top align=left width="95%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Effect on Successors and Assigns</FONT></TD>
    <TD vAlign=top noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>33</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Section 13.02</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top align=left width="95%"><FONT face="Times New Roman" size=2>Actions by Successor</FONT></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="1%"><FONT face="Times New Roman" size=2>33</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section 13.03</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top align=left width="95%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Surrender of Company Powers</FONT></TD>
    <TD vAlign=top noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>34</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Section 13.04</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top align=left width="95%"><FONT face="Times New Roman" size=2>Notices</FONT></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="1%"><FONT face="Times New Roman" size=2>34</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section 13.05</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top align=left width="95%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Governing Law; Jury Trial Waiver</FONT></TD>
    <TD vAlign=top noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>34</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Section 13.06</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top align=left width="95%"><FONT face="Times New Roman" size=2>Treatment of Securities as Debt</FONT></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="1%"><FONT face="Times New Roman" size=2>34</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section 13.07</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top align=left width="95%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Certificates and Opinions as to Conditions
      Precedent</FONT></TD>
    <TD vAlign=top noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>34</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Section 13.08</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top align=left width="95%"><FONT face="Times New Roman" size=2>Payments on Business Days</FONT></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="1%"><FONT face="Times New Roman" size=2>35</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section 13.09</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top align=left width="95%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Conflict with Trust Indenture Act</FONT></TD>
    <TD vAlign=top noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>35</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Section 13.10</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top align=left width="95%"><FONT face="Times New Roman" size=2>Counterparts</FONT></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="1%"><FONT face="Times New Roman" size=2>35</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section 13.11</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top align=left width="95%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Separability</FONT></TD>
    <TD vAlign=top noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>35</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Section 13.12</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top align=left width="95%"><FONT face="Times New Roman" size=2>Compliance Certificates</FONT></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="1%"><FONT face="Times New Roman" size=2>35</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section 13.13</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top align=left width="95%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>U.S.A. Patriot Act</FONT></TD>
    <TD vAlign=top noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>35</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Section 13.14</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top align=left width="95%"><FONT face="Times New Roman" size=2>Force Majeure</FONT></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="1%"><FONT face="Times New Roman" size=2>35</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section 13.15</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top align=left width="95%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Table of Contents; Headings</FONT></TD>
    <TD vAlign=top noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top noWrap align=center width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>36</FONT></TD></TR></TABLE><BR>
<P align=center><FONT face="Times New Roman" size=2>iii</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><B><FONT face="Times New Roman" size=2>INDENTURE </FONT></B></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>I</FONT></B><B><FONT face="Times New Roman" size=1>NDENTURE</FONT></B><FONT face="Times New Roman" size=2>, dated as of [&#9679;], 20__, among Geron Corporation,</FONT><B><FONT face="Times New Roman" size=1> </FONT></B><FONT face="Times New Roman" size=2>a
Delaware corporation (the &#147;Company&#148;), and [</FONT><B><FONT face="Times New Roman" size=2>T</FONT></B><B><FONT face="Times New Roman" size=1>RUSTEE</FONT></B><FONT face="Times New Roman" size=2>], as trustee (the
&#147;Trustee&#148;):</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>W</FONT></B><B><FONT face="Times New Roman" size=1>HEREAS</FONT></B><FONT face="Times New Roman" size=2>, for its lawful corporate purposes, the Company has duly authorized the
execution and delivery of this Indenture to provide for the issuance of debt
securities (hereinafter referred to as the &#147;Securities&#148;), in an unlimited
aggregate principal amount to be issued from time to time in one or more series
as in this Indenture provided, as registered Securities without coupons, to be
authenticated by the certificate of the Trustee;</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>W</FONT></B><B><FONT face="Times New Roman" size=1>HEREAS</FONT></B><FONT face="Times New Roman" size=2>, to provide the terms and conditions upon which the Securities are to be
authenticated, issued and delivered, the Company has duly authorized the
execution of this Indenture; and</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>W</FONT></B><B><FONT face="Times New Roman" size=1>HEREAS</FONT></B><FONT face="Times New Roman" size=2>, all things necessary to make this Indenture a valid agreement of the
Company, in accordance with its terms, have been done. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>N</FONT></B><B><FONT face="Times New Roman" size=1>OW</FONT></B><B><FONT face="Times New Roman" size=2>,</FONT></B><B><FONT face="Times New Roman" size=1> </FONT></B><B><FONT face="Times New Roman" size=2>T</FONT></B><B><FONT face="Times New Roman" size=1>HEREFORE</FONT></B><FONT face="Times New Roman" size=2>, in consideration
of the premises and the purchase of the Securities by the holders thereof, it is
mutually covenanted and agreed as follows for the equal and ratable benefit of
the holders of Securities:</FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>ARTICLE
1</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B></P>
<P align=center><B><FONT face="Times New Roman" size=2>DEFINITIONS</FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section
1.01</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Definitions of Terms</FONT></B><FONT face="Times New Roman" size=2>. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The terms defined in this
Section (except as in this Indenture or any indenture supplemental hereto
otherwise expressly provided or unless the context otherwise requires) for all
purposes of this Indenture and of any indenture supplemental hereto shall have
the respective meanings specified in this Section and shall include the plural
as well as the singular. All other terms used in this Indenture that are defined
in the Trust Indenture Act of 1939, as amended, or that are by reference in such
Act defined in the Securities Act of 1933, as amended (except as herein or any
indenture supplemental hereto otherwise expressly provided or unless the context
otherwise requires), shall have the meanings assigned to such terms in said
Trust Indenture Act and in said Securities Act as in force at the date of the
execution of this instrument. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;</FONT><B><I><FONT face="Times New Roman" size=2>Authenticating Agent</FONT></I></B><FONT face="Times New Roman" size=2>&#148; means the Trustee or an authenticating agent
with respect to all or any of the series of Securities appointed by the Trustee
pursuant to Section 2.10. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;</FONT><B><I><FONT face="Times New Roman" size=2>Bankruptcy Law</FONT></I></B><FONT face="Times New Roman" size=2>&#148; means Title 11, U.S. Code, or any similar
federal or state law for the relief of debtors. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;</FONT><B><I><FONT face="Times New Roman" size=2>Board of Directors</FONT></I></B><FONT face="Times New Roman" size=2>&#148; means the Board of Directors (or the functional
equivalent thereof) of the Company or any duly authorized committee of such
Board. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;</FONT><B><I><FONT face="Times New Roman" size=2>Board Resolution</FONT></I></B><FONT face="Times New Roman" size=2>&#148; means a copy of a resolution certified by the
Secretary or an Assistant Secretary of the Company to have been duly adopted by
the Board of Directors (or duly authorized committee thereof) and to be in full
force and effect on the date of such certification. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;</FONT><B><I><FONT face="Times New Roman" size=2>Business Day</FONT></I></B><FONT face="Times New Roman" size=2>&#148; means, with respect to any series of Securities,
any day other than a day on which federal or state banking institutions in the
Borough of Manhattan, the City of New York, or in the city of the Corporate
Trust Office of the Trustee, are authorized or obligated by law, executive order
or regulation to close. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;</FONT><B><I><FONT face="Times New Roman" size=2>Commission</FONT></I></B><FONT face="Times New Roman" size=2>&#148; means the Securities and Exchange Commission, as
from time to time constituted, created under the Exchange Act, or, if at any
time after the execution of this instrument such Commission is not existing and
performing the duties now assigned to it under the Trust Indenture Act, then the
body performing such duties at such time. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>1</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;</FONT><B><I><FONT face="Times New Roman" size=2>Company</FONT></I></B><FONT face="Times New Roman" size=2>&#148; means Geron Corporation, a corporation duly organized and existing
under the laws of the State of Delaware, and, subject to the provisions of
Article Ten, shall also include its successors and assigns. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;</FONT><B><I><FONT face="Times New Roman" size=2>Corporate Trust Office</FONT></I></B><FONT face="Times New Roman" size=2>&#148; means the office of the Trustee at which, at any
particular time, its corporate trust business shall be principally administered,
which office at the date hereof is located at
_____________________________________________________.</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;</FONT><B><I><FONT face="Times New Roman" size=2>Custodian</FONT></I></B><FONT face="Times New Roman" size=2>&#148; means any receiver, trustee, assignee,
liquidator or similar official under any Bankruptcy Law. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;</FONT><B><I><FONT face="Times New Roman" size=2>Defaulted Interest</FONT></I></B><FONT face="Times New Roman" size=2>&#148; has the meaning set forth in Section 2.03.
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;</FONT><B><I><FONT face="Times New Roman" size=2>Depositary</FONT></I></B><FONT face="Times New Roman" size=2>&#148; means, with respect to Securities of any series
for which the Company shall determine that such Securities will be issued as a
Global Security, The Depository Trust Company, another clearing agency, or any
successor registered as a clearing agency under the Exchange Act, or other
applicable statute or regulation, which, in each case, shall be designated by
the Company pursuant to either Section 2.01 or 2.11. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;</FONT><B><I><FONT face="Times New Roman" size=2>Event of Default</FONT></I></B><FONT face="Times New Roman" size=2>&#148; means, with respect to Securities of a
particular series, any event specified in Section 6.01, continued for the period
of time, if any, therein designated. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;</FONT><B><I><FONT face="Times New Roman" size=2>Exchange Act</FONT></I></B><FONT face="Times New Roman" size=2>&#148; means the United States Securities and Exchange
Act of 1934, as amended, and the rules and regulations promulgated by the
Commission thereunder. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;</FONT><B><I><FONT face="Times New Roman" size=2>Global Security</FONT></I></B><FONT face="Times New Roman" size=2>&#148; means a Security issued to evidence all or a
part of any series of Securities which is executed by the Company and
authenticated and delivered by the Trustee to the Depositary or pursuant to the
Depositary&#146;s instruction, all in accordance with the Indenture, which shall be
registered in the name of the Depositary or its nominee. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;</FONT><B><I><FONT face="Times New Roman" size=2>Governmental Obligations</FONT></I></B><FONT face="Times New Roman" size=2>&#148; means securities that are (a) direct obligations
of the United States of America for the payment of which its full faith and
credit is pledged or (b) obligations of a Person controlled or supervised by and
acting as an agency or instrumentality of the United States of America, the
payment of which is unconditionally guaranteed as a full faith and credit
obligation by the United States of America that, in either case, are not
callable or redeemable at the option of the issuer thereof at any time prior to
the stated maturity of the Securities, and shall also include a depositary
receipt issued by a bank or trust company as custodian with respect to any such
Governmental Obligation or a specific payment of principal of or interest on any
such Governmental Obligation held by such custodian for the account of the
holder of such depositary receipt; provided, however, that (except as required
by law) such custodian is not authorized to make any deduction from the amount
payable to the holder of such depositary receipt from any amount received by the
custodian in respect of the Governmental Obligation or the specific payment of
principal of or interest on the Governmental Obligation evidenced by such
depositary receipt. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;</FONT><B><I><FONT face="Times New Roman" size=2>herein</FONT></I></B><FONT face="Times New Roman" size=2>&#148;, &#147;</FONT><B><I><FONT face="Times New Roman" size=2>hereof</FONT></I></B><B><FONT face="Times New Roman" size=2>&#148;</FONT></B><FONT face="Times New Roman" size=2> and &#147;</FONT><B><I><FONT face="Times New Roman" size=2>hereunder</FONT></I></B><FONT face="Times New Roman" size=2>&#148;, and other words of similar import, refer to
this Indenture as a whole and not to any particular Article, Section or other
subdivision. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;</FONT><B><I><FONT face="Times New Roman" size=2>Indenture</FONT></I></B><FONT face="Times New Roman" size=2>&#148; means this instrument as originally executed or
as it may from time to time be supplemented or amended by one or more indentures
supplemental hereto entered into in accordance with the terms hereof and shall
include the terms of particular series of Securities established as contemplated
by Section 2.01. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;</FONT><B><I><FONT face="Times New Roman" size=2>Interest Payment Date</FONT></I></B><FONT face="Times New Roman" size=2>&#148;, when used with respect to any installment of
interest on a Security of a particular series, means the date specified in such
Security or in a Board Resolution or in an indenture supplemental hereto with
respect to such series as the fixed date on which an installment of interest
with respect to Securities of that series is due and payable. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;</FONT><B><I><FONT face="Times New Roman" size=2>Officer</FONT></I></B><FONT face="Times New Roman" size=2>&#148; means, with respect to the Company, the chairman of the Board of
Directors, a chief executive officer, a president, a chief financial officer, a
chief operating officer, any executive vice president, any senior vice
president, any vice president, the treasurer or any assistant treasurer, the
controller or any assistant controller or the secretary or any assistant
secretary.</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>2</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;</FONT><B><I><FONT face="Times New Roman" size=2>Officer&#146;s Certificate</FONT></I></B><FONT face="Times New Roman" size=2>&#148; means a certificate signed by any Officer. Each
such certificate shall include the statements provided for in Section 13.07, if
and to the extent required by the provisions thereof. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;</FONT><B><I><FONT face="Times New Roman" size=2>Opinion of Counsel</FONT></I></B><FONT face="Times New Roman" size=2>&#148; means an opinion in writing subject to customary
exceptions of legal counsel, who may be an employee of or counsel for the
Company, that is delivered to the Trustee in accordance with the terms hereof.
Each such opinion shall include the statements provided for in Section 13.07, if
and to the extent required by the provisions thereof. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;</FONT><B><I><FONT face="Times New Roman" size=2>Outstanding</FONT></I></B><FONT face="Times New Roman" size=2>&#148;, when used with reference to Securities of any
series, means, subject to the provisions of Section 8.04, as of any particular
time, all Securities of that series theretofore authenticated and delivered by
the Trustee under this Indenture, except (a) Securities theretofore canceled by
the Trustee or any paying agent, or delivered to the Trustee or any paying agent
for cancellation or that have previously been canceled; (b) Securities or
portions thereof for the payment or redemption of which moneys or Governmental
Obligations in the necessary amount shall have been deposited in trust with the
Trustee or with any paying agent (other than the Company) or shall have been set
aside and segregated in trust by the Company (if the Company shall act as its
own paying agent); provided, however, that if such Securities or portions of
such Securities are to be redeemed prior to the maturity thereof, notice of such
redemption shall have been given as provided in Article Three, or provision
satisfactory to the Trustee shall have been made for giving such notice; and (c)
Securities in lieu of or in substitution for which other Securities shall have
been authenticated and delivered pursuant to the terms of Section 2.07.
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;</FONT><B><I><FONT face="Times New Roman" size=2>Person</FONT></I></B><FONT face="Times New Roman" size=2>&#148; means any individual, corporation, partnership, joint venture,
joint-stock company, limited liability company, association, trust,
unincorporated organization, any other entity or organization, including a
government or political subdivision or an agency or instrumentality thereof.
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;</FONT><B><I><FONT face="Times New Roman" size=2>Predecessor Security</FONT></I></B><FONT face="Times New Roman" size=2>&#148; of any particular Security means every previous
Security evidencing all or a portion of the same debt as that evidenced by such
particular Security; and, for the purposes of this definition, any Security
authenticated and delivered under Section 2.07 in lieu of a lost, destroyed or
stolen Security shall be deemed to evidence the same debt as the lost, destroyed
or stolen Security. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;</FONT><B><I><FONT face="Times New Roman" size=2>Responsible Officer</FONT></I></B><FONT face="Times New Roman" size=2>&#148; when used with respect to the Trustee means any
officer within the Corporate Trust Office of the Trustee (or any successor group
of the Trustee) or any other officer of the Trustee customarily performing
functions similar to those performed by any of the above designated officers and
also means, with respect to a particular corporate trust matter, any other
officer to whom such matter is referred because of his or her knowledge of and
familiarity with the particular subject and in each case who shall have direct
responsibility for the administration of this Indenture assigned by the Trustee
to administer its corporate trust matters with respect to this Indenture (which,
for the avoidance of doubt, includes without limitation any supplemental
indenture hereto). </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;</FONT><B><I><FONT face="Times New Roman" size=2>Securities</FONT></I></B><FONT face="Times New Roman" size=2>&#148; has the meaning stated in the first recital of
this Indenture and more particularly means any Securities authenticated and
delivered under this Indenture. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman"></FONT><FONT face="Times New Roman" size=2>&#147;</FONT><B><I><FONT face="Times New Roman" size=2>Securities Act</FONT></I></B><FONT face="Times New Roman" size=2>&#148; means
the Securities Act of 1933, as amended. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;</FONT><B><I><FONT face="Times New Roman" size=2>Securityholder</FONT></I></B><FONT face="Times New Roman" size=2>&#148;, &#147;</FONT><B><I><FONT face="Times New Roman" size=2>holder of Securities</FONT></I></B><FONT face="Times New Roman" size=2>&#148;,
&#147;</FONT><B><I><FONT face="Times New Roman" size=2>registered
holder</FONT></I></B><FONT face="Times New Roman" size=2>&#148;, or other similar
term, means the Person or Persons in whose name or names a particular Security
is registered on the Security Register kept for that purpose in accordance with
the terms of this Indenture. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;</FONT><B><I><FONT face="Times New Roman" size=2>Security Register</FONT></I></B><FONT face="Times New Roman" size=2>&#148; and &#147;</FONT><B><I><FONT face="Times New Roman" size=2>Security Registrar</FONT></I></B><FONT face="Times New Roman" size=2>&#148;
shall have the meanings as set forth in Section 2.05. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;</FONT><B><I><FONT face="Times New Roman" size=2>Subsidiary</FONT></I></B><FONT face="Times New Roman" size=2>&#148; means, with respect to any Person, any
corporation, association, partnership or other business entity of which more
than 50% of the total voting power of shares of capital stock or other interests
(including partnership interests) entitled (without regard to the occurrence of
any contingency) to vote in the election of directors, managers, general
partners or trustees thereof is at the time owned or controlled, directly or
indirectly, by (i) such Person; (ii) such Person and one or more Subsidiaries of
such Person; or (iii) one or more Subsidiaries of such Person.</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>3</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;</FONT><B><I><FONT face="Times New Roman" size=2>Trustee</FONT></I></B><FONT face="Times New Roman" size=2>&#148; means _________________________, and, subject to the provisions of
Article Seven, shall also include its successors and assigns, and, if at any
time there is more than one Person acting in such capacity hereunder, &#147;Trustee&#148;
shall mean each such Person. The term &#147;Trustee&#148; as used with respect to a
particular series of the Securities shall mean the trustee with respect to that
series. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;</FONT><B><I><FONT face="Times New Roman" size=2>Trust Indenture Act</FONT></I></B><FONT face="Times New Roman" size=2>&#148; means the Trust Indenture Act of 1939, as
amended. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><I><FONT face="Times New Roman" size=2>&#147;U.S.A. Patriot
Act&#148;</FONT></I></B><FONT face="Times New Roman" size=2> means the Uniting and
Strengthening America by Providing Appropriate Tools Required to Intercept and
Obstruct Terrorism Act of 2001, Pub. L. 107-56, as amended and signed into law
October 26, 2001.</FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>ARTICLE
2</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B></P>
<P align=center><B><FONT face="Times New Roman" size=2>ISSUE, DESCRIPTION,
TERMS, EXECUTION, REGISTRATION AND EXCHANGE OF SECURITIES</FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section
2.01</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Designation and Terms of
Securities</FONT></B><FONT face="Times New Roman" size=2>. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><B><FONT face="Times New Roman" size=2>(a)</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><FONT face="Times New Roman" size=2>The aggregate principal amount of Securities that may be authenticated
and delivered under this Indenture is unlimited. The Securities may be issued in
one or more series up to the aggregate principal amount of Securities of that
series from time to time authorized by or pursuant to a Board Resolution or
pursuant to one or more indentures supplemental hereto. Prior to the initial
issuance of Securities of any series, there shall be established in or pursuant
to a Board Resolution, and set forth in an Officer&#146;s Certificate, or established
in one or more indentures supplemental hereto:</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 45pt"><B><FONT face="Times New Roman" size=2>(1)</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><FONT face="Times New Roman" size=2>the title of the Securities of the series (which shall distinguish the
Securities of that series from all other Securities);</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 45pt"><B><FONT face="Times New Roman" size=2>(2)</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><FONT face="Times New Roman" size=2>any limit upon the aggregate principal amount of the Securities of that
series that may be authenticated and delivered under this Indenture (except for
Securities authenticated and delivered upon registration of transfer of, or in
exchange for, or in lieu of, other Securities of that series);</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 45pt"><B><FONT face="Times New Roman" size=2>(3)</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><FONT face="Times New Roman" size=2>the maturity date or dates on which the principal of the Securities of
the series is payable;</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 45pt"><B><FONT face="Times New Roman" size=2>(4)</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><FONT face="Times New Roman" size=2>the form of the Securities of the series including the form of the
certificate of authentication for such series;</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 45pt"><B><FONT face="Times New Roman" size=2>(5)</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><FONT face="Times New Roman" size=2>the applicability of any guarantees; </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 45pt"><B><FONT face="Times New Roman" size=2>(6)</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><FONT face="Times New Roman" size=2>whether or not the Securities will be secured or unsecured, and the terms
of any secured debt; </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 45pt"><B><FONT face="Times New Roman" size=2>(7)</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><FONT face="Times New Roman" size=2>whether the Securities rank as senior debt, senior subordinated debt,
subordinated debt or any combination thereof, and the terms of any
subordination; </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 45pt"><B><FONT face="Times New Roman" size=2>(8)</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><FONT face="Times New Roman" size=2>if
the price (expressed as a percentage of the aggregate principal amount thereof)
at which such Securities will be issued is a price other than the principal
amount thereof, the portion of the principal amount thereof payable upon
declaration of acceleration of the maturity thereof, or if applicable, the
portion of the principal amount of such Securities that is convertible into
another security or the method by which any such portion shall be
determined;</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>4</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 45pt"><B><FONT face="Times New Roman" size=2>(9)</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><FONT face="Times New Roman" size=2>the interest rate or rates, which may be fixed or variable, or the method
for determining the rate and the date interest will begin to accrue, the dates
interest will be payable and the regular record dates for interest payment dates
or the method for determining such dates;</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 45pt"><B><FONT face="Times New Roman" size=2>(10)</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><FONT face="Times New Roman" size=2>the Company&#146;s right, if any, to defer the payment of interest and the
maximum length of any such deferral period;</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 45pt"><B><FONT face="Times New Roman" size=2>(11)</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><FONT face="Times New Roman" size=2>if
applicable, the date or dates after which, or the period or periods during
which, and the price or prices at which, the Company may at its option, redeem
the series of Securities pursuant to any optional or provisional redemption
provisions and the terms of those redemption provisions;</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 45pt"><B><FONT face="Times New Roman" size=2>(12)</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><FONT face="Times New Roman" size=2>the date or dates, if any, on which, and the price or prices at which the
Company is obligated, pursuant to any mandatory sinking fund or analogous fund
provisions or otherwise, to redeem, or at the Securityholder&#146;s option to
purchase, the series of Securities and the currency or currency unit in which
the Securities are payable;</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 45pt"><B><FONT face="Times New Roman" size=2>(13)</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><FONT face="Times New Roman" size=2>the denominations in which the Securities of the series shall be
issuable, if other than denominations of one thousand U.S. dollars ($1,000) or
any integral multiple thereof;</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 45pt"><B><FONT face="Times New Roman" size=2>(14)</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><FONT face="Times New Roman" size=2>any and all terms, if applicable, relating to any auction or remarketing
of the Securities of that series and any security for the obligations of the
Company with respect to such Securities and any other terms which may be
advisable in connection with the marketing of Securities of that
series;</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 45pt"><B><FONT face="Times New Roman" size=2>(15)</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><FONT face="Times New Roman" size=2>whether the Securities of the series shall be issued in whole or in part
in the form of a Global Security or Securities; the terms and conditions, if
any, upon which such Global Security or Securities may be exchanged in whole or
in part for other individual Securities; and the Depositary for such Global
Security or Securities;</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 45pt"><B><FONT face="Times New Roman" size=2>(16)</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><FONT face="Times New Roman" size=2>if
applicable, the provisions relating to conversion or exchange of any Securities
of the series and the terms and conditions upon which such Securities will be so
convertible or exchangeable, including the conversion or exchange price, as
applicable, or how it will be calculated and may be adjusted, any mandatory or
optional (at the Company&#146;s option or the holders&#146; option) conversion or exchange
features, the applicable conversion or exchange period and the manner of
settlement for any conversion or exchange, which may, without limitation,
include the payment of cash as well as the delivery of securities;</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 45pt"><B><FONT face="Times New Roman" size=2>(17)</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><FONT face="Times New Roman" size=2>if
other than the full principal amount thereof, the portion of the principal
amount of Securities of the series which shall be payable upon declaration of
acceleration of the maturity thereof pursuant to Section 6.01;</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 45pt"><B><FONT face="Times New Roman" size=2>(18)</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><FONT face="Times New Roman" size=2>additions to or changes in the covenants applicable to the series of
Securities being issued, including, among others, the consolidation, merger or
sale covenant; </FONT></P>
<P STYLE="text-align: justify; text-indent: 45pt"><B><FONT face="Times New Roman" size=2>(19)</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><FONT face="Times New Roman" size=2>additions to or changes in the Events of Default with respect to the
Securities and any change in the right of the Trustee or the Securityholders to
declare the principal, premium, if any, and interest, if any, with respect to
such Securities to be due and payable;</FONT></P>
<P STYLE="text-align: justify; text-indent: 45pt"><B><FONT face="Times New Roman" size=2>(20)</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><FONT face="Times New Roman" size=2>additions to or changes in or deletions of the provisions relating to
covenant defeasance and legal defeasance;</FONT></P>
<P STYLE="text-align: justify; text-indent: 45pt"><B><FONT face="Times New Roman" size=2>(21)</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><FONT face="Times New Roman" size=2>additions to or changes in the provisions relating to satisfaction and
discharge of this Indenture;</FONT></P>
<P STYLE="text-align: justify; text-indent: 45pt"><B><FONT face="Times New Roman" size=2>(22)</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><FONT face="Times New Roman" size=2>additions to or changes in the provisions relating to the modification of
this Indenture both with and without the consent of Securityholders of
Securities issued under this Indenture; </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>5</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P STYLE="text-align: justify; text-indent: 45pt"><B><FONT face="Times New Roman" size=2>(23)</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><FONT face="Times New Roman" size=2>the currency of payment of Securities if other than U.S. dollars and the
manner of determining the equivalent amount in U.S. dollars; </FONT></P>
<P STYLE="text-align: justify; text-indent: 45pt"><B><FONT face="Times New Roman" size=2>(24)</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><FONT face="Times New Roman" size=2>whether interest will be payable in cash or additional Securities at the
Company&#146;s or the Securityholders&#146; option and the terms and conditions upon which
the election may be made; </FONT></P>
<P STYLE="text-align: justify; text-indent: 45pt"><B><FONT face="Times New Roman" size=2>(25)</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><FONT face="Times New Roman" size=2>the terms and conditions, if any, upon which the Company shall pay
amounts in addition to the stated interest, premium, if any and principal
amounts of the Securities of the series to any Securityholder that is not a
&#147;United States person&#148; for federal tax purposes;</FONT></P>
<P STYLE="text-align: justify; text-indent: 45pt"><B><FONT face="Times New Roman" size=2>(26)</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><FONT face="Times New Roman" size=2>any restrictions on transfer, sale or assignment of the Securities of the
series;</FONT><B><FONT face="Times New Roman" size=2> </FONT></B><FONT face="Times New Roman" size=2>and</FONT><B><FONT face="Times New Roman" size=2>
</FONT></B></P>
<P STYLE="text-align: justify; text-indent: 45pt"><B><FONT face="Times New Roman" size=2>(27)</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><FONT face="Times New Roman" size=2>any other specific terms, preferences, rights or limitations of, or
restrictions on, the Securities, any other additions or changes in the
provisions of this Indenture, and any terms that may be required by us or
advisable under applicable laws or regulations.</FONT><B><FONT face="Times New Roman" size=2> </FONT></B></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>All Securities of any one
series shall be substantially identical except as may otherwise be provided in
or pursuant to any such Board Resolution or in any indentures supplemental
hereto. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>If any of the terms of the
series are established by action taken pursuant to a Board Resolution of the
Company, a copy of an appropriate record of such action shall be certified by
the secretary or an assistant secretary of the Company and delivered to the
Trustee at or prior to the delivery of the Officer&#146;s Certificate of the Company
setting forth the terms of the series. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Securities of any
particular series may be issued at various times, with different dates on which
the principal or any installment of principal is payable, with different rates
of interest, if any, or different methods by which rates of interest may be
determined, with different dates on which such interest may be payable and with
different redemption dates. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section
2.02</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Form of Securities and Trustee&#146;s
Certificate</FONT></B><FONT face="Times New Roman" size=2>. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Securities of any
series and the Trustee&#146;s certificate of authentication to be borne by such
Securities shall be substantially of the tenor and purport as set forth in one
or more indentures supplemental hereto or as provided in a Board Resolution, and
set forth in an Officer&#146;s Certificate, and they may have such letters, numbers
or other marks of identification or designation and such legends or endorsements
printed, lithographed or engraved thereon as the Company may deem appropriate
and as are not inconsistent with the provisions of this Indenture, or as may be
required to comply with any law or with any rule or regulation made pursuant
thereto or with any rule or regulation of any securities exchange on which
Securities of that series may be listed, or to conform to usage. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section
2.03</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Denominations: Provisions for
Payment</FONT></B><FONT face="Times New Roman" size=2>. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Securities shall be
issuable as registered Securities and in the denominations of one thousand U.S.
dollars ($1,000) or any integral multiple thereof, subject to Section
2.01(a)(13). The Securities of a particular series shall bear interest payable
on the dates and at the rate specified with respect to that series. Subject to
Section 2.01(a)(23), the principal of and the interest on the Securities of any
series, as well as any premium thereon in case of redemption or repurchase
thereof prior to maturity, and any cash amount due upon conversion or exchange
thereof, shall be payable in the coin or currency of the United States of
America that at the time is legal tender for public and private debt, at the
office or agency of the Company maintained for that purpose. Each Security shall
be dated the date of its authentication. Interest on the Securities shall be
computed on the basis of a 360-day year composed of twelve 30-day months.
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The interest installment on
any Security that is payable, and is punctually paid or duly provided for, on
any Interest Payment Date for Securities of that series shall be paid to the
Person in whose name said Security (or one or more Predecessor Securities) is
registered at the close of business on the regular record date for such interest
installment. In the event that any Security of a particular series or portion
thereof is called for redemption and the redemption date is
subsequent to a regular record date with respect to any Interest Payment Date
and prior to such Interest Payment Date, interest on such Security will be paid
upon presentation and surrender of such Security as provided in Section 3.03.
</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>6</FONT></P>
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<!-- B -->
<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>

<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Any interest on any
Security that is payable, but is not punctually paid or duly provided for, on
any Interest Payment Date for Securities of the same series (herein called
&#147;Defaulted Interest&#148;) shall forthwith cease to be payable to the registered
holder on the relevant regular record date by virtue of having been such holder;
and such Defaulted Interest shall be paid by the Company, at its election, as
provided in clause (1) or clause (2) below:</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 45pt"><B><FONT face="Times New Roman" size=2>(1)</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><FONT face="Times New Roman" size=2>The Company may make payment of any Defaulted Interest on Securities to
the Persons in whose names such Securities (or their respective Predecessor
Securities) are registered at the close of business on a special record date for
the payment of such Defaulted Interest, which shall be fixed in the following
manner: the Company shall notify the Trustee in writing of the amount of
Defaulted Interest proposed to be paid on each such Security and the date of the
proposed payment, and at the same time the Company shall deposit with the
Trustee an amount of money equal to the aggregate amount proposed to be paid in
respect of such Defaulted Interest or shall make arrangements satisfactory to
the Trustee for such deposit prior to the date of the proposed payment, such
money when deposited to be held in trust for the benefit of the Persons entitled
to such Defaulted Interest as in this clause provided. Thereupon the Trustee
shall fix a special record date for the payment of such Defaulted Interest which
shall not be more than 15 nor less than 10 days prior to the date of the
proposed payment and not less than 10 days after the receipt by the Trustee of
the notice of the proposed payment. The Trustee shall promptly notify the
Company of such special record date and, in the name and at the expense of the
Company, shall cause notice of the proposed payment of such Defaulted Interest
and the special record date therefor to be mailed, first class postage prepaid,
to each Securityholder at his or her address as it appears in the Security
Register (as hereinafter defined), not less than 10 days prior to such special
record date. Notice of the proposed payment of such Defaulted Interest and the
special record date therefor having been mailed as aforesaid, such Defaulted
Interest shall be paid to the Persons in whose names such Securities (or their
respective Predecessor Securities) are registered on such special record date.
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 45pt"><B><FONT face="Times New Roman" size=2>(2)</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><FONT face="Times New Roman" size=2>The Company may make payment of any Defaulted Interest on any Securities
in any other lawful manner not inconsistent with the requirements of any
securities exchange on which such Securities may be listed, and upon such notice
as may be required by such exchange, if, after notice given by the Company to
the Trustee of the proposed payment pursuant to this clause, such manner of
payment shall be deemed practicable by the Trustee. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Unless otherwise set forth
in a Board Resolution or one or more indentures supplemental hereto establishing
the terms of any series of Securities pursuant to Section 2.01 hereof, the term
&#147;regular record date&#148; as used in this Section with respect to a series of
Securities and any Interest Payment Date for such series shall mean either the
fifteenth day of the month immediately preceding the month in which an Interest
Payment Date established for such series pursuant to Section 2.01 hereof shall
occur, if such Interest Payment Date is the first day of a month, or the first
day of the month in which an Interest Payment Date established for such series
pursuant to Section 2.01 hereof shall occur, if such Interest Payment Date is
the fifteenth day of a month, whether or not such date is a Business Day.
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Subject to the foregoing
provisions of this Section, each Security of a series delivered under this
Indenture upon transfer of or in exchange for or in lieu of any other Security
of such series shall carry the rights to interest accrued and unpaid, and to
accrue, that were carried by such other Security. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section
2.04</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Execution and Authentications</FONT></B><FONT face="Times New Roman" size=2>. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Securities shall be
signed on behalf of the Company by one of its Officers. Signatures may be in the
form of a manual or facsimile signature. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Company may use the
facsimile signature of any Person who shall have been an Officer (at the time of
execution), notwithstanding the fact that at the time the Securities shall be
authenticated and delivered or disposed of such Person shall have ceased to be
such an officer of the Company. The Securities may contain such notations, legends or endorsements required by law, stock
exchange rule or usage. Each Security shall be dated the date of its
authentication by the Trustee. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>7</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>A Security shall not be
valid until authenticated manually by an authorized signatory of the Trustee, or
by an Authenticating Agent. Such signature shall be conclusive evidence that the
Security so authenticated has been duly authenticated and delivered hereunder
and that the holder is entitled to the benefits of this Indenture. At any time
and from time to time after the execution and delivery of this Indenture, the
Company may deliver Securities of any series executed by the Company to the
Trustee for authentication, together with a written order of the Company for the
authentication and delivery of such Securities, signed by an Officer, and the
Trustee in accordance with such written order shall authenticate and deliver
such Securities. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Upon the Company&#146;s delivery
of any such authentication order to the Trustee at any time after the initial
issuance of Securities under this Indenture, the Trustee shall be provided with,
and (subject to Sections 315(a) through 315(d) of the Trust Indenture Act) shall
be fully protected in relying upon, (1) an Opinion of Counsel or reliance letter
and (2) an Officer&#146;s Certificate stating that all conditions precedent to the
execution, authentication and delivery of such Securities are in conformity with
the provisions of this Indenture.</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Trustee shall not be
required to authenticate such Securities if the issue of such Securities
pursuant to this Indenture will affect the Trustee&#146;s own rights, duties or
immunities under the Securities and this Indenture or otherwise in a manner that
is not reasonably acceptable to the Trustee. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section
2.05</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Registration of Transfer and
Exchange</FONT></B><FONT face="Times New Roman" size=2>. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><B><FONT face="Times New Roman" size=2>(a)</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><FONT face="Times New Roman" size=2>Securities of any series may be exchanged upon presentation thereof at
the office or agency of the Company designated for such purpose, for other
Securities of such series of authorized denominations, and for a like aggregate
principal amount, upon payment of a sum sufficient to cover any tax or other
governmental charge in relation thereto, all as provided in this Section. In
respect of any Securities so surrendered for exchange, the Company shall
execute, the Trustee shall authenticate and such office or agency shall deliver
in exchange therefor the Security or Securities of the same series that the
Securityholder making the exchange shall be entitled to receive, bearing numbers
not contemporaneously outstanding. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><B><FONT face="Times New Roman" size=2>(b)</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><FONT face="Times New Roman" size=2>The Company shall keep, or cause to be kept, at its office or agency
designated for such purpose a register or registers (herein referred to as the
&#147;Security Register&#148;) in which, subject to such reasonable regulations as it may
prescribe, the Company shall register the Securities and the transfers of
Securities as in this Article provided and which at all reasonable times shall
be open for inspection by the Trustee. The registrar for the purpose of
registering Securities and transfer of Securities as herein provided shall be
appointed as authorized by Board Resolution (the &#147;Security Registrar&#148;).
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Upon surrender for transfer
of any Security at the office or agency of the Company designated for such
purpose, the Company shall execute, the Trustee shall authenticate and such
office or agency shall deliver in the name of the transferee or transferees a
new Security or Securities of the same series as the Security presented for a
like aggregate principal amount. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>All Securities presented or
surrendered for exchange or registration of transfer, as provided in this
Section, shall be accompanied (if so required by the Company or the Security
Registrar) by a written instrument or instruments of transfer, in form
satisfactory to the Company or the Security Registrar, duly executed by the
registered holder or by such holder&#146;s duly authorized attorney in writing.
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><B><FONT face="Times New Roman" size=2>(c)</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><FONT face="Times New Roman" size=2>Except as provided pursuant to Section 2.01 pursuant to a Board
Resolution, and set forth in an Officer&#146;s Certificate, or established in one or
more indentures supplemental to this Indenture, no service charge shall be made
for any exchange or registration of transfer of Securities, or issue of new
Securities in case of partial redemption of any series or repurchase, conversion
or exchange of less than the entire principal amount of a Security, but the
Company may require payment of a sum sufficient to cover any tax or other
governmental charge in relation thereto, other than exchanges pursuant to
Section 2.06, Section 3.03(b) and Section 9.04 not involving any transfer.
</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>8</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><B><FONT face="Times New Roman" size=2>(d)</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><FONT face="Times New Roman" size=2>The Company shall not be required (i) to issue, exchange or register the
transfer of any Securities during a period beginning at the opening of business
15 days before the day of the mailing of a notice of redemption of less than all
the Outstanding Securities of the same series and ending at the close of
business on the day of such mailing, nor (ii) to register the transfer of or
exchange any Securities of any series or portions thereof called for redemption
or surrendered for repurchase, but not validly withdrawn, other than the
unredeemed portion of any such Securities being redeemed in part or not
surrendered for repurchase, as the case may be. The provisions of this Section
2.05 are, with respect to any Global Security, subject to Section 2.11 hereof.
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Trustee shall have no
obligation or duty to monitor, determine or inquire as to compliance with any
restrictions on transfer imposed under this Indenture or under applicable law
with respect to any transfer of any interest in any Security (including any
transfers between or among depositary participants or beneficial owners of
interests in any Global Security) other than to require delivery of such
certificates and other documentation or evidence as are expressly required by,
and to do so if and when expressly required by the terms of, this Indenture, and
to examine the same to determine substantial compliance as to form with the
express requirements hereof. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section
2.06</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Temporary Securities</FONT></B><FONT face="Times New Roman" size=2>. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Pending the preparation of
definitive Securities of any series, the Company may execute, and the Trustee
shall authenticate and deliver, temporary Securities (printed, lithographed or
typewritten) of any authorized denomination. Such temporary Securities shall be
substantially in the form of the definitive Securities in lieu of which they are
issued, but with such omissions, insertions and variations as may be appropriate
for temporary Securities, all as may be determined by the Company. Every
temporary Security of any series shall be executed by the Company and be
authenticated by the Trustee upon the same conditions and in substantially the
same manner, and with like effect, as the definitive Securities of such series.
Without unnecessary delay the Company will execute and will furnish definitive
Securities of such series and thereupon any or all temporary Securities of such
series may be surrendered in exchange therefor (without charge to the holders),
at the office or agency of the Company designated for the purpose, and the
Trustee shall authenticate and such office or agency shall deliver in exchange
for such temporary Securities an equal aggregate principal amount of definitive
Securities of such series, unless the Company advises the Trustee to the effect
that definitive Securities need not be executed and furnished until further
notice from the Company. Until so exchanged, the temporary Securities of such
series shall be entitled to the same benefits under this Indenture as definitive
Securities of such series authenticated and delivered hereunder. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section
2.07</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Mutilated, Destroyed, Lost or Stolen
Securities</FONT></B><FONT face="Times New Roman" size=2>. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>In case any temporary or
definitive Security shall become mutilated or be destroyed, lost or stolen, the
Company (subject to the next succeeding sentence) shall execute, and upon the
Company&#146;s request the Trustee (subject as aforesaid) shall authenticate and
deliver, a new Security of the same series, bearing a number not
contemporaneously outstanding, in exchange and substitution for the mutilated
Security, or in lieu of and in substitution for the Security so destroyed, lost
or stolen. In every case the applicant for a substituted Security shall furnish
to the Company and the Trustee such security or indemnity as may be required by
them to save each of them harmless, and, in every case of destruction, loss or
theft, the applicant shall also furnish to the Company and the Trustee evidence
to their satisfaction of the destruction, loss or theft of the applicant&#146;s
Security and of the ownership thereof. The Trustee may authenticate any such
substituted Security and deliver the same upon the written request or
authorization of any officer of the Company. Upon the issuance of any
substituted Security, the Company may require the payment of a sum sufficient to
cover any tax or other governmental charge that may be imposed in relation
thereto and any other expenses (including the fees and expenses of the Trustee)
connected therewith. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>In case any Security that
has matured or is about to mature shall become mutilated or be destroyed, lost
or stolen, the Company may, instead of issuing a substitute Security, pay or
authorize the payment of the same (without surrender thereof except in the case
of a mutilated Security) if the applicant for such payment shall furnish to the
Company and the Trustee such security or indemnity as they may require to save
them harmless, and, in case of destruction, loss or theft, evidence to the
satisfaction of the Company and the Trustee of the destruction, loss or theft of
such Security and of the ownership thereof. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>9</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Every replacement Security
issued pursuant to the provisions of this Section shall constitute an additional
contractual obligation of the Company whether or not the mutilated, destroyed,
lost or stolen Security shall be found at any time, or be enforceable by anyone,
and shall be entitled to all the benefits of this Indenture equally and
proportionately with any and all other Securities of the same series duly issued
hereunder. All Securities shall be held and owned upon the express condition
that the foregoing provisions are exclusive with respect to the replacement or
payment of mutilated, destroyed, lost or stolen Securities, and shall preclude
(to the extent lawful) any and all other rights or remedies, notwithstanding any
law or statute existing or hereafter enacted to the contrary with respect to the
replacement or payment of negotiable instruments or other securities without
their surrender. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section
2.08</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Cancellation</FONT></B><FONT face="Times New Roman" size=2>. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>All Securities surrendered
for the purpose of payment, redemption, repurchase, exchange, registration of
transfer or conversion shall, if surrendered to the Company or any paying agent
(or any other applicable agent), be delivered to the Trustee for cancellation,
or, if surrendered to the Trustee, shall be cancelled by it, and no Securities
shall be issued in lieu thereof except as expressly required or permitted by any
of the provisions of this Indenture. On request of the Company at the time of
such surrender, the Trustee shall deliver to the Company canceled Securities
held by the Trustee. In the absence of such request the Trustee may dispose of
canceled Securities in accordance with its standard procedures and deliver a
certificate of disposition to the Company. If the Company shall otherwise
acquire any of the Securities, however, such acquisition shall not operate as a
redemption or satisfaction of the indebtedness represented by such Securities
unless and until the same are delivered to the Trustee for cancellation.
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section
2.09</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Benefits of Indenture</FONT></B><FONT face="Times New Roman" size=2>. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Nothing in this Indenture
or in the Securities, express or implied, shall give or be construed to give to
any Person, other than the parties hereto and the holders of the Securities any
legal or equitable right, remedy or claim under or in respect of this Indenture,
or under any covenant, condition or provision herein contained; all such
covenants, conditions and provisions being for the sole benefit of the parties
hereto and of the holders of the Securities. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section
2.10</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Authenticating Agent</FONT></B><FONT face="Times New Roman" size=2>. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>So long as any of the
Securities of any series remain Outstanding there may be an Authenticating Agent
for any or all such series of Securities which the Trustee shall have the right
to appoint. Said Authenticating Agent shall be authorized to act on behalf of
the Trustee to authenticate Securities of such series issued upon exchange,
transfer or partial redemption, repurchase or conversion thereof, and Securities
so authenticated shall be entitled to the benefits of this Indenture and shall
be valid and obligatory for all purposes as if authenticated by the Trustee
hereunder. All references in this Indenture to the authentication of Securities
by the Trustee shall be deemed to include authentication by an Authenticating
Agent for such series. Each Authenticating Agent shall be acceptable to the
Company and shall be a corporation that has a combined capital and surplus, as
most recently reported or determined by it, sufficient under the laws of any
jurisdiction under which it is organized or in which it is doing business to
conduct a trust business, and that is otherwise authorized under such laws to
conduct such business and is subject to supervision or examination by federal or
state authorities. If at any time any Authenticating Agent shall cease to be
eligible in accordance with these provisions, it shall resign immediately.
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Any Authenticating Agent
may at any time resign by giving written notice of resignation to the Trustee
and to the Company. The Trustee may at any time (and upon request by the Company
shall) terminate the agency of any Authenticating Agent by giving written notice
of termination to such Authenticating Agent and to the Company. Upon
resignation, termination or cessation of eligibility of any Authenticating
Agent, the Trustee may appoint an eligible successor Authenticating Agent
acceptable to the Company. Any successor Authenticating Agent, upon acceptance
of its appointment hereunder, shall become vested with all the rights, powers
and duties of its predecessor hereunder as if originally named as an
Authenticating Agent pursuant hereto. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>10</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section
2.11</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Global Securities</FONT></B><FONT face="Times New Roman" size=2>. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><B><FONT face="Times New Roman" size=2>(a)</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><FONT face="Times New Roman" size=2>If
the Company shall establish pursuant to Section 2.01 that the Securities of a
particular series are to be issued as a Global Security, then the Company shall
execute and the Trustee shall, in accordance with Section 2.04, authenticate and
deliver, a Global Security that (i) shall represent, and shall be denominated in
an amount equal to the aggregate principal amount of, all of the Outstanding
Securities of such series, (ii) shall be registered in the name of the
Depositary or its nominee, (iii) shall be delivered by the Trustee to the
Depositary or pursuant to the Depositary&#146;s instruction (or if the Depositary
names the Trustee as its custodian, retained by the Trustee), and (iv) shall
bear a legend substantially to the following effect: &#147;Except as otherwise
provided in Section 2.11 of the Indenture, this Security may be transferred, in
whole but not in part, only to another nominee of the Depositary or to a
successor Depositary or to a nominee of such successor Depositary.&#148;</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><B><FONT face="Times New Roman" size=2>(b)</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><FONT face="Times New Roman" size=2>Notwithstanding the provisions of Section 2.05, the Global Security of a
series may be transferred, in whole but not in part and in the manner provided
in Section 2.05, only to another nominee of the Depositary for such series, or
to a successor Depositary for such series selected or approved by the Company or
to a nominee of such successor Depositary. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><B><FONT face="Times New Roman" size=2>(c)</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><FONT face="Times New Roman" size=2>If
at any time the Depositary for a series of the Securities notifies the Company
that it is unwilling or unable to continue as Depositary for such series or if
at any time the Depositary for such series shall no longer be registered or in
good standing under the Exchange Act, or other applicable statute or regulation,
and a successor Depositary for such series is not appointed by the Company
within 90 days after the Company receives such notice or becomes aware of such
condition, as the case may be, or if an Event of Default has occurred and is
continuing and the Company has received a request from the Depositary or from
the Trustee, this Section 2.11 shall no longer be applicable to the Securities
of such series and the Company will execute, and subject to Section 2.04, the
Trustee will authenticate and deliver the Securities of such series in
definitive registered form without coupons, in authorized denominations, and in
an aggregate principal amount equal to the principal amount of the Global
Security of such series in exchange for such Global Security. In addition, the
Company may at any time determine that the Securities of any series shall no
longer be represented by a Global Security and that the provisions of this
Section 2.11 shall no longer apply to the Securities of such series. In such
event the Company will execute and, subject to Section 2.04, the Trustee, upon
receipt of an Officer&#146;s Certificate evidencing such determination by the
Company, will authenticate and deliver the Securities of such series in
definitive registered form without coupons, in authorized denominations, and in
an aggregate principal amount equal to the principal amount of the Global
Security of such series in exchange for such Global Security. Upon the exchange
of the Global Security for such Securities in definitive registered form without
coupons, in authorized denominations, the Global Security shall be canceled by
the Trustee. Such Securities in definitive registered form issued in exchange
for the Global Security pursuant to this Section 2.11(c) shall be registered in
such names and in such authorized denominations as the Depositary, pursuant to
instructions from its direct or indirect participants or otherwise, shall
instruct the Trustee. The Trustee shall deliver such Securities to the
Depositary for delivery to the Persons in whose names such Securities are so
registered. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section
2.12</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><B><FONT face="Times New Roman" size=2>CUSIP Numbers</FONT></B><FONT face="Times New Roman" size=2>. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Company in issuing the
Securities may use &#147;CUSIP&#148; numbers (if then generally in use), and, if so, the
Trustee shall use &#147;CUSIP&#148; numbers in notices of redemption as a convenience to
Holders; provided that any such notice may state that no representation is made
as to the correctness of such numbers either as printed on the Securities or as
contained in any notice of a redemption and that reliance may be placed only on
the other elements of identification printed on the Securities, and any such
redemption shall not be affected by any defect in or omission of such numbers.
The Company will promptly notify the Trustee of any change in the &#147;CUSIP&#148;
numbers. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>11</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><B><FONT face="Times New Roman" size=2>ARTICLE
3</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B></P>
<P align=center><B><FONT face="Times New Roman" size=2>REDEMPTION OF SECURITIES
AND SINKING FUND PROVISIONS</FONT></B><FONT face="Times New Roman" size=2>
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section
3.01</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Redemption</FONT></B><FONT face="Times New Roman" size=2>. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Company may redeem the
Securities of any series issued hereunder on and after the dates and in
accordance with the terms established for such series pursuant to Section 2.01
hereof. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section
3.02</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Notice of Redemption</FONT></B><FONT face="Times New Roman" size=2>. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><B><FONT face="Times New Roman" size=2>(a)</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><FONT face="Times New Roman" size=2>In
case the Company shall desire to exercise such right to redeem all or, as the
case may be, a portion of the Securities of any series in accordance with any
right the Company reserved for itself to do so pursuant to Section 2.01 hereof,
the Company shall, or shall cause the Trustee to, give notice of such redemption
to holders of the Securities of such series to be redeemed by mailing, first
class postage prepaid (or with regard to any Global Security held in book entry
form, by electronic mail), a notice of such redemption not less than 30 days and
not more than 90 days before the date fixed for redemption of that series to
such holders at their last addresses as they shall appear upon the Security
Register, unless a shorter period is specified in the Securities to be redeemed.
Any notice that is mailed in the manner herein provided shall be conclusively
presumed to have been duly given, whether or not the registered holder receives
the notice. In any case, failure duly to give such notice to the holder of any
Security of any series designated for redemption in whole or in part, or any
defect in the notice, shall not affect the validity of the proceedings for the
redemption of any other Securities of such series or any other series. In the
case of any redemption of Securities prior to the expiration of any restriction
on such redemption provided in the terms of such Securities or elsewhere in this
Indenture, the Company shall furnish the Trustee with an Officer&#146;s Certificate
evidencing compliance with any such restriction. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Each such notice of
redemption shall identify the Securities to be redeemed (including CUSIP
numbers, if any), specify the date fixed for redemption and the redemption price
at which Securities of that series are to be redeemed, and shall state that
payment of the redemption price of such Securities to be redeemed will be made
at the office or agency of the Company, upon presentation and surrender of such
Securities, that interest accrued to the date fixed for redemption will be paid
as specified in said notice, that from and after said date interest will cease
to accrue and that the redemption is from a sinking fund, if such is the case.
If less than all the Securities of a series are to be redeemed, the notice to
the holders of Securities of that series to be redeemed in part shall specify
the particular Securities to be so redeemed. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>In case any Security is to
be redeemed in part only, the notice that relates to such Security shall state
the portion of the principal amount thereof to be redeemed, and shall state that
on and after the redemption date, upon surrender of such Security, a new
Security or Securities of such series in principal amount equal to the
unredeemed portion thereof will be issued. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><B><FONT face="Times New Roman" size=2>(b)</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><FONT face="Times New Roman" size=2>If
less than all the Securities of a series are to be redeemed, the Company shall
give the Trustee at least 45 days&#146; notice (unless a shorter notice shall be
satisfactory to the Trustee) in advance of the date fixed for redemption as to
the aggregate principal amount of Securities of the series to be redeemed, and
thereupon the Trustee shall select, by lot or in such other manner as it shall
deem appropriate and fair in its discretion and that may provide for the
selection of a portion or portions (equal to one thousand U.S. dollars ($1,000)
or any integral multiple thereof) of the principal amount of such Securities of
a denomination larger than $1,000, the Securities to be redeemed and shall
thereafter promptly notify the Company in writing of the numbers of the
Securities to be redeemed, in whole or in part. The Company may, if and whenever
it shall so elect, by delivery of instructions signed on its behalf by an
Officer, instruct the Trustee or any paying agent to call all or any part of the
Securities of a particular series for redemption and to give notice of
redemption in the manner set forth in this Section, such notice to be in the
name of the Company or its own name as the Trustee or such paying agent may deem
advisable. In any case in which notice of redemption is to be given by the
Trustee or any such paying agent, the Company shall deliver or cause to be
delivered to, or permit to remain with, the Trustee or such paying agent, as the
case may be, such Security Register, transfer books or other records, or
suitable copies or extracts therefrom, sufficient to enable the Trustee or such paying agent to give any
notice by mail that may be required under the provisions of this Section.
</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>12</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section
3.03</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Payment Upon Redemption</FONT></B><FONT face="Times New Roman" size=2>. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><B><FONT face="Times New Roman" size=2>(a)</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><FONT face="Times New Roman" size=2>If
the giving of notice of redemption shall have been completed as above provided,
the Securities or portions of Securities of the series to be redeemed specified
in such notice shall become due and payable on the date and at the place stated
in such notice at the applicable redemption price, together with interest
accrued to the date fixed for redemption and interest on such Securities or
portions of Securities shall cease to accrue on and after the date fixed for
redemption, unless the Company shall default in the payment of such redemption
price and accrued interest with respect to any such Security or portion thereof.
On presentation and surrender of such Securities on or after the date fixed for
redemption at the place of payment specified in the notice, said Securities
shall be paid and redeemed at the applicable redemption price for such series,
together with interest accrued thereon to the date fixed for redemption (but if
the date fixed for redemption is an Interest Payment Date, the interest
installment payable on such date shall be payable to the registered holder at
the close of business on the applicable record date pursuant to Section 2.03).
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><B><FONT face="Times New Roman" size=2>(b)</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><FONT face="Times New Roman" size=2>Upon presentation of any Security of such series that is to be redeemed
in part only, the Company shall execute and the Trustee shall authenticate and
the office or agency where the Security is presented shall deliver to the holder
thereof, at the expense of the Company, a new Security of the same series of
authorized denominations in principal amount equal to the unredeemed portion of
the Security so presented. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section
3.04</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Sinking Fund</FONT></B><FONT face="Times New Roman" size=2>. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The provisions of Sections
3.04, 3.05 and 3.06 shall be applicable to any sinking fund for the retirement
of Securities of a series, except as otherwise specified as contemplated by
Section 2.01 for Securities of such series.</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The minimum amount of any
sinking fund payment provided for by the terms of Securities of any series is
herein referred to as a &#147;mandatory sinking fund payment,&#148; and any payment in
excess of such minimum amount provided for by the terms of Securities of any
series is herein referred to as an &#147;optional sinking fund payment&#148;. If provided
for by the terms of Securities of any series, the cash amount of any sinking
fund payment may be subject to reduction as provided in Section 3.05. Each
sinking fund payment shall be applied to the redemption of Securities of any
series as provided for by the terms of Securities of such series. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section
3.05</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Satisfaction of Sinking Fund Payments with
Securities</FONT></B><FONT face="Times New Roman" size=2>. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Company (i) may deliver
Outstanding Securities of a series and (ii) may apply as a credit Securities of
a series that have been redeemed either at the election of the Company pursuant
to the terms of such Securities or through the application of permitted optional
sinking fund payments pursuant to the terms of such Securities, in each case in
satisfaction of all or any part of any sinking fund payment with respect to the
Securities of such series required to be made pursuant to the terms of such
Securities as provided for by the terms of such series, provided that such
Securities have not been previously so credited. Such Securities shall be
received and credited for such purpose by the Trustee at the redemption price
specified in such Securities for redemption through operation of the sinking
fund and the amount of such sinking fund payment shall be reduced accordingly.
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section
3.06</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Redemption of Securities for Sinking
Fund</FONT></B><FONT face="Times New Roman" size=2>. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Not less than 45 days prior
to each sinking fund payment date for any series of Securities (unless a shorter
period shall be satisfactory to the Trustee), the Company will deliver to the
Trustee an Officer&#146;s Certificate specifying the amount of the next ensuing
sinking fund payment for that series pursuant to the terms of the series, the
portion thereof, if any, that is to be satisfied by delivering and crediting
Securities of that series pursuant to Section 3.05 and the basis for such credit
and will, together with such Officer&#146;s Certificate, deliver to the Trustee any
Securities to be so delivered. Not less than 30 days before each such sinking
fund payment date the Trustee shall select the Securities to be redeemed upon
such sinking fund payment date in the manner specified in Section 3.02 and cause
notice of the redemption thereof to be given in the name of and at the expense
of the Company in the manner provided in
Section 3.02. Such notice having been duly given, the redemption of such
Securities shall be made upon the terms and in the manner stated in Section
3.03. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>13</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><B><FONT face="Times New Roman" size=2>ARTICLE
4</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B></P>
<P align=center><B><FONT face="Times New Roman" size=2>COVENANTS</FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section
4.01</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Payment of Principal, Premium and
Interest</FONT></B><FONT face="Times New Roman" size=2>. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Company will duly and
punctually pay or cause to be paid the principal of (and premium, if any) and
interest on the Securities of that series at the time and place and in the
manner provided herein and established with respect to such Securities. Payments
of principal on the Securities may be made at the time provided herein and
established with respect to such Securities by U.S. dollar check drawn on and
mailed to the address of the Securityholder entitled thereto as such address
shall appear in the Security Register, or U.S. dollar wire transfer to, a U.S.
dollar account if such Securityholder shall have furnished wire instructions to
the Trustee no later than 15 days prior to the relevant payment date. Payments
of interest on the Securities may be made at the time provided herein and
established with respect to such Securities by U.S. dollar check mailed to the
address of the Securityholder entitled thereto as such address shall appear in
the Security Register, or U.S. dollar wire transfer to, a U.S. dollar account if
such Securityholder shall have furnished wire instructions in writing to the
Security Registrar and the Trustee no later than 15 days prior to the relevant
payment date.</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section
4.02</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Maintenance of Office or Agency</FONT></B><FONT face="Times New Roman" size=2>. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>So long as any series of
the Securities remain Outstanding, the Company agrees to maintain an office or
agency with respect to each such series and at such other location or locations
as may be designated as provided in this Section 4.02, where (i) Securities of
that series may be presented for payment, (ii) Securities of that series may be
presented as herein above authorized for registration of transfer and exchange,
and (iii) notices and demands to or upon the Company in respect of the
Securities of that series and this Indenture may be given or served, such
designation to continue with respect to such office or agency until the Company
shall, by written notice signed by any officer authorized to sign an Officer&#146;s
Certificate and delivered to the Trustee, designate some other office or agency
for such purposes or any of them. If at any time the Company shall fail to
maintain any such required office or agency or shall fail to furnish the Trustee
with the address thereof, such presentations, notices and demands may be made or
served at the Corporate Trust Office of the Trustee, and the Company hereby
appoints the Trustee as its agent to receive all such presentations, notices and
demands. The Company initially appoints the Corporate Trust Office of the
Trustee as its paying agent with respect to the Securities. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section
4.03</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Paying Agents</FONT></B><FONT face="Times New Roman" size=2>. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><B><FONT face="Times New Roman" size=2>(a)</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><FONT face="Times New Roman" size=2>If
the Company shall appoint one or more paying agents for all or any series of the
Securities, other than the Trustee, the Company will cause each such paying
agent to execute and deliver to the Trustee an instrument in which such agent
shall agree with the Trustee, subject to the provisions of this
Section:</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 45pt"><B><FONT face="Times New Roman" size=2>(1)</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><FONT face="Times New Roman" size=2>that it will hold all sums held by it as such agent for the payment of
the principal of (and premium, if any) or interest on the Securities of that
series (whether such sums have been paid to it by the Company or by any other
obligor of such Securities) in trust for the benefit of the Persons entitled
thereto;</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 45pt"><B><FONT face="Times New Roman" size=2>(2)</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><FONT face="Times New Roman" size=2>that it will give the Trustee notice of any failure by the Company (or by
any other obligor of such Securities) to make any payment of the principal of
(and premium, if any) or interest on the Securities of that series when the same
shall be due and payable;</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 45pt"><B><FONT face="Times New Roman" size=2>(3)</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><FONT face="Times New Roman" size=2>that it will, at any time during the continuance of any failure referred
to in the preceding paragraph (a)(2) above, upon the written request of the
Trustee, forthwith pay to the Trustee all sums so held in trust by such paying
agent; and</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 45pt"><B><FONT face="Times New Roman" size=2>(4)</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><FONT face="Times New Roman" size=2>that it will perform all other duties of paying agent as set forth in
this Indenture. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>14</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><B><FONT face="Times New Roman" size=2>(b)</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><FONT face="Times New Roman" size=2>If
the Company shall act as its own paying agent with respect to any series of the
Securities, it will on or before each due date of the principal of (and premium,
if any) or interest on Securities of that series, set aside, segregate and hold
in trust for the benefit of the Persons entitled thereto a sum sufficient to pay
such principal (and premium, if any) or interest so becoming due on Securities
of that series until such sums shall be paid to such Persons or otherwise
disposed of as herein provided and will promptly notify the Trustee of such
action, or any failure (by it or any other obligor on such Securities) to take
such action. Whenever the Company shall have one or more paying agents for any
series of Securities, it will, prior to each due date of the principal of (and
premium, if any) or interest on any Securities of that series, deposit with the
paying agent a sum sufficient to pay the principal (and premium, if any) or
interest so becoming due, such sum to be held in trust for the benefit of the
Persons entitled to such principal, premium or interest, and (unless such paying
agent is the Trustee) the Company will promptly notify the Trustee of this
action or failure so to act. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><B><FONT face="Times New Roman" size=2>(c)</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><FONT face="Times New Roman" size=2>Notwithstanding anything in this Section to the contrary, (i) the
agreement to hold sums in trust as provided in this Section is subject to the
provisions of Section 11.05, and (ii) the Company may at any time, for the
purpose of obtaining the satisfaction and discharge of this Indenture or for any
other purpose, pay, or direct any paying agent to pay, to the Trustee all sums
held in trust by the Company or such paying agent, such sums to be held by the
Trustee upon the same terms and conditions as those upon which such sums were
held by the Company or such paying agent; and, upon such payment by the Company
or any paying agent to the Trustee, the Company or such paying agent shall be
released from all further liability with respect to such money. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section
4.04</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Appointment to Fill Vacancy in Office of
Trustee</FONT></B><FONT face="Times New Roman" size=2>. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Company, whenever
necessary to avoid or fill a vacancy in the office of Trustee, will appoint, in
the manner provided in Section 7.10, a Trustee, so that there shall at all times
be a Trustee hereunder. </FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>ARTICLE
5</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B></P>
<P STYLE="text-align: center"><B><FONT face="Times New Roman" size=2>SECURITYHOLDERS&#146; LISTS
AND REPORTS BY THE COMPANY AND THE TRUSTEE</FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section
5.01</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Company to Furnish Trustee Names and Addresses of
Securityholders</FONT></B><FONT face="Times New Roman" size=2>. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Company will furnish or
cause to be furnished to the Trustee (a) within 15 days after each regular
record date (as defined in Section 2.03) a list, in such form as the Trustee may
reasonably require, of the names and addresses of the holders of each series of
Securities as of such regular record date, provided that the Company shall not
be obligated to furnish or cause to furnish such list at any time that the list
shall not differ in any respect from the most recent list furnished to the
Trustee by the Company and (b) at such other times as the Trustee may request in
writing within 30 days after the receipt by the Company of any such request, a
list of similar form and content as of a date not more than 15 days prior to the
time such list is furnished; provided, however, that, in either case, no such
list need be furnished for any series for which the Trustee shall be the
Security Registrar. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section
5.02</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Preservation Of Information; Communications With
Securityholders</FONT></B><FONT face="Times New Roman" size=2>. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><B><FONT face="Times New Roman" size=2>(a)</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><FONT face="Times New Roman" size=2>The Trustee shall preserve, in as current a form as is reasonably
practicable, all information as to the names and addresses of the holders of
Securities contained in the most recent list furnished to it as provided in
Section 5.01 and as to the names and addresses of holders of Securities received
by the Trustee in its capacity as Security Registrar (if acting in such
capacity). </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><B><FONT face="Times New Roman" size=2>(b)</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><FONT face="Times New Roman" size=2>The Trustee may destroy any list furnished to it as provided in Section
5.01 upon receipt of a new list so furnished. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><B><FONT face="Times New Roman" size=2>(c)</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><FONT face="Times New Roman" size=2>Securityholders may communicate as provided in Section 312(b) of the
Trust Indenture Act with other Securityholders with respect to their rights
under this Indenture or under the Securities, and, in connection with any such
communications, the Trustee shall satisfy its obligations under Section 312(b)
of the Trust Indenture Act in accordance with the provisions of Section 312(b)
of the Trust Indenture Act. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>15</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section
5.03</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Reports by the Company</FONT></B><FONT face="Times New Roman" size=2>. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><B><FONT face="Times New Roman" size=2>(a)</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><FONT face="Times New Roman" size=2>The Company will at all times comply with Section 314(a) of the Trust
Indenture Act. The Company covenants and agrees to provide (which delivery may
be via electronic mail) to the Trustee within 30 days, after the Company files
the same with the Commission, copies of the annual reports and of the
information, documents and other reports (or copies of such portions of any of
the foregoing as the Commission may from time to time by rules and regulations
prescribe) that the Company is required to file with the Commission pursuant to
Section 13 or Section 15(d) of the Exchange Act; provided, however, the Company
shall not be required to deliver to the Trustee any correspondence filed with
the Commission or any materials for which the Company has sought and received
confidential treatment by the Commission; and provided further, that so long as
such filings by the Company are available on the Commission&#146;s Electronic Data
Gathering, Analysis and Retrieval System (EDGAR), or any successor system, such
filings shall be deemed to have been filed with the Trustee for purposes hereof
without any further action required by the Company. For the avoidance of doubt,
a failure by the Company to file annual reports, information and other reports
with the SEC within the time period prescribed thereof by the Commission shall
not be deemed a breach of this Section 5.03.</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><B><FONT face="Times New Roman" size=2>(b)</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><FONT face="Times New Roman" size=2>Delivery of reports, information and documents to the Trustee under
Section 5.03 is for informational purposes only and the information and the
Trustee&#146;s receipt of the foregoing shall not constitute constructive notice of
any information contained therein, or determinable from information contained
therein including the Company&#146;s compliance with any of their covenants
thereunder (as to which the Trustee is entitled to rely exclusively on an
Officer&#146;s Certificate). The Trustee is under no duty to examine any such
reports, information or documents delivered to the Trustee or filed with the SEC
via EDGAR to ensure compliance with the provision of this Indenture or to
ascertain the correctness or otherwise of the information or the statements
contained therein. The Trustee shall have no responsibility or duty whatsoever
to ascertain or determine whether the above referenced filings with the SEC on
EDGAR (or any successor system) has occurred. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section
5.04</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Reports by the Trustee</FONT></B><FONT face="Times New Roman" size=2>. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><B><FONT face="Times New Roman" size=2>(a)</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><FONT face="Times New Roman" size=2>If
required by Section 313(a) of the Trust Indenture Act, the Trustee, within sixty
(60) days after each May 1, shall transmit by mail, first class postage prepaid,
to the Securityholders, as their names and addresses appear upon the Security
Register, a brief report dated as of such May 1, which complies with Section
313(a) of the Trust Indenture Act. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><B><FONT face="Times New Roman" size=2>(b)</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><FONT face="Times New Roman" size=2>The Trustee shall comply with Section 313(b) and 313(c) of the Trust
Indenture Act. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><B><FONT face="Times New Roman" size=2>(c)</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><FONT face="Times New Roman" size=2>A
copy of each such report shall, at the time of such transmission to
Securityholders, be filed by the Trustee with the Company, with each securities
exchange upon which any Securities are listed (if so listed) and also with the
Commission. The Company agrees to notify the Trustee when any Securities become
listed on any securities exchange. </FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>ARTICLE
6</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B></P>
<P STYLE="text-align: center"><B><FONT face="Times New Roman" size=2>REMEDIES OF THE TRUSTEE
AND SECURITYHOLDERS ON EVENT OF DEFAULT</FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section
6.01</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Events of Default</FONT></B><FONT face="Times New Roman" size=2>. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><B><FONT face="Times New Roman" size=2>(a)</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><FONT face="Times New Roman" size=2>Whenever used herein with respect to Securities of a particular series,
&#147;Event of Default&#148; means any one or more of the following events that has
occurred and is continuing:</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 45pt"><B><FONT face="Times New Roman" size=2>(1)</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><FONT face="Times New Roman" size=2>the Company defaults in the payment of any installment of interest upon
any of the Securities of that series, as and when the same shall become due and
payable, and such default continues for a period of 90 days; provided, however,
that a valid extension of an interest payment period by the Company in
accordance with the terms of any indenture supplemental hereto shall not
constitute a default in the payment of interest for this purpose; </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>16</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<!-- C -->
<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 45pt"><B><FONT face="Times New Roman" size=2>(2)</FONT></B><B><FONT face=Arial size=2> </FONT></B><FONT face="Times New Roman" size=2>the Company
defaults in the payment of the principal of (or premium, if any, on) any of the
Securities of that series as and when the same shall become due and payable
whether at maturity, upon redemption, by declaration or otherwise, or in any
payment required by any sinking or analogous fund established with respect to
that series; provided, however, that a valid extension of the maturity of such
Securities in accordance with the terms of any indenture supplemental hereto
shall not constitute a default in the payment of principal or premium, if
any;</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 45pt"><B><FONT face="Times New Roman" size=2>(3)</FONT></B><B><FONT face=Arial size=2> </FONT></B><FONT face="Times New Roman" size=2>the Company
fails to observe or perform any other of its covenants or agreements with
respect to that series contained in this Indenture or otherwise established with
respect to that series of Securities pursuant to Section 2.01 hereof (other than
a covenant or agreement that has been expressly included in this Indenture
solely for the benefit of one or more series of Securities other than such
series) for a period of 90 days after the date on which written notice of such
failure, requiring the same to be remedied and stating that such notice is a
&#147;Notice of Default&#148; hereunder, shall have been given to the Company by the
Trustee, by registered or certified mail, or to the Company and the Trustee by
the holders of at least 25% in principal amount of the Securities of that series
at the time Outstanding;</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 45pt"><B><FONT face="Times New Roman" size=2>(4)</FONT></B><B><FONT face=Arial size=2> </FONT></B><FONT face="Times New Roman" size=2>the Company
pursuant to or within the meaning of any Bankruptcy Law (i) commences a
voluntary case, (ii) consents to the entry of an order for relief against it in
an involuntary case, (iii) consents to the appointment of a Custodian of it or
for all or substantially all of its property or (iv) makes a general assignment
for the benefit of its creditors; or</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 45pt"><B><FONT face="Times New Roman" size=2>(5)</FONT></B><B><FONT face=Arial size=2> </FONT></B><FONT face="Times New Roman" size=2>a court of
competent jurisdiction enters an order under any Bankruptcy Law that (i) is for
relief against the Company in an involuntary case, (ii) appoints a Custodian of
the Company for all or substantially all of its property or (iii) orders the
liquidation of the Company, and the order or decree remains unstayed and in
effect for 90 days. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><B><FONT face="Times New Roman" size=2>(b)</FONT></B><B><FONT face=Arial size=2> </FONT></B><FONT face="Times New Roman" size=2>In each and
every such case (other than an Event of Default specified in clause (4) or
clause (5) above), unless the principal of all the Securities of that series
shall have already become due and payable, either the Trustee or the holders of
not less than 25% in aggregate principal amount of the Securities of that series
then Outstanding hereunder, by notice in writing to the Company (and to the
Trustee if given by such Securityholders), may declare the principal of (and
premium, if any, on) and accrued and unpaid interest on all the Securities of
that series to be due and payable immediately, and upon any such declaration the
same shall become and shall be immediately due and payable. If an Event of
Default specified in clause (4) or clause (5) above occurs, the principal of and
accrued and unpaid interest on all the Securities of that series shall
automatically be immediately due and payable without any declaration or other
act on the part of the Trustee or the holders of the Securities. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><B><FONT face="Times New Roman" size=2>(c)</FONT></B><B><FONT face=Arial size=2> </FONT></B><FONT face="Times New Roman" size=2>At any time
after the principal of (and premium, if any, on) and accrued and unpaid interest
on the Securities of that series shall have been so declared due and payable,
and before any judgment or decree for the payment of the moneys due shall have
been obtained or entered as hereinafter provided, the holders of a majority in
aggregate principal amount of the Securities of that series then Outstanding
hereunder, by written notice to the Company and the Trustee, may rescind and
annul such declaration and its consequences if: (i) the Company has paid or
deposited with the Trustee a sum sufficient to pay all matured installments of
interest upon all the Securities of that series and the principal of (and
premium, if any, on) any and all Securities of that series that shall have
become due otherwise than by acceleration (with interest upon such principal and
premium, if any, and, to the extent that such payment is enforceable under
applicable law, upon overdue installments of interest, at the rate per annum
expressed in the Securities of that series to the date of such payment or
deposit) and the amount payable to the Trustee under Section 7.06, and (ii) any
and all Events of Default under the Indenture with respect to such series, other
than the nonpayment of principal on (and premium, if any, on) and accrued and
unpaid interest on Securities of that series that shall not have become due by
their terms, shall have been remedied or waived as provided in Section 6.06.
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>No such rescission and
annulment shall extend to or shall affect any subsequent default or impair any
right consequent thereon. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>17</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><B><FONT face="Times New Roman" size=2>(d)</FONT></B><B><FONT face=Arial size=2> </FONT></B><FONT face="Times New Roman" size=2>In case the
Trustee shall have proceeded to enforce any right with respect to Securities of
that series under this Indenture and such proceedings shall have been
discontinued or abandoned because of such rescission or annulment or for any
other reason or shall have been determined adversely to the Trustee, then and in
every such case, subject to any determination in such proceedings, the Company
and the Trustee shall be restored respectively to their former positions and
rights hereunder, and all rights, remedies and powers of the Company and the
Trustee shall continue as though no such proceedings had been taken. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section
6.02</FONT></B><B><FONT face=Arial size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Collection of Indebtedness and Suits for
Enforcement by Trustee</FONT></B><FONT face="Times New Roman" size=2>.
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><B><FONT face="Times New Roman" size=2>(a)</FONT></B><B><FONT face=Arial size=2> </FONT></B><FONT face="Times New Roman" size=2>The Company
covenants that (i) in case it shall default in the payment of any installment of
interest on any of the Securities of a series, or in any payment required by any
sinking or analogous fund established with respect to that series as and when
the same shall have become due and payable, and such default shall have
continued for a period of 90 days, or (ii) in case it shall default in the
payment of the principal of (or premium, if any, on) any of the Securities of a
series when the same shall have become due and payable, whether upon maturity of
the Securities of a series or upon redemption or upon declaration or otherwise
then, upon demand of the Trustee, the Company will pay to the Trustee, for the
benefit of the holders of the Securities of that series, the whole amount that
then shall have been become due and payable on all such Securities for principal
(and premium, if any) or interest, or both, as the case may be, with interest
upon the overdue principal (and premium, if any) and (to the extent that payment
of such interest is enforceable under applicable law) upon overdue installments
of interest at the rate per annum expressed in the Securities of that series;
and, in addition thereto, such further amount as shall be sufficient to cover
the costs and expenses of collection, and the amount payable to the Trustee
under Section 7.06. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><B><FONT face="Times New Roman" size=2>(b)</FONT></B><B><FONT face=Arial size=2> </FONT></B><FONT face="Times New Roman" size=2>If the Company
shall fail to pay such amounts forthwith upon such demand, the Trustee, in its
own name and as trustee of an express trust, shall be entitled and empowered to
institute any action or proceedings at law or in equity for the collection of
the sums so due and unpaid, and may prosecute any such action or proceeding to
judgment or final decree, and may enforce any such judgment or final decree
against the Company or other obligor upon the Securities of that series and
collect the moneys adjudged or decreed to be payable in the manner provided by
law or equity out of the property of the Company or other obligor upon the
Securities of that series, wherever situated. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><B><FONT face="Times New Roman" size=2>(c)</FONT></B><B><FONT face=Arial size=2> </FONT></B><FONT face="Times New Roman" size=2>In case of any
receivership, insolvency, liquidation, bankruptcy, reorganization, readjustment,
arrangement, composition or judicial proceedings affecting the Company, or its
creditors or property, the Trustee shall have power to intervene in such
proceedings and take any action therein that may be permitted by the court and
shall (except as may be otherwise provided by law) be entitled to file such
proofs of claim and other papers and documents as may be necessary or advisable
in order to have the claims of the Trustee and of the holders of Securities of
such series allowed for the entire amount due and payable by the Company under
the Indenture at the date of institution of such proceedings and for any
additional amount that may become due and payable by the Company after such
date, and to collect and receive any moneys or other property payable or
deliverable on any such claim, and to distribute the same after the deduction of
the amount payable to the Trustee under Section 7.06; and any receiver, assignee
or trustee in bankruptcy or reorganization is hereby authorized by each of the
holders of Securities of such series to make such payments to the Trustee, and,
in the event that the Trustee shall consent to the making of such payments
directly to such Securityholders, to pay to the Trustee any amount due it under
Section 7.06. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><B><FONT face="Times New Roman" size=2>(d)</FONT></B><B><FONT face=Arial size=2> </FONT></B><FONT face="Times New Roman" size=2>All rights of
action and of asserting claims under this Indenture, or under any of the terms
established with respect to Securities of that series, may be enforced by the
Trustee without the possession of any of such Securities, or the production
thereof at any trial or other proceeding relative thereto, and any such suit or
proceeding instituted by the Trustee shall be brought in its own name as trustee
of an express trust, and any recovery of judgment shall, after provision for
payment to the Trustee of any amounts due under Section 7.06, be for the ratable
benefit of the holders of the Securities of such series. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>In case of an Event of Default
hereunder, the Trustee may in its discretion proceed to protect and enforce the
rights vested in it by this Indenture by such appropriate judicial proceedings
as the Trustee shall deem most effectual to protect and enforce any of such
rights, either at law or in equity or in bankruptcy or otherwise, whether for
the specific enforcement of any covenant or agreement contained in the Indenture
or in aid of the exercise of any <FONT face="Times New Roman" size=2>power
granted in this Indenture, or to enforce any other legal or equitable right
vested in the Trustee by this Indenture or by law. </FONT></FONT></P>
<P align=center><FONT face="Times New Roman" size=2>18</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Nothing contained herein shall
be deemed to authorize the Trustee to authorize or consent to or accept or adopt
on behalf of any Securityholder any plan of reorganization, arrangement,
adjustment or composition affecting the Securities of that series or the rights
of any holder thereof or to authorize the Trustee to vote in respect of the
claim of any Securityholder in any such proceeding. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section
6.03</FONT></B><B><FONT face=Arial size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Application of Moneys Collected</FONT></B><FONT face="Times New Roman" size=2>. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Any moneys collected by the
Trustee pursuant to this Article with respect to a particular series of
Securities shall be applied in the following order, at the date or dates fixed
by the Trustee and, in case of the distribution of such moneys on account of
principal (or premium, if any) or interest, upon presentation of the Securities
of that series, and notation thereon of the payment, if only partially paid, and
upon surrender thereof if fully paid:</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>FIRST: To the payment of costs
and expenses of collection and of all amounts payable to the Trustee under
Section 7.06; </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>SECOND: To the payment of the
amounts then due and unpaid upon Securities of such series for principal (and
premium, if any) and interest, in respect of which or for the benefit of which
such money has been collected, ratably, without preference or priority of any
kind, according to the amounts due and payable on such Securities for principal
(and premium, if any) and interest, respectively; and</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>THIRD: To the payment of the
remainder, if any, to the Company or any other Person lawfully entitled thereto.
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section
6.04</FONT></B><B><FONT face=Arial size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Limitation on Suits</FONT></B><FONT face="Times New Roman" size=2>. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>No holder of any Security of
any series shall have any right by virtue or by availing of any provision of
this Indenture to institute any suit, action or proceeding in equity or at law
upon or under or with respect to this Indenture or for the appointment of a
receiver or trustee, or for any other remedy hereunder, unless (i) such holder
previously shall have given to the Trustee written notice of an Event of Default
and of the continuance thereof with respect to the Securities of such series
specifying such Event of Default, as hereinbefore provided; (ii) the holders of
not less than 25% in aggregate principal amount of the Securities of such series
then Outstanding shall have made written request upon the Trustee to institute
such action, suit or proceeding in its own name as Trustee hereunder; (iii) such
holder or holders shall have offered to the Trustee indemnity satisfactory to it
against the costs, expenses and liabilities to be incurred in compliance with
such request; (iv) the Trustee for 90 days after its receipt of such notice,
request and offer of indemnity, shall have failed to institute any such action,
suit or proceeding and (v) during such 90 day period, the holders of a majority
in principal amount of the Securities of that series do not give the Trustee a
direction inconsistent with the request. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Notwithstanding anything
contained herein to the contrary or any other provisions of this Indenture, the
right of any holder of any Security to receive payment of the principal of (and
premium, if any) and interest on such Security, as therein provided, on or after
the respective due dates expressed in such Security (or in the case of
redemption, on the redemption date), or to institute suit for the enforcement of
any such payment on or after such respective dates or redemption date, shall not
be impaired or affected without the consent of such holder and by accepting a
Security hereunder it is expressly understood, intended and covenanted by the
taker and holder of every Security of such series with every other such taker
and holder and the Trustee, that no one or more holders of Securities of such
series shall have any right in any manner whatsoever by virtue or by availing of
any provision of this Indenture to affect, disturb or prejudice the rights of
the holders of any other of such Securities, or to obtain or seek to obtain
priority over or preference to any other such holder, or to enforce any right
under this Indenture, except in the manner herein provided and for the equal,
ratable and common benefit of all holders of Securities of such series. For the
protection and enforcement of the provisions of this Section, each and every
Securityholder and the Trustee shall be entitled to such relief as can be given
either at law or in equity. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>19</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section
6.05</FONT></B><B><FONT face=Arial size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Rights and Remedies Cumulative; Delay or Omission
Not Waiver</FONT></B><FONT face="Times New Roman" size=2>. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><B><FONT face="Times New Roman" size=2>(a)</FONT></B><B><FONT face=Arial size=2> </FONT></B><FONT face="Times New Roman" size=2>Except as
otherwise provided in Section 2.07, all powers and remedies given by this
Article to the Trustee or to the Securityholders shall, to the extent permitted
by law, be deemed cumulative and not exclusive of any other powers and remedies
available to the Trustee or the holders of the Securities, by judicial
proceedings or otherwise, to enforce the performance or observance of the
covenants and agreements contained in this Indenture or otherwise established
with respect to such Securities. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><B><FONT face="Times New Roman" size=2>(b)</FONT></B><B><FONT face=Arial size=2> </FONT></B><FONT face="Times New Roman" size=2>No delay or
omission of the Trustee or of any holder of any of the Securities to exercise
any right or power accruing upon any Event of Default occurring and continuing
as aforesaid shall impair any such right or power, or shall be construed to be a
waiver of any such default or an acquiescence therein; and, subject to the
provisions of Section 6.04, every power and remedy given by this Article or by
law to the Trustee or the Securityholders may be exercised from time to time,
and as often as shall be deemed expedient, by the Trustee or by the
Securityholders. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section
6.06</FONT></B><B><FONT face=Arial size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Control by Securityholders</FONT></B><FONT face="Times New Roman" size=2>. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The holders of a majority in
aggregate principal amount of the Securities of any series at the time
Outstanding, determined in accordance with Section 8.04, shall have the right to
direct the time, method and place of conducting any proceeding for any remedy
available to the Trustee, or exercising any trust or power conferred on the
Trustee with respect to such series; provided, however, that such direction
shall not be in conflict with any rule of law or with this Indenture or subject
the Trustee in its sole discretion to personal liability. Subject to the
provisions of Section 7.01, the Trustee shall have the right to decline to
follow any such direction if the Trustee in good faith shall, by a Responsible
Officer or officers of the Trustee, determine that the proceeding so directed,
subject to the Trustee&#146;s duties under the Trust Indenture Act, would involve the
Trustee in personal liability or might be unduly prejudicial to the
Securityholders not involved in the proceeding. The holders of a majority in
aggregate principal amount of the Securities of any series at the time
Outstanding affected thereby, determined in accordance with Section 8.04, may on
behalf of the holders of all of the Securities of such series waive any past
default in the performance of any of the covenants contained herein or
established pursuant to Section 2.01 with respect to such series and its
consequences, except a default in the payment of the principal of, or premium,
if any, or interest on, any of the Securities of that series as and when the
same shall become due by the terms of such Securities otherwise than by
acceleration (unless such default has been cured and a sum sufficient to pay all
matured installments of interest and principal and any premium has been
deposited with the Trustee (in accordance with Section 6.01(c)). Upon any such
waiver, the default covered thereby shall be deemed to be cured for all purposes
of this Indenture and the Company, the Trustee and the holders of the Securities
of such series shall be restored to their former positions and rights hereunder,
respectively; but no such waiver shall extend to any subsequent or other default
or impair any right consequent thereon. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section
6.07</FONT></B><B><FONT face=Arial size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Undertaking to Pay Costs</FONT></B><FONT face="Times New Roman" size=2>. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>All parties to this Indenture
agree, and each holder of any Securities by such holder&#146;s acceptance thereof
shall be deemed to have agreed, that any court may in its discretion require, in
any suit for the enforcement of any right or remedy under this Indenture, or in
any suit against the Trustee for any action taken or omitted by it as Trustee,
the filing by any party litigant in such suit of an undertaking to pay the costs
of such suit, and that such court may in its discretion assess reasonable costs,
including reasonable attorneys&#146; fees and expenses, against any party litigant in
such suit, having due regard to the merits and good faith of the claims or
defenses made by such party litigant; but the provisions of this Section shall
not apply to any suit instituted by the Trustee, to any suit instituted by any
Securityholder, or group of Securityholders, holding more than 10% in aggregate
principal amount of the Outstanding Securities of any series, or to any suit
instituted by any Securityholder for the enforcement of the payment of the
principal of (or premium, if any) or interest on any Security of such series, on
or after the respective due dates expressed in such Security or established
pursuant to this Indenture. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>20</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><B><FONT face="Times New Roman" size=2>ARTICLE
7</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B></P>
<P align=center><B><FONT face="Times New Roman" size=2>CONCERNING THE
TRUSTEE</FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section
7.01</FONT></B><B><FONT face=Arial size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Certain Duties and Responsibilities of
Trustee</FONT></B><FONT face="Times New Roman" size=2>. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><B><FONT face="Times New Roman" size=2>(a)</FONT></B><B><FONT face=Arial size=2> </FONT></B><FONT face="Times New Roman" size=2>The Trustee,
prior to the occurrence of an Event of Default with respect to the Securities of
a series and after the curing of all Events of Default with respect to the
Securities of that series that may have occurred, shall undertake to perform
with respect to the Securities of such series such duties and only such duties
as are specifically set forth in this Indenture, and no implied covenants shall
be read into this Indenture against the Trustee. In case an Event of Default
with respect to the Securities of a series has occurred (that has not been cured
or waived), the Trustee shall exercise with respect to Securities of that series
such of the rights and powers vested in it by this Indenture, and use the same
degree of care and skill in their exercise, as a prudent man would exercise or
use under the circumstances in the conduct of his or her own affairs.
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><B><FONT face="Times New Roman" size=2>(b)</FONT></B><B><FONT face=Arial size=2> </FONT></B><FONT face="Times New Roman" size=2>No provision
of this Indenture shall be construed to relieve the Trustee from liability for
its own negligent action, its own negligent failure to act, or its own willful
misconduct, except that:</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><B><FONT face="Times New Roman" size=2>(i)</FONT></B><B><FONT face=Arial size=2> </FONT></B><FONT face="Times New Roman" size=2>prior to the
occurrence of an Event of Default with respect to the Securities of a series and
after the curing or waiving of all such Events of Default with respect to that
series that may have occurred:</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 45pt"><B><FONT face="Times New Roman" size=2>(A)</FONT></B><B><FONT face=Arial size=2> </FONT></B><FONT face="Times New Roman" size=2>the duties and
obligations of the Trustee shall with respect to the Securities of such series
be determined solely by the express provisions of this Indenture, and the
Trustee shall not be liable with respect to the Securities of such series except
for the performance of such duties and obligations as are specifically set forth
in this Indenture, and no implied covenants or obligations shall be read into
this Indenture against the Trustee; and</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 45pt"><B><FONT face="Times New Roman" size=2>(B)</FONT></B><B><FONT face=Arial size=2> </FONT></B><FONT face="Times New Roman" size=2>in the absence
of bad faith on the part of the Trustee, the Trustee may with respect to the
Securities of such series conclusively rely, as to the truth of the statements
and the correctness of the opinions expressed therein, upon any certificates or
opinions furnished to the Trustee and conforming to the requirements of this
Indenture; but in the case of any such certificates or opinions that by any
provision hereof are specifically required to be furnished to the Trustee, the
Trustee shall be under a duty to examine the same to determine whether or not
they conform to the requirements of this Indenture;</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><B><FONT face="Times New Roman" size=2>(ii)</FONT></B><B><FONT face=Arial size=2> </FONT></B><FONT face="Times New Roman" size=2>the Trustee
shall not be liable to any Securityholder or to any other Person for any error
of judgment made in good faith by a Responsible Officer or Responsible Officers
of the Trustee, unless it shall be proved that the Trustee was negligent in
ascertaining the pertinent facts;</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><B><FONT face="Times New Roman" size=2>(iii)</FONT></B><B><FONT face=Arial size=2> </FONT></B><FONT face="Times New Roman" size=2>the Trustee
shall not be liable with respect to any action taken or omitted to be taken by
it in good faith in accordance with the direction of the holders of not less
than a majority in principal amount of the Securities of any series at the time
Outstanding relating to the time, method and place of conducting any proceeding
for any remedy available to the Trustee, or exercising any trust or power
conferred upon the Trustee under this Indenture with respect to the Securities
of that series;</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><B><FONT face="Times New Roman" size=2>(iv)</FONT></B><B><FONT face=Arial size=2> </FONT></B><FONT face="Times New Roman" size=2>none of the
provisions contained in this Indenture shall require the Trustee to expend or
risk its own funds or otherwise incur personal financial liability in the
performance of any of its duties or in the exercise of any of its rights or
powers if there is reasonable ground for believing that the repayment of such
funds or liability is not reasonably assured to it under the terms of this
Indenture or adequate indemnity against such risk is not reasonably assured to
it; </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><B><FONT face="Times New Roman" size=2>(v)</FONT></B><B><FONT face=Arial size=2> </FONT></B><FONT face="Times New Roman" size=2>The Trustee
shall not be required to give any bond or surety in respect of the performance
of its powers or duties hereunder; </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><B><FONT face="Times New Roman" size=2>(vi)</FONT></B><B><FONT face=Arial size=2> </FONT></B><FONT face="Times New Roman" size=2>The permissive
right of the Trustee to do things enumerated in this Indenture shall not be
construed as a duty of the Trustee; and </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>21</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><B><FONT face="Times New Roman" size=2>(vii)</FONT></B><B><FONT face=Arial size=2> </FONT></B><FONT face="Times New Roman" size=2>No Trustee
shall have any duty or responsibility for any act or omission of any other
Trustee appointed with respect to a series of Securities hereunder. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section
7.02</FONT></B><B><FONT face=Arial size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Certain Rights of Trustee</FONT></B><FONT face="Times New Roman" size=2>. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Except as otherwise
provided in Section 7.01:</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><B><FONT face="Times New Roman" size=2>(a)</FONT></B><B><FONT face=Arial size=2> </FONT></B><FONT face="Times New Roman" size=2>The Trustee
may conclusively rely and shall be protected in acting or refraining from acting
upon any resolution, certificate, statement, instrument, opinion, report,
notice, request, consent, order, approval, bond, security or other paper or
document believed by it to be genuine and to have been signed or presented by
the proper party or parties;</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><B><FONT face="Times New Roman" size=2>(b)</FONT></B><B><FONT face=Arial size=2> </FONT></B><FONT face="Times New Roman" size=2>Any request,
direction, order or demand of the Company mentioned herein shall be sufficiently
evidenced by a Board Resolution or an instrument signed in the name of the
Company by any authorized officer of the Company (unless other evidence in
respect thereof is specifically prescribed herein);</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><B><FONT face="Times New Roman" size=2>(c)</FONT></B><B><FONT face=Arial size=2> </FONT></B><FONT face="Times New Roman" size=2>The Trustee
may consult with counsel and the opinion or written advice of such counsel or,
if requested, any Opinion of Counsel shall be full and complete authorization
and protection in respect of any action taken or suffered or omitted hereunder
in good faith and in reliance thereon;</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><B><FONT face="Times New Roman" size=2>(d)</FONT></B><B><FONT face=Arial size=2> </FONT></B><FONT face="Times New Roman" size=2>The Trustee
shall be under no obligation to exercise any of the rights or powers vested in
it by this Indenture at the request, order or direction of any of the
Securityholders pursuant to the provisions of this Indenture, unless such
Securityholders shall have offered to the Trustee security or indemnity
reasonably acceptable to the Trustee against the costs, expenses and liabilities
that may be incurred therein or thereby; nothing contained herein shall,
however, relieve the Trustee of the obligation, upon the occurrence of an Event
of Default with respect to a series of the Securities (that has not been cured
or waived), to exercise with respect to Securities of that series such of the
rights and powers vested in it by this Indenture, and to use the same degree of
care and skill in their exercise, as a prudent man would exercise or use under
the circumstances in the conduct of his or her own affairs;</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><B><FONT face="Times New Roman" size=2>(e)</FONT></B><B><FONT face=Arial size=2> </FONT></B><FONT face="Times New Roman" size=2>The Trustee
shall not be liable for any action taken or omitted to be taken by it in good
faith and believed by it to be authorized or within the discretion or rights or
powers conferred upon it by this Indenture;</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><B><FONT face="Times New Roman" size=2>(f)</FONT></B><B><FONT face=Arial size=2> </FONT></B><FONT face="Times New Roman" size=2>The Trustee
shall not be bound to make any investigation into the facts or matters stated in
any resolution, certificate, statement, instrument, opinion, report, notice,
request, consent, order, approval, bond, security, or other papers or documents
or inquire as to the performance by the Company of one of its covenants under
this Indenture, unless requested in writing so to do by the holders of not less
than a majority in principal amount of the Outstanding Securities of the
particular series affected thereby (determined as provided in Section 8.04);
provided, however, that if the payment within a reasonable time to the Trustee
of the costs, expenses or liabilities likely to be incurred by it in the making
of such investigation is, in the opinion of the Trustee, not reasonably assured
to the Trustee by the security afforded to it by the terms of this Indenture,
the Trustee may require security or indemnity reasonably acceptable to the
Trustee against such costs, expenses or liabilities as a condition to so
proceeding. The reasonable expense of every such examination shall be paid by
the Company or, if paid by the Trustee, shall be repaid by the Company upon
demand;</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><B><FONT face="Times New Roman" size=2>(g)</FONT></B><B><FONT face=Arial size=2> </FONT></B><FONT face="Times New Roman" size=2>The Trustee
may execute any of the trusts or powers hereunder or perform any duties
hereunder either directly or by or through agents or attorneys and the Trustee
shall not be responsible for any misconduct or negligence on the part of any
agent or attorney appointed with due care by it hereunder; </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><B><FONT face="Times New Roman" size=2>(h)</FONT></B><B><FONT face=Arial size=2> </FONT></B><FONT face="Times New Roman" size=2>In no event
shall the Trustee be responsible or liable for any failure or delay in the
performance of its obligations hereunder arising out of or caused by, directly
or indirectly, forces beyond its control, including, without limitation,
strikes, work stoppages, accidents, acts of war or terrorism, civil or military
disturbances, nuclear or natural catastrophes or acts of God, and interruptions,
loss or malfunctions of utilities, communications or computer (software and
hardware) services; it being understood that the Trustee shall use <FONT face="Times New Roman" size=2>reasonable efforts which are consistent with
accepted practices in the banking industry to resume performance as soon as
practicable under the circumstances;</FONT></FONT></P>
<P align=center><FONT face="Times New Roman" size=2>22</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><B><FONT face="Times New Roman" size=2>(i)</FONT></B><B><FONT face=Arial size=2> </FONT></B><FONT face="Times New Roman" size=2>In no event
shall the Trustee be responsible or liable for special, indirect, punitive or
consequential loss or damage of any kind whatsoever (including, but not limited
to, loss of profit) irrespective of whether the Trustee has been advised of the
likelihood of such loss or damage and regardless of the form of action; and
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><B><FONT face="Times New Roman" size=2>(j)</FONT></B><B><FONT face=Arial size=2> </FONT></B><FONT face="Times New Roman" size=2>The Trustee
agrees to accept and act upon instructions or directions pursuant to this
Indenture sent by unsecured e-mail, facsimile transmission or other similar
unsecured electronic methods; provided, however, that (a) the party providing
such written instructions, subsequent to such transmission of written
instructions, shall provide the originally executed instructions or directions
to the Trustee in a timely manner, and (b) such originally executed instructions
or directions shall be signed by an authorized representative of the party
providing such instructions or directions. If the party elects to give the
Trustee e-mail or facsimile instructions (or instructions by a similar
electronic method) and the Trustee in its discretion elects to act upon such
instructions, the Trustee&#146;s understanding of such instructions shall be deemed
controlling. The Trustee shall not be liable for any losses, costs or expenses
arising directly or indirectly from the Trustee&#146;s reliance upon and compliance
with such instructions notwithstanding such instructions conflict or are
inconsistent with a subsequent written instruction. The party providing
electronic instructions agrees to assume all risks arising out of the use of
such electronic methods to submit instructions and directions to the Trustee,
including without limitation the risk of the Trustee acting on unauthorized
instructions, and the risk or interception and misuse by third parties. The
Trustee may request that the Company deliver an Officer&#146;s Certificate setting
forth the names of individuals and/or titles of officers authorized at such time
to furnish the Trustee with Officer&#146;s Certificates, Company Orders and any other
matters or directions pursuant to this Indenture. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><B><FONT face="Times New Roman" size=2>(k)</FONT></B><B><FONT face=Arial size=2> </FONT></B><FONT face="Times New Roman" size=2>The rights,
privileges, protections, immunities and benefits given to the Trustee,
including, without limitation, its right to be indemnified, are extended to, and
shall be enforceable by, the Trustee in each of its capacities hereunder.
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><B><FONT face="Times New Roman" size=2>(l)</FONT></B><B><FONT face=Arial size=2> </FONT></B><FONT face="Times New Roman" size=2>The Trustee
shall not be deemed to have knowledge of any Default or Event of Default (other
than an Event of Default relating to the failure to pay the interest on, or the
principal of, the Securities) until the Trustee shall have received written
notification in the manner set forth in this Indenture or a Responsible Officer
of the Trustee shall have obtained actual knowledge.</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section
7.03</FONT></B><B><FONT face=Arial size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Trustee Not Responsible for Recitals or Issuance
or Securities</FONT></B><FONT face="Times New Roman" size=2>. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><B><FONT face="Times New Roman" size=2>(a)</FONT></B><B><FONT face=Arial size=2> </FONT></B><FONT face="Times New Roman" size=2>The recitals
contained herein and in the Securities shall be taken as the statements of the
Company, and the Trustee assumes no responsibility for the correctness of the
same. The Trustee shall not be responsible for any statement in any registration
statement, prospectus, or any other document in connection with the sale of
Securities. The Trustee shall not be responsible for any rating on the
Securities or any action or omission of any rating agency. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><B><FONT face="Times New Roman" size=2>(b)</FONT></B><B><FONT face=Arial size=2> </FONT></B><FONT face="Times New Roman" size=2>The Trustee
makes no representations as to the validity or sufficiency of this Indenture or
of the Securities.</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><B><FONT face="Times New Roman" size=2>(c)</FONT></B><B><FONT face=Arial size=2> </FONT></B><FONT face="Times New Roman" size=2>The Trustee
shall not be accountable for the use or application by the Company of any of the
Securities or of the proceeds of such Securities, or for the use or application
of any moneys paid over by the Trustee in accordance with any provision of this
Indenture or established pursuant to Section 2.01, or for the use or application
of any moneys received by any paying agent other than the Trustee. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section
7.04</FONT></B><B><FONT face=Arial size=2> </FONT></B><B><FONT face="Times New Roman" size=2>May Hold Securities</FONT></B><FONT face="Times New Roman" size=2>. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Trustee or any paying
agent or Security Registrar, in its individual or any other capacity, may become
the owner or pledgee of Securities with the same rights it would have if it were
not Trustee, paying agent or Security Registrar. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>23</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section
7.05</FONT></B><B><FONT face=Arial size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Moneys Held in Trust</FONT></B><FONT face="Times New Roman" size=2>. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Subject to the provisions
of Section 11.05, all moneys received by the Trustee shall, until used or
applied as herein provided, be held in trust for the purposes for which they
were received, but need not be segregated from other funds except to the extent
required by law. The Trustee shall be under no liability for interest on any
moneys received by it hereunder except such as it may agree with the Company to
pay thereon. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section
7.06</FONT></B><B><FONT face=Arial size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Compensation and Reimbursement</FONT></B><FONT face="Times New Roman" size=2>. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><B><FONT face="Times New Roman" size=2>(a)</FONT></B><B><FONT face=Arial size=2> </FONT></B><FONT face="Times New Roman" size=2>The Company
shall pay to the Trustee for each of its capacities hereunder from time to time
compensation for its services as the Company and the Trustee shall from time to
time agree upon in writing. The Trustee&#146;s compensation shall not be limited by
any law on compensation of a trustee of an express trust. The Company shall
reimburse the Trustee upon request for all reasonable out-of-pocket expenses
incurred by it. Such expenses shall include the reasonable compensation and
expenses of the Trustee&#146;s agents and counsel.</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><B><FONT face="Times New Roman" size=2>(b)</FONT></B><B><FONT face=Arial size=2> </FONT></B><FONT face="Times New Roman" size=2>The Company
shall indemnify each of the Trustee in each of its capacities hereunder against
any loss, liability or expense (including the cost of defending itself and
including the reasonable compensation and expenses of the Trustee&#146;s agents and
counsel) incurred by it except as set forth in Section 7.06(c) in the exercise
or performance of its powers, rights or duties under this Indenture as Trustee
or Agent. The Trustee shall notify the Company promptly of any claim for which
it may seek indemnity. The Company shall defend the claim and the Trustee shall
cooperate in the defense. The Trustee may have one separate counsel and the
Company shall pay the reasonable fees and expenses of such counsel. The Company
need not pay for any settlement made without its consent, which consent shall
not be unreasonably withheld. This indemnification shall apply to officers,
directors, employees, shareholders and agents of the Trustee. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><B><FONT face="Times New Roman" size=2>(c)</FONT></B><B><FONT face=Arial size=2> </FONT></B><FONT face="Times New Roman" size=2>The Company
need not reimburse any expense or indemnify against any loss or liability
incurred by the Trustee or by any officer, director, employee, shareholder or
agent of the Trustee through negligence or bad faith. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><B><FONT face="Times New Roman" size=2>(d)</FONT></B><B><FONT face=Arial size=2> </FONT></B><FONT face="Times New Roman" size=2>To ensure the
Company&#146;s payment obligations in this Section, the Trustee shall have a lien
prior to the Securities on all funds or property held or collected by the
Trustee, except that held in trust to pay principal of or interest on particular
Securities. When the Trustee incurs expenses or renders services in connection
with an Event of Default specified in Section 6.01(4) or (5), the expenses
(including the reasonable fees and expenses of its counsel) and the compensation
for services in connection therewith are to constitute expenses of
administration under any bankruptcy law. The provisions of this Section 7.06
shall survive the termination of this Indenture and the resignation or removal
of the Trustee. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section
7.07</FONT></B><B><FONT face=Arial size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Reliance on Officer&#146;s Certificate</FONT></B><FONT face="Times New Roman" size=2>. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Except as otherwise
provided in Section 7.01, whenever in the administration of the provisions of
this Indenture the Trustee shall deem it reasonably necessary or desirable that
a matter be proved or established prior to taking or suffering or omitting to
take any action hereunder, such matter (unless other evidence in respect thereof
be herein specifically prescribed) may, in the absence of negligence or bad
faith on the part of the Trustee, be deemed to be conclusively proved and
established by an Officer&#146;s Certificate delivered to the Trustee and such
certificate, in the absence of negligence or bad faith on the part of the
Trustee, shall be full warrant to the Trustee for any action taken, suffered or
omitted to be taken by it under the provisions of this Indenture upon the faith
thereof. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section
7.08</FONT></B><B><FONT face=Arial size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Disqualification; Conflicting
Interests</FONT></B><FONT face="Times New Roman" size=2>. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>If the Trustee has or shall
acquire any &#147;conflicting interest&#148; within the meaning of Section 310(b) of the
Trust Indenture Act, the Trustee and the Company shall in all respects comply
with the provisions of Section 310(b) of the Trust Indenture Act. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>24</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section
7.09</FONT></B><B><FONT face=Arial size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Corporate Trustee Required;
Eligibility</FONT></B><FONT face="Times New Roman" size=2>. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>There shall at all times be
a Trustee with respect to the Securities issued hereunder which shall at all
times be a corporation organized and doing business under the laws of the United
States of America or any state or territory thereof or of the District of
Columbia, or a corporation or other Person permitted to act as trustee by the
Commission, authorized under such laws to exercise corporate trust powers,
having a combined capital and surplus of at least fifty million U.S. dollars
($50,000,000), and subject to supervision or examination by federal, state,
territorial, or District of Columbia authority. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>If such corporation or
other Person publishes reports of condition at least annually, pursuant to law
or to the requirements of the aforesaid supervising or examining authority, then
for the purposes of this Section, the combined capital and surplus of such
corporation or other Person shall be deemed to be its combined capital and
surplus as set forth in its most recent report of condition so published. The
Company may not, nor may any Person directly or indirectly controlling,
controlled by, or under common control with the Company, serve as Trustee. In
case at any time the Trustee shall cease to be eligible in accordance with the
provisions of this Section, the Trustee shall resign immediately in the manner
and with the effect specified in Section 7.10. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section
7.10</FONT></B><B><FONT face=Arial size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Resignation and Removal; Appointment of
Successor</FONT></B><FONT face="Times New Roman" size=2>. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><B><FONT face="Times New Roman" size=2>(a)</FONT></B><B><FONT face=Arial size=2> </FONT></B><FONT face="Times New Roman" size=2>The Trustee or
any successor hereafter appointed may at any time resign with respect to the
Securities of one or more series by giving written notice thereof to the Company
and by transmitting notice of resignation by mail, first class postage prepaid,
to the Securityholders of such series, as their names and addresses appear upon
the Security Register. Upon receiving such notice of resignation, the Company
shall promptly appoint a successor trustee with respect to Securities of such
series by written instrument, in duplicate, executed by order of the Board of
Directors, one copy of which instrument shall be delivered to the resigning
Trustee and one copy to the successor trustee. If no successor trustee shall
have been so appointed and have accepted appointment within 30 days after the
mailing of such notice of resignation, the resigning Trustee may petition any
court of competent jurisdiction for the appointment of a successor trustee with
respect to Securities of such series, or any Securityholder of that series who
has been a bona fide holder of a Security or Securities for at least six months
may on behalf of himself and all others similarly situated, petition any such
court for the appointment of a successor trustee. Such court may thereupon after
such notice, if any, as it may deem proper and prescribe, appoint a successor
trustee. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><B><FONT face="Times New Roman" size=2>(b)</FONT></B><B><FONT face=Arial size=2> </FONT></B><FONT face="Times New Roman" size=2>In case at any
time any one of the following shall occur:</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 45pt"><B><FONT face="Times New Roman" size=2>(i)</FONT></B><B><FONT face=Arial size=2> </FONT></B><FONT face="Times New Roman" size=2>the Trustee
shall fail to comply with the provisions of Section 7.08 after written request
therefor by the Company or by any Securityholder who has been a bona fide holder
of a Security or Securities for at least six months; or</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 45pt"><B><FONT face="Times New Roman" size=2>(ii)</FONT></B><B><FONT face=Arial size=2> </FONT></B><FONT face="Times New Roman" size=2>the Trustee
shall cease to be eligible in accordance with the provisions of Section 7.09 and
shall fail to resign after written request therefor by the Company or by any
such Securityholder; or</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 45pt"><B><FONT face="Times New Roman" size=2>(iii)</FONT></B><B><FONT face=Arial size=2> </FONT></B><FONT face="Times New Roman" size=2>the Trustee
shall become incapable of acting, or shall be adjudged a bankrupt or insolvent,
or commence a voluntary bankruptcy proceeding, or a receiver of the Trustee or
of its property shall be appointed or consented to, or any public officer shall
take charge or control of the Trustee or of its property or affairs for the
purpose of rehabilitation, conservation or liquidation;</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>then, in any such case, the
Company may remove the Trustee with respect to all Securities and appoint a
successor trustee by written instrument, in duplicate, executed by order of the
Board of Directors, one copy of which instrument shall be delivered to the
Trustee so removed and one copy to the successor trustee, or any Securityholder
who has been a bona fide holder of a Security or Securities for at least six
months may, on behalf of that holder and all others similarly situated, petition
any court of competent jurisdiction for the removal of the Trustee and the
appointment of a successor trustee. Such court may thereupon after such notice,
if any, as it may deem proper and prescribe, remove the Trustee and appoint a
successor trustee. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>25</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><B><FONT face="Times New Roman" size=2>(c)</FONT></B><B><FONT face=Arial size=2> </FONT></B><FONT face="Times New Roman" size=2>The holders of
a majority in aggregate principal amount of the Securities of any series at the
time Outstanding may at any time remove the Trustee with respect to such series
by so notifying the Trustee and the Company and may appoint a successor Trustee
for such series with the consent of the Company. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><B><FONT face="Times New Roman" size=2>(d)</FONT></B><B><FONT face=Arial size=2> </FONT></B><FONT face="Times New Roman" size=2>Any
resignation or removal of the Trustee and appointment of a successor trustee
with respect to the Securities of a series pursuant to any of the provisions of
this Section shall become effective upon acceptance of appointment by the
successor trustee as provided in Section 7.11. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><B><FONT face="Times New Roman" size=2>(e)</FONT></B><B><FONT face=Arial size=2> </FONT></B><FONT face="Times New Roman" size=2>Any successor
trustee appointed pursuant to this Section may be appointed with respect to the
Securities of one or more series or all of such series, and at any time there
shall be only one Trustee with respect to the Securities of any particular
series. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section
7.11</FONT></B><B><FONT face=Arial size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Acceptance of Appointment By
Successor</FONT></B><FONT face="Times New Roman" size=2>. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><B><FONT face="Times New Roman" size=2>(a)</FONT></B><B><FONT face=Arial size=2> </FONT></B><FONT face="Times New Roman" size=2>In case of the
appointment hereunder of a successor trustee with respect to all Securities,
every such successor trustee so appointed shall execute, acknowledge and deliver
to the Company and to the retiring Trustee an instrument accepting such
appointment, and thereupon the resignation or removal of the retiring Trustee
shall become effective and such successor trustee, without any further act, deed
or conveyance, shall become vested with all the rights, powers, trusts and
duties of the retiring Trustee; but, on the request of the Company or the
successor trustee, such retiring Trustee shall, upon payment of its charges,
execute and deliver an instrument transferring to such successor trustee all the
rights, powers, and trusts of the retiring Trustee and shall duly assign,
transfer and deliver to such successor trustee all property and money held by
such retiring Trustee hereunder. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><B><FONT face="Times New Roman" size=2>(b)</FONT></B><B><FONT face=Arial size=2> </FONT></B><FONT face="Times New Roman" size=2>In case of the
appointment hereunder of a successor trustee with respect to the Securities of
one or more (but not all) series, the Company, the retiring Trustee and each
successor trustee with respect to the Securities of one or more series shall
execute and deliver an indenture supplemental hereto wherein each successor
trustee shall accept such appointment and which (i) shall contain such
provisions as shall be necessary or desirable to transfer and confirm to, and to
vest in, each successor trustee all the rights, powers, trusts and duties of the
retiring Trustee with respect to the Securities of that or those series to which
the appointment of such successor trustee relates, (ii) shall contain such
provisions as shall be deemed necessary or desirable to confirm that all the
rights, powers, trusts and duties of the retiring Trustee with respect to the
Securities of that or those series as to which the retiring Trustee is not
retiring shall continue to be vested in the retiring Trustee, and (iii) shall
add to or change any of the provisions of this Indenture as shall be necessary
to provide for or facilitate the administration of the trusts hereunder by more
than one Trustee, it being understood that nothing herein or in such
supplemental indenture shall constitute such Trustees co-trustees of the same
trust, that each such Trustee shall be trustee of a trust or trusts hereunder
separate and apart from any trust or trusts hereunder administered by any other
such Trustee and that no Trustee shall be responsible for any act or failure to
act on the part of any other Trustee hereunder; and upon the execution and
delivery of such supplemental indenture the resignation or removal of the
retiring Trustee shall become effective to the extent provided therein, such
retiring Trustee shall with respect to the Securities of that or those series to
which the appointment of such successor trustee relates have no further
responsibility for the exercise of rights and powers or for the performance of
the duties and obligations vested in the Trustee under this Indenture, and each
such successor trustee, without any further act, deed or conveyance, shall
become vested with all the rights, powers, trusts and duties of the retiring
Trustee with respect to the Securities of that or those series to which the
appointment of such successor trustee relates; but, on request of the Company or
any successor trustee, such retiring Trustee shall duly assign, transfer and
deliver to such successor trustee, to the extent contemplated by such
supplemental indenture, the property and money held by such retiring Trustee
hereunder with respect to the Securities of that or those series to which the
appointment of such successor trustee relates. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><B><FONT face="Times New Roman" size=2>(c)</FONT></B><B><FONT face=Arial size=2> </FONT></B><FONT face="Times New Roman" size=2>Upon request
of any such successor trustee, the Company shall execute any and all instruments
for more fully and certainly vesting in and confirming to such successor trustee
all such rights, powers and trusts referred to in paragraph (a) or (b) of this
Section, as the case may be. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><B><FONT face="Times New Roman" size=2>(d)</FONT></B><B><FONT face=Arial size=2> </FONT></B><FONT face="Times New Roman" size=2>No successor
trustee shall accept its appointment unless at the time of such acceptance such
successor trustee shall be qualified and eligible under this Article.
</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>26</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><B><FONT face="Times New Roman" size=2>(e)</FONT></B><B><FONT face=Arial size=2> </FONT></B><FONT face="Times New Roman" size=2>Upon
acceptance of appointment by a successor trustee as provided in this Section,
the Company shall transmit notice of the succession of such trustee hereunder by
mail, first class postage prepaid, to the Securityholders, as their names and
addresses appear upon the Security Register. If the Company fails to transmit
such notice within ten days after acceptance of appointment by the successor
trustee, the successor trustee shall cause such notice to be transmitted at the
expense of the Company. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section
7.12</FONT></B><B><FONT face=Arial size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Merger, Conversion, Consolidation or Succession to
Business</FONT></B><FONT face="Times New Roman" size=2>. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Any corporation into which
the Trustee may be merged or converted or with which it may be consolidated, or
any corporation resulting from any merger, conversion or consolidation to which
the Trustee shall be a party, or any corporation succeeding to all or
substantially all the corporate trust business of the Trustee, including the
administration of the trust created by this Indenture, shall be the successor of
the Trustee hereunder, provided that such corporation shall be qualified under
the provisions of Section 7.08 and eligible under the provisions of Section
7.09, without the execution or filing of any paper or any further act on the
part of any of the parties hereto, anything herein to the contrary
notwithstanding. In case any Securities shall have been authenticated, but not
delivered, by the Trustee then in office, any successor by merger, conversion or
consolidation to such authenticating Trustee may adopt such authentication and
deliver the Securities so authenticated with the same effect as if such
successor Trustee had itself authenticated such Securities. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section
7.13</FONT></B><B><FONT face=Arial size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Preferential Collection of Claims Against the
Company</FONT></B><FONT face="Times New Roman" size=2>. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Trustee shall comply
with Section 311(a) of the Trust Indenture Act, excluding any creditor
relationship described in Section 311(b) of the Trust Indenture Act. A Trustee
who has resigned or been removed shall be subject to Section 311(a) of the Trust
Indenture Act to the extent included therein. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section
7.14</FONT></B><B><FONT face=Arial size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Notice of Default</FONT></B><FONT face="Times New Roman" size=2>.</FONT><B><FONT face="Times New Roman" size=2>
</FONT></B><FONT face="Times New Roman" size=2></FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>If any Event of Default
occurs and is continuing and if such Event of Default is known to a Responsible
Officer of the Trustee, the Trustee shall mail to each Securityholder in the
manner and to the extent provided in Section 313(c) of the Trust Indenture Act
notice of the Event of Default within the earlier of 90 days after it occurs and
30 days after it is known to a Responsible Officer of the Trustee or written
notice of it is received by the Trustee, unless such Event of Default has been
cured; </FONT><I><FONT face="Times New Roman" size=2>provided,
however</FONT></I><FONT face="Times New Roman" size=2>, that, except in the case
of a default in the payment of the principal of (or premium, if any) or interest
on any Security, the Trustee shall be protected in withholding such notice if
and so long as the Responsible Officers of the Trustee in good faith determine
that the withholding of such notice is in the interest of the Securityholders.
</FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>ARTICLE
8</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B></P>
<P align=center><B><FONT face="Times New Roman" size=2>CONCERNING THE
SECURITYHOLDERS</FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section
8.01</FONT></B><B><FONT face=Arial size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Evidence of Action by
Securityholders</FONT></B><FONT face="Times New Roman" size=2>. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Whenever in this Indenture
it is provided that the holders of a majority or specified percentage in
aggregate principal amount of the Securities of a particular series may take any
action (including the making of any demand or request, the giving of any notice,
consent or waiver or the taking of any other action), the fact that at the time
of taking any such action the holders of such majority or specified percentage
of that series have joined therein may be evidenced by any instrument or any
number of instruments of similar tenor executed by such holders of Securities of
that series in person or by agent or proxy appointed in writing. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>If the Company shall
solicit from the Securityholders of any series any request, demand,
authorization, direction, notice, consent, waiver or other action, the Company
may, at its option, as evidenced by an Officer&#146;s Certificate, fix in advance a
record date for such series for the determination of Securityholders entitled to
give such request, demand, authorization, direction, notice, consent, waiver or
other action, but the Company shall have no obligation to do so. If such a
record date is fixed, such request, demand, authorization, direction, notice,
consent, waiver or other action may be given before or after the record date,
but only the Securityholders of record at the close of business on the
record date shall be deemed to be Securityholders for the purposes of
determining whether Securityholders of the requisite proportion of Outstanding
Securities of that series have authorized or agreed or consented to such
request, demand, authorization, direction, notice, consent, waiver or other
action, and for that purpose the Outstanding Securities of that series shall be
computed as of the record date; provided, however, that no such authorization,
agreement or consent by such Securityholders on the record date shall be deemed
effective unless it shall become effective pursuant to the provisions of this
Indenture not later than six months after the record date. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>27</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>

<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section
8.02</FONT></B><B><FONT face=Arial size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Proof of Execution by
Securityholders</FONT></B><FONT face="Times New Roman" size=2>. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Subject to the provisions
of Section 7.01, proof of the execution of any instrument by a Securityholder
(such proof will not require notarization) or his or her agent or proxy and
proof of the holding by any Person of any of the Securities shall be sufficient
if made in the following manner: </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><B><FONT face="Times New Roman" size=2>(a)</FONT></B><B><FONT face=Arial size=2> </FONT></B><FONT face="Times New Roman" size=2>The fact and
date of the execution by any such Person of any instrument may be proved in any
reasonable manner acceptable to the Trustee.</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><B><FONT face="Times New Roman" size=2>(b)</FONT></B><B><FONT face=Arial size=2> </FONT></B><FONT face="Times New Roman" size=2>The ownership
of Securities shall be proved by the Security Register of such Securities or by
a certificate of the Security Registrar thereof. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>The Trustee may require
such additional proof of any matter referred to in this Section as it shall deem
necessary. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section
8.03</FONT></B><B><FONT face=Arial size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Who May be Deemed Owners</FONT></B><FONT face="Times New Roman" size=2>. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Prior to the due
presentment for registration of transfer of any Security, the Company, the
Trustee, any paying agent and any Security Registrar may deem and treat the
Person in whose name such Security shall be registered upon the books of the
Security Registrar as the absolute owner of such Security (whether or not such
Security shall be overdue and notwithstanding any notice of ownership or writing
thereon made by anyone other than the Security Registrar) for the purpose of
receiving payment of or on account of the principal of, premium, if any, and
(subject to Section 2.03) interest on such Security and for all other purposes;
and neither the Company nor the Trustee nor any paying agent nor any Security
Registrar shall be affected by any notice to the contrary. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section
8.04</FONT></B><B><FONT face=Arial size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Certain Securities Owned by Company
Disregarded</FONT></B><FONT face="Times New Roman" size=2>. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>In determining whether the
holders of the requisite aggregate principal amount of Securities of a
particular series have concurred in any direction, consent or waiver under this
Indenture, the Securities of that series that are owned by the Company or any
other obligor on the Securities of that series or by any Person directly or
indirectly controlling or controlled by or under common control with the Company
or any other obligor on the Securities of that series shall be disregarded and
deemed not to be Outstanding for the purpose of any such determination, except
that for the purpose of determining whether the Trustee shall be protected in
relying on any such direction, consent or waiver, only Securities of such series
that the Trustee actually knows are so owned shall be so disregarded. The
Securities so owned that have been pledged in good faith may be regarded as
Outstanding for the purposes of this Section, if the pledgee shall establish to
the satisfaction of the Trustee the pledgee&#146;s right so to act with respect to
such Securities and that the pledgee is not a Person directly or indirectly
controlling or controlled by or under direct or indirect common control with the
Company or any such other obligor. In case of a dispute as to such right, any
decision by the Trustee taken upon the advice of counsel shall be full
protection to the Trustee. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section
8.05</FONT></B><B><FONT face=Arial size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Actions Binding on Future
Securityholders</FONT></B><FONT face="Times New Roman" size=2>. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>At any time prior to (but
not after) the evidencing to the Trustee, as provided in Section 8.01, of the
taking of any action by the holders of the majority or percentage in aggregate
principal amount of the Securities of a particular series specified in this
Indenture in connection with such action, any holder of a Security of that
series that is shown by the evidence to be included in the Securities the
holders of which have consented to such action may, by filing written notice
with the Trustee, and upon proof of holding as provided in Section 8.02, revoke
such action so far as concerns such Security. Except as aforesaid any such
action taken by the holder of any Security shall be conclusive and binding upon
such holder and upon all future holders and owners of such Security, and of any
Security issued in exchange therefor, on registration of transfer thereof or in
place thereof, irrespective of whether or not any notation in regard thereto is
made upon such Security. Any action taken by the holders of the majority or
percentage in aggregate principal amount of the Securities of a particular
series specified in this Indenture in connection with such action shall be
conclusively binding upon the Company, the Trustee and the holders of all the
Securities of that series.</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>28</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><B><FONT face="Times New Roman" size=2>ARTICLE
9</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B></P>
<P align=center><B><FONT face="Times New Roman" size=2>SUPPLEMENTAL
INDENTURES</FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section
9.01</FONT></B><B><FONT face=Arial size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Supplemental Indentures Without the Consent of
Securityholders</FONT></B><FONT face="Times New Roman" size=2>. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>In addition to any
supplemental indenture otherwise authorized by this Indenture, the Company and
the Trustee may from time to time and at any time enter into an indenture or
indentures supplemental hereto (which shall conform to the provisions of the
Trust Indenture Act as then in effect), without the consent of the
Securityholders, for one or more of the following purposes:</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><B><FONT face="Times New Roman" size=2>(a)</FONT></B><B><FONT face=Arial size=2> </FONT></B><FONT face="Times New Roman" size=2>to cure any
ambiguity, defect, or inconsistency herein or in the Securities of any series;
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><B><FONT face="Times New Roman" size=2>(b)</FONT></B><B><FONT face=Arial size=2> </FONT></B><FONT face="Times New Roman" size=2>to comply with
Article Ten; </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><B><FONT face="Times New Roman" size=2>(c)</FONT></B><B><FONT face=Arial size=2> </FONT></B><FONT face="Times New Roman" size=2>to provide for
uncertificated Securities in addition to or in place of certificated
Securities;</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><B><FONT face="Times New Roman" size=2>(d)</FONT></B><B><FONT face=Arial size=2> </FONT></B><FONT face="Times New Roman" size=2>to add to the
covenants, restrictions, conditions or provisions relating to the Company for
the benefit of the holders of all or any series of Securities (and if such
covenants, restrictions, conditions or provisions are to be for the benefit of
less than all series of Securities, stating that such covenants, restrictions,
conditions or provisions are expressly being included solely for the benefit of
such series), to make the occurrence, or the occurrence and the continuance, of
a default in any such additional covenants, restrictions, conditions or
provisions an Event of Default, or to surrender any right or power herein
conferred upon the Company;</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><B><FONT face="Times New Roman" size=2>(e)</FONT></B><B><FONT face=Arial size=2> </FONT></B><FONT face="Times New Roman" size=2>to add to,
delete from, or revise the conditions, limitations, and restrictions on the
authorized amount, terms, or purposes of issue, authentication, and delivery of
Securities, as herein set forth;</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><B><FONT face="Times New Roman" size=2>(f)</FONT></B><B><FONT face=Arial size=2> </FONT></B><FONT face="Times New Roman" size=2>to make any
change that does not adversely affect the rights of any Securityholder in any
material respect;</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><B><FONT face="Times New Roman" size=2>(g)</FONT></B><B><FONT face=Arial size=2> </FONT></B><FONT face="Times New Roman" size=2>to provide for
the issuance of and establish the form and terms and conditions of the
Securities of any series as provided in Section 2.01, to establish the form of
any certifications required to be furnished pursuant to the terms of this
Indenture or any series of Securities, or to add to the rights of the holders of
any series of Securities;</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><B><FONT face="Times New Roman" size=2>(h)</FONT></B><B><FONT face=Arial size=2> </FONT></B><FONT face="Times New Roman" size=2>to evidence
and provide for the acceptance of appointment hereunder by a successor trustee;
or</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><B><FONT face="Times New Roman" size=2>(i)</FONT></B><B><FONT face=Arial size=2> </FONT></B><FONT face="Times New Roman" size=2>to comply with
any requirements of the Commission or any successor in connection with the
qualification of this Indenture under the Trust Indenture Act. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Trustee is hereby
authorized to join with the Company in the execution of any such supplemental
indenture, and to make any further appropriate agreements and stipulations that
may be therein contained, but the Trustee shall not be obligated to enter into
any such supplemental indenture that affects the Trustee&#146;s own rights, duties or
immunities under this Indenture or otherwise. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>29</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Any supplemental indenture
authorized by the provisions of this Section may be executed by the Company and
the Trustee without the consent of the holders of any of the Securities at the
time Outstanding, notwithstanding any of the provisions of Section 9.02.
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section
9.02</FONT></B><B><FONT face=Arial size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Supplemental Indentures With Consent of
Securityholders</FONT></B><FONT face="Times New Roman" size=2>. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>With the consent (evidenced
as provided in Section 8.01) of the holders of not less than a majority in
aggregate principal amount of the Securities of each series affected by such
supplemental indenture or indentures at the time Outstanding, the Company, when
authorized by a Board Resolution, and the Trustee may from time to time and at
any time enter into an indenture or indentures supplemental hereto (which shall
conform to the provisions of the Trust Indenture Act as then in effect) for the
purpose of adding any provisions to or changing in any manner or eliminating any
of the provisions of this Indenture or of any supplemental indenture or of
modifying in any manner not covered by Section 9.01 the rights of the holders of
the Securities of such series under this Indenture; provided, however, that no
such supplemental indenture shall, without the consent of the holders of each
Security then Outstanding and affected thereby, (a) extend the fixed maturity of
any Securities of any series, or reduce the principal amount thereof, or reduce
the rate or extend the time of payment of interest thereon, or reduce any
premium payable upon the redemption thereof or (b) reduce the aforesaid
percentage of Securities, the holders of which are required to consent to any
such supplemental indenture. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>It shall not be necessary
for the consent of the Securityholders of any series affected thereby under this
Section to approve the particular form of any proposed supplemental indenture,
but it shall be sufficient if such consent shall approve the substance thereof.
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section
9.03</FONT></B><B><FONT face=Arial size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Effect of Supplemental Indentures</FONT></B><FONT face="Times New Roman" size=2>. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Upon the execution of any
supplemental indenture pursuant to the provisions of this Article or of Section
10.01, this Indenture shall, with respect to such series, be and be deemed to be
modified and amended in accordance therewith and the respective rights,
limitations of rights, obligations, duties and immunities under this Indenture
of the Trustee, the Company and the holders of Securities of the series affected
thereby shall thereafter be determined, exercised and enforced hereunder subject
in all respects to such modifications and amendments, and all the terms and
conditions of any such supplemental indenture shall be and be deemed to be part
of the terms and conditions of this Indenture for any and all purposes.
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section
9.04</FONT></B><B><FONT face=Arial size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Securities Affected by Supplemental
Indentures</FONT></B><FONT face="Times New Roman" size=2>. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Securities of any series
affected by a supplemental indenture, authenticated and delivered after the
execution of such supplemental indenture pursuant to the provisions of this
Article or of Section 10.01, may bear a notation in form approved by the
Company, provided such form meets the requirements of any securities exchange
upon which such series may be listed, as to any matter provided for in such
supplemental indenture. If the Company shall so determine, new Securities of
that series so modified as to conform, in the opinion of the Board of Directors,
to any modification of this Indenture contained in any such supplemental
indenture may be prepared by the Company, authenticated by the Trustee and
delivered in exchange for the Securities of that series then Outstanding.
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section
9.05</FONT></B><B><FONT face=Arial size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Execution of Supplemental
Indentures</FONT></B><FONT face="Times New Roman" size=2>. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Upon the request of the
Company, accompanied by its Board Resolutions authorizing the execution of any
such supplemental indenture, and upon the filing with the Trustee of evidence of
the consent of Securityholders required to consent thereto as aforesaid, the
Trustee shall join with the Company in the execution of such supplemental
indenture unless such supplemental indenture affects the Trustee&#146;s own rights,
duties or immunities under this Indenture or otherwise, in which case the
Trustee may in its discretion but shall not be obligated to enter into such
supplemental indenture. The Trustee, subject to the provisions of Section 7.01,
shall receive an Officer&#146;s Certificate or an Opinion of Counsel as conclusive
evidence that any supplemental indenture executed pursuant to this Article is
authorized or permitted by the terms of this Article and that all conditions
precedent to the execution of the supplemental indenture have been complied
with; provided, however, that such Officer&#146;s Certificate or Opinion of Counsel
need not be provided in connection with the execution of a supplemental
indenture that establishes the terms of a series of Securities pursuant to
Section 2.01 hereof.</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>30</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Promptly after the
execution by the Company and the Trustee of any supplemental indenture pursuant
to the provisions of this Section, the Company shall (or shall direct the
Trustee to) transmit by mail, first class postage prepaid, a notice, setting
forth in general terms the substance of such supplemental indenture, to the
Securityholders of all series affected thereby .as their names and addresses
appear upon the Security Register. Any failure of the Company to mail, or cause
the mailing of, such notice, or any defect therein, shall not, however, in any
way impair or affect the validity of any such supplemental indenture.
</FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>ARTICLE
10</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B></P>
<P align=center><B><FONT face="Times New Roman" size=2>SUCCESSOR
ENTITY</FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section
10.01</FONT></B><B><FONT face=Arial size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Company May Consolidate, Etc.</FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Nothing contained in this
Indenture shall prevent any consolidation or merger of the Company with or into
any other Person (whether or not affiliated with the Company) or successive
consolidations or mergers in which the Company or its successor or successors
shall be a party or parties, or shall prevent any sale, conveyance, transfer or
other disposition of the property of the Company or its successor or successors
as an entirety, or substantially as an entirety, to any other Person (whether or
not affiliated with the Company or its successor or successors); provided,
however, the Company hereby covenants and agrees that, upon any such
consolidation or merger (in each case, if the Company is not the survivor of
such transaction) or any such sale, conveyance, transfer or other disposition
(other than a sale, conveyance, transfer or other disposition to a Subsidiary of
the Company), the due and punctual payment of the principal of (premium, if any)
and interest on all of the Securities of all series in accordance with the terms
of each series, according to their tenor, and the due and punctual performance
and observance of all the covenants and conditions of this Indenture with
respect to each series or established with respect to such series pursuant to
Section 2.01 to be kept or performed by the Company shall be expressly assumed,
by supplemental indenture (which shall conform to the provisions of the Trust
Indenture Act, as then in effect) reasonably satisfactory in form to the Trustee
executed and delivered to the Trustee by the entity formed by such
consolidation, or into which the Company shall have been merged, or by the
entity which shall have acquired such property. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section
10.02</FONT></B><B><FONT face=Arial size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Successor Entity Substituted</FONT></B><FONT face="Times New Roman" size=2>. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><B><FONT face="Times New Roman" size=2>(a)</FONT></B><B><FONT face=Arial size=2> </FONT></B><FONT face="Times New Roman" size=2>In case of any
such consolidation, merger, sale, conveyance, transfer or other disposition and
upon the assumption by the successor entity by supplemental indenture, executed
and delivered to the Trustee and satisfactory in form to the Trustee, of the
obligations set forth under Section 10.01 on all of the Securities of all series
Outstanding, such successor entity shall succeed to and be substituted for the
Company with the same effect as if it had been named as the Company herein, and
thereupon the predecessor corporation shall be relieved of all obligations and
covenants under this Indenture and the Securities. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><B><FONT face="Times New Roman" size=2>(b)</FONT></B><B><FONT face=Arial size=2> </FONT></B><FONT face="Times New Roman" size=2>In case of any
such consolidation, merger, sale, conveyance, transfer or other disposition,
such changes in phraseology and form (but not in substance) may be made in the
Securities thereafter to be issued as may be appropriate. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><B><FONT face="Times New Roman" size=2>(c)</FONT></B><B><FONT face=Arial size=2> </FONT></B><FONT face="Times New Roman" size=2>Nothing
contained in this Article shall require any action by the Company in the case of
a consolidation or merger of any Person into the Company where the Company is
the survivor of such transaction, or the acquisition by the Company, by purchase
or otherwise, of all or any part of the property of any other Person (whether or
not affiliated with the Company). </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>31</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><B><FONT face="Times New Roman" size=2>ARTICLE
11</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B></P>
<P align=center><B><FONT face="Times New Roman" size=2>SATISFACTION AND
DISCHARGE</FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section
11.01</FONT></B><B><FONT face=Arial size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Satisfaction and Discharge of
Indenture</FONT></B><FONT face="Times New Roman" size=2>. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>If at any time: (a) the
Company shall have delivered to the Trustee for cancellation all Securities of a
series theretofore authenticated and not delivered to the Trustee for
cancellation (other than any Securities that shall have been destroyed, lost or
stolen and that shall have been replaced or paid as provided in Section 2.07 and
Securities for whose payment money or Governmental Obligations have theretofore
been deposited in trust or segregated and held in trust by the Company and
thereupon repaid to the Company or discharged from such trust, as provided in
Section 11.05); or (b) all such Securities of a particular series not
theretofore delivered to the Trustee for cancellation shall have become due and
payable, or are by their terms to become due and payable within one year or are
to be called for redemption within one year under arrangements satisfactory to
the Trustee for the giving of notice of redemption, and the Company shall
deposit or cause to be deposited with the Trustee as trust funds the entire
amount in moneys or Governmental Obligations or a combination thereof,
sufficient in the opinion of a nationally recognized firm of independent public
accountants expressed in a written certification thereof delivered to the
Trustee, to pay at maturity or upon redemption all Securities of that series not
theretofore delivered to the Trustee for cancellation, including principal (and
premium, if any) and interest due or to become due to such date of maturity or
date fixed for redemption, as the case may be, and if the Company shall also pay
or cause to be paid all other sums payable hereunder with respect to such series
by the Company then this Indenture shall thereupon cease to be of further effect
with respect to such series except for the provisions of Sections 2.03, 2.05,
2.07, 4.01, 4.02, 4.03 and 7.10, that shall survive until the date of maturity
or redemption date, as the case may be, and Sections 7.06 and 11.05, that shall
survive to such date and thereafter, and the Trustee, on demand of the Company
and at the cost and expense of the Company shall execute proper instruments
acknowledging satisfaction of and discharging this Indenture with respect to
such series. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section
11.02</FONT></B><B><FONT face=Arial size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Discharge of Obligations</FONT></B><FONT face="Times New Roman" size=2>. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>If at any time all such
Securities of a particular series not heretofore delivered to the Trustee for
cancellation or that have not become due and payable as described in Section
11.01 shall have been paid by the Company by depositing irrevocably with the
Trustee as trust funds moneys or an amount of Governmental Obligations
sufficient to pay at maturity or upon redemption all such Securities of that
series not theretofore delivered to the Trustee for cancellation, including
principal (and premium, if any) and interest due or to become due to such date
of maturity or date fixed for redemption, as the case may be, and if the Company
shall also pay or cause to be paid all other sums payable hereunder by the
Company with respect to such series, then after the date such moneys or
Governmental Obligations, as the case may be, are deposited with the Trustee the
obligations of the Company under this Indenture with respect to such series
shall cease to be of further effect except for the provisions of Sections 2.03,
2.05, 2.07, 4,01, 4.02, 4,03, 7.06, 7.10 and 11.05 hereof that shall survive
until such Securities shall mature and be paid. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Thereafter, Sections 7.06
and 11.05 shall survive. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section
11.03</FONT></B><B><FONT face=Arial size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Deposited Moneys to be Held in
Trust</FONT></B><FONT face="Times New Roman" size=2>. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>All moneys or Governmental
Obligations deposited with the Trustee pursuant to Sections 11.01 or 11.02 shall
be held in trust and shall be available for payment as due, either directly or
through any paying agent (including the Company acting as its own paying agent),
to the holders of the particular series of Securities for the payment or
redemption of which such moneys or Governmental Obligations have been deposited
with the Trustee. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section
11.04</FONT></B><B><FONT face=Arial size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Payment of Moneys Held by Paying
Agents</FONT></B><FONT face="Times New Roman" size=2>. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>In connection with the
satisfaction and discharge of this Indenture all moneys or Governmental
Obligations then held by any paying agent under the provisions of this Indenture
shall, upon demand of the Company, be paid to the Trustee and thereupon such
paying agent shall be released from all further liability with respect to such
moneys or Governmental Obligations.</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>32</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section
11.05</FONT></B><B><FONT face=Arial size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Repayment to Company</FONT></B><FONT face="Times New Roman" size=2>. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Any moneys or Governmental
Obligations deposited with any paying agent or the Trustee, or then held by the
Company, in trust for payment of principal of or premium, if any, or interest on
the Securities of a particular series that are not applied but remain unclaimed
by the holders of such Securities for at least two years after the date upon
which the principal of (and premium, if any) or interest on such Securities
shall have respectively become due and payable, or such other shorter period set
forth in applicable escheat or abandoned or unclaimed property law, shall be
repaid to the Company on May 31 of each year or upon the Company&#146;s request or
(if then held by the Company) shall be discharged from such trust; and thereupon
the paying agent and the Trustee shall be released from all further liability
with respect to such moneys or Governmental Obligations, and the holder of any
of the Securities entitled to receive such payment shall thereafter, as a
general creditor, look only to the Company for the payment thereof. </FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>ARTICLE
12</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B></P>
<P align=center><B><FONT face="Times New Roman" size=2>IMMUNITY OF
INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS</FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section
12.01</FONT></B><B><FONT face=Arial size=2> </FONT></B><B><FONT face="Times New Roman" size=2>No Recourse</FONT></B><FONT face="Times New Roman" size=2>. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>No recourse under or upon
any obligation, covenant or agreement of this Indenture, or of any Security, or
for any claim based thereon or otherwise in respect thereof, shall be had
against any incorporator, stockholder, officer or director, past, present or
future as such, of the Company or of any predecessor or successor corporation,
either directly or through the Company or any such predecessor or successor
corporation, whether by virtue of any constitution, statute or rule of law, or
by the enforcement of any assessment or penalty or otherwise; it being expressly
understood that this Indenture and the obligations issued hereunder are solely
corporate obligations, and that no such personal liability whatever shall attach
to, or is or shall be incurred by, the incorporators, stockholders, officers or
directors as such, of the Company or of any predecessor or successor
corporation, or any of them, because of the creation of the indebtedness hereby
authorized, or under or by reason of the obligations, covenants or agreements
contained in this Indenture or in any of the Securities or implied therefrom;
and that any and all such personal liability of every name and nature, either at
common law or in equity or by constitution or statute, of, and any and all such
rights and claims against, every such incorporator, stockholder, officer or
director as such, because of the creation of the indebtedness hereby authorized,
or under or by reason of the obligations, covenants or agreements contained in
this Indenture or in any of the Securities or implied therefrom, are hereby
expressly waived and released as a condition of, and as a consideration for, the
execution of this Indenture and the issuance of such Securities. </FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>ARTICLE
13</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B></P>
<P align=center><B><FONT face="Times New Roman" size=2>MISCELLANEOUS
PROVISIONS</FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section
13.01</FONT></B><B><FONT face=Arial size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Effect on Successors and Assigns</FONT></B><FONT face="Times New Roman" size=2>. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>All the covenants,
stipulations, promises and agreements in this Indenture made by or on behalf of
the Company shall bind its successors and assigns, whether so expressed or not.
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section
13.02</FONT></B><B><FONT face=Arial size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Actions by Successor</FONT></B><FONT face="Times New Roman" size=2>. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Any act or proceeding by
any provision of this Indenture authorized or required to be done or performed
by any board, committee or officer of the Company shall and may be done and
performed with like force and effect by the corresponding board, committee or
officer of any corporation that shall at the time be the lawful successor of the
Company. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>33</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section
13.03</FONT></B><B><FONT face=Arial size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Surrender of Company Powers</FONT></B><FONT face="Times New Roman" size=2>. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Company by instrument
in writing executed by authority of its Board of Directors and delivered to the
Trustee may surrender any of the powers reserved to the Company, and thereupon
such power so surrendered shall terminate both as to the Company and as to any
successor corporation. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section
13.04</FONT></B><B><FONT face=Arial size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Notices</FONT></B><FONT face="Times New Roman" size=2>. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Except as otherwise
expressly provided herein, any notice, request or demand that by any provision
of this Indenture is required or permitted to be given, made or served by the
Trustee, the Security Registrar, any paying or other agent under this Indenture
or by the holders of Securities or by any other Person pursuant to this
Indenture to or on the Company may be given or served by being deposited in
first class mail, postage prepaid, addressed (until another address is filed in
writing by the Company with the Trustee), as follows: Geron Corporation, 149
Commonwealth Drive, Suite 2070, Menlo Park, California 94025, Attention: [&#9679;].
Any notice, election, request or demand by the Company or any Securityholder or
by any other Person pursuant to this Indenture to or upon the Trustee shall be
deemed to have been sufficiently given or made, for all purposes, if given or
made in writing at the Corporate Trust Office of the Trustee. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section
13.05</FONT></B><B><FONT face=Arial size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Governing Law; Jury Trial Waiver</FONT></B><FONT face="Times New Roman" size=2>. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>This Indenture and each
Security shall be deemed to be a contract made under the internal laws of the
State of New York, and for all purposes shall be construed in accordance with
the laws of said State, except to the extent that the Trust Indenture Act is
applicable. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>EACH PARTY HERETO, AND EACH
HOLDER OF A SECURITY BY ACCEPTANCE THEREOF, HEREBY WAIVES, TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT
OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION
WITH THIS INDENTURE. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section
13.06</FONT></B><B><FONT face=Arial size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Treatment of Securities as Debt</FONT></B><FONT face="Times New Roman" size=2>. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>It is intended that the
Securities will be treated as indebtedness and not as equity for federal income
tax purposes. The provisions of this Indenture shall be interpreted to further
this intention. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section
13.07</FONT></B><B><FONT face=Arial size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Certificates and Opinions as to Conditions
Precedent</FONT></B><FONT face="Times New Roman" size=2>. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><B><FONT face="Times New Roman" size=2>(a)</FONT></B><B><FONT face=Arial size=2> </FONT></B><FONT face="Times New Roman" size=2>Upon any
application or demand by the Company to the Trustee to take any action under any
of the provisions of this Indenture, the Company shall furnish to the Trustee an
Officer&#146;s Certificate stating that all conditions precedent provided for in this
Indenture (other than the certificate to be delivered pursuant to Section 13.12)
relating to the proposed action have been complied with and, if requested, an
Opinion of Counsel stating that in the opinion of such counsel all such
conditions precedent have been complied with, except that in the case of any
such application or demand as to which the furnishing of such documents is
specifically required by any provision of this Indenture relating to such
particular application or demand, no additional certificate or opinion need be
furnished. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><B><FONT face="Times New Roman" size=2>(b)</FONT></B><B><FONT face=Arial size=2> </FONT></B><FONT face="Times New Roman" size=2>Each
certificate or opinion provided for in this Indenture and delivered to the
Trustee with respect to compliance with a condition or covenant in this
Indenture (other than the certificate to be delivered pursuant to Section 13.12
or Section 314(a)(1) of the Trust Indenture Act) shall include (i) a statement
that the Person making such certificate or opinion has read such covenant or
condition; (ii) a brief statement as to the nature and scope of the examination
or investigation upon which the statements or opinions contained in such
certificate or opinion are based; (iii) a statement that, in the opinion of such
Person, he has made such examination or investigation as is reasonably necessary
to enable him to express an informed opinion as to whether or not such covenant
or condition has been complied with; and (iv) a statement as to whether or not,
in the opinion of such Person, such condition or covenant has been complied
with. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>34</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section
13.08</FONT></B><B><FONT face=Arial size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Payments on Business Days</FONT></B><FONT face="Times New Roman" size=2>. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Except as provided pursuant
to Section 2.01 pursuant to a Board Resolution, and set forth in an Officer&#146;s
Certificate, or established in one or more indentures supplemental to this
Indenture, in any case where the date of maturity of interest or principal of
any Security or the date of redemption of any Security shall not be a Business
Day, then payment of interest or principal (and premium, if any) may be made on
the next succeeding Business Day with the same force and effect as if made on
the nominal date of maturity or redemption, and no interest shall accrue for the
period after such nominal date. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section
13.09</FONT></B><B><FONT face=Arial size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Conflict with Trust Indenture Act</FONT></B><FONT face="Times New Roman" size=2>. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>If and to the extent that
any provision of this Indenture limits, qualifies or conflicts with the duties
imposed by Section 318(c) of the Trust Indenture Act, such imposed duties shall
control. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section
13.10</FONT></B><B><FONT face=Arial size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Counterparts</FONT></B><FONT face="Times New Roman" size=2>. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>This Indenture may be
executed in any number of counterparts, each of which shall be an original, but
such counterparts shall together constitute but one and the same instrument. The
exchange of copies of this Indenture and of signature pages by facsimile or PDF
transmission shall constitute effective execution and delivery of this Indenture
as to the parties hereto and may be used in lieu of the original Indenture for
all purposes. Signatures of the parties hereto transmitted by facsimile or PDF
shall be deemed to be their original signatures for all purposes. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section
13.11</FONT></B><B><FONT face=Arial size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Separability</FONT></B><FONT face="Times New Roman" size=2>. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>In case any one or more of
the provisions contained in this Indenture or in the Securities of any series
shall for any reason be held to be invalid, illegal or unenforceable in any
respect, such invalidity, illegality or unenforceability shall not affect any
other provisions of this Indenture or of such Securities, but this Indenture and
such Securities shall be construed as if such invalid or illegal or
unenforceable provision had never been contained herein or therein. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section
13.12</FONT></B><B><FONT face=Arial size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Compliance Certificates</FONT></B><FONT face="Times New Roman" size=2>. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Company shall deliver
to the Trustee, within 120 days after the end of each fiscal year during which
any Securities of any series were outstanding, an officer&#146;s certificate stating
whether or not the signers know of any Event of Default that occurred during
such fiscal year. Such certificate shall contain a certification from the
principal executive officer, principal financial officer or principal accounting
officer of the Company that a review has been conducted of the activities of the
Company and the Company&#146;s performance under this Indenture and that the Company
has complied with all conditions and covenants under this Indenture. For
purposes of this Section 13.12, such compliance shall be determined without
regard to any period of grace or requirement of notice provided under this
Indenture. If the officer of the Company signing such certificate has knowledge
of such an Event of Default, the certificate shall describe any such Event of
Default and its status. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section
13.13</FONT></B><B><FONT face=Arial size=2> </FONT></B><B><FONT face="Times New Roman" size=2>U.S.A. Patriot Act</FONT></B><FONT face="Times New Roman" size=2>.</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The parties hereto
acknowledge that in accordance with Section 326 of the U.S.A. Patriot Act, the
Trustee, like all financial institutions and in order to help fight the funding
of terrorism and money laundering, is required to obtain, verify, and record
information that identifies each person or legal entity that establishes a
relationship or opens an account with the Trustee. The parties to this Indenture
agree that they will provide the Trustee with such information as it may request
in order for the Trustee to satisfy the requirements of the U.S.A. Patriot Act.
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section
13.14</FONT></B><B><FONT face=Arial size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Force Majeure</FONT></B><FONT face="Times New Roman" size=2>.</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>In no event shall the
Trustee, the Security Registrar, any paying agent or any other agent under this
Indenture be responsible or liable for any failure or delay in the performance
of its obligations hereunder arising out of or caused by, directly or
indirectly, forces beyond its control, including without limitation, strikes,
work stoppages, accidents, acts of war or terrorism, civil or military
disturbances, nuclear or natural catastrophes or acts of God, and interruptions,
loss or malfunctions or utilities, communications or computer (software and
hardware) services; it being understood that the Trustee, the Security
Registrar, any paying agent or any other agent under this Indenture shall use
reasonable efforts which are consistent with accepted practices in the banking
industry to resume performance as soon as practicable under the
circumstances.</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>35</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section
13.15</FONT></B><B><FONT face=Arial size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Table of Contents; Headings.</FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The table of contents and
headings of the articles and sections of this Indenture have been inserted for
convenience of reference only, are not intended to be considered a part hereof,
and will not modify or restrict any of the terms or provisions hereof.
</FONT></P>
<P STYLE="text-align: center"><FONT face="Times New Roman" size=2>36</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>I</FONT></B><B><FONT face="Times New Roman" size=1>N </FONT></B><B><FONT face="Times New Roman" size=2>W</FONT></B><B><FONT face="Times New Roman" size=1>ITNESS
</FONT></B><B><FONT face="Times New Roman" size=2>W</FONT></B><B><FONT face="Times New Roman" size=1>HEREOF</FONT></B><FONT face="Times New Roman" size=2>, the parties hereto have caused this Indenture to be duly executed all
as of the day and year first above written. </FONT></P>
<DIV align=right>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="50%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="100%" colSpan=2><B><FONT face="Times New Roman" size=2>G</FONT></B><B><FONT face="Times New Roman" size=1>ERON </FONT></B><B><FONT face="Times New Roman" size=2>C</FONT></B><B><FONT face="Times New Roman" size=1>ORPORATION</FONT></B></TD></TR>
  <TR>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="99%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>By:</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="99%"></TD></TR>
  <TR>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="99%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Name:&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="99%"></TD></TR>
  <TR>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="99%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Title:</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="99%"></TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="99%">&nbsp;&nbsp; </TD></TR>
  <TR>
    <TD noWrap align=left width="100%" colSpan=2>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%" colSpan=2><B><FONT face="Times New Roman" size=2>[T</FONT></B><B><FONT face="Times New Roman" size=1>RUSTEE</FONT></B><B><FONT face="Times New Roman" size=2>]</FONT></B><FONT face="Times New Roman" size=2>, as
    Trustee</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="100%" colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>By:</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="99%"></TD></TR>
  <TR>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="99%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Name:</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="99%"></TD></TR>
  <TR>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="99%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Title:</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="99%"></TD></TR></TABLE></DIV><BR>
<P align=center><FONT face="Times New Roman" size=2>37</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><B><FONT face="Times New Roman" size=2>CROSS-REFERENCE TABLE
(1) </FONT></B></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD NOWRAP ALIGN="LEFT" WIDTH="98%" STYLE="border-bottom: #000000 1pt solid; text-align: center"><B><FONT face="Times New Roman" size=2>Section of Trust
      Indenture Act of 1939, as Amended</FONT></B></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><B><FONT face="Times New Roman" size=2>Section of
      Indenture</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="98%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>310(a)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>7.09</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="98%"><FONT face="Times New Roman" size=2>310(b)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>7.08</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="98%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>7.10</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="98%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>310(c)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Inapplicable</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="98%"><FONT face="Times New Roman" size=2>311(a)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>7.13</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="98%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>311(b)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>7.13</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="98%"><FONT face="Times New Roman" size=2>311(c)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Inapplicable</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="98%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>312(a)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>5.01</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="98%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>5.02(a)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="98%"><FONT face="Times New Roman" size=2>312(b)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>5.02(c)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="98%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>312(c)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>5.02(c)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="98%"><FONT face="Times New Roman" size=2>313(a)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>5.04(a)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="98%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>313(b)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>5.04(b)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="98%"><FONT face="Times New Roman" size=2>313(c)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>5.04(a)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="98%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>5.04(b)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="98%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>313(d)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>5.04(c)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="98%"><FONT face="Times New Roman" size=2>314(a)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>5.03</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="98%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>13.12</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="98%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>314(b)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Inapplicable</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="98%"><FONT face="Times New Roman" size=2>314(c)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>13.07(a)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="98%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>314(d)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Inapplicable</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="98%"><FONT face="Times New Roman" size=2>314(e)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>13.07(b)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="98%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>314(f)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Inapplicable</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="98%"><FONT face="Times New Roman" size=2>315(a)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>7.01(a)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="98%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>7.01(b)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="98%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>315(b)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>7.14</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="98%"><FONT face="Times New Roman" size=2>315(c)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>7.01</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="98%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>315(d)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>7.01(b)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="98%"><FONT face="Times New Roman" size=2>315(e)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>6.07</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="98%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>316(a)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>6.06</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="98%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>8.04</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="98%"><FONT face="Times New Roman" size=2>316(b)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>6.04</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="98%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>316(c)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>8.01</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="98%"><FONT face="Times New Roman" size=2>317(a)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>6.02</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="98%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>317(b)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>4.03</FONT></TD></TR>
  <TR>
    <TD align=left width="100%" bgColor=#c0c0c0 colSpan=3></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="98%"><FONT face="Times New Roman" size=2>318(a)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>13.09</FONT></TD></TR></TABLE><div>____________________</div><BR>
<TABLE style="TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=2>This
      Cross-Reference Table does not constitute part of the Indenture and shall
      not have any bearing on the interpretation of any of its terms or
      provisions.</FONT></TD></TR></TABLE>
<P align=center><FONT face="Times New Roman" size=2>38</FONT></P>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.5
<SEQUENCE>3
<FILENAME>exhibit4-5.htm
<DESCRIPTION>FORM OF COMMON STOCK WARRANT AGREEMENT AND WARRANT CERTIFICATE
<TEXT>

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<P align=right><B><FONT face="Times New Roman" size=2>EXHIBIT 4.5
</FONT></B></P>
<P align=center><B><FONT face="Times New Roman">G</FONT></B><B><FONT face="Times New Roman" size=2>ERON </FONT></B><B><FONT face="Times New Roman">C</FONT></B><B><FONT face="Times New Roman" size=2>ORPORATION</FONT></B><B><FONT face="Times New Roman"> </FONT></B></P>
<P align=center><B><FONT face="Times New Roman" size=2>AND</FONT></B><B><FONT face="Times New Roman"> </FONT></B></P>
<P align=center><B><FONT face="Times New Roman">_____________,</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><B><FONT face="Times New Roman">A</FONT></B><B><FONT face="Times New Roman" size=2>S </FONT></B><B><FONT face="Times New Roman">W</FONT></B><B><FONT face="Times New Roman" size=2>ARRANT
</FONT></B><B><FONT face="Times New Roman">A</FONT></B><B><FONT face="Times New Roman" size=2>GENT</FONT></B><B><FONT face="Times New Roman">
</FONT></B></P>
<P align=center><B><FONT face="Times New Roman">F</FONT></B><B><FONT face="Times New Roman" size=2>ORM </FONT></B><B><FONT face="Times New Roman">O</FONT></B><B><FONT face="Times New Roman" size=2>F
</FONT></B><B><FONT face="Times New Roman">C</FONT></B><B><FONT face="Times New Roman" size=2>OMMON </FONT></B><B><FONT face="Times New Roman">S</FONT></B><B><FONT face="Times New Roman" size=2>TOCK</FONT></B><B><FONT face="Times New Roman"> <BR>W</FONT></B><B><FONT face="Times New Roman" size=2>ARRANT </FONT></B><B><FONT face="Times New Roman">A</FONT></B><B><FONT face="Times New Roman" size=2>GREEMENT</FONT></B><B><FONT face="Times New Roman"> </FONT></B></P>
<P align=center><B><FONT face="Times New Roman">D</FONT></B><B><FONT face="Times New Roman" size=2>ATED </FONT></B><B><FONT face="Times New Roman">A</FONT></B><B><FONT face="Times New Roman" size=2>S
</FONT></B><B><FONT face="Times New Roman">O</FONT></B><B><FONT face="Times New Roman" size=2>F </FONT></B><B><FONT face="Times New Roman">__________ </FONT></B></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><B><FONT face="Times New Roman" size=2>GERON CORPORATION
</FONT></B></P>
<P align=center><B><FONT face="Times New Roman" size=2>FORM OF COMMON STOCK
WARRANT AGREEMENT </FONT></B></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2 style="font-variant: small-caps;">This Common Stock Warrant Agreement</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><FONT face="Times New Roman" size=2>(this &#147;</FONT><B><I><FONT face="Times New Roman" size=2>Agreement</FONT></I></B><FONT face="Times New Roman" size=2>&#148;), dated as of [&#9679;]</FONT><FONT face="Times New Roman" size=2>, between </FONT><B><FONT face="Times New Roman" size=2 style="font-variant: small-caps;">Geron Corporation</FONT></B><FONT face="Times New Roman" size=2>, a Delaware corporation (the &#147;</FONT><B><I><FONT face="Times New Roman" size=2>Company</FONT></I></B><FONT face="Times New Roman" size=2>&#148;) and [&#9679;], a
[corporation] [national banking association] organized and existing under the
laws of [&#9679;] and having a corporate trust office in [&#9679;]</FONT><FONT face="Times New Roman" size=2>, as warrant agent (the &#147;</FONT><B><I><FONT face="Times New Roman" size=2>Warrant Agent</FONT></I></B><FONT face="Times New Roman" size=2>&#148;). </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2 style="font-variant: small-caps;">Whereas</FONT></B><B><FONT face="Times New Roman" size=2>,</FONT></B><FONT face="Times New Roman" size=2> the Company proposes to
sell [</FONT><B><I><FONT face="Times New Roman" size=2>If Warrants are sold with
other securities &#151; </FONT></I></B><FONT face="Times New Roman" size=2>[title of
such other securities being offered] (the &#147;</FONT><B><I><FONT face="Times New Roman" size=2>Other Securities</FONT></I></B><FONT face="Times New Roman" size=2>&#148;) with] warrant certificates evidencing one or
more warrants (the &#147;</FONT><B><I><FONT face="Times New Roman" size=2>Warrants</FONT></I></B><FONT face="Times New Roman" size=2>&#148; or,
individually, a &#147;</FONT><B><I><FONT face="Times New Roman" size=2>Warrant</FONT></I></B><FONT face="Times New Roman" size=2>&#148;) representing
the right to purchase Common Stock of the Company, par value $0.001 per share
(the &#147;</FONT><B><I><FONT face="Times New Roman" size=2>Warrant
Securities</FONT></I></B><FONT face="Times New Roman" size=2>&#148;), such warrant
certificates and other warrant certificates issued pursuant to this Agreement
being herein called the &#147;</FONT><B><I><FONT face="Times New Roman" size=2>Warrant Certificates</FONT></I></B><FONT face="Times New Roman" size=2>&#148;;
and </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2 style="font-variant: small-caps;">Whereas</FONT></B><B><FONT face="Times New Roman" size=2>,</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><FONT face="Times New Roman" size=2>the Company desires the Warrant Agent to act on
behalf of the Company, and the Warrant Agent is willing so to act, in connection
with the issuance, registration, transfer, exchange, exercise and replacement of
the Warrant Certificates, and in this Agreement wishes to set forth, among other
things, the form and provisions of the Warrant Certificates and the terms and
conditions on which they may be issued, registered, transferred, exchanged,
exercised and replaced. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2 style="font-variant: small-caps;">Now Therefore</FONT></B><B><FONT face="Times New Roman" size=2>,</FONT></B><FONT face="Times New Roman" size=2> in consideration of the
premises and of the mutual agreements herein contained, the parties hereto agree
as follows: </FONT></P>
<P STYLE="text-align: center"><B><FONT face="Times New Roman" size=2>ARTICLE
1</FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
<P STYLE="text-align: center"><B><FONT face="Times New Roman" size=2>ISSUANCE OF WARRANTS AND
EXECUTION AND <BR>
DELIVERY OF WARRANT CERTIFICATES </FONT></B></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>1.1</FONT></B><B><FONT face=Arial size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Issuance Of
Warrants. </FONT></B><FONT face="Times New Roman" size=2>[</FONT><B><I><FONT face="Times New Roman" size=2>If Warrants alone</FONT></I></B><FONT face="Times New Roman" size=2> &#151;Upon issuance, each Warrant Certificate shall
evidence one or more Warrants.] [</FONT><B><I><FONT face="Times New Roman" size=2>If Other Securities and Warrants</FONT></I></B><FONT face="Times New Roman" size=2> &#151;Warrant Certificates will be issued in
connection with the issuance of the Other Securities but shall be separately
transferable and each Warrant Certificate shall evidence one or more Warrants.]
Each Warrant evidenced thereby shall represent the right, subject to the
provisions contained herein and therein, to purchase one Warrant
Security.</FONT><B><FONT face="Times New Roman" size=2> </FONT></B><FONT face="Times New Roman" size=2>[</FONT><B><I><FONT face="Times New Roman" size=2>If Other Securities and Warrants</FONT></I></B><FONT face="Times New Roman" size=2> &#151;Warrant Certificates will be issued with the
Other Securities and each Warrant Certificate will evidence [&#9679;] Warrants for
each [$[&#9679;] principal amount] [[&#9679;] shares] of Other Securities issued.]
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>1.2</FONT></B><B><FONT face=Arial size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Execution
And Delivery Of Warrant Certificates. </FONT></B><FONT face="Times New Roman" size=2>Each Warrant Certificate, whenever issued, shall be in registered form
substantially in the form set forth in </FONT><B><FONT face="Times New Roman" size=2>Exhibit A</FONT></B><FONT face="Times New Roman" size=2> hereto, shall be
dated the date of its countersignature by the Warrant Agent and may have such
letters, numbers, or other marks of identification or designation and such
legends or endorsements printed, lithographed or engraved thereon as the
officers of the Company executing the same may approve (execution thereof to be
conclusive evidence of such approval) and as are not inconsistent with the
provisions of this Agreement, or as may be required to comply with any law or
with any rule or regulation made pursuant thereto or with any rule or regulation
of any securities exchange on which the Warrants may be listed, or to conform to
usage. The Warrant Certificates shall be signed on behalf of the Company by any
of its present or future chief executive officers, presidents, senior vice
presidents, vice presidents, chief financial officers, chief legal officers,
treasurers, assistant treasurers, controllers, assistant controllers,
secretaries or assistant secretaries under its corporate seal reproduced
thereon. Such signatures may be manual or facsimile signatures of such
authorized officers and may be imprinted or otherwise reproduced on the Warrant
Certificates. The seal of the Company may be in the form of a facsimile thereof
and may be impressed, affixed, imprinted or otherwise reproduced on the Warrant
Certificates.</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>1</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>No Warrant Certificate
shall be valid for any purpose, and no Warrant evidenced thereby shall be
exercisable, until such Warrant Certificate has been countersigned by the manual
signature of the Warrant Agent. Such signature by the Warrant Agent upon any
Warrant Certificate executed by the Company shall be conclusive evidence that
the Warrant Certificate so countersigned has been duly issued hereunder.
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>In case any officer of the
Company who shall have signed any of the Warrant Certificates either manually or
by facsimile signature shall cease to be such officer before the Warrant
Certificates so signed shall have been countersigned and delivered by the
Warrant Agent, such Warrant Certificates may be countersigned and delivered
notwithstanding that the person who signed such Warrant Certificates ceased to
be such officer of the Company; and any Warrant Certificate may be signed on
behalf of the Company by such persons as, at the actual date of the execution of
such Warrant Certificate, shall be the proper officers of the Company, although
at the date of the execution of this Agreement any such person was not such
officer. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The term
&#147;</FONT><B><I><FONT face="Times New Roman" size=2>holder</FONT></I></B><FONT face="Times New Roman" size=2>&#148; or &#147;</FONT><B><I><FONT face="Times New Roman" size=2>holder of a Warrant Certificate</FONT></I></B><FONT face="Times New Roman" size=2>&#148; as used herein shall mean any person in whose
name at the time any Warrant Certificate shall be registered upon the books to
be maintained by the Warrant Agent for that purpose. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>1.3</FONT></B><B><FONT face=Arial size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Issuance Of
Warrant Certificates. </FONT></B><FONT face="Times New Roman" size=2>Warrant
Certificates evidencing the right to purchase Warrant Securities may be executed
by the Company and delivered to the Warrant Agent upon the execution of this
Warrant Agreement or from time to time thereafter. The Warrant Agent shall, upon
receipt of Warrant Certificates duly executed on behalf of the Company,
countersign such Warrant Certificates and shall deliver such Warrant
Certificates to or upon the order of the Company. </FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>ARTICLE 2</FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>WARRANT PRICE, DURATION
AND EXERCISE OF WARRANTS </FONT></B></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>2.1</FONT></B><B><FONT face=Arial size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Warrant
Price. </FONT></B><FONT face="Times New Roman" size=2>During the period
specified in Section 2.2, each Warrant shall, subject to the terms of this
Warrant Agreement and the applicable Warrant Certificate, entitle the holder
thereof to purchase the number of Warrant Securities specified in the applicable
Warrant Certificate at an exercise price of $[&#9679;] per Warrant Security, subject
to adjustment upon the occurrence of certain events, as hereinafter provided.
Such purchase price per Warrant Security is referred to in this Agreement as the
&#147;</FONT><B><I><FONT face="Times New Roman" size=2>Warrant
Price.</FONT></I></B><FONT face="Times New Roman" size=2>&#148; </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>2.2</FONT></B><B><FONT face=Arial size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Duration Of
Warrants. </FONT></B><FONT face="Times New Roman" size=2>Each Warrant may be
exercised in whole or in part at any time, as specified herein, on or after [the
date thereof] [&#9679;] and at or before [&#9679;] p.m., [City] time, on [&#9679;] or such later
date as the Company may designate by notice to the Warrant Agent and the holders
of Warrant Certificates mailed to their addresses as set forth in the record
books of the Warrant Agent (the &#147;</FONT><B><I><FONT face="Times New Roman" size=2>Expiration Date</FONT></I></B><FONT face="Times New Roman" size=2>&#148;).
Each Warrant not exercised at or before [&#9679;] p.m., [City] time, on the Expiration
Date shall become void, and all rights of the holder of the Warrant Certificate
evidencing such Warrant under this Agreement shall cease. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>2 </FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>2.3</FONT></B><B><FONT face=Arial size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Exercise Of
Warrants. </FONT></B></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><B><FONT face="Times New Roman" size=2>(a)</FONT></B><B><FONT face=Arial size=2> </FONT></B><FONT face="Times New Roman" size=2>During the
period specified in Section 2.2, the Warrants may be exercised to purchase a
whole number of Warrant Securities in registered form by providing certain
information as set forth on the reverse side of the Warrant Certificate and by
paying in full, in lawful money of the United States of America, [in cash or by
certified check or official bank check in New York Clearing House funds] [by
bank wire transfer in immediately available funds] the Warrant Price for each
Warrant Security with respect to which a Warrant is being exercised to the
Warrant Agent at its corporate trust office, provided that such exercise is
subject to receipt within five business days of such payment by the Warrant
Agent of the Warrant Certificate with the form of election to purchase Warrant
Securities set forth on the reverse side of the Warrant Certificate properly
completed and duly executed. The date on which payment in full of the Warrant
Price is received by the Warrant Agent shall, subject to receipt of the Warrant
Certificate as aforesaid, be deemed to be the date on which the Warrant is
exercised; provided, however, that if, at the date of receipt of such Warrant
Certificates and payment in full of the Warrant Price, the transfer books for
the Warrant Securities purchasable upon the exercise of such Warrants shall be
closed, no such receipt of such Warrant Certificates and no such payment of such
Warrant Price shall be effective to constitute the person so designated to be
named as the holder of record of such Warrant Securities on such date, but shall
be effective to constitute such person as the holder of record of such Warrant
Securities for all purposes at the opening of business on the next succeeding
day on which the transfer books for the Warrant Securities purchasable upon the
exercise of such Warrants shall be opened, and the certificates for the Warrant
Securities in respect of which such Warrants are then exercised shall be
issuable as of the date on such next succeeding day on which the transfer books
shall next be opened, and until such date the Company shall be under no duty to
deliver any certificate for such Warrant Securities. The Warrant Agent shall
deposit all funds received by it in payment of the Warrant Price in an account
of the Company maintained with it and shall advise the Company by telephone at
the end of each day on which a payment for the exercise of Warrants is received
of the amount so deposited to its account. The Warrant Agent shall promptly
confirm such telephone advice to the Company in writing. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><B><FONT face="Times New Roman" size=2>(b)</FONT></B><B><FONT face=Arial size=2> </FONT></B><FONT face="Times New Roman" size=2>The Warrant
Agent shall, from time to time, as promptly as practicable, advise the Company
of (i) the number of Warrant Securities with respect to which Warrants were
exercised, (ii) the instructions of each holder of the Warrant Certificates
evidencing such Warrants with respect to delivery of the Warrant Securities to
which such holder is entitled upon such exercise, (iii) delivery of Warrant
Certificates evidencing the balance, if any, of the Warrants for the remaining
Warrant Securities after such exercise, and (iv) such other information as the
Company shall reasonably require. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><B><FONT face="Times New Roman" size=2>(c)</FONT></B><B><FONT face=Arial size=2> </FONT></B><FONT face="Times New Roman" size=2>As soon as
practicable after the exercise of any Warrant, the Company shall issue to or
upon the order of the holder of the Warrant Certificate evidencing such Warrant
the Warrant Securities to which such holder is entitled, in fully registered
form, registered in such name or names as may be directed by such holder. If
fewer than all of the Warrants evidenced by such Warrant Certificate are
exercised, the Company shall execute, and an authorized officer of the Warrant
Agent shall manually countersign and deliver, a new Warrant Certificate
evidencing Warrants for the number of Warrant Securities remaining unexercised.
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><B><FONT face="Times New Roman" size=2>(d)</FONT></B><B><FONT face=Arial size=2> </FONT></B><FONT face="Times New Roman" size=2>The Company
shall not be required to pay any stamp or other tax or other governmental charge
required to be paid in connection with any transfer involved in the issue of the
Warrant Securities, and in the event that any such transfer is involved, the
Company shall not be required to issue or deliver any Warrant Security until
such tax or other charge shall have been paid or it has been established to the
Company&#146;s satisfaction that no such tax or other charge is due. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>3 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><B><FONT face="Times New Roman" size=2>(e)</FONT></B><B><FONT face=Arial size=2> </FONT></B><FONT face="Times New Roman" size=2>Prior to the
issuance of any Warrants there shall have been reserved, and the Company shall
at all times through the Expiration Date keep reserved, out of its authorized
but unissued Warrant Securities, a number of shares sufficient to provide for
the exercise of the Warrants. </FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>ARTICLE 3</FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>OTHER PROVISIONS RELATING
TO RIGHTS OF HOLDERS OF <BR>WARRANT CERTIFICATES </FONT></B></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>3.1</FONT></B><B><FONT face=Arial size=2> </FONT></B><B><FONT face="Times New Roman" size=2>No Rights
As Warrant Securityholder Conferred By Warrants Or Warrant Certificates.
</FONT></B><FONT face="Times New Roman" size=2>No Warrant Certificate or Warrant
evidenced thereby shall entitle the holder thereof to any of the rights of a
holder of Warrant Securities, including, without limitation, the right to
receive the payment of dividends or distributions, if any, on the Warrant
Securities or to exercise any voting rights, except to the extent expressly set
forth in this Agreement or the applicable Warrant Certificate. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>3.2</FONT></B><B><FONT face=Arial size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Lost,
Stolen, Mutilated Or Destroyed Warrant Certificates. </FONT></B><FONT face="Times New Roman" size=2>Upon receipt by the Warrant Agent of evidence
reasonably satisfactory to it and the Company of the ownership of and the loss,
theft, destruction or mutilation of any Warrant Certificate and/or indemnity
reasonably satisfactory to the Warrant Agent and the Company and, in the case of
mutilation, upon surrender of the mutilated Warrant Certificate to the Warrant
Agent for cancellation, then, in the absence of notice to the Company or the
Warrant Agent that such Warrant Certificate has been acquired by a bona fide
purchaser, the Company shall execute, and an authorized officer of the Warrant
Agent shall manually countersign and deliver, in exchange for or in lieu of the
lost, stolen, destroyed or mutilated Warrant Certificate, a new Warrant
Certificate of the same tenor and evidencing Warrants for a like number of
Warrant Securities. Upon the issuance of any new Warrant Certificate under this
Section 3.2, the Company may require the payment of a sum sufficient to cover
any tax or other governmental charge that may be imposed in relation thereto and
any other expenses (including the fees and expenses of the Warrant Agent) in
connection therewith. Every substitute Warrant Certificate executed and
delivered pursuant to this Section 3.2 in lieu of any lost, stolen or destroyed
Warrant Certificate shall represent an additional contractual obligation of the
Company, whether or not the lost, stolen or destroyed Warrant Certificate shall
be at any time enforceable by anyone, and shall be entitled to the benefits of
this Agreement equally and proportionately with any and all other Warrant
Certificates duly executed and delivered hereunder. The provisions of this
Section 3.2 are exclusive and shall preclude (to the extent lawful) all other
rights and remedies with respect to the replacement of mutilated, lost, stolen
or destroyed Warrant Certificates. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>3.3</FONT></B><B><FONT face=Arial size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Holder Of
Warrant Certificate May Enforce Rights. </FONT></B><FONT face="Times New Roman" size=2>Notwithstanding any of the provisions of this Agreement, any holder of a
Warrant Certificate, without the consent of the Warrant Agent, the holder of any
Warrant Securities or the holder of any other Warrant Certificate, may, in such
holder&#146;s own behalf and for such holder&#146;s own benefit, enforce, and may
institute and maintain any suit, action or proceeding against the Company
suitable to enforce, or otherwise in respect of, such holder&#146;s right to exercise
the Warrants evidenced by such holder&#146;s Warrant Certificate in the manner
provided in such holder&#146;s Warrant Certificate and in this Agreement. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>3.4</FONT></B><B><FONT face=Arial size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Adjustments. </FONT></B></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><B><FONT face="Times New Roman" size=2>(a)</FONT></B><B><FONT face=Arial size=2> </FONT></B><FONT face="Times New Roman" size=2>In case the
Company shall at any time subdivide its outstanding shares of Common Stock into
a greater number of shares, the Warrant Price in effect immediately prior to
such subdivision shall be proportionately reduced and the number of Warrant
Securities purchasable under the Warrants shall be proportionately increased.
Conversely, in case the outstanding shares of Common Stock of the Company shall
be combined into a smaller number of shares, the Warrant Price in effect immediately prior to such combination shall be
proportionately increased and the number of Warrant Securities purchasable under
the Warrants shall be proportionately decreased. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>4</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><B><FONT face="Times New Roman" size=2>(b)</FONT></B><B><FONT face=Arial size=2> </FONT></B><FONT face="Times New Roman" size=2>If at any time
or from time to time the holders of Common Stock (or any shares of stock or
other securities at the time receivable upon the exercise of the Warrants) shall
have received or become entitled to receive, without payment therefore,
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 45pt"><B><FONT face="Times New Roman" size=2>(i)</FONT></B><B><FONT face=Arial size=2> </FONT></B><FONT face="Times New Roman" size=2>Common Stock
or any shares of stock or other securities which are at any time directly or
indirectly convertible into or exchangeable for Common Stock, or any rights or
options to subscribe for, purchase or otherwise acquire any of the foregoing by
way of dividend or other distribution; </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 45pt"><B><FONT face="Times New Roman" size=2>(ii)</FONT></B><B><FONT face=Arial size=2> </FONT></B><FONT face="Times New Roman" size=2>any cash paid
or payable otherwise than as a cash dividend paid or payable out of the
Company&#146;s current or retained earnings; </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 45pt"><B><FONT face="Times New Roman" size=2>(iii)</FONT></B><B><FONT face=Arial size=2> </FONT></B><FONT face="Times New Roman" size=2>any evidence
of the Company&#146;s indebtedness or rights to subscribe for or purchase the
Company&#146;s indebtedness; or </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 45pt"><B><FONT face="Times New Roman" size=2>(iv)</FONT></B><B><FONT face=Arial size=2> </FONT></B><FONT face="Times New Roman" size=2>Common Stock
or additional stock or other securities or property (including cash) by way of
spinoff, split-up, reclassification, combination of shares or similar corporate
rearrangement (other than shares of Common Stock issued as a stock split or
adjustments in respect of which shall be covered by the terms of Section 3.4(a)
above), then and in each such case, the holder of each Warrant shall, upon the
exercise of the Warrant, be entitled to receive, in addition to the number of
Warrant Securities receivable thereupon, and without payment of any additional
consideration therefore, the amount of stock and other securities and property
(including cash and indebtedness or rights to subscribe for or purchase
indebtedness) which such holder would hold on the date of such exercise had he
been the holder of record of such Warrant Securities as of the date on which
holders of Common Stock received or became entitled to receive such shares or
all other additional stock and other securities and property. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><B><FONT face="Times New Roman" size=2>(c)</FONT></B><B><FONT face=Arial size=2> </FONT></B><FONT face="Times New Roman" size=2>In case of (i)
any reclassification, capital reorganization, or change in the Common Stock of
the Company (other than as a result of a subdivision, combination, or stock
dividend provided for in Section 3.4(a) or Section 3.4(b) above), (ii) share
exchange, merger or similar transaction of the Company with or into another
person or entity (other than a share exchange, merger or similar transaction in
which the Company is the acquiring or surviving corporation and which does not
result in any change in the Common Stock other than the issuance of additional
shares of Common Stock) or (iii) the sale, exchange, lease, transfer or other
disposition of all or substantially all of the properties and assets of the
Company as an entirety (in any such case, a &#147;</FONT><B><I><FONT face="Times New Roman" size=2>Reorganization Event</FONT></I></B><FONT face="Times New Roman" size=2>&#148;), then, as a condition of such Reorganization
Event, lawful provisions shall be made, and duly executed documents evidencing
the same from the Company or its successor shall be delivered to the holders of
the Warrants, so that the holders of the Warrants shall have the right at any
time prior to the expiration of the Warrants to purchase, at a total price equal
to that payable upon the exercise of the Warrants, the kind and amount of shares
of stock and other securities and property receivable in connection with such
Reorganization Event by a holder of the same number of Warrant Securities as
were purchasable by the holders of the Warrants immediately prior to such
Reorganization Event. In any such case appropriate provisions shall be made with
respect to the rights and interests of the holders of the Warrants so that the
provisions hereof shall thereafter be applicable with respect to any shares of
stock or other securities and property deliverable upon exercise the Warrants,
and appropriate adjustments shall be made to the Warrant Price payable hereunder
provided the aggregate purchase price shall remain the same. In the case of any
transaction described in clauses (ii) and (iii) above, the Company shall
thereupon be relieved of any further obligation hereunder or under the Warrants,
and the Company as the predecessor corporation may thereupon or at any time
thereafter be dissolved, wound up or liquidated. Such successor or assuming
entity thereupon may cause to be signed, and may issue either in its own name or
in the name of the Company, any or all of the Warrants issuable hereunder which
heretofore shall not have been signed by the Company, and may execute and
deliver securities in its own name, in fulfillment of its obligations to deliver
Warrant Securities upon exercise of the Warrants. All the Warrants so issued
shall in all respects have the same legal rank and benefit under this Agreement
as the Warrants theretofore or thereafter issued in accordance with the terms of
this Agreement as though all of such Warrants had been issued at the date of the
execution hereof. In any case of any such Reorganization Event, such changes in
phraseology and form (but not in substance) may be made in the Warrants
thereafter to be issued as may be appropriate. The Warrant Agent may receive a
written opinion of legal counsel as conclusive evidence that any such
Reorganization Event complies with the provisions of this Section
3.4.</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>5</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><B><FONT face="Times New Roman" size=2>(d)</FONT></B><B><FONT face=Arial size=2> </FONT></B><FONT face="Times New Roman" size=2>The Company
may, at its option, at any time until the Expiration Date, reduce the then
current Warrant Price to any amount deemed appropriate by the Board of Directors
of the Company for any period not exceeding twenty consecutive days (as
evidenced in a resolution adopted by such Board of Directors), but only upon
giving the notices required by Section 3.5 at least ten days prior to taking
such action. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><B><FONT face="Times New Roman" size=2>(e)</FONT></B><B><FONT face=Arial size=2> </FONT></B><FONT face="Times New Roman" size=2>Except as
herein otherwise expressly provided, no adjustment in the Warrant Price shall be
made by reason of the issuance of shares of Common Stock, or securities
convertible into or exchangeable for shares of Common Stock, or securities
carrying the right to purchase any of the foregoing or for any other reason
whatsoever. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><B><FONT face="Times New Roman" size=2>(f)</FONT></B><B><FONT face=Arial size=2> </FONT></B><FONT face="Times New Roman" size=2>No fractional
Warrant Securities shall be issued upon the exercise of Warrants. If more than
one Warrant shall be exercised at one time by the same holder, the number of
full Warrant Securities which shall be issuable upon such exercise shall be
computed on the basis of the aggregate number of Warrant Securities purchased
pursuant to the Warrants so exercised. Instead of any fractional Warrant
Security which would otherwise be issuable upon exercise of any Warrant, the
Company shall pay a cash adjustment in respect of such fraction in an amount
equal to the same fraction of the last reported sale price (or bid price if
there were no sales) per Warrant Security, in either case as reported on the
principal registered national securities exchange on which the Warrant
Securities are listed or admitted to trading on the business day that next
precedes the day of exercise or, if the Warrant Securities are not then listed
or admitted to trading on any registered national securities exchange, the
average of the closing high bid and low asked prices as reported on the OTC
Bulletin Board Service (the &#147;</FONT><B><I><FONT face="Times New Roman" size=2>OTC Bulletin Board</FONT></I></B><FONT face="Times New Roman" size=2>&#148;)
operated by the Financial Industry Regulatory Authority, Inc.
(&#147;</FONT><B><I><FONT face="Times New Roman" size=2>FINRA</FONT></I></B><FONT face="Times New Roman" size=2>&#148; ) or, if not available on the OTC Bulletin
Board, then the average of the closing high bid and low asked prices as reported
on any other U.S. quotation medium or inter-dealer quotation system on such
date, or if on any such date the Warrant Securities are not listed or admitted
to trading on a registered national securities exchange, are not included in the
OTC Bulletin Board, and are not quoted on any other U.S. quotation medium or
inter-dealer quotation system, an amount equal to the same fraction of the
average of the closing bid and asked prices as furnished by any FINRA member
firm selected from time to time by the Company for that purpose at the close of
business on the business day that next precedes the day of exercise. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><B><FONT face="Times New Roman" size=2>(g)</FONT></B><B><FONT face=Arial size=2> </FONT></B><FONT face="Times New Roman" size=2>Whenever the
Warrant Price then in effect is adjusted as herein provided, the Company shall
mail to each holder of the Warrants at such holder&#146;s address as it shall appear
on the books of the Company a statement setting forth the adjusted Warrant Price
then and thereafter effective under the provisions hereof, together with the
facts, in reasonable detail, upon which such adjustment is based. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>3.5</FONT></B><B><FONT face=Arial size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Notice To
Warrantholders. </FONT></B><FONT face="Times New Roman" size=2>In case the
Company shall (a) effect any dividend or distribution described in Section
3.4(b), (b) effect any Reorganization Event, (c) make any distribution on or in
respect of the Common Stock in connection with the dissolution, liquidation or
winding up of the Company, or (d) reduce the then current Warrant Price pursuant
to Section 3.4(d), then the Company shall mail to each holder of Warrants at
such holder&#146;s address as it shall appear on the books of the Warrant Agent, at
least ten days prior to the applicable date hereinafter specified, a notice
stating (x) the record date for such dividend or distribution, or, if a record
is not to be taken, the date as of which the holders of record of Common Stock
that will be entitled to such dividend or distribution are to be determined, (y)
the date on which such Reorganization Event, dissolution, liquidation or winding
up is expected to become effective, and the date as of which it is expected that
holders of Common Stock of record shall be entitled to exchange their shares of
Common Stock for securities or other property deliverable upon such
Reorganization Event, dissolution, liquidation or winding up, or (z) the first
date on which the then current Warrant Price shall be reduced pursuant to
Section 3.4(d). No failure to mail such notice nor any defect therein or in the
mailing thereof shall affect any such transaction or any adjustment in the
Warrant Price required by Section 3.4.</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>6</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>3.6</FONT></B><B><FONT face=Arial size=2> </FONT></B><B><FONT face="Times New Roman" size=2>[</FONT></B><B><I><FONT face="Times New Roman" size=2>If The Warrants Are
Subject To Acceleration By The Company, Insert</FONT></I></B><B><FONT face="Times New Roman" size=2> &#151; Acceleration Of Warrants By The Company.
</FONT></B></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><B><FONT face="Times New Roman" size=2>(a)</FONT></B><B><FONT face=Arial size=2> </FONT></B><FONT face="Times New Roman" size=2>At any time on
or after [&#9679;]</FONT><FONT face="Times New Roman" size=2>, the Company shall have
the right to accelerate any or all Warrants at any time by causing them to
expire at the close of business on the day next preceding a specified date (the
&#147;</FONT><B><I><FONT face="Times New Roman" size=2>Acceleration
Date</FONT></I></B><FONT face="Times New Roman" size=2>&#148;), if the Market Price
(as hereinafter defined) of the Common Stock equals or exceeds [&#9679;] percent
([&#9679;]</FONT><FONT face="Times New Roman" size=2>%) of the then effective Warrant
Price on any twenty Trading Days (as hereinafter defined) within a period of
thirty consecutive Trading Days ending no more than five Trading Days prior to
the date on which the Company gives notice to the Warrant Agent of its election
to accelerate the Warrants. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><B><FONT face="Times New Roman" size=2>(b)</FONT></B><B><FONT face=Arial size=2> </FONT></B><FONT face="Times New Roman" size=2>&#147;</FONT><B><I><FONT face="Times New Roman" size=2>Market
Price</FONT></I></B><FONT face="Times New Roman" size=2>&#148; for each Trading Day
shall be, if the Common Stock is listed or admitted to trading on any registered
national securities exchange, the last reported sale price, regular way (or, if
no such price is reported, the average of the reported closing bid and asked
prices, regular way) of Common Stock, in either case as reported on the
principal registered national securities exchange on which the Common Stock is
listed or admitted to trading or, if not listed or admitted to trading on any
registered national securities exchange, the average of the closing high bid and
low asked prices as reported on the OTC Bulletin Board operated by FINRA, or if
not available on the OTC Bulletin Board, then the average of the closing high
bid and low asked prices as reported on any other U.S. quotation medium or
inter-dealer quotation system, or if on any such date the shares of Common Stock
are not listed or admitted to trading on a registered national securities
exchange, are not included in the OTC Bulletin Board, and are not quoted on any
other U.S. quotation medium or inter-dealer quotation system, the average of the
closing bid and asked prices as furnished by any FINRA member firm selected from
time to time by the Company for that purpose. &#147;</FONT><B><I><FONT face="Times New Roman" size=2>Trading Day</FONT></I></B><FONT face="Times New Roman" size=2>&#148; shall be each Monday through Friday, other than
any day on which securities are not traded in the system or on the exchange that
is the principal market for the Common Stock, as determined by the Board of
Directors of the Company. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><B><FONT face="Times New Roman" size=2>(c)</FONT></B><B><FONT face=Arial size=2> </FONT></B><FONT face="Times New Roman" size=2>In the event
of an acceleration of less than all of the Warrants, the Warrant Agent shall
select the Warrants to be accelerated by lot, pro rata or in such other manner
as it deems, in its discretion, to be fair and appropriate. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><B><FONT face="Times New Roman" size=2>(d)</FONT></B><B><FONT face=Arial size=2> </FONT></B><FONT face="Times New Roman" size=2>Notice of an
acceleration specifying the Acceleration Date shall be sent by mail first class,
postage prepaid, to each registered holder of a Warrant Certificate representing
a Warrant accelerated at such holder&#146;s address appearing on the books of the
Warrant Agent not more than sixty days nor less than thirty days before the
Acceleration Date. Such notice of an acceleration also shall be given no more
than twenty days, and no less than ten days, prior to the mailing of notice to
registered holders of Warrants pursuant to this Section 3.6, by publication at
least once in a newspaper of general circulation in the City of New
York.</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>7</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><B><FONT face="Times New Roman" size=2>(e)</FONT></B><B><FONT face=Arial size=2> </FONT></B><FONT face="Times New Roman" size=2>Any Warrant
accelerated may be exercised until [&#9679;] p.m., [City] time, on the business day
next preceding the Acceleration Date. The Warrant Price shall be payable as
provided in Section 2.] </FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>ARTICLE 4</FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>EXCHANGE AND TRANSFER OF
WARRANT CERTIFICATES </FONT></B></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>4.1</FONT></B><B><FONT face=Arial size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Exchange
And Transfer Of Warrant Certificates. </FONT></B><FONT face="Times New Roman" size=2>Upon surrender at the corporate trust office of the Warrant Agent,
Warrant Certificates evidencing Warrants may be exchanged for Warrant
Certificates in other denominations evidencing such Warrants or the transfer
thereof may be registered in whole or in part; provided that such other Warrant
Certificates evidence Warrants for the same aggregate number of Warrant
Securities as the Warrant Certificates so surrendered. The Warrant Agent shall
keep, at its corporate trust office, books in which, subject to such reasonable
regulations as it may prescribe, it shall register Warrant Certificates and
exchanges and transfers of outstanding Warrant Certificates, upon surrender of
the Warrant Certificates to the Warrant Agent at its corporate trust office for
exchange or registration of transfer, properly endorsed or accompanied by
appropriate instruments of registration of transfer and written instructions for
transfer, all in form satisfactory to the Company and the Warrant Agent. No
service charge shall be made for any exchange or registration of transfer of
Warrant Certificates, but the Company may require payment of a sum sufficient to
cover any stamp or other tax or other governmental charge that may be imposed in
connection with any such exchange or registration of transfer. Whenever any
Warrant Certificates are so surrendered for exchange or registration of
transfer, an authorized officer of the Warrant Agent shall manually countersign
and deliver to the person or persons entitled thereto a Warrant Certificate or
Warrant Certificates duly authorized and executed by the Company, as so
requested. The Warrant Agent shall not be required to effect any exchange or
registration of transfer which will result in the issuance of a Warrant
Certificate evidencing a Warrant for a fraction of a Warrant Security or a
number of Warrants for a whole number of Warrant Securities and a fraction of a
Warrant Security. All Warrant Certificates issued upon any exchange or
registration of transfer of Warrant Certificates shall be the valid obligations
of the Company, evidencing the same obligations and entitled to the same
benefits under this Agreement as the Warrant Certificate surrendered for such
exchange or registration of transfer. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>4.2</FONT></B><B><FONT face=Arial size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Treatment
Of Holders Of Warrant Certificates. </FONT></B><FONT face="Times New Roman" size=2>The Company, the Warrant Agent and all other persons may treat the
registered holder of a Warrant Certificate as the absolute owner thereof for any
purpose and as the person entitled to exercise the rights represented by the
Warrants evidenced thereby, any notice to the contrary notwithstanding.
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>4.3</FONT></B><B><FONT face=Arial size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Cancellation Of Warrant Certificates. </FONT></B><FONT face="Times New Roman" size=2>Any Warrant Certificate surrendered for exchange,
registration of transfer or exercise of the Warrants evidenced thereby shall, if
surrendered to the Company, be delivered to the Warrant Agent and all Warrant
Certificates surrendered or so delivered to the Warrant Agent shall be promptly
canceled by the Warrant Agent and shall not be reissued and, except as expressly
permitted by this Agreement, no Warrant Certificate shall be issued hereunder in
exchange therefor or in lieu thereof. The Warrant Agent shall deliver to the
Company from time to time or otherwise dispose of canceled Warrant Certificates
in a manner satisfactory to the Company. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>8</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><B><FONT face="Times New Roman" size=2>ARTICLE 5</FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>CONCERNING THE WARRANT
AGENT </FONT></B></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>5.1</FONT></B><B><FONT face=Arial size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Warrant
Agent. </FONT></B><FONT face="Times New Roman" size=2>The Company hereby
appoints [&#9679;] as Warrant Agent of the Company in respect of the Warrants and the
Warrant Certificates upon the terms and subject to the conditions herein set
forth, and [&#9679;] hereby accepts such appointment. The Warrant Agent shall have the
powers and authority granted to and conferred upon it in the Warrant
Certificates and hereby and such further powers and authority to act on behalf
of the Company as the Company may hereafter grant to or confer upon it. All of
the terms and provisions with respect to such powers and authority contained in
the Warrant Certificates are subject to and governed by the terms and provisions
hereof. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>5.2</FONT></B><B><FONT face=Arial size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Conditions
Of Warrant Agent&#146;s Obligations. </FONT></B><FONT face="Times New Roman" size=2>The Warrant Agent accepts its obligations herein set forth upon the terms
and conditions hereof, including the following to all of which the Company
agrees and to all of which the rights hereunder of the holders from time to time
of the Warrant Certificates shall be subject: </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><B><FONT face="Times New Roman" size=2>(a)</FONT></B><B><FONT face=Arial size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Compensation And Indemnification. </FONT></B><FONT face="Times New Roman" size=2>The Company agrees promptly to pay the Warrant Agent the compensation to
be agreed upon with the Company for all services rendered by the Warrant Agent
and to reimburse the Warrant Agent for reasonable out-of-pocket expenses
(including reasonable counsel fees) incurred without negligence, bad faith or
willful misconduct by the Warrant Agent in connection with the services rendered
hereunder by the Warrant Agent. The Company also agrees to indemnify the Warrant
Agent for, and to hold it harmless against, any loss, liability or expense
incurred without negligence, bad faith or willful misconduct on the part of the
Warrant Agent, arising out of or in connection with its acting as Warrant Agent
hereunder, including the reasonable costs and expenses of defending against any
claim of such liability. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><B><FONT face="Times New Roman" size=2>(b)</FONT></B><B><FONT face=Arial size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Agent For
The Company. </FONT></B><FONT face="Times New Roman" size=2>In acting under this
Warrant Agreement and in connection with the Warrant Certificates, the Warrant
Agent is acting solely as agent of the Company and does not assume any
obligations or relationship of agency or trust for or with any of the holders of
Warrant Certificates or beneficial owners of Warrants. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><B><FONT face="Times New Roman" size=2>(c)</FONT></B><B><FONT face=Arial size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Counsel.
</FONT></B><FONT face="Times New Roman" size=2>The Warrant Agent may consult
with counsel satisfactory to it, which may include counsel for the Company, and
the written advice of such counsel shall be full and complete authorization and
protection in respect of any action taken, suffered or omitted by it hereunder
in good faith and in accordance with the advice of such counsel. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><B><FONT face="Times New Roman" size=2>(d)</FONT></B><B><FONT face=Arial size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Documents.
</FONT></B><FONT face="Times New Roman" size=2>The Warrant Agent shall be
protected and shall incur no liability for or in respect of any action taken or
omitted by it in reliance upon any Warrant Certificate, notice, direction,
consent, certificate, affidavit, statement or other paper or document reasonably
believed by it to be genuine and to have been presented or signed by the proper
parties. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><B><FONT face="Times New Roman" size=2>(e)</FONT></B><B><FONT face=Arial size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Certain
Transactions. </FONT></B><FONT face="Times New Roman" size=2>The Warrant Agent,
and its officers, directors and employees, may become the owner of, or acquire
any interest in, Warrants, with the same rights that it or they would have if it
were not the Warrant Agent hereunder, and, to the extent permitted by applicable
law, it or they may engage or be interested in any financial or other
transaction with the Company and may act on, or as depositary, trustee or agent
for, any committee or body of holders of Warrant Securities or other obligations
of the Company as freely as if it were not the Warrant Agent hereunder. Nothing
in this Warrant Agreement shall be deemed to prevent the Warrant Agent from
acting as trustee under any indenture to which the Company is a party.
</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>9</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>

<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><B><FONT face="Times New Roman" size=2>(f)</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><B><FONT face="Times New Roman" size=2>No Liability For Interest. </FONT></B><FONT face="Times New Roman" size=2>Unless otherwise agreed with the Company, the Warrant Agent shall have no
liability for interest on any monies at any time received by it pursuant to any
of the provisions of this Agreement or of the Warrant Certificates. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><B><FONT face="Times New Roman" size=2>(g)</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><B><FONT face="Times New Roman" size=2>No Liability For Invalidity. </FONT></B><FONT face="Times New Roman" size=2>The Warrant Agent shall have no liability with respect to any invalidity
of this Agreement or any of the Warrant Certificates (except as to the Warrant
Agent&#146;s countersignature thereon). </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><B><FONT face="Times New Roman" size=2>(h)</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><B><FONT face="Times New Roman" size=2>No Responsibility For Representations. </FONT></B><FONT face="Times New Roman" size=2>The Warrant Agent shall not be responsible for any
of the recitals or representations herein or in the Warrant Certificates (except
as to the Warrant Agent&#146;s countersignature thereon), all of which are made
solely by the Company. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><B><FONT face="Times New Roman" size=2>(i)</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><B><FONT face="Times New Roman" size=2>No Implied Obligations. </FONT></B><FONT face="Times New Roman" size=2>The Warrant Agent shall be obligated to perform only such duties as are
herein and in the Warrant Certificates specifically set forth and no implied
duties or obligations shall be read into this Agreement or the Warrant
Certificates against the Warrant Agent. The Warrant Agent shall not be under any
obligation to take any action hereunder which may tend to involve it in any
expense or liability, the payment of which within a reasonable time is not, in
its reasonable opinion, assured to it. The Warrant Agent shall not be
accountable or under any duty or responsibility for the use by the Company of
any of the Warrant Certificates authenticated by the Warrant Agent and delivered
by it to the Company pursuant to this Agreement or for the application by the
Company of the proceeds of the Warrant Certificates. The Warrant Agent shall
have no duty or responsibility in case of any default by the Company in the
performance of its covenants or agreements contained herein or in the Warrant
Certificates or in the case of the receipt of any written demand from a holder
of a Warrant Certificate with respect to such default, including, without
limiting the generality of the foregoing, any duty or responsibility to initiate
or attempt to initiate any proceedings at law or otherwise or, except as
provided in Section 6.2 hereof, to make any demand upon the Company. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>5.3</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Resignation, Removal And Appointment Of Successors. </FONT></B></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><B><FONT face="Times New Roman" size=2>(a)</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><FONT face="Times New Roman" size=2>The Company agrees, for the benefit of the holders from time to time of
the Warrant Certificates, that there shall at all times be a Warrant Agent
hereunder until all the Warrants have been exercised or are no longer
exercisable. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><B><FONT face="Times New Roman" size=2>(b)</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><FONT face="Times New Roman" size=2>The Warrant Agent may at any time resign as agent by giving written
notice to the Company of such intention on its part, specifying the date on
which its desired resignation shall become effective; provided that such date
shall not be less than three months after the date on which such notice is given
unless the Company otherwise agrees. The Warrant Agent hereunder may be removed
at any time by the filing with it of an instrument in writing signed by or on
behalf of the Company and specifying such removal and the intended date when it
shall become effective. Such resignation or removal shall take effect upon the
appointment by the Company, as hereinafter provided, of a successor Warrant
Agent (which shall be a bank or trust company authorized under the laws of the
jurisdiction of its organization to exercise corporate trust powers) and the
acceptance of such appointment by such successor Warrant Agent. The obligation
of the Company under Section 5.2(a) shall continue to the extent set forth
therein notwithstanding the resignation or removal of the Warrant Agent.
</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>10</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2><STRONG>(c)<FONT face="Times New Roman" size=2> </FONT></STRONG><FONT face="Times New Roman" size=2>In case at any time the Warrant Agent shall resign, or shall be removed,
or shall become incapable of acting, or shall be adjudged a bankrupt or
insolvent, or shall commence a voluntary case under the Federal bankruptcy laws,
as now or hereafter constituted, or under any other applicable Federal or state
bankruptcy, insolvency or similar law or shall consent to the appointment of or
taking possession by a receiver, custodian, liquidator, assignee, trustee,
sequestrator (or other similar official) of the Warrant Agent or its property or
affairs, or shall make an assignment for the benefit of creditors, or
</FONT>shall admit in writing its inability to pay its debts generally as they
become due, or shall take corporate action in furtherance of any such action, or
a decree or order for relief by a court having jurisdiction in the premises
shall have been entered in respect of the Warrant Agent in an involuntary case
under the Federal bankruptcy laws, as now or hereafter constituted, or any other
applicable Federal or state bankruptcy, insolvency or similar law, or a decree
or order by a court having jurisdiction in the premises shall have been entered
for the appointment of a receiver, custodian, liquidator, assignee, trustee,
sequestrator (or similar official) of the Warrant Agent or of its property or
affairs, or any public officer shall take charge or control of the Warrant Agent
or of its property or affairs for the purpose of rehabilitation, conservation,
winding up or liquidation, a successor Warrant Agent, qualified as aforesaid,
shall be appointed by the Company by an instrument in writing, filed with the
successor Warrant Agent. Upon the appointment as aforesaid of a successor
Warrant Agent and acceptance by the successor Warrant Agent of such appointment,
the Warrant Agent shall cease to be Warrant Agent hereunder. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><B><FONT face="Times New Roman" size=2>(d)</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><FONT face="Times New Roman" size=2>Any successor Warrant Agent appointed hereunder shall execute,
acknowledge and deliver to its predecessor and to the Company an instrument
accepting such appointment hereunder, and thereupon such successor Warrant
Agent, without any further act, deed or conveyance, shall become vested with all
the authority, rights, powers, trusts, immunities, duties and obligations of
such predecessor with like effect as if originally named as Warrant Agent
hereunder, and such predecessor, upon payment of its charges and disbursements
then unpaid, shall thereupon become obligated to transfer, deliver and pay over,
and such successor Warrant Agent shall be entitled to receive, all monies,
securities and other property on deposit with or held by such predecessor, as
Warrant Agent hereunder. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><B><FONT face="Times New Roman" size=2>(e)</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><FONT face="Times New Roman" size=2>Any corporation into which the Warrant Agent hereunder may be merged or
converted or any corporation with which the Warrant Agent may be consolidated,
or any corporation resulting from any merger, conversion or consolidation to
which the Warrant Agent shall be a party, or any corporation to which the
Warrant Agent shall sell or otherwise transfer all or substantially all the
assets and business of the Warrant Agent, provided that it shall be qualified as
aforesaid, shall be the successor Warrant Agent under this Agreement without the
execution or filing of any paper or any further act on the part of any of the
parties hereto. </FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>ARTICLE 6</FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>MISCELLANEOUS
</FONT></B></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>6.1</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Amendment. </FONT></B><FONT face="Times New Roman" size=2>This Agreement
may be amended by the parties hereto, without the consent of the holder of any
Warrant Certificate, for the purpose of curing any ambiguity, or of curing,
correcting or supplementing any defective provision contained herein, or making
any other provisions with respect to matters or questions arising under this
Agreement as the Company and the Warrant Agent may deem necessary or desirable;
provided that such action shall not materially adversely affect the interests of
the holders of the Warrant Certificates. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>6.2</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Notices And Demands To The Company And Warrant Agent. </FONT></B><FONT face="Times New Roman" size=2>If the Warrant Agent shall receive any notice or
demand addressed to the Company by the holder of a Warrant Certificate pursuant
to the provisions of the Warrant Certificates, the Warrant Agent shall promptly
forward such notice or demand to the Company. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>6.3</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Addresses. </FONT></B><FONT face="Times New Roman" size=2>Any
communication from the Company to the Warrant Agent with respect to this
Agreement shall be addressed to [&#9679;], Attention: [&#9679;] and any
communication from the Warrant Agent to the Company with respect to this
Agreement shall be addressed to Geron Corporation, 149 Commonwealth Drive, Suite
2070, Menlo Park, California 94025, Attention: [&#9679;] (or such other address as
shall be specified in writing by the Warrant Agent or by the Company).
</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>11</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>6.4</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Governing Law. </FONT></B><FONT face="Times New Roman" size=2>This
Agreement and each Warrant Certificate issued hereunder shall be governed by and
construed in accordance with the laws of the State of New York. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>6.5</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Delivery Of Prospectus. </FONT></B><FONT face="Times New Roman" size=2>The Company shall furnish to the Warrant Agent sufficient copies of a
prospectus meeting the requirements of the Securities Act of 1933, as amended,
relating to the Warrant Securities deliverable upon exercise of the Warrants
(the &#147;</FONT><B><I><FONT face="Times New Roman" size=2>Prospectus</FONT></I></B><FONT face="Times New Roman" size=2>&#148;), and the
Warrant Agent agrees that upon the exercise of any Warrant, the Warrant Agent
will deliver to the holder of the Warrant Certificate evidencing such Warrant,
prior to or concurrently with the delivery of the Warrant Securities issued upon
such exercise, a Prospectus. The Warrant Agent shall not, by reason of any such
delivery, assume any responsibility for the accuracy or adequacy of such
Prospectus. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>6.6</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Obtaining Of Governmental Approvals. </FONT></B><FONT face="Times New Roman" size=2>The Company will from time to time take all action
which may be necessary to obtain and keep effective any and all permits,
consents and approvals of governmental agencies and authorities and securities
act filings under United States Federal and state laws (including without
limitation a registration statement in respect of the Warrants and Warrant
Securities under the Securities Act of 1933, as amended), which may be or become
requisite in connection with the issuance, sale, transfer, and delivery of the
Warrant Securities issued upon exercise of the Warrants, the issuance, sale,
transfer and delivery of the Warrants or upon the expiration of the period
during which the Warrants are exercisable. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>6.7</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Persons Having Rights Under Warrant Agreement. </FONT></B><FONT face="Times New Roman" size=2>Nothing in this Agreement shall give to any person
other than the Company, the Warrant Agent and the holders of the Warrant
Certificates any right, remedy or claim under or by reason of this Agreement.
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>6.8</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Headings. </FONT></B><FONT face="Times New Roman" size=2>The descriptive
headings of the several Articles and Sections of this Agreement are inserted for
convenience only and shall not control or affect the meaning or construction of
any of the provisions hereof. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>6.9</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Counterparts. </FONT></B><FONT face="Times New Roman" size=2>This
Agreement may be executed in any number of counterparts, each of which as so
executed shall be deemed to be an original, but such counterparts shall together
constitute but one and the same instrument. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>6.10</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Inspection Of Agreement. </FONT></B><FONT face="Times New Roman" size=2>A
copy of this Agreement shall be available at all reasonable times at the
principal corporate trust office of the Warrant Agent for inspection by the
holder of any Warrant Certificate. The Warrant Agent may require such holder to
submit his Warrant Certificate for inspection by it. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>12</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2 style="font-variant: small-caps">In Witness
Whereof</FONT></B><B><FONT face="Times New Roman" size=2></FONT></B><B><FONT face="Times New Roman" size=2>,</FONT></B><FONT face="Times New Roman" size=2>
the parties hereto have caused this Agreement to be duly executed all as of the
day and year first above written. </FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"></TD>
    <TD noWrap align=left width="50%" colSpan=2><B><FONT face="Times New Roman" size=2 >GERON CORPORATION</FONT></B><FONT face="Times New Roman" size=2 >, as Company</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2 >By:</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="49%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2 >Name:</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="49%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2 >Title:</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="49%"></TD></TR>
  <TR>
    <TD noWrap align=left width="50%"></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="49%"></TD></TR>
  <TR>
    <TD noWrap align=left width="50%"></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="49%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"></TD>
    <TD noWrap align=left width="1%"><B><FONT face="Times New Roman" size=2 >ATTEST:&nbsp; </FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="49%"></TD></TR>
  <TR>
    <TD width="50%">&nbsp;</TD>
    <TD width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" width="49%"></TD></TR>
  <TR>
    <TD noWrap align=left width="50%"></TD>
    <TD noWrap align=left width="50%" colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD noWrap align=left width="50%"></TD>
    <TD noWrap align=left width="50%" colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"></TD>
    <TD noWrap align=left width="50%" colSpan=2><B><FONT face="Times New Roman" size=2 >COUNTERSIGNED</FONT></B></TD></TR>
  <TR>
    <TD noWrap align=left width="50%"></TD>
    <TD noWrap align=left width="50%" colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"></TD>
    <TD noWrap align=left width="50%" colSpan=2><FONT face="Times New Roman" size=2 ><STRONG>[</STRONG><FONT size=3 face="Times New Roman">&#9679;</FONT><STRONG>]</STRONG></FONT><FONT face="Times New Roman" size=2 >, as Warrant Agent</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="50%"></TD>
    <TD noWrap align=left width="50%" colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%">&nbsp;</TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2 >By:</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="49%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2 >Name:</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="49%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2 >Title:</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="49%"></TD></TR>
  <TR>
    <TD noWrap align=left width="50%"></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="49%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"></TD>
    <TD noWrap align=left width="1%"><B><FONT face="Times New Roman" size=2 >ATTEST:</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="49%"></TD></TR>                                                                                         <TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: left">&nbsp;</TD></TR>
</TABLE><BR>
<P align=center><FONT face="Times New Roman" size=2 style="font-variant: small-caps">[Signature Page to Geron
Corporation Form of Common Stock Warrant Agreement</FONT><FONT face="Times New Roman" size=2></FONT><FONT face="Times New Roman" size=2>]
</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>13</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><B><FONT face="Times New Roman" size=2>E</FONT></B><B><FONT face="Times New Roman" size=2>XHIBIT </FONT></B><B><FONT face="Times New Roman" size=2>A </FONT></B></P>
<P align=center><B><FONT face="Times New Roman" size=2>FORM OF WARRANT
CERTIFICATE<BR>[FACE OF WARRANT CERTIFICATE] </FONT></B></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"><FONT face="Times New Roman" size=2 >[Form of
      Legend if Warrants are not immediately</FONT></TD>
    <TD noWrap align=left width="49%"><FONT face="Times New Roman" size=2 >[Prior to
      [<FONT size=3 face="Times New Roman">&#9679;</FONT>] Warrants evidenced by this Warrant</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"><FONT face="Times New Roman" size=2 >exercisable.]</FONT></TD>
    <TD noWrap align=left width="49%"><FONT face="Times New Roman" size=2 >Certificate
      cannot be exercised.]</FONT></TD></TR></TABLE><BR>
<P align=center><FONT face="Times New Roman" size=2>EXERCISABLE ONLY IF
COUNTERSIGNED BY THE WARRANT AGENT AS PROVIDED<BR>HEREIN </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>VOID AFTER [<FONT size=3 face="Times New Roman">&#9679;</FONT>] P.M., [City] time, ON [<FONT size=3 face="Times New Roman">&#9679;</FONT>]. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>14 </FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><B><FONT face="Times New Roman" size=2>GERON CORPORATION
<BR></FONT></B><B><FONT face="Times New Roman" size=2>WARRANT CERTIFICATE
REPRESENTING<BR>WARRANTS TO PURCHASE <BR></FONT></B><B><FONT face="Times New Roman" size=2>COMMON STOCK, PAR VALUE $0.001 PER SHARE
</FONT></B></P>

<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="50%"><FONT size=2 face="Times New Roman">No. [</FONT><FONT size=3 face="Times New Roman">&#9679;</FONT><FONT size=2 face="Times New Roman">]</FONT></TD>
    <TD align=right width="50%"><FONT size=2 face="Times New Roman">[</FONT><FONT size=3 face="Times New Roman">&#9679;</FONT><FONT size=2 face="Times New Roman">]
Warrants</FONT></TD></TR></TABLE>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>This certifies that or
registered assigns is the registered owner of the above indicated number of
Warrants, each Warrant entitling such owner to purchase, at any time [after
[<FONT size=3 face="Times New Roman">&#9679;</FONT>] p.m., [City] time, [on [<FONT size=3 face="Times New Roman">&#9679;</FONT>] and] on
or before [<FONT size=3 face="Times New Roman">&#9679;</FONT>] p.m., [City] time, on [<FONT size=3 face="Times New Roman">&#9679;</FONT>]
shares of Common Stock, par value $0.001 per share (the &#147;</FONT><B><I><FONT face="Times New Roman" size=2>Warrant Securities</FONT></I></B><FONT face="Times New Roman" size=2>&#148;), of Geron Corporation (the &#147;</FONT><B><I><FONT face="Times New Roman" size=2>Company</FONT></I></B><FONT face="Times New Roman" size=2>&#148;) on the following basis: during the period from [</FONT><FONT face="Times New Roman">&#9679;</FONT><FONT face="Times New Roman" size=2>], through
and including [</FONT><FONT face="Times New Roman">&#9679;</FONT><FONT face="Times New Roman" size=2>], the exercise price per Warrant Security will be
$[</FONT><FONT face="Times New Roman">&#9679;</FONT><FONT face="Times New Roman" size=2>], subject to adjustment as provided in the Warrant Agreement (as
hereinafter defined) (the &#147;</FONT><B><I><FONT face="Times New Roman" size=2>Warrant Price</FONT></I></B><FONT face="Times New Roman" size=2>&#148;). The
Holder may exercise the Warrants evidenced hereby by providing certain
information set forth on the back hereof and by paying in full, in lawful money
of the United States of America, [in cash or by certified check or official bank
check in New York Clearing House funds] [by bank wire transfer in immediately
available funds], the Warrant Price for each Warrant Security with respect to
which this Warrant is exercised to the Warrant Agent (as hereinafter defined)
and by surrendering this Warrant Certificate, with the purchase form on the back
hereof duly executed, at the corporate trust office of [name of Warrant Agent],
or its successor as warrant agent (the &#147;</FONT><B><I><FONT face="Times New Roman" size=2>Warrant Agent</FONT></I></B><FONT face="Times New Roman" size=2>&#148;), which is, on the date hereof, at the address
specified on the reverse hereof, and upon compliance with and subject to the
conditions set forth herein and in the Warrant Agreement (as hereinafter
defined). </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The term
&#147;</FONT><B><I><FONT face="Times New Roman" size=2>Holder</FONT></I></B><FONT face="Times New Roman" size=2>&#148; as used herein shall mean the person in whose
name at the time this Warrant Certificate shall be registered upon the books to
be maintained by the Warrant Agent for that purpose pursuant to Section 4 of the
Warrant Agreement. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Warrants evidenced by
this Warrant Certificate may be exercised to purchase a whole number of Warrant
Securities in registered form. Upon any exercise of fewer than all of the
Warrants evidenced by this Warrant Certificate, there shall be issued to the
Holder hereof a new Warrant Certificate evidencing Warrants for the number of
Warrant Securities remaining unexercised. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>This Warrant Certificate is
issued under and in accordance with the Warrant Agreement dated as of [<FONT size=3 face="Times New Roman">&#9679;</FONT>] (the &#147;</FONT><B><I><FONT face="Times New Roman" size=2>Warrant
Agreement</FONT></I></B><FONT face="Times New Roman" size=2>&#148;), between the
Company and the Warrant Agent and is subject to the terms and provisions
contained in the Warrant Agreement, to all of which terms and provisions the
Holder of this Warrant Certificate consents by acceptance hereof. Copies of the
Warrant Agreement are on file at the above-mentioned office of the Warrant
Agent. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Transfer of this Warrant
Certificate may be registered when this Warrant Certificate is surrendered at
the corporate trust office of the Warrant Agent by the registered owner or such
owner&#146;s assigns, in the manner and subject to the limitations provided in the
Warrant Agreement. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>After countersignature by
the Warrant Agent and prior to the expiration of this Warrant Certificate, this
Warrant Certificate may be exchanged at the corporate trust office of the
Warrant Agent for Warrant Certificates representing Warrants for the same
aggregate number of Warrant Securities. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>This Warrant Certificate
shall not entitle the Holder hereof to any of the rights of a holder of the
Warrant Securities, including, without limitation, the right to receive payments
of dividends or distributions, if any, on the Warrant Securities (except to the
extent set forth in the Warrant Agreement) or to exercise any voting rights.
</FONT></P>
<P align=center><FONT face="Times New Roman" size=2></FONT><FONT face="Times New Roman" size=2>15</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Reference is hereby made to
the further provisions of this Warrant Certificate set forth on the reverse
hereof, which further provisions shall for all purposes have the same effect as
if set forth at this place. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>This Warrant Certificate
shall not be valid or obligatory for any purpose until countersigned by the
Warrant Agent. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>16</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><STRONG><FONT face="Times New Roman" size=2 style="font-variant: small-caps">In Witness
Whereof</FONT><FONT face="Times New Roman" size=2></FONT></STRONG><FONT face="Times New Roman" size=2><STRONG>,</STRONG> the Company has caused this
Warrant to be executed in its name and on its behalf by the facsimile signatures
of its duly authorized officers. </FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="50%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2 >Dated:&nbsp;
      </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="97%">&nbsp;</TD></TR></TABLE><BR>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"></TD>
    <TD noWrap align=left width="50%" colSpan=2><B><FONT face="Times New Roman" size=2 >GERON CORPORATION</FONT></B><FONT face="Times New Roman" size=2 >, as Company</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="50%"></TD>
    <TD noWrap align=left width="3%">&nbsp;</TD>
    <TD noWrap align=left width="47%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2 >By:</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="47%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2 >Name:</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="47%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%">&nbsp;</TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2 >Title:</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="47%"></TD></TR>
  <TR>
    <TD width="50%"></TD>
    <TD width="3%">&nbsp; </TD>
    <TD width="47%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"></TD>
    <TD noWrap align=left width="3%"><B><FONT face="Times New Roman" size=2 >ATTEST:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      &nbsp;</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="47%"></TD></TR>
  <TR>
    <TD width="50%"></TD>
    <TD width="3%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" width="47%"></TD></TR>
  <TR>
    <TD width="50%"></TD>
    <TD width="3%"></TD>
    <TD width="47%">&nbsp;</TD></TR>
    <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR vAlign=bottom>
    <TD noWrap align=left width="50%"></TD>
    <TD noWrap align=left width="50%" colSpan=2><B><FONT face="Times New Roman" size=2 >COUNTERSIGNED</FONT></B></TD></TR>
  <TR>
    <TD noWrap align=left width="50%">&nbsp;</TD>
    <TD noWrap align=left width="50%" colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"></TD>
    <TD noWrap align=left width="50%" colSpan=2><B><FONT face="Times New Roman" size=2 >[&#9679;]</FONT></B><FONT face="Times New Roman" size=2 >, as Warrant Agent</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="50%"></TD>
    <TD noWrap align=left width="50%" colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2 >By:</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="47%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2 >Name:</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="47%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2 >Title:</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="47%"></TD></TR>
  <TR>
    <TD width="50%"></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="47%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"></TD>
    <TD noWrap align=left width="3%"><B><FONT face="Times New Roman" size=2 >ATTEST:</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="47%"></TD></TR>                                                                                         <TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: left">&nbsp;</TD></TR>
</TABLE><BR>
<P align=center><FONT face="Times New Roman" size=2>17 </FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><B><FONT face="Times New Roman" size=2>[REVERSE OF WARRANT
CERTIFICATE] </FONT></B></P>
<P align=center><B><FONT face="Times New Roman" size=2>(Instructions for
Exercise of Warrant) </FONT></B></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>To exercise any Warrants
evidenced hereby for Warrant Securities (as hereinafter defined), the Holder
must pay, in lawful money of the United States of America, [in cash or by
certified check or official bank check in New York Clearing House funds] [by
bank wire transfer in immediately available funds], the Warrant Price in full
for Warrants exercised, to [&#9679;] [address of Warrant Agent], Attention:
[</FONT><FONT face="Times New Roman" size=2>&#9679;</FONT><FONT face="Times New Roman" size=2>], which payment must specify the name of the
Holder and the number of Warrants exercised by such Holder. In addition, the
Holder must complete the information required below and present this Warrant
Certificate in person or by mail (certified or registered mail is recommended)
to the Warrant Agent at the appropriate address set forth above. This Warrant
Certificate, completed and duly executed, must be received by the Warrant Agent
within five business days of the payment. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>(To be executed upon
exercise of Warrants) </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The undersigned hereby
irrevocably elects to exercise [&#9679;] Warrants, evidenced by this Warrant
Certificate, to purchase [&#9679;] shares of the Common Stock, par value $0.001 per
share (the &#147;</FONT><B><I><FONT face="Times New Roman" size=2>Warrant
Securities</FONT></I></B><FONT face="Times New Roman" size=2>&#148;), of Geron
Corporation and represents that he has tendered payment for such Warrant
Securities, in lawful money of the United States of America, [in cash or by
certified check or official bank check in New York Clearing House funds] [by
bank wire transfer in immediately available funds], to the order of Geron
Corporation, c/o [insert name and address of Warrant Agent], in the amount of
$[&#9679;] in accordance with the terms hereof. The undersigned requests that said
Warrant Securities be in fully registered form in the authorized denominations,
registered in such names and delivered all as specified in accordance with the
instructions set forth below. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>If the number of Warrants
exercised is less than all of the Warrants evidenced hereby, the undersigned
requests that a new Warrant Certificate evidencing the Warrants for the number
of Warrant Securities remaining unexercised be issued and delivered to the
undersigned unless otherwise specified in the instructions below. </FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"><FONT size=2 face="Times New Roman">Dated:&nbsp;&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="38%"></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=left width="1%"><FONT size=2 face="Times New Roman">Name:&nbsp;&nbsp; &nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="57%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="38%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap style="text-align: center" width="57%"><FONT face="Times New Roman" size=2 >Please
      Print</FONT></TD></TR></TABLE><BR>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="50%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="5%"><FONT face="Times New Roman" size=2 >Address:</FONT></TD>
    <TD noWrap align=left width="95%"></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="95%"></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" width="95%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%" colSpan=2><FONT face="Times New Roman" size=2 >(Insert
      Social Security or Other Identifying Number of
      Holder)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="5%"><FONT face="Times New Roman" size=2 >&nbsp;</FONT></TD>
    <TD noWrap align=left width="95%"></TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD width="95%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="5%"><FONT face="Times New Roman" size=2 >Signature
      Guaranteed:&nbsp;&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="95%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap style="text-align: center" width="95%"><FONT size=2 face="Times New Roman">Signature</FONT></TD></TR></TABLE><BR>
<P ALIGN="JUSTIFY" ><FONT face="Times New Roman" size=2>(Signature must conform in
all respects to name of holder as specified on the face of this Warrant
Certificate and must bear a signature guarantee by a FINRA member firm).
</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>This Warrant may be
exercised at the following addresses: </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>By hand at: </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>18</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><FONT face="Times New Roman" size=2>By mail at: </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>[Instructions as to form
and delivery of Warrant Securities and, if applicable, Warrant Certificates
evidencing Warrants for the number of Warrant Securities remaining
unexercised&#151;complete as appropriate.] </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>19</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><B><FONT face="Times New Roman" size=2>ASSIGNMENT
</FONT></B></P>
<P align=center><FONT face="Times New Roman" size=2>[Form of assignment to be
executed if Warrant Holder desires to transfer Warrant] </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2 style="font-variant: small-caps">For Value Received</FONT></B><B><FONT face="Times New Roman" size=2>,</FONT></B><FONT face="Times New Roman" size=2> [&#9679;] hereby sells,
assigns and transfers unto: </FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="3%"><FONT face="Times New Roman" size=2>(Please print name and
      address including zip code)</FONT></TD>
    <TD noWrap align=left width="32%">&nbsp;</TD>
    <TD noWrap align=left width="3%"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Please print Social
      Security or other identifying number</FONT></TD>
    <TD noWrap align=left width="61%">&nbsp;</TD></TR>
  </TABLE><BR>
<P align=justify><FONT face="Times New Roman" size=2>the right represented by
the within Warrant to purchase shares of [Title of Warrant Securities] of Geron
Corporation to which the within Warrant relates and appoints attorney [&#9679;] to
transfer such right on the books of the Warrant Agent with full power of
substitution in the premises. </FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"><FONT size=2 face="Times New Roman">Dated:&nbsp;&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="38%"></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=left width="1%"><FONT size=2 face="Times New Roman">Name:&nbsp;&nbsp; &nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="57%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="38%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap style="text-align: center" width="57%"><FONT face="Times New Roman" size=2 >Signature</FONT></TD></TR></TABLE><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(Signature must conform in
all respects to name of holder as specified on the face of the Warrant)
</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="50%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><FONT face="Times New Roman" size=2 >Signature
      Guaranteed</FONT></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="100%">&nbsp;</TD></TR></TABLE><BR>
<P align=center><FONT face="Times New Roman" size=2>20</FONT></P>
<HR align=center width="100%" noShade size="2">

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</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.6
<SEQUENCE>4
<FILENAME>exhibit4-6.htm
<DESCRIPTION>FORM OF PREFERRED STOCK WARRANT AGREEMENT AND WARRANT CERTIFICATE
<TEXT>

<HTML>
<HEAD>
   <TITLE></TITLE>
</HEAD>

<BODY bgcolor="#ffffff">
<BR>
<P align=right><B><FONT face="Times New Roman" size=2>EXHIBIT
4.6</FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
<P align=center><B><FONT style="FONT-VARIANT: small-caps" face="Times New Roman" size=3>Geron Corporation</FONT></B><B><FONT face="Times New Roman">
</FONT></B></P>
<P align=center><B><FONT face="Times New Roman" size=2>AND</FONT></B></P>
<P align=center><B><FONT face="Times New Roman">_____________</FONT></B><B><FONT style="FONT-VARIANT: small-caps" face="Times New Roman" size=3>, As Warrant
Agent</FONT></B><B><FONT face="Times New Roman"> </FONT></B></P>
<P align=center><B><FONT style="FONT-VARIANT: small-caps" face="Times New Roman" size=3>Form Of Preferred Stock<BR>Warrant Agreement</FONT></B><B><FONT face="Times New Roman"> </FONT></B></P>
<P align=center><B><FONT style="FONT-VARIANT: small-caps" face="Times New Roman" size=3>Dated As Of __________</FONT></B><B><FONT face="Times New Roman">
</FONT></B></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><B><FONT face="Times New Roman" size=2>GERON CORPORATION
</FONT></B></P>
<P align=center><B><FONT face="Times New Roman" size=2>FORM OF PREFERRED STOCK
WARRANT AGREEMENT </FONT></B></P>
<P style="TEXT-INDENT: 15pt" align=justify><B><FONT style="FONT-VARIANT: small-caps" face="Times New Roman" size=2>This Preferred
Stock Warrant Agreement </FONT></B><FONT face="Times New Roman" size=2>(this
&#147;</FONT><B><I><FONT face="Times New Roman" size=2>Agreement</FONT></I></B><FONT face="Times New Roman" size=2>&#148;), dated as of [&#9679;], between </FONT><B><FONT face="Times New Roman" size=2>G</FONT></B><B><FONT face="Times New Roman" size=2>ERON </FONT></B><B><FONT face="Times New Roman" size=2>C</FONT></B><B><FONT face="Times New Roman" size=2>ORPORATION</FONT></B><FONT face="Times New Roman" size=2>, a Delaware
corporation (the &#147;</FONT><B><I><FONT face="Times New Roman" size=2>Company</FONT></I></B><FONT face="Times New Roman" size=2>&#148;) and [&#9679;], a
[corporation] [national banking association] organized and existing under the
laws of [&#9679;] and having a corporate trust office in [&#9679;], as warrant agent (the
&#147;</FONT><B><I><FONT face="Times New Roman" size=2>Warrant
Agent</FONT></I></B><FONT face="Times New Roman" size=2>&#148;). </FONT></P>
<P style="TEXT-INDENT: 15pt" align=justify><B><FONT style="FONT-VARIANT: small-caps" face="Times New Roman" size=2>Whereas</FONT></B><FONT face="Times New Roman" size=2>, the Company proposes to sell [</FONT><B><I><FONT face="Times New Roman" size=2>If Warrants are sold with other securities &#151;
</FONT></I></B><FONT face="Times New Roman" size=2>[title of such other
securities being offered] (the &#147;</FONT><B><I><FONT face="Times New Roman" size=2>Other Securities</FONT></I></B><FONT face="Times New Roman" size=2>&#148;)
with] warrant certificates evidencing one or more warrants (the
&#147;</FONT><B><I><FONT face="Times New Roman" size=2>Warrants</FONT></I></B><FONT face="Times New Roman" size=2>&#148; or, individually, a &#147;</FONT><B><I><FONT face="Times New Roman" size=2>Warrant</FONT></I></B><FONT face="Times New Roman" size=2>&#148;) representing the right to purchase [title of Preferred Stock
purchasable through exercise of Warrants] (the &#147;</FONT><B><I><FONT face="Times New Roman" size=2>Warrant Securities</FONT></I></B><FONT face="Times New Roman" size=2>&#148;), such warrant certificates and other warrant
certificates issued pursuant to this Agreement being herein called the
&#147;</FONT><B><I><FONT face="Times New Roman" size=2>Warrant
Certificates</FONT></I></B><FONT face="Times New Roman" size=2>&#148;; and
</FONT></P>
<P style="TEXT-INDENT: 15pt" align=justify><B><FONT style="FONT-VARIANT: small-caps" face="Times New Roman" size=2>Whereas</FONT></B><FONT face="Times New Roman" size=2>, the Company desires the Warrant Agent to act on
behalf of the Company, and the Warrant Agent is willing so to act, in connection
with the issuance, registration, transfer, exchange, exercise and replacement of
the Warrant Certificates, and in this Agreement wishes to set forth, among other
things, the form and provisions of the Warrant Certificates and the terms and
conditions on which they may be issued, registered, transferred, exchanged,
exercised and replaced. </FONT></P>
<P style="TEXT-INDENT: 15pt" align=justify><B><FONT style="FONT-VARIANT: small-caps" face="Times New Roman" size=2>Now Therefore</FONT></B><FONT face="Times New Roman" size=2>, in consideration
of the premises and of the mutual agreements herein contained, the parties
hereto agree as follows: </FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>ARTICLE 1</FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>ISSUANCE OF WARRANTS AND
EXECUTION AND<BR>DELIVERY OF WARRANT CERTIFICATES</FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
<P style="TEXT-INDENT: 15pt" align=justify><B><FONT face="Times New Roman" size=2>1.1</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Issuance Of Warrants</FONT></B><FONT face="Times New Roman" size=2>. [</FONT><B><I><FONT face="Times New Roman" size=2>If Warrants alone</FONT></I></B><FONT face="Times New Roman" size=2>
&#151;Upon issuance, each Warrant Certificate shall evidence one or more Warrants.]
[</FONT><B><I><FONT face="Times New Roman" size=2>If Other Securities and
Warrants</FONT></I></B><FONT face="Times New Roman" size=2> &#151;Warrant
Certificates will be issued in connection with the issuance of the Other
Securities but shall be separately transferable and each Warrant Certificate
shall evidence one or more Warrants.] Each Warrant evidenced thereby shall
represent the right, subject to the provisions contained herein and therein, to
purchase one Warrant Security. [</FONT><B><I><FONT face="Times New Roman" size=2>If Other Securities and Warrants</FONT></I></B><FONT face="Times New Roman" size=2> &#151;Warrant Certificates will be issued with the
Other Securities and each Warrant Certificate will evidence [&#9679;] Warrants for
each [$[&#9679;] principal amount] [[&#9679;] shares] of Other Securities issued.]
</FONT></P>
<P style="TEXT-INDENT: 15pt" align=justify><B><FONT face="Times New Roman" size=2>1.2</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Execution And Delivery Of Warrant
Certificates</FONT></B><FONT face="Times New Roman" size=2>. Each Warrant
Certificate, whenever issued, shall be in registered form substantially in the
form set forth in </FONT><B><FONT face="Times New Roman" size=2>Exhibit
A</FONT></B><FONT face="Times New Roman" size=2> hereto, shall be dated the date
of its countersignature by the Warrant Agent and may have such letters, numbers,
or other marks of identification or designation and such legends or endorsements
printed, lithographed or engraved thereon as the officers of the Company
executing the same may approve (execution thereof to be conclusive evidence of
such approval) and as are not inconsistent with the provisions of this
Agreement, or as may be required to comply with any law or with any rule or
regulation made pursuant thereto or with any rule or regulation of any
securities exchange on which the Warrants may be listed, or to conform to usage.
The Warrant Certificates shall be signed on behalf of the Company by any of its
present or future chief executive officers, presidents, senior vice presidents,
vice presidents, chief financial officers, chief legal officers, treasurers,
assistant treasurers, controllers, assistant controllers, secretaries or
assistant secretaries under its corporate seal reproduced thereon. Such
signatures may be manual or facsimile signatures of such authorized officers and
may be imprinted or otherwise reproduced on the Warrant Certificates. The seal
of the Company may be in the form of a facsimile thereof and may be impressed,
affixed, imprinted or otherwise reproduced on the Warrant Certificates.
</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>1</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P style="TEXT-INDENT: 15pt" align=justify><FONT face="Times New Roman" size=2>No Warrant Certificate shall be valid for any purpose, and no Warrant
evidenced thereby shall be exercisable, until such Warrant Certificate has been
countersigned by the manual signature of the Warrant Agent. Such signature by
the Warrant Agent upon any Warrant Certificate executed by the Company shall be
conclusive evidence that the Warrant Certificate so countersigned has been duly
issued hereunder. </FONT></P>
<P style="TEXT-INDENT: 15pt" align=justify><FONT face="Times New Roman" size=2>In case any officer of the Company who shall have signed any of the
Warrant Certificates either manually or by facsimile signature shall cease to be
such officer before the Warrant Certificates so signed shall have been
countersigned and delivered by the Warrant Agent, such Warrant Certificates may
be countersigned and delivered notwithstanding that the person who signed such
Warrant Certificates ceased to be such officer of the Company; and any Warrant
Certificate may be signed on behalf of the Company by such persons as, at the
actual date of the execution of such Warrant Certificate, shall be the proper
officers of the Company, although at the date of the execution of this Agreement
any such person was not such officer. </FONT></P>
<P style="TEXT-INDENT: 15pt" align=justify><FONT face="Times New Roman" size=2>The term &#147;</FONT><B><I><FONT face="Times New Roman" size=2>holder</FONT></I></B><FONT face="Times New Roman" size=2>&#148; or
&#147;</FONT><B><I><FONT face="Times New Roman" size=2>holder of a Warrant
Certificate</FONT></I></B><FONT face="Times New Roman" size=2>&#148; as used herein
shall mean any person in whose name at the time any Warrant Certificate shall be
registered upon the books to be maintained by the Warrant Agent for that
purpose.</FONT></P>
<P style="TEXT-INDENT: 15pt" align=justify><B><FONT face="Times New Roman" size=2>1.3</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Issuance Of Warrant Certificates</FONT></B><FONT face="Times New Roman" size=2>. Warrant Certificates evidencing the right to
purchase Warrant Securities may be executed by the Company and delivered to the
Warrant Agent upon the execution of this Warrant Agreement or from time to time
thereafter. The Warrant Agent shall, upon receipt of Warrant Certificates duly
executed on behalf of the Company, countersign such Warrant Certificates and
shall deliver such Warrant Certificates to or upon the order of the Company.
</FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>ARTICLE 2</FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>WARRANT PRICE, DURATION
AND EXERCISE OF WARRANTS</FONT></B><FONT face="Times New Roman" size=2>
</FONT></P>
<P style="TEXT-INDENT: 15pt" align=justify><B><FONT face="Times New Roman" size=2>2.1</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Warrant Price</FONT></B><FONT face="Times New Roman" size=2>. During the period specified in Section 2.2, each
Warrant shall, subject to the terms of this Warrant Agreement and the applicable
Warrant Certificate, entitle the holder thereof to purchase the number of
Warrant Securities specified in the applicable Warrant Certificate at an
exercise price of $[&#9679;] per Warrant Security, subject to adjustment upon the
occurrence of certain events, as hereinafter provided. Such purchase price per
Warrant Security is referred to in this Agreement as the &#147;</FONT><B><I><FONT face="Times New Roman" size=2>Warrant Price</FONT></I></B><FONT face="Times New Roman" size=2>.&#148; </FONT></P>
<P style="TEXT-INDENT: 15pt" align=justify><B><FONT face="Times New Roman" size=2>2.2</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Duration Of Warrants</FONT></B><FONT face="Times New Roman" size=2>. Each Warrant may be exercised in whole or in
part at any time, as specified herein, on or after [the date thereof] [&#9679;] and at
or before [&#9679;] p.m., [City] time, on [&#9679;] or such later date as the Company may
designate by notice to the Warrant Agent and the holders of Warrant Certificates
mailed to their addresses as set forth in the record books of the Warrant Agent
(the &#147;</FONT><B><I><FONT face="Times New Roman" size=2>Expiration
Date</FONT></I></B><FONT face="Times New Roman" size=2>&#148;). Each Warrant not
exercised at or before [&#9679;] p.m., [City] time, on the Expiration Date shall
become void, and all rights of the holder of the Warrant Certificate evidencing
such Warrant under this Agreement shall cease. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>2</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P style="TEXT-INDENT: 15pt" align=justify><B><FONT face="Times New Roman" size=2>2.3</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Exercise Of Warrants. </FONT></B></P>
<P style="TEXT-INDENT: 30pt" align=justify><B><FONT face="Times New Roman" size=2>(a)</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><FONT face="Times New Roman" size=2>During the period specified in Section 2.2, the
Warrants may be exercised to purchase a whole number of Warrant Securities in
registered form by providing certain information as set forth on the reverse
side of the Warrant Certificate and by paying in full, in lawful money of the
United States of America, [in cash or by certified check or official bank check
in New York Clearing House funds] [by bank wire transfer in immediately
available funds] the Warrant Price for each Warrant Security with respect to
which a Warrant is being exercised to the Warrant Agent at its corporate trust
office, provided that such exercise is subject to receipt within five business
days of such payment by the Warrant Agent of the Warrant Certificate with the
form of election to purchase Warrant Securities set forth on the reverse side of
the Warrant Certificate properly completed and duly executed. The date on which
payment in full of the Warrant Price is received by the Warrant Agent shall,
subject to receipt of the Warrant Certificate as aforesaid, be deemed to be the
date on which the Warrant is exercised; provided, however, that if, at the date
of receipt of such Warrant Certificates and payment in full of the Warrant
Price, the transfer books for the Warrant Securities purchasable upon the
exercise of such Warrants shall be closed, no such receipt of such Warrant
Certificates and no such payment of such Warrant Price shall be effective to
constitute the person so designated to be named as the holder of record of such
Warrant Securities on such date, but shall be effective to constitute such
person as the holder of record of such Warrant Securities for all purposes at
the opening of business on the next succeeding day on which the transfer books
for the Warrant Securities purchasable upon the exercise of such Warrants shall
be opened, and the certificates for the Warrant Securities in respect of which
such Warrants are then exercised shall be issuable as of the date on such next
succeeding day on which the transfer books shall next be opened, and until such
date the Company shall be under no duty to deliver any certificate for such
Warrant Securities. The Warrant Agent shall deposit all funds received by it in
payment of the Warrant Price in an account of the Company maintained with it and
shall advise the Company by telephone at the end of each day on which a payment
for the exercise of Warrants is received of the amount so deposited to its
account. The Warrant Agent shall promptly confirm such telephone advice to the
Company in writing. </FONT></P>
<P style="TEXT-INDENT: 30pt" align=justify><B><FONT face="Times New Roman" size=2>(b)</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><FONT face="Times New Roman" size=2>The Warrant Agent shall, from time to time, as
promptly as practicable, advise the Company of (i) the number of Warrant
Securities with respect to which Warrants were exercised, (ii) the instructions
of each holder of the Warrant Certificates evidencing such Warrants with respect
to delivery of the Warrant Securities to which such holder is entitled upon such
exercise, (iii) delivery of Warrant Certificates evidencing the balance, if any,
of the Warrants for the remaining Warrant Securities after such exercise, and
(iv) such other information as the Company shall reasonably require. </FONT></P>
<P style="TEXT-INDENT: 30pt" align=justify><B><FONT face="Times New Roman" size=2>(c)</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><FONT face="Times New Roman" size=2>As soon as practicable after the exercise of any
Warrant, the Company shall issue to or upon the order of the holder of the
Warrant Certificate evidencing such Warrant, the Warrant Securities to which
such holder is entitled, in fully registered form, registered in such name or
names as may be directed by such holder. If fewer than all of the Warrants
evidenced by such Warrant Certificate are exercised, the Company shall execute,
and an authorized officer of the Warrant Agent shall manually countersign and
deliver, a new Warrant Certificate evidencing Warrants for the number of Warrant
Securities remaining unexercised. </FONT></P>
<P style="TEXT-INDENT: 30pt" align=justify><B><FONT face="Times New Roman" size=2>(d)</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><FONT face="Times New Roman" size=2>The Company shall not be required to pay any stamp
or other tax or other governmental charge required to be paid in connection with
any transfer involved in the issue of the Warrant Securities, and in the event
that any such transfer is involved, the Company shall not be required to issue
or deliver any Warrant Security until such tax or other charge shall have been
paid or it has been established to the Company&#146;s satisfaction that no such tax
or other charge is due. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>3</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P style="TEXT-INDENT: 30pt" align=justify><B><FONT face="Times New Roman" size=2>(e)</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><FONT face="Times New Roman" size=2>Prior to the issuance of any Warrants there shall
have been reserved, and the Company shall at all times through the Expiration
Date keep reserved, out of its authorized but unissued Warrant Securities, a
number of shares sufficient to provide for the exercise of the Warrants.
</FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>ARTICLE 3</FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>OTHER PROVISIONS RELATING
TO RIGHTS OF HOLDERS OF<BR>WARRANT CERTIFICATES</FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
<P style="TEXT-INDENT: 15pt" align=justify><B><FONT face="Times New Roman" size=2>3.1</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><B><FONT face="Times New Roman" size=2>No Rights As Warrant Securityholder Conferred By
Warrants Or Warrant Certificates</FONT></B><FONT face="Times New Roman" size=2>.
No Warrant Certificate or Warrant evidenced thereby shall entitle the holder
thereof to any of the rights of a holder of Warrant Securities, including,
without limitation, the right to receive the payment of dividends or
distributions, if any, on the Warrant Securities or to exercise any voting
rights, except to the extent expressly set forth in this Agreement or the
applicable Warrant Certificate. </FONT></P>
<P style="TEXT-INDENT: 15pt" align=justify><B><FONT face="Times New Roman" size=2>3.2</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Lost, Stolen, Mutilated Or Destroyed Warrant
Certificates</FONT></B><FONT face="Times New Roman" size=2>. Upon receipt by the
Warrant Agent of evidence reasonably satisfactory to it and the Company of the
ownership of and the loss, theft, destruction or mutilation of any Warrant
Certificate and/or indemnity reasonably satisfactory to the Warrant Agent and
the Company and, in the case of mutilation, upon surrender of the mutilated
Warrant Certificate to the Warrant Agent for cancellation, then, in the absence
of notice to the Company or the Warrant Agent that such Warrant Certificate has
been acquired by a bona fide purchaser, the Company shall execute, and an
authorized officer of the Warrant Agent shall manually countersign and deliver,
in exchange for or in lieu of the lost, stolen, destroyed or mutilated Warrant
Certificate, a new Warrant Certificate of the same tenor and evidencing Warrants
for a like number of Warrant Securities. Upon the issuance of any new Warrant
Certificate under this Section 3.2, the Company may require the payment of a sum
sufficient to cover any tax or other governmental charge that may be imposed in
relation thereto and any other expenses (including the fees and expenses of the
Warrant Agent) in connection therewith. Every substitute Warrant Certificate
executed and delivered pursuant to this Section 3.2 in lieu of any lost, stolen
or destroyed Warrant Certificate shall represent an additional contractual
obligation of the Company, whether or not the lost, stolen or destroyed Warrant
Certificate shall be at any time enforceable by anyone, and shall be entitled to
the benefits of this Agreement equally and proportionately with any and all
other Warrant Certificates duly executed and delivered hereunder. The provisions
of this Section 3.2 are exclusive and shall preclude (to the extent lawful) all
other rights and remedies with respect to the replacement of mutilated, lost,
stolen or destroyed Warrant Certificates. </FONT></P>
<P style="TEXT-INDENT: 15pt" align=justify><B><FONT face="Times New Roman" size=2>3.3</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Holder Of Warrant Certificate May Enforce
Rights</FONT></B><FONT face="Times New Roman" size=2>. Notwithstanding any of
the provisions of this Agreement, any holder of a Warrant Certificate, without
the consent of the Warrant Agent, the holder of any Warrant Securities or the
holder of any other Warrant Certificate, may, in such holder&#146;s own behalf and
for such holder&#146;s own benefit, enforce, and may institute and maintain any suit,
action or proceeding against the Company suitable to enforce, or otherwise in
respect of, such holder&#146;s right to exercise the Warrants evidenced by such
holder&#146;s Warrant Certificate in the manner provided in such holder&#146;s Warrant
Certificate and in this Agreement. </FONT></P>
<P style="TEXT-INDENT: 15pt" align=justify><B><FONT face="Times New Roman" size=2>3.4</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Adjustments. </FONT></B></P>
<P style="TEXT-INDENT: 30pt" align=justify><B><FONT face="Times New Roman" size=2>(a)</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><FONT face="Times New Roman" size=2>In case the Company shall at any time subdivide
its outstanding shares of [title of Preferred Stock purchasable through exercise
of Warrants] into a greater number of shares, the Warrant Price in effect
immediately prior to such subdivision shall be proportionately reduced and the
number of Warrant Securities purchasable under the Warrants shall be
proportionately increased. Conversely, in case the outstanding shares of [title
of Preferred Stock purchasable through exercise of Warrants] of the Company
shall be combined into a smaller number of shares, the Warrant Price in effect
immediately prior to such combination shall be proportionately increased and the
number of Warrant Securities purchasable under the Warrants shall be
proportionately decreased. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>4</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P style="TEXT-INDENT: 30pt" align=justify><B><FONT face="Times New Roman" size=2>(b)</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><FONT face="Times New Roman" size=2>If at any time or from time to time the holders of
[title of Preferred Stock purchasable through exercise of Warrants] (or any
shares of stock or other securities at the time receivable upon the exercise of
the Warrants) shall have received or become entitled to receive, without payment
therefore, </FONT></P>
<P style="TEXT-INDENT: 45pt" align=justify><B><FONT face="Times New Roman" size=2>(i)</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><FONT face="Times New Roman" size=2>[title of Preferred Stock purchasable through
exercise of Warrants] or any shares of stock or other securities which are at
any time directly or indirectly convertible into or exchangeable for [title of
Preferred Stock purchasable through exercise of Warrants], or any rights or
options to subscribe for, purchase or otherwise acquire any of the foregoing by
way of dividend or other distribution; </FONT></P>
<P style="TEXT-INDENT: 45pt" align=justify><B><FONT face="Times New Roman" size=2>(ii)</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><FONT face="Times New Roman" size=2>any cash paid or payable otherwise than in
accordance with the terms of [title of Preferred Stock purchasable through
exercise of Warrants] or otherwise than as a cash dividend paid or payable out
of the Company&#146;s current or retained earnings; </FONT></P>
<P style="TEXT-INDENT: 45pt" align=justify><B><FONT face="Times New Roman" size=2>(iii)</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><FONT face="Times New Roman" size=2>any evidence of the Company&#146;s indebtedness or
rights to subscribe for or purchase the Company&#146;s indebtedness; or </FONT></P>
<P style="TEXT-INDENT: 45pt" align=justify><B><FONT face="Times New Roman" size=2>(iv)</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><FONT face="Times New Roman" size=2>[title of Preferred Stock purchasable through
exercise of Warrants] or additional stock or other securities or property
(including cash) by way of spinoff, split-up, reclassification, combination of
shares or similar corporate rearrangement (other than shares of [title of
Preferred Stock purchasable through exercise of Warrants] issued as a stock
split or adjustments in respect of which shall be covered by the terms of
Section 3.4(a) above), then and in each such case, the holder of each Warrant
shall, upon the exercise of the Warrant, be entitled to receive, in addition to
the number of Warrant Securities receivable thereupon, and without payment of
any additional consideration therefore, the amount of stock and other securities
and property (including cash and indebtedness or rights to subscribe for or
purchase indebtedness) which such holder would hold on the date of such exercise
had he been the holder of record of such Warrant Securities as of the date on
which holders of [title of Preferred Stock purchasable through exercise of
Warrants] received or became entitled to receive such shares or all other
additional stock and other securities and property. </FONT></P>
<P style="TEXT-INDENT: 30pt" align=justify><B><FONT face="Times New Roman" size=2>(c)</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><FONT face="Times New Roman" size=2>In case of (i) any reclassification, capital
reorganization, or change in the [title of Preferred Stock purchasable through
the exercise of the Warrants] of the Company (other than as a result of a
subdivision, combination or stock dividend provided for in Section 3.4(a) or
Section 3.4(b) above), (ii) share exchange, merger or similar transaction of the
Company with or into another person or entity (other than a share exchange,
merger or similar transaction in which the Company is the acquiring or surviving
corporation and which does not result in any change in the [title of Preferred
Stock purchasable through the exercise of the Warrants] other than the issuance
of additional shares of [title of Preferred Stock purchasable through the
exercise of the Warrants]) or (iii) the sale, exchange, lease, transfer or other
disposition of all or substantially all of the properties and assets of the
Company as an entirety (in any such case, a &#147;</FONT><B><I><FONT face="Times New Roman" size=2>Reorganization Event</FONT></I></B><FONT face="Times New Roman" size=2>&#148;), then, as a condition of such Reorganization
Event, lawful provisions shall be made, and duly executed documents evidencing
the same from the Company or its successor shall be delivered to the holders of
the Warrants, so that the holders of the Warrants shall have the right at any
time prior to the expiration of the Warrants to purchase, at a total price equal
to that payable upon the exercise of the Warrants, the kind and amount of shares
of stock and other securities and property receivable in connection with such
Reorganization Event by a holder of the same number of shares of [title of
Preferred Stock purchasable through the exercise of the Warrants] as were
purchasable by the holders of the Warrants immediately prior to such
Reorganization Event. In any such case appropriate provisions shall be made with
respect to the rights and interests of the holders of the Warrants so that the
provisions hereof shall thereafter be applicable with respect to any shares of
stock or other securities and property deliverable upon exercise the Warrants,
and appropriate adjustments shall be made to the Warrant Price payable hereunder
provided the aggregate purchase price shall remain the same. In the case of any
transaction described in clauses (ii) and (iii) above, the Company shall
thereupon be relieved of any further obligation hereunder or under the Warrants,
and the Company as the predecessor corporation may thereupon or at any time
thereafter be dissolved, wound up or liquidated. Such successor or assuming
entity thereupon may cause to be signed, and may issue either in its own name or
in the name of the Company, any or all of the Warrants issuable hereunder which
heretofore shall not have been signed by the Company, and may execute and
deliver securities in its own name, in fulfillment of its obligations to deliver
Warrant Securities upon exercise of the Warrants. All the Warrants so issued
shall in all respects have the same legal rank and benefit under this Agreement
as the Warrants theretofore or thereafter issued in accordance with the terms of
this Agreement as though all of such Warrants had been issued at the date of the
execution hereof. In any case of any such Reorganization Event, such changes in
phraseology and form (but not in substance) may be made in the Warrants
thereafter to be issued as may be appropriate. The Warrant Agent may receive a
written opinion of legal counsel as conclusive evidence that any such
Reorganization Event complies with the provisions of this Section 3.4.
</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>5</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P style="TEXT-INDENT: 30pt" align=justify><B><FONT face="Times New Roman" size=2>(d)</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><FONT face="Times New Roman" size=2>The Company may, at its option, at any time until
the Expiration Date, reduce the then current Warrant Price to any amount deemed
appropriate by the Board of Directors of the Company for any period not
exceeding twenty consecutive days (as evidenced in a resolution adopted by such
Board of Directors), but only upon giving the notices required by Section 3.5 at
least ten days prior to taking such action. </FONT></P>
<P style="TEXT-INDENT: 30pt" align=justify><B><FONT face="Times New Roman" size=2>(e)</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><FONT face="Times New Roman" size=2>Except as herein otherwise expressly provided, no
adjustment in the Warrant Price shall be made by reason of the issuance of any
securities of the Company or for any other reason whatsoever. </FONT></P>
<P style="TEXT-INDENT: 30pt" align=justify><B><FONT face="Times New Roman" size=2>(f)</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><FONT face="Times New Roman" size=2>No fractional Warrant Securities shall be issued
upon the exercise of Warrants. If more than one Warrant shall be exercised at
one time by the same holder, the number of full Warrant Securities which shall
be issuable upon such exercise shall be computed on the basis of the aggregate
number of Warrant Securities purchased pursuant to the Warrants so exercised.
Instead of any fractional Warrant Security which would otherwise be issuable
upon exercise of any Warrant, the Company shall pay a cash adjustment in respect
of such fraction in an amount equal to the same fraction of the last reported
sale price (or bid price if there were no sales) per Warrant Security, in either
case as reported on the principal registered national securities exchange on
which the Warrant Securities are listed or admitted to trading on the business
day that next precedes the day of exercise or, if the Warrant Securities are not
then listed or admitted to trading on any registered national securities
exchange, the average of the closing high bid and low asked prices as reported
on the OTC Bulletin Board Service (the &#147;</FONT><B><I><FONT face="Times New Roman" size=2>OTC Bulletin Board</FONT></I></B><FONT face="Times New Roman" size=2>&#148;) operated by the Financial Industry Regulatory
Authority, Inc. (&#147;</FONT><B><I><FONT face="Times New Roman" size=2>FINRA</FONT></I></B><FONT face="Times New Roman" size=2>&#148;) or, if not
available on the OTC Bulletin Board, then the average of the closing high bid
and low asked prices as reported on any other U.S. quotation medium or
inter-dealer quotation system on such date, or if on any such date the Warrant
Securities are not listed or admitted to trading on a registered national
securities exchange, are not included in the OTC Bulletin Board, and are not
quoted on any other U.S. quotation medium or inter-dealer quotation system, an
amount equal to the same fraction of the average of the closing bid and asked
prices as furnished by any FINRA member firm selected from time to time by the
Company for that purpose at the close of business on the business day that next
precedes the day of exercise. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>6</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P style="TEXT-INDENT: 30pt" align=justify><B><FONT face="Times New Roman" size=2>(g)</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><FONT face="Times New Roman" size=2>Whenever the Warrant Price then in effect is
adjusted as herein provided, the Company shall mail to each holder of the
Warrants at such holder&#146;s address as it shall appear on the books of the Company
a statement setting forth the adjusted Warrant Price then and thereafter
effective under the provisions hereof, together with the facts, in reasonable
detail, upon which such adjustment is based. </FONT></P>
<P style="TEXT-INDENT: 15pt" align=justify><B><FONT face="Times New Roman" size=2>3.5</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Notice To Warrantholders</FONT></B><FONT face="Times New Roman" size=2>. In case the Company shall (a) effect any
dividend or distribution described in Section 3.4(b), (b) effect any
Reorganization Event, (c) make any distribution on or in respect of the [title
of Preferred Stock purchasable through the exercise of the Warrants] in
connection with the dissolution, liquidation or winding up of the Company, or
(d) reduce the then current Warrant Price pursuant to Section 3.4(d), then the
Company shall mail to each holder of Warrants at such holder&#146;s address as it
shall appear on the books of the Warrant Agent, at least ten days prior to the
applicable date hereinafter specified, a notice stating (x) the record date for
such dividend or distribution, or, if a record is not to be taken, the date as
of which the holders of record of [title of Preferred Stock purchasable through
the exercise of Warrants] that will be entitled to such dividend or distribution
are to be determined, (y) the date on which such Reorganization Event,
dissolution, liquidation or winding up is expected to become effective, and the
date as of which it is expected that holders of [title of Preferred Stock
purchasable through the exercise of the Warrants] of record shall be entitled to
exchange their shares of [title of Preferred Stock purchasable through the
exercise of the Warrants] for securities or other property deliverable upon such
Reorganization Event, dissolution, liquidation or winding up, or (z) the first
date on which the then current Warrant Price shall be reduced pursuant to
Section 3.4(d). No failure to mail such notice nor any defect therein or in the
mailing thereof shall affect any such transaction or any adjustment in the
Warrant Price required by Section 3.4. </FONT></P>
<P style="TEXT-INDENT: 15pt" align=justify><B><FONT face="Times New Roman" size=2>3.6</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><B><FONT face="Times New Roman" size=2>[</FONT></B><B><I><FONT face="Times New Roman" size=2>If The Warrants Are Subject To Acceleration By The Company,
Insert&#151;</FONT></I></B><B><FONT face="Times New Roman" size=2>Acceleration Of
Warrants By The Company.] </FONT></B></P>
<P style="TEXT-INDENT: 30pt" align=justify><B><FONT face="Times New Roman" size=2>(a)</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><FONT face="Times New Roman" size=2>At any time on or after [&#9679;], the Company shall
have the right to accelerate any or all Warrants at any time by causing them to
expire at the close of business on the day next preceding a specified date (the
&#147;</FONT><B><I><FONT face="Times New Roman" size=2>Acceleration
Date</FONT></I></B><FONT face="Times New Roman" size=2>&#148;), if the Market Price
(as hereinafter defined) of the [title of Preferred Stock purchasable through
the exercise of the Warrants] equals or exceeds [&#9679;] percent ([&#9679;]%) of the then
effective Warrant Price on any twenty Trading Days (as hereinafter defined)
within a period of thirty consecutive Trading Days ending no more than five
Trading Days prior to the date on which the Company gives notice to the Warrant
Agent of its election to accelerate the Warrants. </FONT></P>
<P style="TEXT-INDENT: 30pt" align=justify><B><FONT face="Times New Roman" size=2>(b)</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><FONT face="Times New Roman" size=2>&#147;</FONT><B><I><FONT face="Times New Roman" size=2>Market Price</FONT></I></B><FONT face="Times New Roman" size=2>&#148; for each
Trading Day shall be, if the [title of Preferred Stock purchasable through the
exercise of the Warrants] is listed or admitted to trading on any registered
national securities exchange, the last reported sale price, regular way (or, if
no such price is reported, the average of the reported closing bid and asked
prices, regular way) of [title of Preferred Stock purchasable through the
exercise of the Warrants], in either case as reported on the principal
registered national securities exchange on which the [title of Preferred Stock
purchasable through the exercise of the Warrants] is listed or admitted to
trading or, if not listed or admitted to trading on any registered national
securities exchange, the average of the closing high bid and low asked prices as
reported on the OTC Bulletin Board operated by FINRA, or if not available on the
OTC Bulletin Board, then the average of the closing high bid and low asked
prices as reported on any other U.S. quotation medium or inter-dealer quotation
system, or if on any such date the shares of [title of Preferred Stock
purchasable through the exercise of the Warrants] are not listed or admitted to
trading on a registered national securities exchange, are not included in the
OTC Bulletin Board, and are not quoted on any other U.S. quotation medium or
inter-dealer quotation system, the average of the closing bid and asked prices
as furnished by any FINRA member firm selected from time to time by the Company
for that purpose. &#147;</FONT><B><I><FONT face="Times New Roman" size=2>Trading
Day</FONT></I></B><FONT face="Times New Roman" size=2>&#148; shall be each Monday
through Friday, other than any day on which securities are not traded in the
system or on the exchange that is the principal market for the [title of
Preferred Stock purchasable through the exercise of the Warrants], as determined
by the Board of Directors of the Company. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>7</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P style="TEXT-INDENT: 30pt" align=justify><B><FONT face="Times New Roman" size=2>(c)</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><FONT face="Times New Roman" size=2>In the event of an acceleration of less than all
of the Warrants, the Warrant Agent shall select the Warrants to be accelerated
by lot, pro rata or in such other manner as it deems, in its discretion, to be
fair and appropriate. </FONT></P>
<P style="TEXT-INDENT: 30pt" align=justify><B><FONT face="Times New Roman" size=2>(d)</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><FONT face="Times New Roman" size=2>Notice of an acceleration specifying the
Acceleration Date shall be sent by mail first class, postage prepaid, to each
registered holder of a Warrant Certificate representing a Warrant accelerated at
such holder&#146;s address appearing on the books of the Warrant Agent not more than
sixty days nor less than thirty days before the Acceleration Date. Such notice
of an acceleration also shall be given no more than twenty days, and no less
than ten days, prior to the mailing of notice to registered holders of Warrants
pursuant to this Section 3.6, by publication at least once in a newspaper of
general circulation in the City of New York. </FONT></P>
<P style="TEXT-INDENT: 30pt" align=justify><B><FONT face="Times New Roman" size=2>(e)</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><FONT face="Times New Roman" size=2>Any Warrant accelerated may be exercised until [&#9679;]
p.m., [City] time, on the business day next preceding the Acceleration Date. The
Warrant Price shall be payable as provided in Section 2.] </FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>ARTICLE 4</FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>EXCHANGE AND TRANSFER OF
WARRANT CERTIFICATES</FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
<P style="TEXT-INDENT: 15pt" align=justify><B><FONT face="Times New Roman" size=2>4.1</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Exchange And Transfer Of Warrant
Certificates.</FONT></B><FONT face="Times New Roman" size=2> Upon surrender at
the corporate trust office of the Warrant Agent, Warrant Certificates evidencing
Warrants may be exchanged for Warrant Certificates in other denominations
evidencing such Warrants or the transfer thereof may be registered in whole or
in part; provided that such other Warrant Certificates evidence Warrants for the
same aggregate number of Warrant Securities as the Warrant Certificates so
surrendered. The Warrant Agent shall keep, at its corporate trust office, books
in which, subject to such reasonable regulations as it may prescribe, it shall
register Warrant Certificates and exchanges and transfers of outstanding Warrant
Certificates, upon surrender of the Warrant Certificates to the Warrant Agent at
its corporate trust office for exchange or registration of transfer, properly
endorsed or accompanied by appropriate instruments of registration of transfer
and written instructions for transfer, all in form satisfactory to the Company
and the Warrant Agent. No service charge shall be made for any exchange or
registration of transfer of Warrant Certificates, but the Company may require
payment of a sum sufficient to cover any stamp or other tax or other
governmental charge that may be imposed in connection with any such exchange or
registration of transfer. Whenever any Warrant Certificates are so surrendered
for exchange or registration of transfer, an authorized officer of the Warrant
Agent shall manually countersign and deliver to the person or persons entitled
thereto a Warrant Certificate or Warrant Certificates duly authorized and
executed by the Company, as so requested. The Warrant Agent shall not be
required to effect any exchange or registration of transfer which will result in
the issuance of a Warrant Certificate evidencing a Warrant for a fraction of a
Warrant Security or a number of Warrants for a whole number of Warrant
Securities and a fraction of a Warrant Security. All Warrant Certificates issued
upon any exchange or registration of transfer of Warrant Certificates shall be
the valid obligations of the Company, evidencing the same obligations and
entitled to the same benefits under this Agreement as the Warrant Certificate
surrendered for such exchange or registration of transfer. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>8</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P style="TEXT-INDENT: 15pt" align=justify><B><FONT face="Times New Roman" size=2>4.2</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Treatment Of Holders Of Warrant
Certificates</FONT></B><FONT face="Times New Roman" size=2>. The Company, the
Warrant Agent and all other persons may treat the registered holder of a Warrant
Certificate as the absolute owner thereof for any purpose and as the person
entitled to exercise the rights represented by the Warrants evidenced thereby,
any notice to the contrary notwithstanding. </FONT></P>
<P style="TEXT-INDENT: 15pt" align=justify><B><FONT face="Times New Roman" size=2>4.3</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Cancellation Of Warrant
Certificates</FONT></B><FONT face="Times New Roman" size=2>. Any Warrant
Certificate surrendered for exchange, registration of transfer or exercise of
the Warrants evidenced thereby shall, if surrendered to the Company, be
delivered to the Warrant Agent and all Warrant Certificates surrendered or so
delivered to the Warrant Agent shall be promptly canceled by the Warrant Agent
and shall not be reissued and, except as expressly permitted by this Agreement,
no Warrant Certificate shall be issued hereunder in exchange therefor or in lieu
thereof. The Warrant Agent shall deliver to the Company from time to time or
otherwise dispose of canceled Warrant Certificates in a manner satisfactory to
the Company. </FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>ARTICLE 5</FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>CONCERNING THE WARRANT
AGENT</FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
<P style="TEXT-INDENT: 15pt" align=justify><B><FONT face="Times New Roman" size=2>5.1</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Warrant Agent</FONT></B><FONT face="Times New Roman" size=2>. The Company hereby appoints [&#9679;] as Warrant Agent
of the Company in respect of the Warrants and the Warrant Certificates upon the
terms and subject to the conditions herein set forth, and [&#9679;] hereby accepts
such appointment. The Warrant Agent shall have the powers and authority granted
to and conferred upon it in the Warrant Certificates and hereby and such further
powers and authority to act on behalf of the Company as the Company may
hereafter grant to or confer upon it. All of the terms and provisions with
respect to such powers and authority contained in the Warrant Certificates are
subject to and governed by the terms and provisions hereof. </FONT></P>
<P style="TEXT-INDENT: 15pt" align=justify><B><FONT face="Times New Roman" size=2>5.2</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Conditions Of Warrant Agent&#146;s
Obligations</FONT></B><FONT face="Times New Roman" size=2>. The Warrant Agent
accepts its obligations herein set forth upon the terms and conditions hereof,
including the following to all of which the Company agrees and to all of which
the rights hereunder of the holders from time to time of the Warrant
Certificates shall be subject: </FONT></P>
<P style="TEXT-INDENT: 30pt" align=justify><B><FONT face="Times New Roman" size=2>(a)</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Compensation And Indemnification</FONT></B><FONT face="Times New Roman" size=2>. The Company agrees promptly to pay the Warrant
Agent the compensation to be agreed upon with the Company for all services
rendered by the Warrant Agent and to reimburse the Warrant Agent for reasonable
out-of-pocket expenses (including reasonable counsel fees) incurred without
negligence, bad faith or willful misconduct by the Warrant Agent in connection
with the services rendered hereunder by the Warrant Agent. The Company also
agrees to indemnify the Warrant Agent for, and to hold it harmless against, any
loss, liability or expense incurred without negligence, bad faith or willful
misconduct on the part of the Warrant Agent, arising out of or in connection
with its acting as Warrant Agent hereunder, including the reasonable costs and
expenses of defending against any claim of such liability. </FONT></P>
<P style="TEXT-INDENT: 30pt" align=justify><B><FONT face="Times New Roman" size=2>(b)</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Agent For The Company</FONT></B><FONT face="Times New Roman" size=2>. In acting under this Warrant Agreement and in
connection with the Warrant Certificates, the Warrant Agent is acting solely as
agent of the Company and does not assume any obligations or relationship of
agency or trust for or with any of the holders of Warrant Certificates or
beneficial owners of Warrants. </FONT></P>
<P style="TEXT-INDENT: 30pt" align=justify><B><FONT face="Times New Roman" size=2>(c)</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Counsel</FONT></B><FONT face="Times New Roman" size=2>. The Warrant Agent may consult with counsel satisfactory to it, which
may include counsel for the Company, and the written advice of such counsel
shall be full and complete authorization and protection in respect of any action
taken, suffered or omitted by it hereunder in good faith and in accordance with
the advice of such counsel. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>9</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P style="TEXT-INDENT: 30pt" align=justify><B><FONT face="Times New Roman" size=2>(d)</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Documents</FONT></B><FONT face="Times New Roman" size=2>. The Warrant Agent shall be protected and shall incur no liability for
or in respect of any action taken or omitted by it in reliance upon any Warrant
Certificate, notice, direction, consent, certificate, affidavit, statement or
other paper or document reasonably believed by it to be genuine and to have been
presented or signed by the proper parties. </FONT></P>
<P style="TEXT-INDENT: 30pt" align=justify><B><FONT face="Times New Roman" size=2>(e)</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Certain Transactions</FONT></B><FONT face="Times New Roman" size=2>. The Warrant Agent, and its officers, directors
and employees, may become the owner of, or acquire any interest in, Warrants,
with the same rights that it or they would have if it were not the Warrant Agent
hereunder, and, to the extent permitted by applicable law, it or they may engage
or be interested in any financial or other transaction with the Company and may
act on, or as depositary, trustee or agent for, any committee or body of holders
of Warrant Securities or other obligations of the Company as freely as if it
were not the Warrant Agent hereunder. Nothing in this Warrant Agreement shall be
deemed to prevent the Warrant Agent from acting as trustee under any indenture
to which the Company is a party. </FONT></P>
<P style="TEXT-INDENT: 30pt" align=justify><B><FONT face="Times New Roman" size=2>(f)</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><B><FONT face="Times New Roman" size=2>No Liability For Interest</FONT></B><FONT face="Times New Roman" size=2>. Unless otherwise agreed with the Company, the
Warrant Agent shall have no liability for interest on any monies at any time
received by it pursuant to any of the provisions of this Agreement or of the
Warrant Certificates. </FONT></P>
<P style="TEXT-INDENT: 30pt" align=justify><B><FONT face="Times New Roman" size=2>(g)</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><B><FONT face="Times New Roman" size=2>No Liability For Invalidity</FONT></B><FONT face="Times New Roman" size=2>. The Warrant Agent shall have no liability with
respect to any invalidity of this Agreement or any of the Warrant Certificates
(except as to the Warrant Agent&#146;s countersignature thereon). </FONT></P>
<P style="TEXT-INDENT: 30pt" align=justify><B><FONT face="Times New Roman" size=2>(h)</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><B><FONT face="Times New Roman" size=2>No Responsibility For
Representations</FONT></B><FONT face="Times New Roman" size=2>. The Warrant
Agent shall not be responsible for any of the recitals or representations herein
or in the Warrant Certificates (except as to the Warrant Agent&#146;s
countersignature thereon), all of which are made solely by the Company.
</FONT></P>
<P style="TEXT-INDENT: 30pt" align=justify><B><FONT face="Times New Roman" size=2>(i)</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><B><FONT face="Times New Roman" size=2>No Implied Obligations</FONT></B><FONT face="Times New Roman" size=2>. The Warrant Agent shall be obligated to perform
only such duties as are herein and in the Warrant Certificates specifically set
forth and no implied duties or obligations shall be read into this Agreement or
the Warrant Certificates against the Warrant Agent. The Warrant Agent shall not
be under any obligation to take any action hereunder which may tend to involve
it in any expense or liability, the payment of which within a reasonable time is
not, in its reasonable opinion, assured to it. The Warrant Agent shall not be
accountable or under any duty or responsibility for the use by the Company of
any of the Warrant Certificates authenticated by the Warrant Agent and delivered
by it to the Company pursuant to this Agreement or for the application by the
Company of the proceeds of the Warrant Certificates. The Warrant Agent shall
have no duty or responsibility in case of any default by the Company in the
performance of its covenants or agreements contained herein or in the Warrant
Certificates or in the case of the receipt of any written demand from a holder
of a Warrant Certificate with respect to such default, including, without
limiting the generality of the foregoing, any duty or responsibility to initiate
or attempt to initiate any proceedings at law or otherwise or, except as
provided in Section 6.2 hereof, to make any demand upon the Company. </FONT></P>
<P style="TEXT-INDENT: 15pt" align=justify><B><FONT face="Times New Roman" size=2>5.3</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Resignation, Removal And Appointment Of
Successors. </FONT></B></P>
<P style="TEXT-INDENT: 30pt" align=justify><B><FONT face="Times New Roman" size=2>(a)</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><FONT face="Times New Roman" size=2>The Company agrees, for the benefit of the holders
from time to time of the Warrant Certificates, that there shall at all times be
a Warrant Agent hereunder until all the Warrants have been exercised or are no
longer exercisable. </FONT></P>
<P style="TEXT-INDENT: 30pt" align=justify><B><FONT face="Times New Roman" size=2>(b)</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><FONT face="Times New Roman" size=2>The Warrant Agent may at any time resign as agent
by giving written notice to the Company of such intention on its part,
specifying the date on which its desired resignation shall become effective;
provided that such date shall not be less than three months after the date on
which such notice is given unless the Company otherwise agrees. The Warrant
Agent hereunder may be removed at any time by the filing with it of an
instrument in writing signed by or on behalf of the Company and specifying such
removal and the intended date when it shall become effective. Such resignation
or removal shall take effect upon the appointment by the Company, as hereinafter
provided, of a successor Warrant Agent (which shall be a bank or trust company
authorized under the laws of the jurisdiction of its organization to exercise
corporate trust powers) and the acceptance of such appointment by such successor
Warrant Agent. The obligation of the Company under Section 5.2(a) shall continue
to the extent set forth therein notwithstanding the resignation or removal of
the Warrant Agent. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>10</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P style="TEXT-INDENT: 30pt" align=justify><B><FONT face="Times New Roman" size=2>(c)</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><FONT face="Times New Roman" size=2>In case at any time the Warrant Agent shall
resign, or shall be removed, or shall become incapable of acting, or shall be
adjudged a bankrupt or insolvent, or shall commence a voluntary case under the
Federal bankruptcy laws, as now or hereafter constituted, or under any other
applicable Federal or state bankruptcy, insolvency or similar law or shall
consent to the appointment of or taking possession by a receiver, custodian,
liquidator, assignee, trustee, sequestrator (or other similar official) of the
Warrant Agent or its property or affairs, or shall make an assignment for the
benefit of creditors, or shall admit in writing its inability to pay its debts
generally as they become due, or shall take corporate action in furtherance of
any such action, or a decree or order for relief by a court having jurisdiction
in the premises shall have been entered in respect of the Warrant Agent in an
involuntary case under the Federal bankruptcy laws, as now or hereafter
constituted, or any other applicable Federal or state bankruptcy, insolvency or
similar law, or a decree or order by a court having jurisdiction in the premises
shall have been entered for the appointment of a receiver, custodian,
liquidator, assignee, trustee, sequestrator (or similar official) of the Warrant
Agent or of its property or affairs, or any public officer shall take charge or
control of the Warrant Agent or of its property or affairs for the purpose of
rehabilitation, conservation, winding up or liquidation, a successor Warrant
Agent, qualified as aforesaid, shall be appointed by the Company by an
instrument in writing, filed with the successor Warrant Agent. Upon the
appointment as aforesaid of a successor Warrant Agent and acceptance by the
successor Warrant Agent of such appointment, the Warrant Agent shall cease to be
Warrant Agent hereunder. </FONT></P>
<P style="TEXT-INDENT: 30pt" align=justify><B><FONT face="Times New Roman" size=2>(d)</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><FONT face="Times New Roman" size=2>Any successor Warrant Agent appointed hereunder
shall execute, acknowledge and deliver to its predecessor and to the Company an
instrument accepting such appointment hereunder, and thereupon such successor
Warrant Agent, without any further act, deed or conveyance, shall become vested
with all the authority, rights, powers, trusts, immunities, duties and
obligations of such predecessor with like effect as if originally named as
Warrant Agent hereunder, and such predecessor, upon payment of its charges and
disbursements then unpaid, shall thereupon become obligated to transfer, deliver
and pay over, and such successor Warrant Agent shall be entitled to receive, all
monies, securities and other property on deposit with or held by such
predecessor, as Warrant Agent hereunder. </FONT></P>
<P style="TEXT-INDENT: 30pt" align=justify><B><FONT face="Times New Roman" size=2>(e)</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><FONT face="Times New Roman" size=2>Any corporation into which the Warrant Agent
hereunder may be merged or converted or any corporation with which the Warrant
Agent may be consolidated, or any corporation resulting from any merger,
conversion or consolidation to which the Warrant Agent shall be a party, or any
corporation to which the Warrant Agent shall sell or otherwise transfer all or
substantially all the assets and business of the Warrant Agent, provided that it
shall be qualified as aforesaid, shall be the successor Warrant Agent under this
Agreement without the execution or filing of any paper or any further act on the
part of any of the parties hereto. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>11</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><B><FONT face="Times New Roman" size=2>ARTICLE 6</FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>MISCELLANEOUS</FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
<P style="TEXT-INDENT: 15pt" align=justify><B><FONT face="Times New Roman" size=2>6.1</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Amendment</FONT></B><FONT face="Times New Roman" size=2>. This Agreement may be amended by the parties hereto, without the
consent of the holder of any Warrant Certificate, for the purpose of curing any
ambiguity, or of curing, correcting or supplementing any defective provision
contained herein, or making any other provisions with respect to matters or
questions arising under this Agreement as the Company and the Warrant Agent may
deem necessary or desirable; provided that such action shall not materially
adversely affect the interests of the holders of the Warrant Certificates.
</FONT></P>
<P style="TEXT-INDENT: 15pt" align=justify><B><FONT face="Times New Roman" size=2>6.2</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Notices And Demands To The Company And Warrant
Agent</FONT></B><FONT face="Times New Roman" size=2>. If the Warrant Agent shall
receive any notice or demand addressed to the Company by the holder of a Warrant
Certificate pursuant to the provisions of the Warrant Certificates, the Warrant
Agent shall promptly forward such notice or demand to the Company. </FONT></P>
<P style="TEXT-INDENT: 15pt" align=justify><B><FONT face="Times New Roman" size=2>6.3</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Addresses</FONT></B><FONT face="Times New Roman" size=2>. Any communication from the Company to the Warrant Agent with respect to
this Agreement shall be addressed to [&#9679;], Attention: [&#9679;] and any communication
from the Warrant Agent to the Company with respect to this Agreement shall be
addressed to Geron Corporation, 149 Commonwealth Drive, Suite 2070, Menlo Park,
California 94025, Attention: [&#9679;] (or such other address as shall be specified in
writing by the Warrant Agent or by the Company). </FONT></P>
<P style="TEXT-INDENT: 15pt" align=justify><B><FONT face="Times New Roman" size=2>6.4</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Governing Law</FONT></B><FONT face="Times New Roman" size=2>. This Agreement and each Warrant Certificate
issued hereunder shall be governed by and construed in accordance with the laws
of the State of New York. </FONT></P>
<P style="TEXT-INDENT: 15pt" align=justify><B><FONT face="Times New Roman" size=2>6.5</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Delivery Of Prospectus</FONT></B><FONT face="Times New Roman" size=2>. The Company shall furnish to the Warrant Agent
sufficient copies of a prospectus meeting the requirements of the Securities Act
of 1933, as amended, relating to the Warrant Securities deliverable upon
exercise of the Warrants (the &#147;</FONT><B><I><FONT face="Times New Roman" size=2>Prospectus</FONT></I></B><FONT face="Times New Roman" size=2>&#148;), and the
Warrant Agent agrees that upon the exercise of any Warrant, the Warrant Agent
will deliver to the holder of the Warrant Certificate evidencing such Warrant,
prior to or concurrently with the delivery of the Warrant Securities issued upon
such exercise, a Prospectus. The Warrant Agent shall not, by reason of any such
delivery, assume any responsibility for the accuracy or adequacy of such
Prospectus. </FONT></P>
<P style="TEXT-INDENT: 15pt" align=justify><B><FONT face="Times New Roman" size=2>6.6</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Obtaining Of Governmental
Approvals</FONT></B><FONT face="Times New Roman" size=2>. The Company will from
time to time take all action which may be necessary to obtain and keep effective
any and all permits, consents and approvals of governmental agencies and
authorities and securities act filings under United States Federal and state
laws (including without limitation a registration statement in respect of the
Warrants and Warrant Securities under the Securities Act of 1933, as amended),
which may be or become requisite in connection with the issuance, sale,
transfer, and delivery of the Warrant Securities issued upon exercise of the
Warrants, the issuance, sale, transfer and delivery of the Warrants or upon the
expiration of the period during which the Warrants are exercisable. </FONT></P>
<P style="TEXT-INDENT: 15pt" align=justify><B><FONT face="Times New Roman" size=2>6.7</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Persons Having Rights Under Warrant
Agreement</FONT></B><FONT face="Times New Roman" size=2>. Nothing in this
Agreement shall give to any person other than the Company, the Warrant Agent and
the holders of the Warrant Certificates any right, remedy or claim under or by
reason of this Agreement. </FONT></P>
<P style="TEXT-INDENT: 15pt" align=justify><B><FONT face="Times New Roman" size=2>6.8</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Headings</FONT></B><FONT face="Times New Roman" size=2>. The descriptive headings of the several Articles and Sections of this
Agreement are inserted for convenience only and shall not control or affect the
meaning or construction of any of the provisions hereof. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>12</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P style="TEXT-INDENT: 15pt" align=justify><B><FONT face="Times New Roman" size=2>6.9</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Counterparts</FONT></B><FONT face="Times New Roman" size=2>. This Agreement may be executed in any number of
counterparts, each of which as so executed shall be deemed to be an original,
but such counterparts shall together constitute but one and the same instrument.
</FONT></P>
<P style="TEXT-INDENT: 15pt" align=justify><B><FONT face="Times New Roman" size=2>6.10</FONT></B><B><FONT face="Times New Roman" size=2>
</FONT></B><B><FONT face="Times New Roman" size=2>Inspection Of
Agreement</FONT></B><FONT face="Times New Roman" size=2>. A copy of this
Agreement shall be available at all reasonable times at the principal corporate
trust office of the Warrant Agent for inspection by the holder of any Warrant
Certificate. The Warrant Agent may require such holder to submit his Warrant
Certificate for inspection by it. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>13</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P style="TEXT-INDENT: 15pt" align=justify><B><FONT style="FONT-VARIANT: small-caps" face="Times New Roman" size=2>In Witness
Whereof</FONT></B><FONT face="Times New Roman" size=2>, the parties hereto have
caused this Agreement to be duly executed, all as of the day and year first
above written. </FONT></P>
<DIV align=right>
<TABLE cellSpacing=0 cellPadding=0 width="50%" border=0>

  <TR>
    <TD noWrap align=left width="100%" colSpan=2>
      <P align=justify><B><FONT face="Times New Roman" size=2>GERON
      CORPORATION</FONT></B><FONT face="Times New Roman" size=2>, as
      Company<BR>&nbsp;</FONT></P></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>By:</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="99%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Name:</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="99%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Title:</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="99%">&nbsp;</TD></TR>
  <TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="99%"></TD></TR>
  <TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="99%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><B><FONT face="Times New Roman" size=2>ATTEST:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="99%">&nbsp;</TD></TR>
  <TR>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="99%">&nbsp;</TD></TR>
  <TR>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="99%"></TD></TR>
  <TR>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="99%"></TD></TR>
  <TR>
    <TD noWrap align=left width="100%" colSpan=2>
      <P align=justify><B><FONT face="Times New Roman" size=2>COUNTERSIGNED<BR>&nbsp;</FONT></B></P></TD></TR>
  <TR>
    <TD noWrap align=left width="100%" colSpan=2>
      <P align=justify><FONT face="Times New Roman" size=2>[&#9679;]</FONT><FONT face="Times New Roman" size=2>, as Warrant
      Agent </FONT></P></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>By:</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="99%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Name:</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="99%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Title:</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="99%">&nbsp;</TD></TR>
  <TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="99%"></TD></TR>
  <TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="99%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><B><FONT face="Times New Roman" size=2>ATTEST:</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="99%">&nbsp;</TD></TR>
  <TR>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="99%">&nbsp;</TD></TR></TABLE></DIV><BR>
<P align=center><FONT style="FONT-VARIANT: small-caps" face="Times New Roman" size=1>[Signature Page To Preferred Stock Warrant Agreement]</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>14</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><B><FONT face="Times New Roman" size=2>EXHIBIT A</FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>FORM OF WARRANT
CERTIFICATE<BR></FONT></B><B><FONT face="Times New Roman" size=2>[FACE OF
WARRANT CERTIFICATE]</FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
<DIV style="FLOAT: left; WIDTH: 48%">
<P align=justify><FONT face="Times New Roman" size=2>[Form of Legend if Warrants
are not immediately exercisable.] </FONT></P></DIV>
<DIV style="FLOAT: right; WIDTH: 48%">
<P align=justify><FONT face="Times New Roman" size=2>[Prior to [&#9679;] Warrants
evidenced by this Warrant Certificate cannot be exercised.] </FONT></P></DIV><BR clear=all><BR>
<P style="TEXT-ALIGN: center"><FONT face="Times New Roman" size=2>EXERCISABLE
ONLY IF COUNTERSIGNED BY THE WARRANT AGENT AS PROVIDED<BR>HEREIN </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>VOID AFTER [&#9679;] P.M., [City]
time, ON [&#9679;]. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>15</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><B><FONT face="Times New Roman" size=2>GERON
CORPORATION<BR></FONT></B><B><FONT face="Times New Roman" size=2>WARRANT
CERTIFICATE REPRESENTING<BR></FONT></B><B><FONT face="Times New Roman" size=2>WARRANTS TO PURCHASE<BR></FONT></B><B><FONT face="Times New Roman" size=2>[TITLE OF WARRANT SECURITIES]</FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
<DIV style="FLOAT: left; WIDTH: 48%">
<P align=justify><FONT face="Times New Roman" size=2>No. [&#9679;]</FONT></P></DIV>
<DIV style="FLOAT: right; WIDTH: 48%">
<P align=right><FONT face="Times New Roman" size=2>[&#9679;]
Warrants</FONT></P></DIV><BR clear=all><BR>
<P style="TEXT-INDENT: 15pt" align=justify><FONT face="Times New Roman" size=2>This certifies that [&#9679;] or registered assigns is the registered owner of
the above indicated number of Warrants, each Warrant entitling such owner to
purchase, at any time [after [&#9679;] p.m., [City] time, on [&#9679;] and] on or before [&#9679;]
p.m., [City] time, on [&#9679;] shares of [Title of Warrant Securities] (the
&#147;</FONT><B><I><FONT face="Times New Roman" size=2>Warrant
Securities</FONT></I></B><FONT face="Times New Roman" size=2>&#148;), of Geron
Corporation (the &#147;</FONT><B><I><FONT face="Times New Roman" size=2>Company</FONT></I></B><FONT face="Times New Roman" size=2>&#148;) on the
following basis: during the period from [&#9679;], through and including [&#9679;], the
exercise price per Warrant Security will be $[&#9679;], subject to adjustment as
provided in the Warrant Agreement (as hereinafter defined) (the
&#147;</FONT><B><I><FONT face="Times New Roman" size=2>Warrant
Price</FONT></I></B><FONT face="Times New Roman" size=2>&#148;). The Holder may
exercise the Warrants evidenced hereby by providing certain information set
forth on the back hereof and by paying in full, in lawful money of the United
States of America, [in cash or by certified check or official bank check in New
York Clearing House funds] [by bank wire transfer in immediately available
funds], the Warrant Price for each Warrant Security with respect to which this
Warrant is exercised to the Warrant Agent (as hereinafter defined) and by
surrendering this Warrant Certificate, with the purchase form on the back hereof
duly executed, at the corporate trust office of [name of Warrant Agent], or its
successor as warrant agent (the &#147;</FONT><B><I><FONT face="Times New Roman" size=2>Warrant Agent</FONT></I></B><FONT face="Times New Roman" size=2>&#148;), which
is, on the date hereof, at the address specified on the reverse hereof, and upon
compliance with and subject to the conditions set forth herein and in the
Warrant Agreement (as hereinafter defined). </FONT></P>
<P style="TEXT-INDENT: 15pt" align=justify><FONT face="Times New Roman" size=2>The term &#147;Holder&#148; as used herein shall mean the person in whose name at
the time this Warrant Certificate shall be registered upon the books to be
maintained by the Warrant Agent for that purpose pursuant to Section 4 of the
Warrant Agreement. </FONT></P>
<P style="TEXT-INDENT: 15pt" align=justify><FONT face="Times New Roman" size=2>The Warrants evidenced by this Warrant Certificate may be exercised to
purchase a whole number of Warrant Securities in registered form. Upon any
exercise of fewer than all of the Warrants evidenced by this Warrant
Certificate, there shall be issued to the Holder hereof a new Warrant
Certificate evidencing Warrants for the number of Warrant Securities remaining
unexercised. </FONT></P>
<P style="TEXT-INDENT: 15pt" align=justify><FONT face="Times New Roman" size=2>This Warrant Certificate is issued under and in accordance with the
Warrant Agreement dated as of [&#9679;] (the &#147;</FONT><B><I><FONT face="Times New Roman" size=2>Warrant Agreement</FONT></I></B><FONT face="Times New Roman" size=2>&#148;), between the Company and the Warrant Agent and
is subject to the terms and provisions contained in the Warrant Agreement, to
all of which terms and provisions the Holder of this Warrant Certificate
consents by acceptance hereof. Copies of the Warrant Agreement are on file at
the above-mentioned office of the Warrant Agent. </FONT></P>
<P style="TEXT-INDENT: 15pt" align=justify><FONT face="Times New Roman" size=2>Transfer of this Warrant Certificate may be registered when this Warrant
Certificate is surrendered at the corporate trust office of the Warrant Agent by
the registered owner or such owner&#146;s assigns, in the manner and subject to the
limitations provided in the Warrant Agreement. </FONT></P>
<P style="TEXT-INDENT: 15pt" align=justify><FONT face="Times New Roman" size=2>After countersignature by the Warrant Agent and prior to the expiration
of this Warrant Certificate, this Warrant Certificate may be exchanged at the
corporate trust office of the Warrant Agent for Warrant Certificates
representing Warrants for the same aggregate number of Warrant Securities.
</FONT></P>
<P style="TEXT-INDENT: 15pt" align=justify><FONT face="Times New Roman" size=2>This Warrant Certificate shall not entitle the Holder hereof to any of
the rights of a holder of the Warrant Securities, including, without limitation,
the right to receive payments of dividends or distributions, if any, on the
Warrant Securities (except to the extent set forth in the Warrant Agreement) or
to exercise any voting rights. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>16</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P style="TEXT-INDENT: 15pt" align=justify><FONT face="Times New Roman" size=2>Reference is hereby made to the further provisions of this Warrant
Certificate set forth on the reverse hereof, which further provisions shall for
all purposes have the same effect as if set forth at this place. </FONT></P>
<P style="TEXT-INDENT: 15pt" align=justify><FONT face="Times New Roman" size=2>This Warrant Certificate shall not be valid or obligatory for any purpose
until countersigned by the Warrant Agent. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>17</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P style="TEXT-INDENT: 15pt" align=justify><B><FONT style="FONT-VARIANT: small-caps" face="Times New Roman" size=2>In Witness
Whereof</FONT></B><FONT face="Times New Roman" size=2>, the Company has caused
this Warrant to be executed in its name and on its behalf by the facsimile
signatures of its duly authorized officers. </FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="65%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Dated:&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="99%"><FONT face="Times New Roman" size=2>&nbsp;</FONT></TD></TR></TABLE><BR>
<DIV align=right>
<TABLE cellSpacing=0 cellPadding=0 width="50%" border=0>

  <TR>
    <TD noWrap align=left width="100%" colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%" colSpan=2><B><FONT face="Times New Roman" size=2>GERON CORPORATION</FONT></B><FONT face="Times New Roman" size=2>, as Company</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="1%"><STRONG><FONT face="Times New Roman" size=2>&nbsp;</FONT></STRONG></TD>
    <TD noWrap align=left width="99%"><STRONG><FONT face="Times New Roman" size=2>&nbsp;</FONT></STRONG></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>By:</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="99%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Name:</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="99%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Title:</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="99%">&nbsp;</TD></TR>
  <TR>
    <TD width="1%"><STRONG><FONT face="Times New Roman" size=2>&nbsp;</FONT></STRONG></TD>
    <TD width="99%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><B><FONT face="Times New Roman" size=2>ATTEST:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="99%">&nbsp;</TD></TR>
  <TR>
    <TD width="1%"><STRONG><FONT face="Times New Roman" size=2>&nbsp;</FONT></STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" width="99%"></TD></TR>
  <TR>
    <TD width="1%"><STRONG><FONT face="Times New Roman" size=2>&nbsp;</FONT></STRONG></TD>
    <TD width="99%"><BR>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%" colSpan=2><B><FONT face="Times New Roman" size=2>COUNTERSIGNED</FONT></B></TD></TR>
  <TR>
    <TD noWrap align=left width="100%" colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%" colSpan=2><B><FONT face="Times New Roman" size=2>[&#9679;]</FONT></B><FONT face="Times New Roman" size=2>, as Warrant Agent</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="100%" colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>By:</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="99%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Name:</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="99%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Title:</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="99%">&nbsp;</TD></TR>
  <TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="99%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><B><FONT face="Times New Roman" size=2>ATTEST:</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="99%">&nbsp;</TD></TR>
  <TR>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="99%">&nbsp;</TD></TR></TABLE></DIV><BR>
<P align=center><FONT face="Times New Roman" size=2>18</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><B><FONT face="Times New Roman" size=2>[REVERSE OF WARRANT
CERTIFICATE]</FONT></B></P>
<P align=center><B><FONT face="Times New Roman" size=2>(Instructions for
Exercise of Warrant)</FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
<P style="TEXT-INDENT: 15pt" align=justify><FONT face="Times New Roman" size=2>To exercise any Warrants evidenced hereby for Warrant Securities (as
hereinafter defined), the Holder must pay, in lawful money of the United States
of America, [in cash or by certified check or official bank check in New York
Clearing House funds] [by bank wire transfer in immediately available funds],
the Warrant Price in full for Warrants exercised, to [&#9679;] [address of Warrant
Agent], Attention: [</FONT><FONT face="Times New Roman" size=2>&#9679;</FONT><FONT face="Times New Roman" size=2>], which payment must specify the name of the
Holder and the number of Warrants exercised by such Holder. In addition, the
Holder must complete the information required below and present this Warrant
Certificate in person or by mail (certified or registered mail is recommended)
to the Warrant Agent at the appropriate address set forth above. This Warrant
Certificate, completed and duly executed, must be received by the Warrant Agent
within five business days of the payment. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>(To be executed upon
exercise of Warrants) </FONT></P>
<P style="TEXT-INDENT: 15pt" align=justify><FONT face="Times New Roman" size=2>The undersigned hereby irrevocably elects to exercise [&#9679;] Warrants,
evidenced by this Warrant Certificate, to purchase [&#9679;] shares of the [Title of
Warrant Securities] (the &#147;</FONT><B><I><FONT face="Times New Roman" size=2>Warrant Securities</FONT></I></B><FONT face="Times New Roman" size=2>&#148;),
of Geron Corporation and represents that he has tendered payment for such
Warrant Securities, in lawful money of the United States of America, [in cash or
by certified check or official bank check in New York Clearing House funds] [by
bank wire transfer in immediately available funds], to the order of Geron
Corporation, c/o [insert name and address of Warrant Agent], in the amount of
$[&#9679;] in accordance with the terms hereof. The undersigned requests that said
Warrant Securities be in fully registered form in the authorized denominations,
registered in such names and delivered all as specified in accordance with the
instructions set forth below. </FONT></P>
<P style="TEXT-INDENT: 15pt" align=justify><FONT face="Times New Roman" size=2>If the number of Warrants exercised is less than all of the Warrants
evidenced hereby, the undersigned requests that a new Warrant Certificate
evidencing the Warrants for the number of Warrant Securities remaining
unexercised be issued and delivered to the undersigned unless otherwise
specified in the instructions below. </FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Dated:&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="47%">&nbsp;</TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Name:</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="50%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="48%" colSpan=2></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="50%"><FONT face="Times New Roman" size=2>Please Print</FONT></TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 width="60%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><FONT face="Times New Roman" size=2>Address:</FONT></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="100%">&nbsp;<BR>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><FONT face="Times New Roman" size=2>(Insert Social Security or Other Identifying Number of
      Holder)</FONT></TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 width="50%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Signature Guaranteed:&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="98%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="98%"><FONT face="Times New Roman" size=2>Signature</FONT></TD></TR></TABLE><BR>
<P align=justify><FONT face="Times New Roman" size=2>(Signature must conform in
all respects to name of holder as specified on the face of this Warrant
Certificate and must bear a signature guarantee by a FINRA member firm).
</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>This Warrant may be
exercised at the following addresses:</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>By hand at:</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>By mail at: </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>19</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><FONT face="Times New Roman" size=2>[Instructions as to form
and delivery of Warrant Securities and, if applicable, Warrant Certificates
evidencing Warrants for the number of Warrant Securities remaining
unexercised&#151;complete as appropriate.] </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>20</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><B><FONT face="Times New Roman" size=2>ASSIGNMENT</FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>[Form of assignment to be
executed if Warrant Holder desires to transfer Warrant]</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT face="Times New Roman" size=2 style="font-variant: small-caps;">For Value Received</FONT></B><FONT face="Times New Roman" size=2>, [&#9679;] hereby sells, assigns and transfers unto: </FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="48%">&nbsp;</TD>
    <TD noWrap align=left width="3%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="48%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="48%"><FONT face="Times New Roman" size=2>(Please print name and address including zip code)</FONT></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD noWrap align=left width="48%"><FONT face="Times New Roman" size=2>Please print Social Security or other identifying
  number</FONT></TD></TR></TABLE><BR>
<P align=justify><FONT face="Times New Roman" size=2>the right represented by
the within Warrant to purchase [&#9679;] shares of [Title of Warrant Securities] of
Geron Corporation to which the within Warrant relates and appoints [&#9679;] attorney
to transfer such right on the books of the Warrant Agent with full power of
substitution in the premises. </FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Dated:&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="48%">&nbsp;</TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="49%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="49%" colSpan=2></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=center width="49%"><FONT face="Times New Roman" size=2>Signature</FONT></TD></TR></TABLE><BR>
<P style="TEXT-INDENT: 15pt" align=justify><FONT face="Times New Roman" size=2>(Signature must conform in all respects to name of holder as specified on
the face of the Warrant) </FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="50%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><FONT face="Times New Roman" size=2>Signature Guaranteed</FONT></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="100%"><BR>&nbsp;</TD></TR></TABLE><BR>
<P align=center><FONT face="Times New Roman" size=2>21</FONT></P>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.7
<SEQUENCE>5
<FILENAME>exhibit4-7.htm
<DESCRIPTION>FORM OF DEBT SECURITIES WARRANT AGREEMENT AND WARRANT CERTIFICATE
<TEXT>

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<P align=right><B><FONT face="Times New Roman" size=2>EXHIBIT 4.7
</FONT></B></P>
<P align=center><B><FONT face="Times New Roman" size=2><BR><BR><BR><BR><BR>G</FONT></B><B><FONT face="Times New Roman" size=1>ERON </FONT></B><B><FONT face="Times New Roman" size=2>C</FONT></B><B><FONT face="Times New Roman" size=1>ORPORATION</FONT></B><B><FONT face="Times New Roman"> </FONT></B></P>
<P align=center><B><FONT face="Times New Roman" size=1>AND</FONT></B><B><FONT face="Times New Roman"> </FONT></B></P>
<P align=center><B><FONT face="Times New Roman">_____________,</FONT></B><B><FONT face="Times New Roman" size=2> </FONT></B><B><FONT face="Times New Roman" size=2>A</FONT></B><B><FONT face="Times New Roman" size=1>S </FONT></B><B><FONT face="Times New Roman" size=2>W</FONT></B><B><FONT face="Times New Roman" size=1>ARRANT
</FONT></B><B><FONT face="Times New Roman" size=2>A</FONT></B><B><FONT face="Times New Roman" size=1>GENT</FONT></B><B><FONT face="Times New Roman">
</FONT></B></P>
<P align=center><B><FONT face="Times New Roman" size=2>F</FONT></B><B><FONT face="Times New Roman" size=1>ORM </FONT></B><B><FONT face="Times New Roman" size=2>O</FONT></B><B><FONT face="Times New Roman" size=1>F
</FONT></B><B><FONT face="Times New Roman" size=2>D</FONT></B><B><FONT face="Times New Roman" size=1>EBT </FONT></B><B><FONT face="Times New Roman" size=2>S</FONT></B><B><FONT face="Times New Roman" size=1>ECURITIES</FONT></B><B><FONT face="Times New Roman" size=2><BR>W</FONT></B><B><FONT face="Times New Roman" size=1>ARRANT </FONT></B><B><FONT face="Times New Roman" size=2>A</FONT></B><B><FONT face="Times New Roman" size=1>GREEMENT</FONT></B><B><FONT face="Times New Roman"> </FONT></B></P>
<P align=center><B><FONT face="Times New Roman" size=2>D</FONT></B><B><FONT face="Times New Roman" size=1>ATED </FONT></B><B><FONT face="Times New Roman" size=2>A</FONT></B><B><FONT face="Times New Roman" size=1>S
</FONT></B><B><FONT face="Times New Roman" size=2>O</FONT></B><B><FONT face="Times New Roman" size=1>F </FONT></B><B><FONT face="Times New Roman">__________ </FONT></B></P><BR><BR><BR><BR><BR>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><B><FONT face="Times New Roman" size=2>GERON CORPORATION
</FONT></B></P>
<P align=center><B><FONT face="Times New Roman" size=2>FORM OF DEBT SECURITIES
WARRANT AGREEMENT </FONT></B></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>T</FONT></B><B><FONT face="Times New Roman" size=1>HIS </FONT></B><B><FONT face="Times New Roman" size=2>D</FONT></B><B><FONT face="Times New Roman" size=1>EBT
</FONT></B><B><FONT face="Times New Roman" size=2>S</FONT></B><B><FONT face="Times New Roman" size=1>ECURITIES </FONT></B><B><FONT face="Times New Roman" size=2>W</FONT></B><B><FONT face="Times New Roman" size=1>ARRANT </FONT></B><B><FONT face="Times New Roman" size=2>A</FONT></B><B><FONT face="Times New Roman" size=1>GREEMENT</FONT></B><FONT face="Times New Roman" size=2> </FONT><FONT face="Times New Roman" size=2>(this &#147;</FONT><B><I><FONT face="Times New Roman" size=2>Agreement</FONT></I></B><FONT face="Times New Roman" size=2>&#148;), dated as
of [</FONT><FONT face="Times New Roman" size=2>&#9679;</FONT><FONT face="Times New Roman" size=2>], between </FONT><B><FONT face="Times New Roman" size=2>G</FONT></B><B><FONT face="Times New Roman" size=1>ERON
</FONT></B><B><FONT face="Times New Roman" size=2>C</FONT></B><B><FONT face="Times New Roman" size=1>ORPORATION</FONT></B><FONT face="Times New Roman" size=2>, a Delaware corporation (the &#147;</FONT><B><I><FONT face="Times New Roman" size=2>Company</FONT></I></B><FONT face="Times New Roman" size=2>&#148;) and
[</FONT><FONT face="Times New Roman" size=2>&#9679;</FONT><FONT face="Times New Roman" size=2>], a [corporation] [national banking association] organized and existing
under the laws of [<FONT size=2 face="Times New Roman">&#9679;</FONT>] and having a corporate trust office in
[</FONT><FONT face="Times New Roman" size=2>&#9679;</FONT><FONT face="Times New Roman" size=2>], as warrant agent (the &#147;</FONT><B><I><FONT face="Times New Roman" size=2>Warrant Agent</FONT></I></B><FONT face="Times New Roman" size=2>&#148;).
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>W</FONT></B><B><FONT face="Times New Roman" size=1>HEREAS</FONT></B><FONT face="Times New Roman" size=2>, the Company has entered into an indenture dated as of [[<FONT size=2 face="Times New Roman">&#9679;</FONT>] (the &#147;</FONT><B><I><FONT face="Times New Roman" size=2>Senior
Indenture</FONT></I></B><FONT face="Times New Roman" size=2>&#148;), with
[</FONT><FONT face="Times New Roman" size=2>&#9679;</FONT><FONT face="Times New Roman" size=2>], as trustee (such trustee, and any successors to such trustee, herein
called the &#147;</FONT><B><I><FONT face="Times New Roman" size=2>Senior
Trustee</FONT></I></B><FONT face="Times New Roman" size=2>&#148;), providing for the
issuance from time to time of its unsubordinated debt securities, to be issued
in one or more series as provided in the Senior Indenture (the
&#147;</FONT><B><I><FONT face="Times New Roman" size=2>Debt
Securities</FONT></I></B><FONT face="Times New Roman" size=2>&#148;);] [[<FONT size=2 face="Times New Roman">&#9679;</FONT>] (the &#147;</FONT><B><I><FONT face="Times New Roman" size=2>Subordinated Indenture</FONT></I></B><FONT face="Times New Roman" size=2>&#148;), with [</FONT><FONT face="Times New Roman" size=2>&#9679;</FONT><FONT face="Times New Roman" size=2>], as trustee (such trustee, and any successors to
such trustee, herein called the &#147;</FONT><B><I><FONT face="Times New Roman" size=2>Subordinated Trustee</FONT></I></B><FONT face="Times New Roman" size=2>&#148;), providing for the issuance from time to time of its subordinated debt
securities, to be issued in one or more series as provided in the Subordinated
Indenture (the &#147;</FONT><B><I><FONT face="Times New Roman" size=2>Debt
Securities</FONT></I></B><FONT face="Times New Roman" size=2>&#148;);] </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>W</FONT></B><B><FONT face="Times New Roman" size=1>HEREAS</FONT></B><FONT face="Times New Roman" size=2>, the Company proposes to sell [</FONT><B><I><FONT face="Times New Roman" size=2>If Warrants are sold with other securities &#151; </FONT></I></B><FONT face="Times New Roman" size=2>title of such other securities being offered] (the
&#147;</FONT><B><I><FONT face="Times New Roman" size=2>Other
Securities</FONT></I></B><FONT face="Times New Roman" size=2>&#148;) with] warrant
certificates evidencing one or more warrants (the &#147;</FONT><B><I><FONT face="Times New Roman" size=2>Warrants</FONT></I></B><FONT face="Times New Roman" size=2>&#148; or, individually, a &#147;</FONT><B><I><FONT face="Times New Roman" size=2>Warrant</FONT></I></B><FONT face="Times New Roman" size=2>&#148;) representing the right to purchase [title of Debt Securities
purchasable through exercise of Warrants] (the &#147;</FONT><B><I><FONT face="Times New Roman" size=2>Warrant Debt Securities</FONT></I></B><FONT face="Times New Roman" size=2>&#148;), such warrant certificates and other warrant
certificates issued pursuant to this Agreement being herein called the
&#147;</FONT><B><I><FONT face="Times New Roman" size=2>Warrant
Certificates</FONT></I></B><FONT face="Times New Roman" size=2>&#148;; and
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>W</FONT></B><B><FONT face="Times New Roman" size=1>HEREAS</FONT></B><FONT face="Times New Roman" size=2>, the Company desires the Warrant Agent to act on behalf of the Company,
and the Warrant Agent is willing so to act, in connection with the issuance,
registration, transfer, exchange, exercise and replacement of the Warrant
Certificates, and in this Agreement wishes to set forth, among other things, the
form and provisions of the Warrant Certificates and the terms and conditions on
which they may be issued, registered, transferred, exchanged, exercised and
replaced. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>N</FONT></B><B><FONT face="Times New Roman" size=1>OW </FONT></B><B><FONT face="Times New Roman" size=2>T</FONT></B><B><FONT face="Times New Roman" size=1>HEREFORE</FONT></B><FONT face="Times New Roman" size=2>, in consideration
of the premises and of the mutual agreements herein contained, the parties
hereto agree as follows: </FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>ARTICLE 1</FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>ISSUANCE OF WARRANTS AND
EXECUTION AND<BR>DELIVERY OF WARRANT CERTIFICATES </FONT></B></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>1.1</FONT></B><B><FONT face=Arial size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Issuance Of
Warrants. </FONT></B><FONT face="Times New Roman" size=2>[</FONT><B><I><FONT face="Times New Roman" size=2>If Warrants alone</FONT></I></B><FONT face="Times New Roman" size=2> &#151; Upon issuance, each Warrant Certificate shall
evidence one or more Warrants.] [</FONT><B><I><FONT face="Times New Roman" size=2>If Other Securities and Warrants</FONT></I></B><FONT face="Times New Roman" size=2> &#151; Warrant Certificates will be issued in
connection with the issuance of the Other Securities but shall be separately
transferable and each Warrant Certificate shall evidence one or more Warrants.]
Each Warrant evidenced thereby shall represent the right, subject to the
provisions contained herein and therein, to purchase one Warrant Debt Security.
[</FONT><B><I><FONT face="Times New Roman" size=2>If Other Securities and
Warrants</FONT></I></B><FONT face="Times New Roman" size=2> &#151; Warrant
Certificates will be issued with the Other Securities and each Warrant
Certificate will evidence [<FONT size=2 face="Times New Roman">&#9679;</FONT>] Warrants for each [$[<FONT size=2 face="Times New Roman">&#9679;</FONT>] principal amount] [[<FONT size=2 face="Times New Roman">&#9679;</FONT>] shares] of Other
Securities issued.] </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>1</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>1.2</FONT></B><B><FONT face=Arial size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Execution
And Delivery Of Warrant Certificates.</FONT></B><FONT face="Times New Roman" size=2> Each Warrant Certificate, whenever issued, shall be in registered form
substantially in the form set forth in </FONT><B><FONT face="Times New Roman" size=2>Exhibit A</FONT></B><FONT face="Times New Roman" size=2> hereto, shall be
dated the date of its countersignature by the Warrant Agent and may have such
letters, numbers, or other marks of identification or designation and
such legends or endorsements printed, lithographed or engraved thereon as the
officers of the Company executing the same may approve (execution thereof to be
conclusive evidence of such approval) and as are not inconsistent with the
provisions of this Agreement, or as may be required to comply with any law or
with any rule or regulation made pursuant thereto or with any rule or regulation
of any securities exchange on which the Warrants may be listed, or to conform to
usage. The Warrant Certificates shall be signed on behalf of the Company by any
of its present or future chief executive officers, presidents, senior vice
presidents, vice presidents, chief financial officers, chief legal officers,
treasurers, assistant treasurers, controllers, assistant controllers,
secretaries or assistant secretaries under its corporate seal reproduced
thereon. Such signatures may be manual or facsimile signatures of such
authorized officers and may be imprinted or otherwise reproduced on the Warrant
Certificates. The seal of the Company may be in the form of a facsimile thereof
and may be impressed, affixed, imprinted or otherwise reproduced on the Warrant
Certificates. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>No Warrant Certificate
shall be valid for any purpose, and no Warrant evidenced thereby shall be
exercisable, until such Warrant Certificate has been countersigned by the manual
signature of the Warrant Agent. Such signature by the Warrant Agent upon any
Warrant Certificate executed by the Company shall be conclusive evidence that
the Warrant Certificate so countersigned has been duly issued
hereunder.</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>In case any officer of the
Company who shall have signed any of the Warrant Certificates either manually or
by facsimile signature shall cease to be such officer before the Warrant
Certificates so signed shall have been countersigned and delivered by the
Warrant Agent, such Warrant Certificates may be countersigned and delivered
notwithstanding that the person who signed such Warrant Certificates ceased to
be such officer of the Company; and any Warrant Certificate may be signed on
behalf of the Company by such persons as, at the actual date of the execution of
such Warrant Certificate, shall be the proper officers of the Company, although
at the date of the execution of this Agreement any such person was not such
officer.</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The term &#147;holder&#148; or
&#147;holder of a Warrant Certificate&#148; as used herein shall mean any person in whose
name at the time any Warrant Certificate shall be registered upon the books to
be maintained by the Warrant Agent for that purpose.</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>1.3</FONT></B><B><FONT face=Arial size=2></FONT></B> <B><FONT face="Times New Roman" size=2>Issuance Of
Warrant Certificates.</FONT></B> <FONT face="Times New Roman" size=2>Warrant
Certificates evidencing the right to purchase Warrant Debt Securities may be
executed by the Company and delivered to the Warrant Agent upon the execution of
this Warrant Agreement or from time to time thereafter. The Warrant Agent shall,
upon receipt of Warrant Certificates duly executed on behalf of the Company,
countersign such Warrant Certificates and shall deliver such Warrant
Certificates to or upon the order of the Company.</FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>ARTICLE 2</FONT></B><FONT face="Times New Roman" size=2></FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>WARRANT PRICE, DURATION
AND EXERCISE OF WARRANTS</FONT></B></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>2.1</FONT></B><B><FONT face=Arial size=2></FONT></B> <B><FONT face="Times New Roman" size=2>Warrant
Price.</FONT></B> <FONT face="Times New Roman" size=2>During the period
specified in Section 2.2, each Warrant shall, subject to the terms of this
Warrant Agreement and the applicable Warrant Certificate, entitle the holder
thereof, to purchase the principal amount of Warrant Debt Securities specified
in the applicable Warrant Certificate at an exercise price of [&#9679;]</FONT><FONT face="Times New Roman" size=2>% of the principal amount thereof [plus accrued
amortization, if any, of the original issue discount of the Warrant Debt
Securities] [plus accrued interest, if any, from the most recent date from which
interest shall have been paid on the Warrant Debt Securities or, if no interest
shall have been paid on the Warrant Debt Securities, from the date of their
initial issuance.] [The original issue discount ($[&#9679;] for each $1,000 principal
amount of Warrant Debt Securities) will be amortized at a [&#9679;]</FONT><FONT face="Times New Roman" size=2>% annual rate, computed on a[n] [semi-] annual
basis [using a 360-day year consisting of twelve 30-day months].] Such purchase price for the Warrant Debt
Securities is referred to in this Agreement as the &#147;</FONT><B><I><FONT face="Times New Roman" size=2>Warrant Price.</FONT></I></B><FONT face="Times New Roman" size=2>&#148; </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>2</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>2.2</FONT></B><B><FONT face=Arial size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Duration Of
Warrants. </FONT></B><FONT face="Times New Roman" size=2>Each Warrant may be
exercised in whole or in part at any time, as specified herein, on or after [the
date thereof] [&#9679;] and at or before [&#9679;] p.m., [City] time, on [&#9679;] or such later
date as the Company may designate by notice to the Warrant Agent and the holders
of Warrant Certificates mailed to their addresses as set forth in the record
books of the Warrant Agent (the &#147;</FONT><B><I><FONT face="Times New Roman" size=2>Expiration Date</FONT></I></B><FONT face="Times New Roman" size=2>&#148;).
Each Warrant not exercised at or before [&#9679;] p.m., [City] time, on the Expiration
Date shall become void, and all rights of the holder of the Warrant Certificate
evidencing such Warrant under this Agreement shall cease. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>2.3</FONT></B><B><FONT face=Arial size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Exercise Of
Warrants.</FONT></B></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><B><FONT face="Times New Roman" size=2>(a)</FONT></B><B><FONT face=Arial size=2> </FONT></B><FONT face="Times New Roman" size=2>During the
period specified in Section 2.2, the Warrants may be exercised to purchase a
whole number of Warrant Debt Securities in registered form by providing certain
information as set forth on the reverse side of the Warrant Certificate and by
paying in full, in lawful money of the United States of America, [in cash or by
certified check or official bank check in New York Clearing House funds] [by
bank wire transfer in immediately available funds] the Warrant Price for each
Warrant Debt Security with respect to which a Warrant is being exercised to the
Warrant Agent at its corporate trust office, provided that such exercise is
subject to receipt within five business days of such payment by the Warrant
Agent of the Warrant Certificate with the form of election to purchase Warrant
Debt Securities set forth on the reverse side of the Warrant Certificate
properly completed and duly executed. The date on which payment in full of the
Warrant Price is received by the Warrant Agent shall, subject to receipt of the
Warrant Certificate as aforesaid, be deemed to be the date on which the Warrant
is exercised; provided, however, that if, at the date of receipt of such Warrant
Certificates and payment in full of the Warrant Price, the transfer books for
the Warrant Debt Securities purchasable upon the exercise of such Warrants shall
be closed, no such receipt of such Warrant Certificates and no such payment of
such Warrant Price shall be effective to constitute the person so designated to
be named as the holder of record of such Warrant Debt Securities on such date,
but shall be effective to constitute such person as the holder of record of such
Warrant Debt Securities for all purposes at the opening of business on the next
succeeding day on which the transfer books for the Warrant Debt Securities
purchasable upon the exercise of such Warrants shall be opened, and the
certificates for the Warrant Debt Securities in respect of which such Warrants
are then exercised shall be issuable as of the date on such next succeeding day
on which the transfer books shall next be opened, and until such date the
Company shall be under no duty to deliver any certificate for such Warrant Debt
Securities. The Warrant Agent shall deposit all funds received by it in payment
of the Warrant Price in an account of the Company maintained with it and shall
advise the Company by telephone at the end of each day on which a payment for
the exercise of Warrants is received of the amount so deposited to its account.
The Warrant Agent shall promptly confirm such telephone advice to the Company in
writing. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><B><FONT face="Times New Roman" size=2>(b)</FONT></B><B><FONT face=Arial size=2> </FONT></B><FONT face="Times New Roman" size=2>The Warrant
Agent shall, from time to time, as promptly as practicable, advise the Company
of (i) the number of Warrant Debt Securities with respect to which Warrants were
exercised, (ii) the instructions of each holder of the Warrant Certificates
evidencing such Warrants with respect to delivery of the Warrant Debt Securities
to which such holder is entitled upon such exercise, (iii) delivery of Warrant
Certificates evidencing the balance, if any, of the Warrants for the remaining
Warrant Debt Securities after such exercise, and (iv) such other information as
the Company or the [Senior] [Subordinated] Trustee shall reasonably require.
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><B><FONT face="Times New Roman" size=2>(c)</FONT></B><B><FONT face=Arial size=2> </FONT></B><FONT face="Times New Roman" size=2>As soon as
practicable after the exercise of any Warrant, the Company shall issue, pursuant
to the Indenture, in authorized denominations, to or upon the order of the
holder of the Warrant Certificate evidencing such Warrant, the Warrant Debt
Securities to which such holder is <FONT face="Times New Roman" size=2>entitled,
in fully registered form, registered in such name or names as may be directed by
such holder. If fewer than all of the Warrants evidenced by such Warrant
Certificate are exercised, the Company shall execute, and an authorized officer
of the Warrant Agent shall manually countersign and deliver, a new Warrant
Certificate evidencing Warrants for the number of Warrant Debt Securities
remaining unexercised. </FONT></FONT></P>
<P align=center><FONT face="Times New Roman" size=2>3</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><B><FONT face="Times New Roman" size=2>(d)</FONT></B><B><FONT face=Arial size=2> </FONT></B><FONT face="Times New Roman" size=2>The Company
shall not be required to pay any stamp or other tax or other governmental charge
required to be paid in connection with any transfer involved in the issue of the
Warrant Debt Securities, and in the event that any such transfer is involved,
the Company shall not be required to issue or deliver any Warrant Debt
Securities until such tax or other charge shall have been paid or it has been
established to the Company&#146;s satisfaction that no such tax or other charge is
due. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><B><FONT face="Times New Roman" size=2>(e)</FONT></B><B><FONT face=Arial size=2> </FONT></B><FONT face="Times New Roman" size=2>Prior to the
issuance of any Warrants there shall have been reserved, and the Company shall
at all times through the Expiration Date keep reserved, out of its authorized
but unissued Warrant Debt Securities, a number of shares sufficient to provide
for the exercise of the Warrants. </FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>ARTICLE 3</FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>OTHER PROVISIONS RELATING
TO RIGHTS OF HOLDERS OF<BR>WARRANT CERTIFICATES </FONT></B></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>3.1</FONT></B><B><FONT face=Arial size=2> </FONT></B><B><FONT face="Times New Roman" size=2>No Rights
As Holders of Warrant Debt Securities Conferred By Warrants or Warrant
Certificates.</FONT></B><FONT face="Times New Roman" size=2> No Warrant
Certificate or Warrant evidenced thereby shall entitle the holder thereof to any
of the rights of a holder of Warrant Debt Securities, including, without
limitation, the right to receive the payment of principal of (or premium, if
any) or interest, if any, on the Warrant Debt Securities or to enforce any of
the covenants in the Indenture. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>3.2</FONT></B><B><FONT face=Arial size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Lost,
Stolen, Mutilated Or Destroyed Warrant Certificates.</FONT></B><FONT face="Times New Roman" size=2> Upon receipt by the Warrant Agent of evidence
reasonably satisfactory to it and the Company of the ownership of and the loss,
theft, destruction or mutilation of any Warrant Certificate and/or indemnity
reasonably satisfactory to the Warrant Agent and the Company and, in the case of
mutilation, upon surrender of the mutilated Warrant Certificate to the Warrant
Agent for cancellation, then, in the absence of notice to the Company or the
Warrant Agent that such Warrant Certificate has been acquired by a bona fide
purchaser, the Company shall execute, and an authorized officer of the Warrant
Agent shall manually countersign and deliver, in exchange for or in lieu of the
lost, stolen, destroyed or mutilated Warrant Certificate, a new Warrant
Certificate of the same tenor and evidencing Warrants for a like principal
amount of Warrant Debt Securities. Upon the issuance of any new Warrant
Certificate under this Section 3.2, the Company may require the payment of a sum
sufficient to cover any tax or other governmental charge that may be imposed in
relation thereto and any other expenses (including the fees and expenses of the
Warrant Agent) in connection therewith. Every substitute Warrant Certificate
executed and delivered pursuant to this Section 3.2 in lieu of any lost, stolen
or destroyed Warrant Certificate shall represent an additional contractual
obligation of the Company, whether or not the lost, stolen or destroyed Warrant
Certificate shall be at any time enforceable by anyone, and shall be entitled to
the benefits of this Agreement equally and proportionately with any and all
other Warrant Certificates duly executed and delivered hereunder. The provisions
of this Section 3.2 are exclusive and shall preclude (to the extent lawful) all
other rights and remedies with respect to the replacement of mutilated, lost,
stolen or destroyed Warrant Certificates. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>3.3</FONT></B><B><FONT face=Arial size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Holder Of
Warrant Certificate May Enforce Rights.</FONT></B><FONT face="Times New Roman" size=2> Notwithstanding any of the provisions of this Agreement, any holder of a
Warrant Certificate, without the consent of the Warrant Agent, the [Senior]
[Subordinated] Trustee, the holder of any Warrant Debt Securities or the holder
of any other Warrant Certificate, may, in such holder&#146;s own behalf and for such
holder&#146;s own benefit, enforce, <FONT face="Times New Roman" size=2>and may
institute and maintain any suit, action or proceeding against the Company
suitable to enforce, or otherwise in respect of, such holder&#146;s right to exercise
the Warrants evidenced by such holder&#146;s Warrant Certificate in the manner
provided in such holder&#146;s Warrant Certificates and in this Agreement.
</FONT></FONT></P>
<P align=center><FONT face="Times New Roman" size=2>4 </FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>3.4</FONT></B><B><FONT face=Arial size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Merger,
Sale, Conveyance or Lease.</FONT></B><FONT face="Times New Roman" size=2> In
case of (a) any share exchange, merger or similar transaction of the Company
with or into another person or entity (other than a share exchange, merger or
similar transaction in which the Company is the acquiring or surviving
corporation) or (b) the sale, exchange, lease, transfer or other disposition of
all or substantially all of the properties and assets of the Company as an
entirety (in any such case, a &#147;</FONT><B><I><FONT face="Times New Roman" size=2>Reorganization Event</FONT></I></B><FONT face="Times New Roman" size=2>&#148;), then, as a condition of such Reorganization Event, lawful provisions
shall be made, and duly executed documents evidencing the same from the
Company&#146;s successor shall be delivered to the holders of the Warrants, so that
such successor shall succeed to and be substituted for the Company, and assume
all the Company&#146;s obligations under, this Agreement and the Warrants. The
Company shall thereupon be relieved of any further obligation hereunder or under
the Warrants, and the Company as the predecessor corporation may thereupon or at
any time thereafter be dissolved, wound up or liquidated. Such successor or
assuming entity thereupon may cause to be signed, and may issue either in its
own name or in the name of the Company, any or all of the Warrants issuable
hereunder which heretofore shall not have been signed by the Company, and may
execute and deliver securities in its own name, in fulfillment of its
obligations to deliver Warrant Debt Securities upon exercise of the Warrants.
All the Warrants so issued shall in all respects have the same legal rank and
benefit under this Agreement as the Warrants theretofore or thereafter issued in
accordance with the terms of this Agreement as though all of such Warrants had
been issued at the date of the execution hereof. In any case of any such
Reorganization Event, such changes in phraseology and form (but not in
substance) may be made in the Warrants thereafter to be issued as may be
appropriate. The Warrant Agent may receive a written opinion of legal counsel as
conclusive evidence that any such Reorganization Event complies with the
provisions of this Section 3.4. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>3.5</FONT></B><B><FONT face=Arial size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Notice to
Warrantholders.</FONT></B><FONT face="Times New Roman" size=2> In case the
Company shall (a) effect any Reorganization Event or (b) make any distribution
on or in respect of the [title of Warrant Debt Securities] in connection with
the dissolution, liquidation or winding up of the Company, then the Company
shall mail to each holder of Warrants at such holder&#146;s address as it shall
appear on the books of the Warrant Agent, at least ten days prior to the
applicable date hereinafter specified, a notice stating the date on which such
Reorganization Event, dissolution, liquidation or winding up is expected to
become effective, and the date as of which it is expected that holders of [title
of Warrant Debt Securities] of record shall be entitled to exchange their shares
of [title of Warrant Debt Securities] for securities or other property
deliverable upon such Reorganization Event, dissolution, liquidation or winding
up. No failure to mail such notice nor any defect therein or in the mailing
thereof shall affect any such transaction. </FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>ARTICLE 4</FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>EXCHANGE AND TRANSFER OF
WARRANT CERTIFICATES </FONT></B></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>4.1</FONT></B><B><FONT face=Arial size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Exchange
And Transfer Of Warrant Certificates.</FONT></B><FONT face="Times New Roman" size=2> Upon surrender at the corporate trust office of the Warrant Agent,
Warrant Certificates evidencing Warrants may be exchanged for Warrant
Certificates in other denominations evidencing such Warrants or the transfer
thereof may be registered in whole or in part; provided that such other Warrant
Certificates evidence Warrants for the same aggregate principal amount of
Warrant Debt Securities as the Warrant Certificates so surrendered. The Warrant
Agent shall keep, at its corporate trust office, books in which, subject to such
reasonable regulations as it may prescribe, it shall register Warrant
Certificates and exchanges and transfers of outstanding Warrant Certificates,
upon surrender of the Warrant Certificates to the Warrant Agent at its corporate
trust office for exchange or registration of transfer, properly endorsed or
accompanied by appropriate instruments of registration of transfer and written
instructions for transfer, all in form <FONT face="Times New Roman" size=2>satisfactory to the Company and the Warrant Agent. No service charge
shall be made for any exchange or registration of transfer of Warrant
Certificates, but the Company may require payment of a sum sufficient to cover
any stamp or other tax or other governmental charge that may be imposed in
connection with any such exchange or registration of transfer. Whenever any
Warrant Certificates are so surrendered for exchange or registration of
transfer, an authorized officer of the Warrant Agent shall manually countersign
and deliver to the person or persons entitled thereto a Warrant Certificate or
Warrant Certificates duly authorized and executed by the Company, as so
requested. The Warrant Agent shall not be required to effect any exchange or
registration of transfer which will result in the issuance of a Warrant
Certificate evidencing a Warrant for a fraction of a Warrant Debt Security or a
number of Warrants for a whole number of Warrant Debt Securities and a fraction
of a Warrant Debt Security. All Warrant Certificates issued upon any exchange or
registration of transfer of Warrant Certificates shall be the valid obligations
of the Company, evidencing the same obligations and entitled to the same
benefits under this Agreement as the Warrant Certificate surrendered for such
exchange or registration of transfer. </FONT></FONT></P>
<P align=center><FONT face="Times New Roman" size=2>5</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>4.2</FONT></B><B><FONT face=Arial size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Treatment
Of Holders Of Warrant Certificates.</FONT></B><FONT face="Times New Roman" size=2> The Company, the Warrant Agent and all other persons may treat the
registered holder of a Warrant Certificate as the absolute owner thereof for any
purpose and as the person entitled to exercise the rights represented by the
Warrants evidenced thereby, any notice to the contrary notwithstanding.
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>4.3</FONT></B><B><FONT face=Arial size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Cancellation Of Warrant Certificates.</FONT></B><FONT face="Times New Roman" size=2> Any Warrant Certificate surrendered for exchange,
registration of transfer or exercise of the Warrants evidenced thereby shall, if
surrendered to the Company, be delivered to the Warrant Agent and all Warrant
Certificates surrendered or so delivered to the Warrant Agent shall be promptly
canceled by the Warrant Agent and shall not be reissued and, except as expressly
permitted by this Agreement, no Warrant Certificate shall be issued hereunder in
exchange therefor or in lieu thereof. The Warrant Agent shall deliver to the
Company from time to time or otherwise dispose of canceled Warrant Certificates
in a manner satisfactory to the Company. </FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>ARTICLE 5</FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>CONCERNING THE WARRANT
AGENT </FONT></B></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>5.1</FONT></B><B><FONT face=Arial size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Warrant
Agent. </FONT></B><FONT face="Times New Roman" size=2>The Company hereby
appoints [&#9679;] as Warrant Agent of the Company in respect of the Warrants and the
Warrant Certificates upon the terms and subject to the conditions herein set
forth, and [&#9679;] hereby accepts such appointment. The Warrant Agent shall have the
powers and authority granted to and conferred upon it in the Warrant
Certificates and hereby and such further powers and authority to act on behalf
of the Company as the Company may hereafter grant to or confer upon it. All of
the terms and provisions with respect to such powers and authority contained in
the Warrant Certificates are subject to and governed by the terms and provisions
hereof. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>5.2</FONT></B><B><FONT face=Arial size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Conditions
Of Warrant Agent&#146;s Obligations.</FONT></B><FONT face="Times New Roman" size=2>
The Warrant Agent accepts its obligations herein set forth upon the terms and
conditions hereof, including the following to all of which the Company agrees
and to all of which the rights hereunder of the holders from time to time of the
Warrant Certificates shall be subject: </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><B><FONT face="Times New Roman" size=2>(a)</FONT></B><B><FONT face=Arial size=2> </FONT></B><B><I><FONT face="Times New Roman" size=2>Compensation And Indemnification. </FONT></I></B><FONT face="Times New Roman" size=2>The Company agrees promptly to pay the Warrant
Agent the compensation to be agreed upon with the Company for all services
rendered by the Warrant Agent and to reimburse the Warrant Agent for reasonable
out-of-pocket expenses (including reasonable counsel fees) incurred without
negligence, bad faith or willful misconduct by the Warrant Agent in connection
with the services rendered hereunder by the Warrant Agent. The Company also
agrees to indemnify the Warrant Agent for, and to hold it harmless against, any
loss, liability or expense incurred without negligence, bad faith or willful
misconduct on the part of the Warrant Agent, arising out <FONT face="Times New Roman" size=2>of or in connection with its acting as Warrant
Agent hereunder, including the reasonable costs and expenses of defending
against any claim of such liability. </FONT></FONT></P>
<P align=center><FONT face="Times New Roman" size=2>6</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><B><FONT face="Times New Roman" size=2>(b)</FONT></B><B><FONT face=Arial size=2> </FONT></B><B><I><FONT face="Times New Roman" size=2>Agent
For The Company.</FONT></I></B><FONT face="Times New Roman" size=2> In acting
under this Warrant Agreement and in connection with the Warrant Certificates,
the Warrant Agent is acting solely as agent of the Company and does not assume
any obligations or relationship of agency or trust for or with any of the
holders of Warrant Certificates or beneficial owners of Warrants. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><B><FONT face="Times New Roman" size=2>(c)</FONT></B><B><FONT face=Arial size=2> </FONT></B><B><I><FONT face="Times New Roman" size=2>Counsel.
</FONT></I></B><FONT face="Times New Roman" size=2>The Warrant Agent may consult
with counsel satisfactory to it, which may include counsel for the Company, and
the written advice of such counsel shall be full and complete authorization and
protection in respect of any action taken, suffered or omitted by it hereunder
in good faith and in accordance with the advice of such counsel. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><B><FONT face="Times New Roman" size=2>(d)</FONT></B><B><FONT face=Arial size=2> </FONT></B><B><I><FONT face="Times New Roman" size=2>Documents. </FONT></I></B><FONT face="Times New Roman" size=2>The Warrant
Agent shall be protected and shall incur no liability for or in respect of any
action taken or omitted by it in reliance upon any Warrant Certificate, notice,
direction, consent, certificate, affidavit, statement or other paper or document
reasonably believed by it to be genuine and to have been presented or signed by
the proper parties. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><B><FONT face="Times New Roman" size=2>(e)</FONT></B><B><FONT face=Arial size=2> </FONT></B><B><I><FONT face="Times New Roman" size=2>Certain
Transactions.</FONT></I></B><FONT face="Times New Roman" size=2> The Warrant
Agent, and its officers, directors and employees, may become the owner of, or
acquire any interest in, Warrants, with the same rights that it or they would
have if it were not the Warrant Agent hereunder, and, to the extent permitted by
applicable law, it or they may engage or be interested in any financial or other
transaction with the Company and may act on, or as depositary, trustee or agent
for, any committee or body of holders of Warrant Debt Securities or other
obligations of the Company as freely as if it were not the Warrant Agent
hereunder. Nothing in this Warrant Agreement shall be deemed to prevent the
Warrant Agent from acting as [Senior] [Subordinated] Trustee under the [Senior]
[Subordinated] Indenture. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><B><FONT face="Times New Roman" size=2>(f)</FONT></B><B><FONT face=Arial size=2> </FONT></B><B><I><FONT face="Times New Roman" size=2>No
Liability For Interest.</FONT></I></B><FONT face="Times New Roman" size=2>
Unless otherwise agreed with the Company, the Warrant Agent shall have no
liability for interest on any monies at any time received by it pursuant to any
of the provisions of this Agreement or of the Warrant Certificates. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><B><FONT face="Times New Roman" size=2>(g)</FONT></B><B><FONT face=Arial size=2> </FONT></B><B><I><FONT face="Times New Roman" size=2>No
Liability For Invalidity.</FONT></I></B><FONT face="Times New Roman" size=2> The
Warrant Agent shall have no liability with respect to any invalidity of this
Agreement or any of the Warrant Certificates (except as to the Warrant Agent&#146;s
countersignature thereon). </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><B><FONT face="Times New Roman" size=2>(h)</FONT></B><B><FONT face=Arial size=2> </FONT></B><B><I><FONT face="Times New Roman" size=2>No
Responsibility For Representations.</FONT></I></B><FONT face="Times New Roman" size=2> The Warrant Agent shall not be responsible for any of the recitals or
representations herein or in the Warrant Certificates (except as to the Warrant
Agent&#146;s countersignature thereon), all of which are made solely by the Company.
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><B><FONT face="Times New Roman" size=2>(i)</FONT></B><B><FONT face=Arial size=2> </FONT></B><B><I><FONT face="Times New Roman" size=2>No
Implied Obligations. </FONT></I></B><FONT face="Times New Roman" size=2>The
Warrant Agent shall be obligated to perform only such duties as are herein and
in the Warrant Certificates specifically set forth and no implied duties or
obligations shall be read into this Agreement or the Warrant Certificates
against the Warrant Agent. The Warrant Agent shall not be under any obligation
to take any action hereunder which may tend to involve it in any expense or
liability, the payment of which within a reasonable time is not, in its
reasonable opinion, assured to it. The Warrant Agent shall not be accountable or
under any duty or responsibility for the use by the Company of any of the
Warrant Certificates authenticated by the Warrant Agent and delivered by it to
the Company pursuant to this Agreement or for the application by the Company of
the proceeds of the Warrant Certificates. The Warrant Agent shall have no duty
or responsibility in case of any default by the Company in the performance of
its covenants or agreements contained herein or in the Warrant Certificates or
in the case of the receipt of any written demand from a holder of a Warrant
Certificate with respect to such default, including, without limiting the
generality of the foregoing, any <FONT face="Times New Roman" size=2>duty or
responsibility to initiate or attempt to initiate any proceedings at law or
otherwise or, except as provided in Section 6.2 hereof, to make any demand upon
the Company. </FONT></FONT></P>
<P align=center><FONT face="Times New Roman" size=2>7</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>5.3</FONT></B><B><FONT face=Arial size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Resignation, Removal And Appointment Of Successors.</FONT></B></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><B><FONT face="Times New Roman" size=2>(a)</FONT></B><B><FONT face=Arial size=2> </FONT></B><FONT face="Times New Roman" size=2>The Company
agrees, for the benefit of the holders from time to time of the Warrant
Certificates, that there shall at all times be a Warrant Agent hereunder until
all the Warrants have been exercised or are no longer exercisable. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><B><FONT face="Times New Roman" size=2>(b)</FONT></B><B><FONT face=Arial size=2> </FONT></B><FONT face="Times New Roman" size=2>The Warrant
Agent may at any time resign as agent by giving written notice to the Company of
such intention on its part, specifying the date on which its desired resignation
shall become effective; provided that such date shall not be less than three
months after the date on which such notice is given unless the Company otherwise
agrees. The Warrant Agent hereunder may be removed at any time by the filing
with it of an instrument in writing signed by or on behalf of the Company and
specifying such removal and the intended date when it shall become effective.
Such resignation or removal shall take effect upon the appointment by the
Company, as hereinafter provided, of a successor Warrant Agent (which shall be a
bank or trust company authorized under the laws of the jurisdiction of its
organization to exercise corporate trust powers) and the acceptance of such
appointment by such successor Warrant Agent. The obligation of the Company under
Section 5.2(a) shall continue to the extent set forth therein notwithstanding
the resignation or removal of the Warrant Agent. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><B><FONT face="Times New Roman" size=2>(c)</FONT></B><B><FONT face=Arial size=2> </FONT></B><FONT face="Times New Roman" size=2>In case at any
time the Warrant Agent shall resign, or shall be removed, or shall become
incapable of acting, or shall be adjudged a bankrupt or insolvent, or shall
commence a voluntary case under the Federal bankruptcy laws, as now or hereafter
constituted, or under any other applicable Federal or state bankruptcy,
insolvency or similar law or shall consent to the appointment of or taking
possession by a receiver, custodian, liquidator, assignee, trustee, sequestrator
(or other similar official) of the Warrant Agent or its property or affairs, or
shall make an assignment for the benefit of creditors, or shall admit in writing
its inability to pay its debts generally as they become due, or shall take
corporate action in furtherance of any such action, or a decree or order for
relief by a court having jurisdiction in the premises shall have been entered in
respect of the Warrant Agent in an involuntary case under the Federal bankruptcy
laws, as now or hereafter constituted, or any other applicable Federal or state
bankruptcy, insolvency or similar law, or a decree or order by a court having
jurisdiction in the premises shall have been entered for the appointment of a
receiver, custodian, liquidator, assignee, trustee, sequestrator (or similar
official) of the Warrant Agent or of its property or affairs, or any public
officer shall take charge or control of the Warrant Agent or of its property or
affairs for the purpose of rehabilitation, conservation, winding up or
liquidation, a successor Warrant Agent, qualified as aforesaid, shall be
appointed by the Company by an instrument in writing, filed with the successor
Warrant Agent. Upon the appointment as aforesaid of a successor Warrant Agent
and acceptance by the successor Warrant Agent of such appointment, the Warrant
Agent shall cease to be Warrant Agent hereunder. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><B><FONT face="Times New Roman" size=2>(d)</FONT></B><B><FONT face=Arial size=2> </FONT></B><FONT face="Times New Roman" size=2>Any successor
Warrant Agent appointed hereunder shall execute, acknowledge and deliver to its
predecessor and to the Company an instrument accepting such appointment
hereunder, and thereupon such successor Warrant Agent, without any further act,
deed or conveyance, shall become vested with all the authority, rights, powers,
trusts, immunities, duties and obligations of such predecessor with like effect
as if originally named as Warrant Agent hereunder, and such predecessor, upon
payment of its charges and disbursements then unpaid, shall thereupon become
obligated to transfer, deliver and pay over, and such successor Warrant Agent
shall be entitled to receive, all monies, securities and other property on
deposit with or held by such predecessor, as Warrant Agent hereunder.
</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>8</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 30pt"><B><FONT face="Times New Roman" size=2>(e)</FONT></B><B><FONT face=Arial size=2> </FONT></B><FONT face="Times New Roman" size=2>Any
corporation into which the Warrant Agent hereunder may be merged or converted or
any corporation with which the Warrant Agent may be consolidated, or any
corporation resulting from any merger, conversion or consolidation to
which the Warrant Agent shall be a party, or any corporation to which the
Warrant Agent shall sell or otherwise transfer all or substantially all the
assets and business of the Warrant Agent, provided that it shall be qualified as
aforesaid, shall be the successor Warrant Agent under this Agreement without the
execution or filing of any paper or any further act on the part of any of the
parties hereto. </FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>ARTICLE 6</FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>MISCELLANEOUS
</FONT></B></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>6.1</FONT></B><B><FONT face=Arial size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Amendment.</FONT></B><FONT face="Times New Roman" size=2> This Agreement
may be amended by the parties hereto, without the consent of the holder of any
Warrant Certificate, for the purpose of curing any ambiguity, or of curing,
correcting or supplementing any defective provision contained herein, or making
any other provisions with respect to matters or questions arising under this
Agreement as the Company and the Warrant Agent may deem necessary or desirable;
provided that such action shall not materially adversely affect the interests of
the holders of the Warrant Certificates. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>6.2</FONT></B><B><FONT face=Arial size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Notices And
Demands To The Company And Warrant Agent. </FONT></B><FONT face="Times New Roman" size=2>If the Warrant Agent shall receive any notice or
demand addressed to the Company by the holder of a Warrant Certificate pursuant
to the provisions of the Warrant Certificates, the Warrant Agent shall promptly
forward such notice or demand to the Company. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>6.3</FONT></B><B><FONT face=Arial size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Addresses.
</FONT></B><FONT face="Times New Roman" size=2>Any communication from the
Company to the Warrant Agent with respect to this Agreement shall be addressed
to [</FONT><FONT face="Times New Roman" size=2>&#9679;</FONT><FONT face="Times New Roman" size=2>], Attention: [&#9679;] and any communication from the
Warrant Agent to the Company with respect to this Agreement shall be addressed
to Geron Corporation, 149 Commonwealth Drive, Suite 2070, Menlo Park, California
94025, Attention: [&#9679;] (or such other address as shall be specified in writing by
the Warrant Agent or by the Company). </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>6.4</FONT></B><B><FONT face=Arial size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Governing
Law. </FONT></B><FONT face="Times New Roman" size=2>This Agreement and each
Warrant Certificate issued hereunder shall be governed by and construed in
accordance with the laws of the State of New York. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>6.5</FONT></B><B><FONT face=Arial size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Delivery Of
Prospectus.</FONT></B><FONT face="Times New Roman" size=2> The Company shall
furnish to the Warrant Agent sufficient copies of a prospectus meeting the
requirements of the Securities Act of 1933, as amended, relating to the Warrant
Debt Securities deliverable upon exercise of the Warrants (the
&#147;</FONT><B><I><FONT face="Times New Roman" size=2>Prospectus</FONT></I></B><FONT face="Times New Roman" size=2>&#148;), and the Warrant Agent agrees that upon the
exercise of any Warrant, the Warrant Agent will deliver to the holder of the
Warrant Certificate evidencing such Warrant, prior to or concurrently with the
delivery of the Warrant Debt Securities issued upon such exercise, a Prospectus.
The Warrant Agent shall not, by reason of any such delivery, assume any
responsibility for the accuracy or adequacy of such Prospectus. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>6.6</FONT></B><B><FONT face=Arial size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Obtaining
Of Governmental Approvals. </FONT></B><FONT face="Times New Roman" size=2>The
Company will from time to time take all action which may be necessary to obtain
and keep effective any and all permits, consents and approvals of governmental
agencies and authorities and securities act filings under United States Federal
and state laws (including without limitation a registration statement in respect
of the Warrants and Warrant Debt Securities under the Securities Act of 1933, as
amended), which may be or become requisite in connection with the issuance,
sale, transfer, and delivery of the Warrant Debt Securities issued upon exercise
of the Warrants, the issuance, sale, transfer and delivery of the Warrants or
upon the expiration of the period during which the Warrants are exercisable.
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>6.7</FONT></B><B><FONT face=Arial size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Persons
Having Rights Under Warrant Agreement. </FONT></B><FONT face="Times New Roman" size=2>Nothing in this Agreement shall give to any person other than the
Company, the Warrant Agent and the holders of the Warrant Certificates any
right, remedy or claim under or by reason of this Agreement. </FONT></P>


<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>6.8</FONT></B><B><FONT face=Arial size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Headings.</FONT></B><FONT face="Times New Roman" size=2> The descriptive
headings of the several Articles and Sections of this Agreement are inserted for
convenience only and shall not control or affect the meaning or construction of
any of the provisions hereof. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>6.9</FONT></B><B><FONT face=Arial size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Counterparts. </FONT></B><FONT face="Times New Roman" size=2>This
Agreement may be executed in any number of counterparts, each of which as so
executed shall be deemed to be an original, but such counterparts shall together
constitute but one and the same instrument. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>6.10</FONT></B><B><FONT face=Arial size=2> </FONT></B><B><FONT face="Times New Roman" size=2>Inspection
Of Agreement. </FONT></B><FONT face="Times New Roman" size=2>A copy of this
Agreement shall be available at all reasonable times at the principal corporate
trust office of the Warrant Agent for inspection by the holder of any Warrant
Certificate. The Warrant Agent may require such holder to submit his Warrant
Certificate for inspection by it. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>9</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>I</FONT></B><B><FONT face="Times New Roman" size=1>N </FONT></B><B><FONT face="Times New Roman" size=2>W</FONT></B><B><FONT face="Times New Roman" size=1>ITNESS
</FONT></B><B><FONT face="Times New Roman" size=2>W</FONT></B><B><FONT face="Times New Roman" size=1>HEREOF</FONT></B><FONT face="Times New Roman" size=2>, the parties hereto have caused this Agreement to be duly executed, all
as of the day and year first above written. </FONT></P>
<DIV align=right>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="50%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="100%" colSpan=2><B><FONT face="Times New Roman" size=2>G<font size=1>ERON <FONT face="Times New Roman" size=2>C</font>ORPORATION</FONT></FONT></B><FONT face="Times New Roman" size=2>, as
      Company</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="20%">&nbsp;</TD>
    <TD noWrap align=left width="80%"></TD></TR>
  <TR>
    <TD noWrap align=left width="20%">&nbsp;</TD>
    <TD noWrap align=left width="80%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="20%"><FONT face="Times New Roman" size=2>By:</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="80%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="20%"><FONT face="Times New Roman" size=2>Name:</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="80%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="20%"><FONT face="Times New Roman" size=2>Title:</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="80%"></TD></TR>
  <TR>
    <TD width="20%">&nbsp;</TD>
    <TD width="80%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="20%"><B><FONT face="Times New Roman" size=2>A<FONT face="Times New Roman" size=1>TTEST:</FONT></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="80%"></TD></TR>
  <TR>
    <TD width="20%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" width="80%"></TD></TR>
  <TR>
    <TD width="20%">&nbsp;</TD>
    <TD width="80%"></TD></TR>
  <TR>
    <TD width="20%">&nbsp;</TD>
    <TD width="80%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%" colSpan=2><B><FONT face="Times New Roman" size=2>C<FONT face="Times New Roman" size=1>OUNTERSIGNED</FONT></FONT></B></TD></TR>
  <TR>
    <TD noWrap align=left width="20%">&nbsp;</TD>
    <TD noWrap align=left width="80%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%" colSpan=2><FONT face="Times New Roman" size=2>[</FONT><FONT face="Times New Roman" size=2>&#9679;</FONT><FONT face="Times New Roman" size=2>], as Warrant Agent</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="20%">&nbsp;</TD>
    <TD noWrap align=left width="80%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="20%"><FONT face="Times New Roman" size=2>By:</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="80%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="20%"><FONT face="Times New Roman" size=2>Name:</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="80%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="20%"><FONT face="Times New Roman" size=2>Title:</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="80%"></TD></TR>
  <TR>
    <TD width="20%">&nbsp;</TD>
    <TD width="80%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="20%"><B><FONT face="Times New Roman" size=2>A<FONT face="Times New Roman" size=1>TTEST:</FONT></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="80%"></TD></TR>
  <TR>
    <TD noWrap align=left width="20%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="80%"></TD></TR>
  <TR>
    <TD noWrap align=left width="20%">&nbsp;</TD>
    <TD noWrap align=left width="80%"></TD></TR></TABLE></DIV><BR>
<P align=center><FONT face="Times New Roman" size=2>[SIGNATURE PAGE TO DEBT
SECURITIES WARRANT AGREEMENT] </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>10</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><B><FONT face="Times New Roman" size=2>E</FONT></B><B><FONT face="Times New Roman" size=1>XHIBIT </FONT></B><B><FONT face="Times New Roman" size=2>A </FONT></B></P>
<P align=center><B><FONT face="Times New Roman" size=2>FORM OF WARRANT
CERTIFICATE<BR>[FACE OF WARRANT CERTIFICATE]</FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"><FONT face="Times New Roman" size=2>[Form of Legend if Warrants are not
      immediately<BR>exercisable.]</FONT></TD>
    <TD noWrap align=left width="50%">
      <P align=justify><FONT face="Times New Roman" size=2>[Prior to [&#9679;]
      Warrants evidenced by this<BR>Warrant Certificate cannot be exercised.]
      </FONT></P></TD></TR></TABLE><BR>
<P align=center><FONT face="Times New Roman" size=2>EXERCISABLE ONLY IF
COUNTERSIGNED BY THE WARRANT AGENT AS<BR>PROVIDED HEREIN </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>VOID AFTER [&#9679;] P.M., [City]
time, ON [&#9679;]. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>11</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><B><FONT face="Times New Roman" size=2>GERON CORPORATION
<BR></FONT></B><B><FONT face="Times New Roman" size=2>WARRANT CERTIFICATE
REPRESENTING<BR>WARRANTS TO PURCHASE<BR>[TITLE OF WARRANT DEBT
SECURITIES]</FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="49%"><FONT face="Times New Roman" size=2>No.
      [&#9679;]</FONT></TD>
    <TD noWrap align=right width="50%">
      <P align=right><FONT face="Times New Roman" size=2>[&#9679;]
      Warrants</FONT></P></TD></TR></TABLE><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>This certifies that [&#9679;] or
registered assigns is the registered owner of the above indicated number of
Warrants, each Warrant entitling such owner to purchase, at any time [after [&#9679;]
p.m., [City] time, [on </FONT><FONT face="Times New Roman" size=2>[&#9679;] and] on or before [&#9679;]
p.m., [City] time, on, $[&#9679;] principal amount of [Title of Warrant Debt
Securities] (the &#147;</FONT><B><I><FONT face="Times New Roman" size=2>Warrant Debt
Securities</FONT></I></B><FONT face="Times New Roman" size=2>&#148;) of Geron
Corporation (the &#147;</FONT><B><I><FONT face="Times New Roman" size=2>Company</FONT></I></B><FONT face="Times New Roman" size=2>&#148;) issued or to
be issued under the Indenture (as hereinafter defined), on the following basis:
during the period from [&#9679;]</FONT><FONT face="Times New Roman" size=2>, through
and including [&#9679;]</FONT><FONT face="Times New Roman" size=2>, each Warrant shall
entitle the Holder thereof, subject to the provisions of this Agreement, to
purchase the principal amount of Warrant Debt Securities stated in the Warrant
Certificate at the warrant price (the &#147;</FONT><B><I><FONT face="Times New Roman" size=2>Warrant Price</FONT></I></B><FONT face="Times New Roman" size=2>&#148;) of
[&#9679;]</FONT><FONT face="Times New Roman" size=2>% of the principal amount thereof
[plus accrued amortization, if any, of the original issue discount of the
Warrant Debt Securities] [plus accrued interest, if any, from the most recent
date from which interest shall have been paid on the Warrant Debt Securities or,
if no interest shall have been paid on the Warrant Debt Securities, from the
date of their original issuance]. [The original issue discount ($[&#9679;] for each
$1,000 principal amount of Warrant Debt Securities) will be amortized at a
[&#9679;]</FONT><FONT face="Times New Roman" size=2>% annual rate, computed on a[n]
[semi-]annual basis [using a 360-day year consisting of twelve 30-day months].
The Holder may exercise the Warrants evidenced hereby by providing certain
information set forth on the back hereof and by paying in full, in lawful money
of the United States of America, [in cash or by certified check or official bank
check in New York Clearing House funds] [by bank wire transfer in immediately
available funds], the Warrant Price for each Warrant Debt Security with respect
to which this Warrant is exercised to the Warrant Agent (as hereinafter defined)
and by surrendering this Warrant Certificate, with the purchase form on the back
hereof duly executed, at the corporate trust office of [name of Warrant Agent],
or its successor as warrant agent (the &#147;</FONT><B><I><FONT face="Times New Roman" size=2>Warrant Agent</FONT></I></B><FONT face="Times New Roman" size=2>&#148;), which is, on the date hereof, at the address
specified on the reverse hereof, and upon compliance with and subject to the
conditions set forth herein and in the Warrant Agreement (as hereinafter
defined). </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The term
&#147;</FONT><B><I><FONT face="Times New Roman" size=2>Holder</FONT></I></B><FONT face="Times New Roman" size=2>&#148; as used herein shall mean the person in whose
name at the time this Warrant Certificate shall be registered upon the books to
be maintained by the Warrant Agent for that purpose pursuant to Section 4 of the
Warrant Agreement. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Warrants evidenced by
this Warrant Certificate may be exercised to purchase Warrant Debt Securities in
the principal amount of $1,000 or any integral multiple thereof in registered
form. Upon any exercise of fewer than all of the Warrants evidenced by this
Warrant Certificate, there shall be issued to the Holder hereof a new Warrant
Certificate evidencing Warrants for the aggregate principal amount of Warrant
Debt Securities remaining unexercised. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>This Warrant Certificate is
issued under and in accordance with the Warrant Agreement dated as of [&#9679;] (the
&#147;</FONT><B><I><FONT face="Times New Roman" size=2>Warrant
Agreement</FONT></I></B><FONT face="Times New Roman" size=2>&#148;), between the
Company and the Warrant Agent and is subject to the terms and provisions
contained in the Warrant Agreement, to all of which terms and provisions the
Holder of this Warrant Certificate consents by acceptance hereof. Copies of the
Warrant Agreement are on file at the above-mentioned office of the Warrant
Agent. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>12</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Warrant Debt Securities
to be issued and delivered upon the exercise of Warrants evidenced by this
Warrant Certificate will be issued under and in accordance with an Indenture,
[dated as of [&#9679;] (the &#147;</FONT><B><I><FONT face="Times New Roman" size=2>Senior
Indenture</FONT></I></B><FONT face="Times New Roman" size=2>&#148;), between the
Company and [&#9679;]</FONT><FONT face="Times New Roman" size=2>, as trustee (such
trustee, and any successors to such trustee, the &#147;</FONT><B><I><FONT face="Times New Roman" size=2>Senior Trustee</FONT></I></B><FONT face="Times New Roman" size=2>&#148;)] [dated as of [&#9679;]</FONT><FONT face="Times New Roman" size=2>, (the &#147;</FONT><B><I><FONT face="Times New Roman" size=2>Subordinated Indenture</FONT></I></B><FONT face="Times New Roman" size=2>&#148;), between the Company and [&#9679;]</FONT><FONT face="Times New Roman" size=2>, as trustee (such trustee, and any successors to such trustee, the
&#147;</FONT><B><I><FONT face="Times New Roman" size=2>Subordinated
Trustee</FONT></I></B><FONT face="Times New Roman" size=2>&#148;)] and will be
subject to the terms and provisions contained in the Warrant Debt Securities and
in the Indenture. Copies of the [Senior] [Subordinated] Indenture, including the
form of the Warrant Debt Securities, are on file at the corporate trust office
of the [Senior][Subordinated] Trustee. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Transfer of this Warrant
Certificate may be registered when this Warrant Certificate is surrendered at
the corporate trust office of the Warrant Agent by the registered owner or such
owner&#146;s assigns, in the manner and subject to the limitations provided in the
Warrant Agreement. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>After countersignature by
the Warrant Agent and prior to the expiration of this Warrant Certificate, this
Warrant Certificate may be exchanged at the corporate trust office of the
Warrant Agent for Warrant Certificates representing Warrants for the same
aggregate principal amount of Warrant Debt Securities. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>This Warrant Certificate
shall not entitle the Holder hereof to any of the rights of a holder of the
Warrant Debt Securities, including, without limitation, the right to receive
payments of principal of (and premium, if any) or interest, if any, on the
Warrant Debt Securities or to enforce any of the covenants of the Indenture.
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Reference is hereby made to
the further provisions of this Warrant Certificate set forth on the reverse
hereof, which further provisions shall for all purposes have the same effect as
if set forth at this place. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>This Warrant Certificate
shall not be valid or obligatory for any purpose until countersigned by the
Warrant Agent. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>13</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>I</FONT></B><B><FONT face="Times New Roman" size=1>N </FONT></B><B><FONT face="Times New Roman" size=2>W</FONT></B><B><FONT face="Times New Roman" size=1>ITNESS
</FONT></B><B><FONT face="Times New Roman" size=2>W</FONT></B><B><FONT face="Times New Roman" size=1>HEREOF</FONT></B><FONT face="Times New Roman" size=2>, the Company has caused this Warrant to be executed in its name and on
its behalf by the facsimile signatures of its duly authorized officers.
</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="50%" border=0>

  <TR>
    <TD width="20%">
      <P align=justify><FONT face="Times New Roman" size=2>Dated: </FONT></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" width="80%">&nbsp;</TD></TR></TABLE><BR>
<DIV align=right>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="50%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="100%" colSpan=2><B><FONT face="Times New Roman" size=2>G<font size=1>ERON <FONT face="Times New Roman" size=2>C</font>ORPORATION</FONT></FONT></B><FONT face="Times New Roman" size=2>, as
      Company</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="20%">&nbsp;</TD>
    <TD noWrap align=left width="80%"></TD></TR>
  <TR>
    <TD noWrap align=left width="20%">&nbsp;</TD>
    <TD noWrap align=left width="80%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="20%"><FONT face="Times New Roman" size=2>By:</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="80%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="20%"><FONT face="Times New Roman" size=2>Name:</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="80%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="20%"><FONT face="Times New Roman" size=2>Title:</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="80%"></TD></TR>
  <TR>
    <TD width="20%">&nbsp;</TD>
    <TD width="80%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="20%"><B><FONT face="Times New Roman" size=2>A<FONT face="Times New Roman" size=1>TTEST:</FONT></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="80%"></TD></TR>
  <TR>
    <TD width="20%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" width="80%"></TD></TR>
  <TR>
    <TD width="20%">&nbsp;</TD>
    <TD width="80%"></TD></TR>
  <TR>
    <TD width="20%">&nbsp;</TD>
    <TD width="80%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%" colSpan=2><B><FONT face="Times New Roman" size=2>C<FONT face="Times New Roman" size=1>OUNTERSIGNED</FONT></FONT></B></TD></TR>
  <TR>
    <TD noWrap align=left width="20%">&nbsp;</TD>
    <TD noWrap align=left width="80%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%" colSpan=2><FONT face="Times New Roman" size=2>[</FONT><FONT face="Times New Roman" size=2>&#9679;</FONT><FONT face="Times New Roman" size=2>], as Warrant Agent</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="20%">&nbsp;</TD>
    <TD noWrap align=left width="80%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="20%"><FONT face="Times New Roman" size=2>By:</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="80%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="20%"><FONT face="Times New Roman" size=2>Name:</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="80%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="20%"><FONT face="Times New Roman" size=2>Title:</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="80%"></TD></TR>
  <TR>
    <TD width="20%">&nbsp;</TD>
    <TD width="80%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="20%"><B><FONT face="Times New Roman" size=2>A<FONT face="Times New Roman" size=1>TTEST:</FONT></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="80%"></TD></TR>
  <TR>
    <TD noWrap align=left width="20%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="80%"></TD></TR>
  <TR>
    <TD noWrap align=left width="20%">&nbsp;</TD>
    <TD noWrap align=left width="80%"></TD></TR></TABLE></DIV><BR>
<P align=center><FONT face="Times New Roman" size=2>14</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><B><FONT face="Times New Roman" size=2>[REVERSE OF WARRANT
CERTIFICATE] </FONT></B></P>
<P align=center><B><FONT face="Times New Roman" size=2>(Instructions for
Exercise of Warrant) </FONT></B></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>To exercise any Warrants
evidenced hereby for Warrant Debt Securities (as hereinafter defined), the
Holder must pay, in lawful money of the United States of America, [in cash or by
certified check or official bank check in New York Clearing House funds] [by
bank wire transfer in immediately available funds], the Warrant Price in full
for Warrants exercised, to [&#9679;] [address of Warrant Agent], Attention:
[</FONT><FONT face="Times New Roman" size=2>&#9679;</FONT><FONT face="Times New Roman" size=2>], which payment must specify the name of the Holder and the number of
Warrants exercised by such Holder. In addition, the Holder must complete the
information required below and present this Warrant Certificate in person or by
mail (certified or registered mail is recommended) to the Warrant Agent at the
appropriate address set forth above. This Warrant Certificate, completed and
duly executed, must be received by the Warrant Agent within five business days
of the payment. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>(To be executed upon
exercise of Warrants) </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The undersigned hereby
irrevocably elects to exercise [&#9679;] Warrants, represented by this Warrant
Certificate, to purchase $[&#9679;] principal amount of the [Title of Warrant Debt
Securities] (the &#147;</FONT><B><I><FONT face="Times New Roman" size=2>Warrant Debt
Securities</FONT></I></B><FONT face="Times New Roman" size=2>&#148;) of Geron
Corporation and represents that he has tendered payment for such Warrant Debt
Securities, in lawful money of the United States of America, [in cash or by
certified check or official bank check in New York Clearing House funds] [by
bank wire transfer in immediately available funds], to the order of Geron
Corporation, c/o [insert name and address of Warrant Agent], in the amount of
$[&#9679;] in accordance with the terms hereof. The undersigned requests that said
principal amount of Warrant Debt Securities be in fully registered form in the
authorized denominations, registered in such names and delivered all as
specified in accordance with the instructions set forth below. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>If the number of Warrants
exercised is less than all the Warrants evidenced hereby, the undersigned
requests that a new Warrant Certificate evidencing the Warrants for the
aggregate principal amount of Warrant Debt Securities remaining unexercised be
issued and delivered to the undersigned unless otherwise specified in the
instructions below. </FONT></P>
<DIV style="FLOAT: left; WIDTH: 48%">
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="80%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2>Dated:&nbsp;&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="97%">&nbsp;</TD></TR></TABLE></DIV>
<DIV style="FLOAT: right; WIDTH: 48%">
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="80%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="3%">
      <P align=justify><FONT face="Times New Roman" size=2>Name:&nbsp;&nbsp; </FONT></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="97%">&nbsp;</TD></TR>
  <TR>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="97%">
      <P align=justify><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Please Print
      </FONT></P></TD></TR></TABLE></DIV><BR clear=all><BR>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="40%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><FONT face="Times New Roman" size=2>Address:</FONT></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="100%">&nbsp;</TD></TR></TABLE>
<div align=justify><FONT face="Times New Roman" size=2>(Insert Social Security or
Other Identifying Number of Holder) </FONT></div><br>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="40%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2>Signature
      Guaranteed:&nbsp;&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="94%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="94%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Signature</FONT></TD></TR></TABLE><BR>
<P align=justify><FONT face="Times New Roman" size=2>(Signature must conform in
all respects to name of holder as specified on the face of this Warrant
Certificate and must bear a signature guarantee by a FINRA member firm).
</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>This Warrant may be
exercised at the following addresses: </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>By hand at: </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>By mail at: </FONT></P>


<P align=justify><FONT face="Times New Roman" size=2>[Instructions as to form
and delivery of Warrant Debt Securities and, if applicable, Warrant Certificates
evidencing Warrants for the number of Warrant Debt Securities remaining
unexercised&#151;complete as appropriate.] </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>15</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><B><FONT face="Times New Roman" size=2>ASSIGNMENT
</FONT></B></P>
<P align=center><FONT face="Times New Roman" size=2>[Form of assignment to be
executed if Warrant Holder desires to transfer Warrant] </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>F</FONT></B><B><FONT face="Times New Roman" size=1>OR </FONT></B><B><FONT face="Times New Roman" size=2>V</FONT></B><B><FONT face="Times New Roman" size=1>ALUE
</FONT></B><B><FONT face="Times New Roman" size=2>R</FONT></B><B><FONT face="Times New Roman" size=1>ECEIVED</FONT></B><FONT face="Times New Roman" size=2>, [&#9679;] hereby sells, assigns and transfers unto: </FONT></P>
<DIV style="FLOAT: left; WIDTH: 48%">
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="100%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><FONT face="Times New Roman" size=2>(Please
      print name and address including zip
code)</FONT></TD></TR></TABLE></DIV>
<DIV style="FLOAT: right; WIDTH: 48%">
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="100%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%">
      <P align=justify><FONT face="Times New Roman" size=2>Please print Social
      Security or other identifying number
</FONT></P></TD></TR></TABLE></DIV><BR clear=all><BR>
<P align=justify><FONT face="Times New Roman" size=2>the right represented by
the within Warrant to purchase $[&#9679;] aggregate principal amount of shares [Title
of Warrant Debt Securities] of Geron Corporation to which the within Warrant
relates and appoints attorney to transfer such right on the books of the Warrant
Agent with full power of substitution in the premises. </FONT></P>
<DIV style="FLOAT: left; WIDTH: 48%">
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2>Dated:&nbsp;&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="97%">&nbsp;</TD></TR></TABLE></DIV>
<DIV style="FLOAT: right; WIDTH: 48%">
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="100%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%">
      <P align=justify><FONT face="Times New Roman" size=2>Signature</FONT></P></TD></TR></TABLE></DIV><BR clear=all><BR>
<P align=center><FONT face="Times New Roman" size=2>(Signature must conform in
all respects to name of holder as specified on the face of the Warrant)
</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="48%" border=0>

  <TR>
    <TD noWrap align=left width="100%">
      <P align=justify><FONT face="Times New Roman" size=2>Signature Guaranteed
      </FONT></P></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="100%">&nbsp;</TD></TR></TABLE>
<P align=center><FONT face="Times New Roman" size=2>16</FONT></P>
<HR align=center width="100%" noShade size="2">

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>6
<FILENAME>exhibit5-1.htm
<DESCRIPTION>OPINION OF COOLEY LLP
<TEXT>

<HTML>
<HEAD>
   <TITLE></TITLE>
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<BODY bgcolor=#ffffff>
<BR>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=right width="100%"><B><FONT face="Times New Roman" size=2>EXHIBIT 5.1</FONT></B></TD></TR></TABLE><BR><IMG src="exhibitx1x1.jpg" border=0><BR>
<P align=justify><FONT face="Times New Roman" size=2>August 28, 2015 </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>Geron Corporation <BR>149
Commonwealth Drive <BR>Menlo Park, CA 94025 </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>Ladies and Gentlemen:
</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>We have acted as counsel to
Geron Corporation, a Delaware corporation (the &#147;</FONT><B><I><FONT face="Times New Roman" size=2>Company</FONT></I></B><FONT face="Times New Roman" size=2>&#148;), in connection with a Registration Statement on Form S-3 (the
&#147;</FONT><B><I><FONT face="Times New Roman" size=2>Registration
Statement</FONT></I></B><FONT face="Times New Roman" size=2>&#148;) filed by the
Company under the Securities Act of 1933, as amended (the &#147;</FONT><B><I><FONT face="Times New Roman" size=2>Securities Act</FONT></I></B><FONT face="Times New Roman" size=2>&#148;). The Company has provided us with two
prospectuses, which form part of the Registration Statement: (i) a base
prospectus (the &#147;</FONT><B><I><FONT face="Times New Roman" size=2>Base
Prospectus</FONT></I></B><FONT face="Times New Roman" size=2>&#148;); and (ii) a
sales agreement prospectus (the &#147;</FONT><B><I><FONT face="Times New Roman" size=2>Sales Agreement Prospectus</FONT></I></B><FONT face="Times New Roman" size=2>&#148;), covering the offering, issuance and sale of up to $50,000,000 of
shares of common stock, par value $0.001 per share, of the Company </FONT><FONT face="Times New Roman" size=2>(&#147;</FONT><B><I><FONT face="Times New Roman" size=2>Common Stock</FONT></I></B><FONT face="Times New Roman" size=2>&#148;) that
may be issued and sold under the At-Market Issuance Sales Agreement, dated
August 28, 2015, between the Registrant and MLV &amp; Co. LLC (such agreement,
the &#147;</FONT><B><I><FONT face="Times New Roman" size=2>Sales
Agreement</FONT></I></B><FONT face="Times New Roman" size=2>&#148;, and such shares,
the &#147;</FONT><B><I><FONT face="Times New Roman" size=2>Sales Agreement
Shares</FONT></I></B><FONT face="Times New Roman" size=2>&#148;). The Base Prospectus
provides that it will be supplemented in the future by one or more prospectus
supplements (each, a &#147;</FONT><B><I><FONT face="Times New Roman" size=2>Prospectus Supplement</FONT></I></B><FONT face="Times New Roman" size=2>&#148;). The Registration Statement, including the Base Prospectus (as
supplemented from time to time by one or more Prospectus Supplements) and the
Sales Agreement Prospectus provide for the registration by the Company
of:</FONT></P>
<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=justify><FONT face="Times New Roman" size=2>shares of Common
      Stock issuable pursuant to the Base Prospectus (as supplemented from time
      to time by one or more Prospectus Supplements) (the &#147;</FONT><B><I><FONT face="Times New Roman" size=2>Base Prospectus Shares</FONT></I></B><FONT face="Times New Roman" size=2>&#148;); </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp; </TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=justify><FONT face="Times New Roman" size=2>the Sales Agreement
      Shares; </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp; </TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=justify><FONT face="Times New Roman" size=2>shares of preferred
      stock, par value $0.001 per share, of the Company (the &#147;</FONT><B><I><FONT face="Times New Roman" size=2>Preferred Stock</FONT></I></B><FONT face="Times New Roman" size=2>&#148;) issuable pursuant to the Base Prospectus
      (as supplemented from time to time by one or more Prospectus Supplements);
      </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp; </TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=justify><FONT face="Times New Roman" size=2>debt securities, in
      one or more series (the &#147;</FONT><B><I><FONT face="Times New Roman" size=2>Debt Securities</FONT></I></B><FONT face="Times New Roman" size=2>&#148;), which may be issued pursuant to an indenture to be dated on or
      about the date of the first issuance of Debt Securities thereunder, by and
      between a trustee to be selected by the Company (the &#147;</FONT><B><I><FONT face="Times New Roman" size=2>Trustee</FONT></I></B><FONT face="Times New Roman" size=2>&#148;) and the Company, in the form filed as
      Exhibit 4.4 to the Registration Statement (the &#147;</FONT><B><I><FONT face="Times New Roman" size=2>Indenture</FONT></I></B><FONT face="Times New Roman" size=2>&#148;) issuable pursuant to the Base Prospectus
      (as supplemented from time to time by one or more Prospectus Supplements);
      and </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp; </TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=justify><FONT face="Times New Roman" size=2>warrants issuable
      pursuant to the Base Prospectus (as supplemented from time to time by one
      or more Prospectus Supplements) to purchase Common Stock, Preferred Stock,
      or Debt Securities (the &#147;</FONT><B><I><FONT face="Times New Roman" size=2>Warrants</FONT></I></B><FONT face="Times New Roman" size=2>&#148;),
      which may be issued under warrant agreements, to be dated on or about the
      date of the first issuance of the applicable Warrants thereunder, by and
      between a warrant agent to be selected by the Company (the </FONT><FONT face="Times New Roman" size=2>&#147;</FONT><B><I><FONT face="Times New Roman" size=2>Warrant Agent</FONT></I></B><FONT face="Times New Roman" size=2>&#148;) and the Company, in the forms filed as Exhibits
4.5, 4.6 and 4.7 to the Registration Statement (each, a &#147;</FONT><B><I><FONT face="Times New Roman" size=2>Warrant Agreement</FONT></I></B><FONT face="Times New Roman" size=2>&#148;). </FONT></P>
  </TD></TR></TABLE>
<P align=center><FONT face="Times New Roman" size=1>101 CALIFORNIA STREET, 5TH
FLOOR, SAN FRANCISCO, CA 94111-5800 T: (415) 693-2000 F: (415) 693-2222
WWW.COOLEY.COM </FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR><IMG src="exhibitx1x1.jpg" border=0><BR>
<P align=justify><FONT face="Times New Roman" size=2>August 28, 2015
<BR></FONT><FONT face="Times New Roman" size=1></FONT><FONT face="Times New Roman" size=2>Page Two</FONT><FONT face="Times New Roman" size=1> </FONT></P>

<P align=justify><FONT face="Times New Roman" size=2>The Base Prospectus Shares,
the Sales Agreement Shares, the Preferred Stock, the Debt Securities and the
Warrants are collectively referred to herein as the &#147;</FONT><B><I><FONT face="Times New Roman" size=2>Securities</FONT></I></B><FONT face="Times New Roman" size=2>.&#148; The Securities are being registered for offer
and sale from time to time pursuant to Rule 415 under the Securities Act. The
aggregate public offering price of the Securities being registered is
$250,000,000.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>In connection with this
opinion, we have examined and relied upon originals, or copies certified to our
satisfaction, of such records, documents, certificates, opinions, memoranda and
other instruments as in our judgment are necessary or appropriate to enable us
to render the opinion expressed below. As to certain factual matters, we have
relied upon a certificate of an officer of the Company and have not
independently verified such matters. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>In rendering this opinion,
we have assumed the genuineness and authenticity of all signatures on original
documents; the authenticity of all documents submitted to us as originals; the
conformity to originals of all documents submitted to us as copies; the
accuracy, completeness and authenticity of certificates of public officials; and
the due authorization, execution and delivery of all documents where
authorization, execution and delivery are prerequisites to the effectiveness of
such documents. With respect to our opinion as to the Base Prospectus Shares, we
have assumed that, at the time of issuance and sale, a sufficient number of
shares of Common Stock is authorized and available for issuance and that the
consideration for the issuance and sale of the Base Prospectus Shares (or
Preferred Stock or Debt Securities convertible into Common Stock or Warrants
exercisable for Common Stock) is in an amount that is not less than the par
value of the Common Stock. With respect to our opinion as to the Sales Agreement
Shares, we have assumed that no more than 16,393,442 Sales Agreement Shares will
be sold, based on a sale price of $3.05 per share, representing the last
reported sale price of the Common Stock on the NASDAQ Global Select Market on
August 26, 2015. With respect to our opinion as to the Sales Agreement Shares to
be issued after the date hereof, we express no opinion to the extent that,
notwithstanding its current reservation of shares of Common Stock, future
issuances of securities of the Company and/or antidilution adjustments to
outstanding securities of the Company cause outstanding securities to be
exercisable or convertible for more shares of Common Stock than the number that
remain authorized but unissued. With respect to our opinion as to the Preferred
Stock, we have assumed that, at the time of issuance and sale, a sufficient
number of shares of Preferred Stock is authorized, designated and available for
issuance and that the consideration for the issuance and sale of the Preferred
Stock (or Debt Securities convertible into Preferred Stock or Warrants
exercisable for Preferred Stock) is in an amount that is not less than the par
value of the Preferred Stock. We have also assumed that any Debt Securities or
Warrants, as the case may be, offered under the Registration Statement, and the
related Indenture or Warrant Agreement, as applicable, will be executed in the
forms filed as exhibits to the Registration Statement or incorporated by
reference therein. We have also assumed that (i) with respect to Securities
being issued upon conversion of any convertible Preferred Stock, the applicable
convertible Preferred Stock will be duly authorized, validly issued, fully paid
and nonassessable; and (ii) with respect to any Securities being issued upon
conversion of any convertible Debt Securities or upon exercise of any Warrants,
the applicable convertible Debt Securities or Warrants will be valid and legally
binding obligations of the Company, enforceable against the Company in
accordance with their terms, except as enforcement may be limited by applicable
bankruptcy, insolvency, reorganization, arrangement, moratorium or other similar
laws affecting creditors&#146; rights, and subject to general equity principles and
to limitations on availability of equitable relief, including specific
performance.</FONT></P>
<P align=center><FONT face="Times New Roman" size=1>101 CALIFORNIA STREET, 5TH
FLOOR, SAN FRANCISCO, CA 94111-5800 T: (415) 693-2000 F: (415) 693-2222
WWW.COOLEY.COM </FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR><IMG src="exhibitx1x1.jpg" border=0><BR>
<P align=justify><FONT face="Times New Roman" size=2>August 28, 2015
<BR></FONT><FONT face="Times New Roman" size=1></FONT><FONT face="Times New Roman" size=2>Page Three</FONT><FONT face="Times New Roman" size=1> </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>Our opinion herein is
expressed solely with respect to the federal laws of the United States, the
Delaware General Corporation Law and, as to the Debt Securities and the Warrants
constituting valid and legally binding obligations of the Company, solely with
respect to the laws of the State of New York. Our opinion is based on these laws
as in effect on the date hereof. We express no opinion as to any provision of
the Debt Securities that: (a) relates to the subject matter jurisdiction of any
federal court of the United States of America or any federal appellate court to
adjudicate any controversy related to the Debt Securities or (b) contains a
waiver of an inconvenient forum. We are not rendering any opinion as to
compliance with any federal or state law, rule or regulation relating to
securities, or to the sale or issuance thereof. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>On the basis of the
foregoing and in reliance thereon, and subject to the qualifications herein
stated, we are of the opinion that: </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>1. With respect to the Base
Prospectus Shares offered under the Registration Statement, provided that: (i)
the Registration Statement and any required post-effective amendment thereto
have all become effective under the Securities Act and the Base Prospectus and
any and all Prospectus Supplement(s) required by applicable laws have been
delivered and filed as required by such laws; (ii) the issuance of the Base
Prospectus Shares has been duly authorized by all necessary corporate action on
the part of the Company; (iii) the issuance and sale of the Base Prospectus
Shares do not violate any applicable law, are in conformity with the Company&#146;s
then operative certificate of incorporation (the &#147;</FONT><B><I><FONT face="Times New Roman" size=2>Certificate of Incorporation</FONT></I></B><FONT face="Times New Roman" size=2>&#148;) and bylaws (the &#147;</FONT><B><I><FONT face="Times New Roman" size=2>Bylaws</FONT></I></B><FONT face="Times New Roman" size=2>&#148;), do not result in a default under or breach of any agreement or
instrument binding upon the Company and comply with any applicable requirement
or restriction imposed by any court or governmental body having jurisdiction
over the Company; and (iv) the certificates for the Base Prospectus Shares have
been duly executed by the Company, countersigned by the transfer agent therefor
and duly delivered to the purchasers thereof against payment therefor, then the
Base Prospectus Shares, when issued and sold as contemplated in the Registration
Statement, the Base Prospectus and the related Prospectus Supplement(s), and in
accordance with a duly authorized, executed and delivered purchase, underwriting
or similar agreement, or upon conversion of any convertible Preferred Stock, or
convertible Debt Securities in accordance with their terms, or upon exercise of
any Warrants in accordance with their terms, will be duly authorized, validly
issued, fully paid and nonassessable. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>2. With respect to the
Sales Agreement Shares, when issued and paid for in accordance with the Sales
Agreement and as contemplated in the Registration Statement and the Sales
Agreement Prospectus, the Sales Agreement Shares will be duly authorized,
validly issued, fully paid and nonassessable.</FONT><FONT face="Times New Roman" size=2>&nbsp;</FONT></P>
<P align=center><FONT face="Times New Roman" size=1>101 CALIFORNIA STREET, 5TH
FLOOR, SAN FRANCISCO, CA 94111-5800 T: (415) 693-2000 F: (415) 693-2222
WWW.COOLEY.COM </FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR><IMG src="exhibitx1x1.jpg" border=0><BR>
<P align=justify><FONT face="Times New Roman" size=2>August 28, 2015
<BR></FONT><FONT face="Times New Roman" size=1></FONT><FONT face="Times New Roman" size=2>Page Four</FONT><FONT face="Times New Roman" size=1> </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>3. With respect to the
Preferred Stock offered under the Registration Statement, provided that: (i) the
Registration Statement and any required post-effective amendment thereto have
all become effective under the Securities Act and the Base Prospectus and any
and all Prospectus Supplement(s) required by applicable laws have been delivered
and filed as required by such laws; (ii) the terms and issuance of the Preferred
Stock have been duly authorized by all necessary corporate action on the part of
the Company; (iii) the terms of the shares of Preferred Stock and their issuance
and sale do not violate any applicable law, are in conformity with the
Certificate of Incorporation and Bylaws, do not result in a default under or
breach of any agreement or instrument binding upon the Company and comply with
any applicable requirement or restriction imposed by any court or governmental
body having jurisdiction over the Company; and (iv) the certificates for the
Preferred Stock have been duly executed by the Company, countersigned by the
transfer agent therefor and duly delivered to the purchasers thereof against
payment therefor, then the Preferred Stock, when issued and sold as contemplated
in the Registration Statement, the Base Prospectus and the related Prospectus
Supplement(s) and in accordance with any applicable duly authorized, executed
and delivered purchase, underwriting or similar agreement, or upon conversion of
any convertible Debt Securities in accordance with their terms, or upon exercise
of any Warrants in accordance with their terms, will be duly authorized, validly
issued, fully paid and nonassessable. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>4. With respect to any
series of the Debt Securities issued under the Indenture and offered under the
Registration Statement, provided that: (i) the Registration Statement and any
required post-effective amendment thereto have all become effective under the
Securities Act and the Base Prospectus and any and all Prospectus Supplement(s)
required by applicable laws have been delivered and filed as required by such
laws; (ii) the Indenture has been duly authorized by the Company and the Trustee
by all necessary corporate action; (iii) the Indenture in substantially the form
filed as an exhibit to the Registration Statement, has been duly executed and
delivered by the Company and the Trustee; (iv) the issuance and terms of the
Debt Securities have been duly authorized by the Company by all necessary
corporate action; (v) the terms of the Debt Securities and of their issuance and
sale have been duly established in conformity with the Indenture so as not to
violate any applicable law or result in a default under or breach of any
agreement or instrument binding upon the Company, so as to be in conformity with
the Certificate of Incorporation and Bylaws, and so as to comply with any
requirement or restriction imposed by any court or governmental body having
jurisdiction over the Company; and (vi) the Debt Securities have been duly
executed and delivered by the Company and authenticated by the Trustee pursuant
to the Indenture and delivered against payment therefor, then the Debt
Securities, when issued and sold in accordance with the Indenture and a duly
authorized, executed and delivered purchase, underwriting or similar agreement,
or upon exercise of any Warrants under the Warrant Agreement, will be valid and
legally binding obligations of the Company, enforceable against the Company in
accordance with their terms, except as enforcement thereof may be limited by
bankruptcy, insolvency, reorganization, moratorium or other similar laws
relating to or affecting creditors&#146; rights generally, and by general equitable
principles (regardless of whether such enforceability is considered in a
proceeding at law or in equity). </FONT></P>
<P align=center><FONT face="Times New Roman" size=1>101 CALIFORNIA STREET, 5TH
FLOOR, SAN FRANCISCO, CA 94111-5800 T: (415) 693-2000 F: (415) 693-2222
WWW.COOLEY.COM </FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR><IMG src="exhibitx1x1.jpg" border=0><BR>
<P align=justify><FONT face="Times New Roman" size=2>August 28, 2015
<BR></FONT><FONT face="Times New Roman" size=1></FONT><FONT face="Times New Roman" size=2>Page Five</FONT><FONT face="Times New Roman" size=1> </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>5. With respect to the
Warrants issued under the Warrant Agreement and offered under the <FONT face="Times New Roman" size=2>Registration Statement, provided that (i) the
Registration Statement and any required post-effective amendment thereto have
all become effective under the Securities Act and the Base Prospectus and any
and all Prospectus Supplement(s) required by applicable laws have been
</FONT>delivered and filed as required by such laws; (ii) the Warrant Agreement
has been duly authorized by the Company and the Warrant Agent by all necessary
corporate action; (iii) the Warrant Agreement has been duly executed and
delivered by the Company and the Warrant Agent; (iv) the issuance and terms of
the Warrants have been duly authorized by the Company by all necessary corporate
action; (v) the terms of the Warrants and of their issuance and sale have been
duly established in conformity with the Warrant Agreement and as described in
the Registration Statement, the Base Prospectus and the related Prospectus
Supplement(s), so as not to violate any applicable law or result in a default
under or breach of any agreement or instrument binding upon the Company, so as
to be in conformity with the Certificate of Incorporation and Bylaws, and so as
to comply with any requirement or restriction imposed by any court or
governmental body having jurisdiction over the Company; and (vi) the Warrants
have been duly executed and delivered by the Company and authenticated by the
Warrant Agent pursuant to the Warrant Agreement and delivered against payment
therefor, then the Warrants, when issued and sold as contemplated in the
Registration Statement, the Base Prospectus and the Prospectus Supplement(s) and
in accordance with the Warrant Agreement and a duly authorized, executed and
delivered purchase, underwriting or similar agreement, will be valid and legally
binding obligations of the Company, enforceable against the Company in
accordance with their terms, except as enforcement thereof may be limited by
bankruptcy, insolvency, reorganization, moratorium or other similar laws
relating to or affecting creditors&#146; rights generally, and by general equitable
principles (regardless of whether such enforceability is considered in a
proceeding at law or in equity). </FONT></P>
<P align=center><FONT face="Times New Roman" size=1>101 CALIFORNIA STREET, 5TH
FLOOR, SAN FRANCISCO, CA 94111-5800 T: (415) 693-2000 F: (415) 693-2222
WWW.COOLEY.COM </FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR><IMG src="exhibitx1x1.jpg" border=0><BR>
<P align=justify><FONT face="Times New Roman" size=2>August 28, 2015
<BR></FONT><FONT face="Times New Roman" size=1></FONT><FONT face="Times New Roman" size=2>Page Six</FONT><FONT face="Times New Roman" size=1> </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>We hereby consent to the
filing of this opinion as an exhibit to the Registration Statement and to the
reference to our firm under the caption &#147;Legal Matters&#148; in the prospectuses
included in the Registration Statement. This opinion is expressed as of the date
hereof, and we disclaim any undertaking to advise you of any subsequent changes
in the facts stated or assumed herein or of any subsequent changes in applicable
law. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>Sincerely, </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>Cooley LLP </FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="10%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="33%"><FONT size=2 face="Times New Roman">By:&nbsp;
      </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="33%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; /s/ Chadwick
      Mills&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="34%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="33%"></TD>
    <TD noWrap style="text-align: center" width="33%"><FONT face="Times New Roman" size=2>Chadwick L. Mills</FONT></TD>
    <TD noWrap style="text-align: center" width="34%"></TD></TR></TABLE><BR>
<P align=center><FONT face="Times New Roman" size=1>101 CALIFORNIA STREET, 5TH
FLOOR, SAN FRANCISCO, CA 94111-5800 T: (415) 693-2000 F: (415) 693-2222
WWW.COOLEY.COM </FONT></P>
<HR align=center width="100%" noShade SIZE=2>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-12.1
<SEQUENCE>7
<FILENAME>exhibit12-1.htm
<DESCRIPTION>STATEMENT REGARDING COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
<TEXT>

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<P align=right><B><FONT face="Times New Roman" size=2>EXHIBIT 12.1
</FONT></B></P>
<P align=center><B><FONT face="Times New Roman" size=2>COMPUTATION OF RATIO OF
EARNINGS TO FIXED CHARGES</FONT></B><B><FONT face="Times New Roman" size=2><SUP>(1)</SUP></FONT></B><B><FONT face="Times New Roman" size=2>
</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Our earnings are inadequate to
cover fixed charges. The following table sets forth the dollar amount of the
coverage deficiency (in thousands). </FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="80%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%" colSpan=3><B><FONT face="Times New Roman" size=2>Six</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%" colSpan=3><B><FONT face="Times New Roman" size=2>Months</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%" colSpan=3><B><FONT face="Times New Roman" size=2>Ended</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="19%" colSpan=19><B><FONT face="Times New Roman" size=2>Year Ended December
      31,</FONT></B> <STRONG><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></STRONG></TD>
    <TD noWrap align=left width="1%"><STRONG><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></STRONG></TD>
    <TD noWrap style="text-align: center" width="3%" colSpan=3><B><FONT face="Times New Roman" size=2>June 30,</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%"><B><FONT face="Times New Roman" size=2>(In Thousands)</FONT></B></TD>
    <TD noWrap align=left width="1%"><STRONG><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%" colSpan=3><B><FONT face="Times New Roman" size=2>2010</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"><STRONG><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%" colSpan=3><B><FONT face="Times New Roman" size=2>2011</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"><STRONG><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%" colSpan=3><B><FONT face="Times New Roman" size=2>2012</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"><STRONG><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%" colSpan=3><B><FONT face="Times New Roman" size=2>2013</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"><STRONG><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%" colSpan=3><B><FONT face="Times New Roman" size=2>2014</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%" colSpan=3><B><FONT face="Times New Roman" size=2>2015</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Earnings:</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income
      (loss) before income taxes</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>(111,378</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>(96,853</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>(68,881</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>(38,379</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>(35,670</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>(18,671</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Add:
      Fixed charges</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>332</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>452</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>369</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>356</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>234</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>116</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less:
      Capitalized interest</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Coverage Deficiency</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>(111,046</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>(96,401</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>(68,512</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>(38,023</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>(35,436</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>(18,555</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%"><FONT face="Times New Roman" size=2>Fixed Charges:</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest
      expensed</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>124</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Estimated
      interest portion of rent</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;expense</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face="Times New Roman" size=2>332</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face="Times New Roman" size=2>328</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face="Times New Roman" size=2>369</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face="Times New Roman" size=2>356</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face="Times New Roman" size=2>234</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face="Times New Roman" size=2>116</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Fixed charges</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>332</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>452</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>369</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>356</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>234</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>116</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%"><FONT face="Times New Roman" size=2>Ratio of earnings to fixed charges
      <SUP>(1)</SUP></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>N/A</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>N/A</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>N/A</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>N/A</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>N/A</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>N/A</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR></TABLE><div>____________________</div><BR>

<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>The ratio of earnings
      to fixed charges was computed by dividing earnings by fixed charges. For
      this purpose, earnings consist of net loss before fixed charges. Fixed
      charges consist of estimated interest expense on outstanding lease
      liabilities and amortization of debt discount and accrual of interest on
      outstanding debt.</FONT></TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>



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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>8
<FILENAME>exhibit23-1.htm
<DESCRIPTION>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
<TEXT>

<HTML>
<HEAD>
   <TITLE></TITLE>
</HEAD>

<BODY bgcolor=#ffffff>
<BR>
<P align=right><B><FONT face="Times New Roman" size=2>EXHIBIT 23.1
</FONT></B></P>
<P align=center><B><FONT face="Times New Roman" size=2>CONSENT OF INDEPENDENT
REGISTERED PUBLIC ACCOUNTING FIRM </FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>We consent to the reference to
our firm under the caption &#147;Experts&#148; in the Registration Statement (Form S-3)
and related Prospectuses of Geron Corporation for the registration of common
stock issuable upon exercise of outstanding warrants, common stock, preferred stock, debt securities, and warrants, and to the incorporation
by reference therein of our reports dated March 11, 2015, with respect to the
consolidated financial statements of Geron Corporation and the effectiveness of
internal control over financial reporting of Geron Corporation, included in its
Annual Report (Form 10-K) for the year ended December 31, 2014, filed with the
Securities and Exchange Commission. </FONT></P>
<div align="right"><div style="width: 50%;">
<P align=left><FONT face="Times New Roman" size=2>/s/ Ernst &amp; Young
LLP</FONT></P></div></div>
<P align=left><FONT face="Times New Roman" size=2>Redwood City,
California<BR></FONT><FONT face="Times New Roman" size=2>August 28, 2015
</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

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</DOCUMENT>
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<TYPE>GRAPHIC
<SEQUENCE>9
<FILENAME>geron_s31x3x1.jpg
<DESCRIPTION>GRAPHIC
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
