Microbot Medical Inc. — Director's Dealing 2011

May 17, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: STEMCELLS INC (STEM)
CIK: 0000883975
Period of Report: 2011-05-15

Reporting Person: KOSHY GEORGE (chief accounting officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-03-11	Common Stock	F	5098	$0.77	Disposed	168336	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	43029	Indirect

Footnotes

F1: Includes 27,800 restricted stock units, with 13,900 vesting on each of May 15, 2012 and May 15, 2013.

F2: Shares held in 401(k) account, in accordance with issuer's employer-match policies.