Exhibit 10.53


 


First
Amendment to Employment Agreement


 


This First Amendment
to Employment Agreement (this "Amendment") dated March 7, 2016 is an amendment to that certain Employment Agreement (the
"Agreement") dated as of September 28, 2015, by and between Brainstorm Cell Therapeutics Ltd., a company incorporated
under the laws of the State of Israel and maintaining its principal place of business at 12 Bazel St. Petach Tikva, Israel (the
“Subsidiary”), and Chaim Lebovits (the "Executive"). This Amendment also serves as an amendment to the Option
Agreement by and between Brainstorm Cell Therapeutics Inc. (the “Company”) and the Executive dated September 28, 2015
(the “Option Agreement”).


 


NOW, THEREFORE, in
consideration of the mutual promises contained herein and other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties hereto agree as follows:


 


		1.	Section 4 of Exhibit A to the Agreement is amended such that the following new subsection
4.4 be added to the end of Section 4 of Exhibit A:



 


4.4 Exercisability. Notwithstanding
the foregoing, the final 83,781 shares (the “Pending Shares”) underlying such Options which are scheduled to vest from
June 28, 2016 through August 28, 2016 shall not be exercisable when vested, unless and until the requisite vote of the stockholders
of Brainstorm Inc. to approve an increase in the shared pool of shares available for issuance under the Brainstorm Inc. 2014 Global
Share Option Plan and 2014 Stock Incentive Plan, sufficient to cover the exercise of all Pending Shares, which approval Brainstorm
Inc. will use commercially reasonable best efforts to obtain promptly. If stockholder approval of such increase is not obtained
on or before December 31, 2017, the Pending Shares can be cancelled by Brainstorm Inc.


 


		2.	The “Vesting Schedule set forth in Exhibit A to the Option Agreement is amended such
that the following new sentence be added to the end of the Vesting Schedule description:



 


Notwithstanding the foregoing,
the final 83,781 shares (the “Pending Shares”) which are scheduled to vest from June 28, 2016 through August 28, 2016
shall not be exercisable when vested, unless and until the requisite vote of the stockholders of the Company to approve an increase
in the shared pool of shares available for issuance under the Company’s 2014 Global Share Option Plan and 2014 Stock Incentive
Plan, sufficient to cover the exercise of all Pending Shares, which approval the Company will use commercially reasonable best
efforts to obtain promptly. If stockholder approval of such increase is not obtained on or before December 31, 2017, the Pending
Shares can be cancelled by the Company.


 


IN WITNESS WHEREOF, the parties hereto
have executed this Amendment effective as of the date set forth above.


 


 


	The Company:	 
	BRAINSTORM CELL THERAPEUTICS LTD.	The Executive:
	 	 
	 	 
	By:        /s/Yoram Bibring                                      	/s/ Chaim Lebovits                                  
	Name:   Yoram Bibring	Chaim Lebovits
	Title:     Chief Financial Officer	 
	 	 
	 	 
	The Parent:	 
	BRAINSTORM CELL THERAPEUTICS INC.	 
	 	 
	 	 
	By:        /s/ Yoram Bibring                                      	 
	Name:   Yoram Bibring	 
	Title:     Chief Financial Officer