Document:

Unassociated Document

    Exhibit
      10.5

     

    SECOND
      AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT

     

    This
       AMENDED
      AND RESTATED REGISTRATION RIGHTS AGREEMENT is made as of the 1st
      day of
      August, 2007, by and among Brainstorm Cell Therapeutics Inc., a Delaware
      corporation (the “Company”),
      and
      Ramot at Tel Aviv University Ltd. ("Ramot").

     

    RECITALS

     

    WHEREAS,
      Ramot is a holder of warrants to purchase 6,363,849 shares of Common Stock
      of
      the Company that were issued to it in connection with the Company’s entrance
      into a License Agreement;

     

    WHEREAS,
      the Company and Ramot (as well as other warrant holders) entered into a
      Registration Rights Agreement, dated July 18, 2005, setting forth such
      registration rights and related matters (the “Original
      Agreement”);
      and

     

    WHEREAS,
      the Company and Ramot (as well as other warrant holders) made certain amendments
      to the Original Agreement within the framework of an Amended and Restated
      Registration Agreement dated March 31, 2006 ("Second
      Agreement"),
      which
      amended and replaced the Original Agreement; 

    

    WHEREAS,
      the Company and Ramot wish to make certain amendments to Ramot's rights pursuant
      to the Second Agreement, and in order to give effect to such amendments, the
      Company and Ramot agree to amend and replace the Second Agreement (with respect
      to Ramot only) with this Agreement, such that the terms of this Agreement shall
      be deemed to apply as of July 18, 2005; 

     

    NOW,
      THEREFORE, THE PARTIES HEREBY AGREE AS FOLLOWS: 

     

    1.  Registration
      Rights.
      The
      Company covenants and agrees as follows:

     

    1.1  Definitions.
      For
      purposes of this Agreement:

     

    (i)  The
      term
“Common
      Stock”
means
      (except where the context otherwise indicates) the Common Stock of the Company,
      par value $0.00005 per share.

     

    
      
        
        

      

      
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    (ii)  The
      term
      "Registrable
      Securities"
      means
      the Warrants and the Common Stock issuable upon exercise of the Warrants,
      provided that such securities shall cease to constitute “Registrable Securities”
for purposes of this Agreement on the earlier of (x) the expiration date of
      the
      Warrants or (y) such earlier time as when (A) a registration statement with
      respect to the resale of such securities shall have been declared effective
      by
      the Commission and such securities shall have been sold pursuant thereto, (B)
      such securities shall have been sold in satisfaction of all applicable resale
      provisions of Rule 144 under the Securities Act, (C) all of Ramot's Registrable
      Securities may be resold pursuant to Rule 144(k) under the Securities Act (or
      any successor provision) or all of Ramot's Registrable Securities may be resold
      in a single ninety (90) day period under Rule 144(e)(1)(i) of the Securities
      Act, or (D) such securities cease to be issued and outstanding for any
      reason.

     

    (iii)  The
      term
“Commission”
shall
      mean the Securities and Exchange Commission.

     

    (iv)  The
      term
“Person”
shall
      mean an individual, a corporation, a partnership, a joint venture, a trust,
      an
      unincorporated organization, a limited liability company or partnership, a
      government and any agency or political subdivision thereof.

     

    (v)  The
      term
“Securities
      Act”
means
      the Securities Act of 1933, as amended.

     

    (vi)  The
      term
“Warrants”
shall
      mean the warrants to purchase an aggregate of 6,363,849 shares of Common Stock
      of the Company (the “Original
      Warrants”)
      and
      all warrants issued upon transfer, division or combination of, or in
      substitution for, the Original Warrant, or such warrants issued in respect
      thereof.

     

    (vii)  The
      term
“1934
      Act”
means
      the Securities Exchange Act of 1934, as amended.

     

    1.2  Piggyback
      Rights on Company and/or ACCBT Corp. Registration.
      If (but
      without any obligation to do so) the Company and/or ACCBT Corp. proposes to
      register for sale for its own account or for the account of any shareholders
      of
      the Company other than Ramot any Common Stock under the Securities Act in
      connection with the public offering of such Common Stock (other than a
      registration relating solely to the sale of securities to participants in a
      Company stock plan, a registration relating to a corporate reorganization or
      other transaction under Rule 145 of the Securities Act, a registration on
      any form that does not permit secondary sales or include substantially the
      same
      information as would be required to be included in a registration statement
      covering the sale of the Registrable Securities, or a registration in which
      the
      only Common Stock being registered is Common Stock issuable upon conversion
      of
      debt securities that are also being registered), the Company shall, at such
      time, promptly give Ramot written notice of such registration. Upon the written
      request of Ramot, given within twenty (20) days after mailing of such notice
      by
      the Company, the Company shall, subject to the provisions of this
      Section 1, use all reasonable efforts to cause all of the Registrable
      Securities that Ramot has requested to be registered to be included in such
      registration under the Securities Act. In furtherance of the foregoing, the
      Company shall 

     

    
      
        
        

      

      
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    (i)  prepare
      and file with the Commission such amendments and post-effective amendments
      to
      the registration statement in which the Registrable Securities are to be
      included (the "Registration
      Statement")
      as may
      be necessary to keep such Registration Statement effective; cause the Prospectus
      to be supplemented by any required Prospectus supplement, and as so supplemented
      to be filed pursuant to Rule 424 under the Securities Act; and comply with
      the
      provisions of the Securities Act and the applicable rules with respect to the
      disposition of all securities covered by the Registration Statement during
      the
      applicable period in accordance with the intended method or methods of
      distribution set forth in such Registration Statement or supplement to the
      Prospectus;

     

    (ii)  upon
      the
      occurrence of any event that would cause the Registration Statement or the
      Prospectus (i) to contain an untrue statement of material fact or omit to state
      any material fact necessary to make the statements therein not misleading or
      (ii) not to be effective and usable for the resale of all or part of the
      Registrable Securities by Ramot, the Company shall promptly file an appropriate
      amendment to the Registration Statement curing such defect, and, if Commission
      review is required, use its best efforts to cause such amendment to be declared
      effective as soon as practicable;

     

    (iii)  advise
      Ramot promptly (i) when any Prospectus supplement or post-effective amendment
      has been filed, and, with respect to any successor Registration Statement or
      any
      post-effective amendment thereto, when the same has become effective, (ii)
      of
      any request by the Commission for amendments to the Registration Statement
      or
      amendments or supplements to the Prospectus or for additional information
      relating thereto, (iii) of the issuance by the Commission of any stop order
      suspending the effectiveness of the Registration Statement under the Securities
      Act or of the suspension by any state securities commission of the qualification
      of the Registrable Securities for offering or sale in any jurisdiction, or
      the
      initiation of any proceeding for any of the preceding purposes, (iv) of the
      existence of any fact or the happening of any event that makes any statement
      of
      a material fact made in the Registration Statement, the Prospectus, any
      amendment or supplement thereto or any document incorporated by reference
      therein untrue, or that requires the making of any additions to or changes
      in
      the Registration Statement in order to make the statements therein not
      misleading, or that requires the making of any additions to or changes in the
      Prospectus in order to make the statements therein, in the light of the
      circumstances under which they were made, not misleading. If at any time the
      Commission shall issue any stop order suspending the effectiveness of the
      Registration Statement, or any state securities commission or other regulatory
      authority shall issue an order suspending the qualification or exemption from
      qualification of the Registrable Securities under state securities or "blue
      sky"
      laws, the Company shall use its best efforts to obtain the withdrawal or lifting
      of such order at the earliest possible time;

     

    
      
        
        

      

      
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    (iv)  use
      its
      best efforts to register or qualify or cooperate with Ramot and its respective
      counsel in connection with the registration or qualification of the Registrable
      Securities under the securities or "blue sky" laws of any such jurisdictions
      in
      the United States as Ramot reasonably requests in writing, provided that the
      Company shall not be required in connection therewith or as a condition thereto
      to qualify to do business or to file a general consent to service of process
      in
      any such states or jurisdictions;

     

    (v)  furnish
      to Ramot copies of any Registration Statement or any Prospectus included therein
      or any amendments or supplements to any such Registration Statement or
      Prospectus;

     

    (vi)  if
      requested by Ramot, promptly include in any Registration Statement or
      Prospectus, pursuant to a supplement or post-effective amendment if necessary,
      such information as Ramot may reasonably request to have included therein,
      including, without limitation, information relating to the "Plan of
      Distribution" of the Registrable Securities; and make all required filings
      of
      such Prospectus supplement or post-effective amendment as soon as practicable
      after the Company is notified of the matters to be included in such Prospectus
      supplement or post-effective amendment;

     

    
      
        
        

      

      
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    (vii)  in
      the
      event of any underwritten public offering, enter into and perform its
      obligations under an underwriting agreement, in usual and customary form, with
      the managing underwriter of such offering;

     

    (viii)  use
      its
      reasonable best efforts to comply with all applicable rules and regulations
      of
      the Commission; and

     

    (ix)  provide
      promptly to Ramot, upon request, each document filed with the Commission
      pursuant to the requirements of Section 13 or Section 15(d) of the Exchange
      Act.

     

    (x)  Right
      to Terminate Registration.
      The
      Company and ACCBT Corp., as the case may be, shall each have the right to
      terminate or withdraw any registration initiated by it under this
      Section 1.2 prior to the effectiveness of such registration whether or not
      Ramot has elected to include securities in such registration. The expenses
      of
      such withdrawn registration shall be borne by the Company in accordance with
      Section 1.5 hereof.

     

    (xi)  Underwriting
      Requirements.
      In
      connection with any offering involving an underwriting of shares of the Common
      Stock, the Company shall not be required under this Section 1.2 to include
      Ramot’s shares of Common Stock in such underwriting unless Ramot accepts the
      terms of the underwriting as agreed upon between the Company and the
      underwriters selected by the Company and enters into an underwriting agreement
      in customary form with such underwriter or underwriters, and then only in such
      quantity as the managing underwriter determine in its sole discretion will
      not
      jeopardize the success of the offering by the Company as provided in Section
      1.3
      below.

     

    1.3  Deferral
      / Cutback Provisions.

     

    (i)  Notwithstanding
      any other provision of Section 1.2 relating to a registration by the
      Company for its own account, if the managing underwriter of the Company’s
      securities being offered in a public offering pursuant to such registration
      statement advises the Company that the amount to be sold by Persons other than
      the Company (including without limitation Ramot and ACCBT Corp) (collectively,
      “Selling Stockholders”) is greater than the amount that can be offered without
      adversely affecting the offering of Common Stock by the Company, the Company
      may, subject to the next following sentence, reduce the amount offered for
      the
      accounts of Selling Stockholders (including Ramot and ACCBT Corp., if included
      in the Selling Stockholders) to a number deemed advisable by such managing
      underwriter. The number of shares of Common Stock held by Selling Stockholders
      to be excluded shall be determined in the following order of priority: (1)
      securities held by any Persons not having any such contractual, incidental
      “piggyback” registration rights, (2) securities held by any Persons having
      contractual, incidental “piggyback” registration rights pursuant to any
      agreement providing similar “piggyback” registration rights to this Agreement,
      (3) securities held by any Persons having contractual, incidental “piggyback”
registration rights pursuant to an agreement providing similar “piggyback”
registration rights that expressly provides that the number of such shares
      of
      Common Stock proposed to be included in a Company-initiated registered offering
      shall not be reduced until after any shares of Common Stock held pursuant to
      contractual rights that do not expressly provide for such priority under such
      circumstances have been excluded from such underwriting, and (4) a portion
      of
      the Registrable Securities and securities held by ACCBT Corp. sought to be
      included by the holders thereof as determined pro rata based upon the aggregate
      number of securities proposed to be sold by such holders.

     

    
      
        
        

      

      
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    (ii)  Notwithstanding
      any other provision of Section 1.2 relating to a registration by the
      Company of the Company's securities held by ACCBT Corp., if the managing
      underwriter of such securities being offered in a public offering pursuant
      to
      such registration statement advises ACCBT Corp that the amount to be sold by
      Ramot pursuant to such registration is greater than the amount that can be
      offered without adversely affecting the offering of Common Stock of the Company,
      the Company may reduce the amount offered for the accounts of Ramot and ACCBT
      Corp to a number deemed advisable by such managing underwriter pro rata to
      the
      aggregate number of securities proposed to be sold by ACCBT Corp and
      Ramot.

     

    
      
        
        

      

      
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    (iii)  The
      Company shall not be required to effect a registration or take any actions
      pursuant to this Section 1 in any particular jurisdiction in which the
      Company would be required to execute a general consent to service of process
      in
      effecting such registration, unless the Company is already subject to service
      in
      such jurisdiction and except as may be required under the Securities
      Act.

     

    1.4  Information
      from Ramot.
      It
      shall be a condition precedent to the obligations of the Company to take any
      action pursuant to this Section 1 with respect to the Registrable
      Securities of Ramot that Ramot shall furnish to the Company such information
      regarding itself, the Registrable Securities held by it, and the intended method
      of disposition of such securities as shall be required to effect the
      registration of Ramot’s Registrable Securities. Failure on the part of Ramot to
      furnish such information to the Company within such reasonable time period
      as
      the Company shall specify in its notice to Ramot shall relieve the Company
      of
      its obligations to include any Registrable Securities held by Ramot in the
      registration with respect to which such notice was given.

     

    1.5  Expenses
      of Registration.
      The
      Company shall bear all fees and expenses incurred in connection with
      registrations, filings or qualifications pursuant to this Agreement including
      all registration, filing and qualification fees, printers’ and accounting fees,
      fees and disbursements of counsel for the Company, but excluding (i)
      underwriting discounts and commissions and (ii) fees and disbursements of any
      counsel for Ramot, which shall be borne pro rata by Ramot based upon the number
      of Registrable Securities that are being registered. 

     

    1.6  Delay
      of Registration.
      Ramot
      shall not have any right to obtain or seek an injunction restraining or
      otherwise delaying any such registration as the result of any controversy that
      might arise with respect to the interpretation or implementation of this
      Section 1.

     

    1.7  Indemnification.
      In the
      event any Registrable Securities are included in a registration statement under
      this Section 1:

     

    (i)  To
      the
      extent permitted by law, the Company will indemnify and hold harmless Ramot,
      the
      partners or officers, directors and shareholders of Ramot, legal counsel and
      accountants for Ramot, any underwriter (as defined in the Securities Act) for
      Ramot and each person, if any, who controls Ramot or underwriter within the
      meaning of the Securities Act or the 1934 Act, against any losses, claims,
      damages or liabilities (joint or several) to which they may become subject
      under
      the Securities Act, the 1934 Act or any state securities laws, insofar as such
      losses, claims, damages, or liabilities (or actions in respect thereof) arise
      out of or are based upon any of the following statements, omissions or
      violations (collectively a “Violation”):
      (i) any untrue statement or alleged untrue statement of a material fact
      contained in such registration statement, including any preliminary prospectus
      or final prospectus contained therein or any amendments or supplements thereto,
      (ii) the omission or alleged omission to state therein a material fact
      required to be stated therein, or necessary to make the statements therein
      not
      misleading, or (iii) any violation or alleged violation by the Company of
      the Securities Act, the 1934 Act, any state securities laws or any rule or
      regulation promulgated under the Securities Act, the 1934 Act or any state
      securities laws; and the Company will reimburse Ramot, underwriter or
      controlling person for any legal or other expenses reasonably incurred by them
      in connection with investigating or defending any such loss, claim, damage,
      liability or action; provided, however, that the indemnity agreement contained
      in this subsection l.7(i) shall not apply to amounts paid in settlement of
      any such loss, claim, damage, liability or action if such settlement is effected
      without the consent of the Company (which consent shall not be unreasonably
      withheld), nor shall the Company be liable in any such case for any such loss,
      claim, damage, liability or action to the extent that it arises out of or is
      based upon a Violation that occurs in reliance upon and in conformity with
      written information furnished expressly for use in connection with such
      registration by Ramot, underwriter or controlling person; provided further,
      however, that the foregoing indemnity agreement with respect to any preliminary
      prospectus shall not inure to the benefit of Ramot or underwriter, or any person
      controlling Ramot or underwriter, from whom the person asserting any such
      losses, claims, damages or liabilities purchased shares in the offering, if
      a
      copy of the prospectus (as then amended or supplemented if the Company shall
      have furnished any amendments or supplements thereto) was not sent or given
      by
      or on behalf of Ramot or underwriter to such person, if required by law so
      to
      have been delivered, at or prior to the written confirmation of the sale of
      the
      shares to such person, and if the prospectus (as so amended or supplemented)
      would have cured the defect giving rise to such loss, claim, damage or
      liability.

     

    
      
        
        

      

      
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    (ii)  To
      the
      extent permitted by law, Ramot will indemnify and hold harmless the Company,
      each of its directors, each of its officers who has signed the registration
      statement, each person, if any, who controls the Company within the meaning
      of
      the Securities Act, legal counsel and accountants for the Company, any
      underwriter, against any losses, claims, damages or liabilities (joint or
      several) to which any of the foregoing persons may become subject, under the
      Securities Act, the 1934 Act or any state securities laws, insofar as such
      losses, claims, damages or liabilities (or actions in respect thereto) arise
      out
      of or are based upon any Violation, in each case to the extent (and only to
      the
      extent) that such Violation occurs in reliance upon and in conformity with
      written information furnished by Ramot expressly for use in connection with
      such
      registration; and Ramot will reimburse any person intended to be indemnified
      pursuant to this subsection l.7(ii), for any legal or other expenses reasonably
      incurred by such person in connection with investigating or defending any such
      loss, claim, damage, liability or action; provided, however, that the indemnity
      agreement contained in this subsection l.7(ii) shall not apply to amounts
      paid in settlement of any such loss, claim, damage, liability or action if
      such
      settlement is effected without the consent of Ramot (which consent shall not
      be
      unreasonably withheld), provided that in no event shall any indemnity under
      this
      subsection l.7(ii) exceed the gross proceeds from the offering received by
      Ramot.

     

    
      
        
        

      

      
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    (iii)  Promptly
      after receipt by an indemnified party under this Section 1.7 of notice of
      the commencement of any action (including any governmental action), such
      indemnified party will, if a claim in respect thereof is to be made against
      any
      indemnifying party under this Section 1.7, deliver to the indemnifying
      party a written notice of the commencement thereof and the indemnifying party
      shall have the right to participate in, and, to the extent the indemnifying
      party so desires, jointly with any other indemnifying party similarly noticed,
      to assume the defense thereof with counsel mutually satisfactory to the parties;
      provided, however, that an indemnified party (together with all other
      indemnified parties that may be represented without conflict by one counsel)
      shall have the right to retain one separate counsel, with the fees and expenses
      to be paid by the indemnifying party, if representation of such indemnified
      party by the counsel retained by the indemnifying party would be inappropriate
      due to actual or potential differing interests between such indemnified party
      and any other party represented by such counsel in such proceeding. The failure
      to deliver written notice to the indemnifying party within a reasonable time
      of
      the commencement of any such action, if prejudicial to its ability to defend
      such action, shall relieve such indemnifying party of any liability to the
      indemnified party under this Section 1.7, but the omission so to deliver
      written notice to the indemnifying party will not relieve it of any liability
      that it may have to any indemnified party otherwise than under this
      Section 1.7.

     

    
      
        
        

      

      
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    (iv)  If
      the
      indemnification provided for in this Section 1.7 is held by a court of
      competent jurisdiction to be unavailable to an indemnified party with respect
      to
      any loss, liability, claim, damage or expense referred to herein, then the
      indemnifying party, in lieu of indemnifying such indemnified party hereunder,
      shall contribute to the amount paid or payable by such indemnified party as
      a
      result of such loss, liability, claim, damage or expense in such proportion
      as
      is appropriate to reflect the relative fault of the indemnifying party on the
      one hand and of the indemnified party on the other in connection with the
      statements or omissions that resulted in such loss, liability, claim, damage
      or
      expense, as well as any other relevant equitable considerations. The relative
      fault of the indemnifying party and of the indemnified party shall be determined
      by reference to, among other things, whether the untrue or alleged untrue
      statement of a material fact or the omission to state a material fact relates
      to
      information supplied by the indemnifying party or by the indemnified party
      and
      the parties’ relative intent, knowledge, access to information, and opportunity
      to correct or prevent such statement or omission.

     

    (v)  Notwithstanding
      the foregoing, to the extent that the provisions on indemnification and
      contribution contained in the underwriting agreement entered into in connection
      with the underwritten public offering are in conflict with the foregoing
      provisions, the provisions in the underwriting agreement shall
      control.

     

    (vi)  The
      obligations of the Company Ramot under this Section 1.7 shall survive the
      completion of any offering of Registrable Securities in a registration statement
      under this Section 1, and otherwise.

     

    1.8  Assignment
      of Registration Rights.
      The
      rights to cause the Company to register Registrable Securities pursuant to
      this
      Section 1 may be assigned (but only with all related obligations) and shall
      inure to the benefit of and be binding upon the respective successors and
      assigns of the parties (including transferees of any shares of Registrable
      Securities), provided: (a) the Company is, within a reasonable time after
      such transfer, furnished with written notice of the name and address of such
      transferee or assignee and the securities with respect to which such
      registration rights are being assigned; (b) such transferee or assignee
      agrees in writing to be bound by and subject to the terms and conditions of
      this
      Agreement; and (c) such assignment shall be effective only if immediately
      following such transfer the further disposition of such securities by the
      transferee or assignee is restricted under the Securities Act.

     

    
      
        
        

      

      
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    1.9   No
      Limitations on Subsequent Registration Rights.
      Ramot
      hereby acknowledges that nothing herein shall restrict the Company in any way
      from entering into any agreement with any holder or prospective holder of any
      securities of the Company that would allow such holder or prospective holder
      (a) to include such securities in any registration filed under
      Section 1 hereof or (b) to demand registration of their
      securities.

     

    1.10  “Market
      Stand-Off” Agreement.
      Ramot
      hereby agrees that it will not, without the prior written consent of the
      underwriter, during the period commencing on the date of the final prospectus
      relating to a Company public offering and ending on the date specified by the
      Company and the managing underwriter (such period not to exceed ninety (90)
      days) (i) lend, offer, pledge, sell, contract to sell, sell any option or
      contract to purchase, purchase any option or contract to sell, grant any option,
      right or warrant to purchase, or otherwise transfer or dispose of, directly
      or
      indirectly, any shares of Common Stock or any securities convertible into or
      exercisable or exchangeable for Common Stock (whether such shares or any such
      securities are then owned by Ramot or are thereafter acquired) other than
      Registrable Securities that Ramot is entitled to have included in such public
      offering pursuant to Section 1.3, or (ii) enter into any swap or other
      arrangement that transfers to another, in whole or in part, any of the economic
      consequences of ownership of the Common Stock other than Registrable Securities
      that Ramot is entitled to have included in such public offering pursuant to
      Section 1.3, whether any such transaction described in clause (i) or (ii)
      above is to be settled by delivery of Common Stock or such other securities,
      in
      cash or otherwise. The foregoing undertaking shall only apply if identical
      restrictions are imposed on ACCBT Corp. The underwriters in connection with
      any
      public offering by the Company are intended third party beneficiaries of this
      Section 1.10 and shall have the right, power and authority to enforce the
      provisions hereof as though they were a party hereto.

     

    In
      order
      to enforce the foregoing covenant, the Company may impose stop-transfer
      instructions with respect to the Registrable Securities of Ramot (and the shares
      or securities of every other person subject to the foregoing restriction) until
      the end of such period.

     

    1.11  Termination
      of Registration Rights.
      Ramot
      shall not be entitled to exercise any right provided for in this Section 1
      with respect to Registrable Securities held by Ramot after the earlier of (A)
      a
      registration statement with respect to the resale of such Registrable Securities
      shall have been declared effective by the Commission and such securities shall
      have been sold pursuant thereto, (B) such Registrable Securities shall have
      been
      sold in satisfaction of all applicable resale provisions of Rule 144 under
      the
      Securities Act, (C) Ramot’s Registrable Securities may be resold pursuant to
      Rule 144(k) under the Securities Act (or any successor provision) or all of
      Ramot's Registrable Securities may be resold in a single ninety (90) day period
      under Rule 144(e)(1)(i) of the Securities Act, or (D) such Registrable
      Securities cease to be issued and outstanding for any reason.

     

    
      
        
        

      

      
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    2.  Miscellaneous.

     

    2.1  Successors
      and Assigns.
      Except
      as otherwise provided herein, the terms and conditions of this Agreement shall
      inure to the benefit of and be binding upon the respective successors and
      assigns of the parties (including transferees of any shares of Registrable
      Securities). Nothing in this Agreement, express or implied, is intended to
      confer upon any party other than the parties hereto or their respective
      successors and assigns any rights, remedies, obligations, or liabilities under
      or by reason of this Agreement, except as expressly provided in this
      Agreement.

     

    2.2  Governing
      Law.
      This
      Agreement shall be governed by and construed under the laws of the State of
      New
      York, without regard to the conflict of law principles of such
      state.

     

    2.3  Counterparts.
      This
      Agreement may be executed in two or more counterparts, each of which shall
      be
      deemed an original, but all of which together shall constitute one and the
      same
      instrument.

     

    2.4  Titles
      and Subtitles.
      The
      titles and subtitles used in this Agreement are used for convenience only and
      are not to be considered in construing or interpreting this
      Agreement.

     

    2.5  Notices.
      Unless
      otherwise provided, any notice required or permitted under this Agreement shall
      be given in writing and shall be deemed effectively given upon personal delivery
      to the party to be notified or upon delivery by confirmed facsimile
      transmission, nationally recognized overnight courier service, or five days
      after the same shall have been deposited with the United States Post Office,
      by
      registered or certified mail, postage prepaid and addressed to the party to
      be
      notified at the address indicated for such party on the signature page hereof,
      or at such other address as such party may designate by ten (10) days’ advance
      written notice to the other parties.

     

    2.6  Entire
      Agreement: Amendments and Waivers.
      This
      Agreement constitutes the full and entire understanding and agreement among
      the
      parties with regard to the subject matter hereof and thereof and replaces any
      previous agreements regarding the subject matters hereof, including but not
      limited to the Second Agreement. For the avoidance of doubt the Second Agreement
      shall cease to be in effect as between the Company and Ramot, but shall remain
      in effect as between the Company and the additional warrant holders specified
      therein. Any term of this Agreement may be amended and the observance of any
      term of this Agreement may be waived (either generally or in a particular
      instance and either retroactively or prospectively), only with the written
      consent of the parties. Any amendment or waiver effected in accordance with
      this
      paragraph shall be binding upon the parties and each future holder of the
      Registrable Securities.

     

    2.7  Severability.
      If one
      or more provisions of this Agreement are held to be unenforceable under
      applicable law, such provision shall be excluded from this Agreement and the
      balance of the Agreement shall be interpreted as if such provision were so
      excluded and shall be enforceable in accordance with its terms.

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

     

    IN
      WITNESS WHEREOF, the parties have executed this Agreement as of the date first
      above written.

     

    
      	 	 	 
	 	COMPANY
	 
 	 
 	 
 
	 	By:  	/s/ David
              Stolick
	 	
              
David
              Stolick
	
                

            	Title:  
CFO 

    

     

    
      	 	 	 
	 	ACCBT
              Corp. for
              purposes of Sections 1.3(i) and 1.3(ii)
	 
 	 
 	 
 
	 	By:  	/s/ Chaim
              Lebovits
	 	
              
Chaim
              Lebovits
	
               

            	Title:  
              President

    

    
    

    
      	Ramot at Tel Aviv University
              Ltd. 	 	 	 
	 	 	 	 
	/s/ Yehuda
              Niv	 	 	 
	
              
Yehuda
              Niv	 	 	
            
	Title:  
              CEO	 	 	 

    

     

    
      
        	 	 	 	 
	/s/ Ze’ev
                Weinfield Ph D.	 	 	 
	
                
Ze’ev
                Weinfield Ph D.	 	 	
              
	
                Title: 
                  Executive Vice President

                Business
                  Development

              	 	 	 

      

       

    

    
      
        
        

      

      
        13Exhibit
      10.6

     

      

    

    August
      1,
      2007

    

    

    Yehuda
      Niv, CEO

    Ramot
      at
      Tel Aviv University Ltd. ("Ramot")

    Tel
      Aviv
      University, Ramat Aviv

    Tel
      Aviv
      61392

    ISRAEL

    

    Dear
      Mr.
      Niv, 

    Re:
      Waiver
      and Release

    

    I
      write
      to confirm in writing our oral agreement that Brainstorm Cell Therapeutics
      Inc.
      (the "Company")
      will
      pay its past due and future payment obligations under Exhibit 2.2.1 of the
      Research and License Agreement between Ramot and the Company dated March 30,
      2006 to Ramot pursuant to the schedule attached hereto, and that Ramot waives
      and releases the Company and its subsidiary and their respective agents,
      employees, officers, directors and shareholders from and against all actions,
      causes of action, suits, debts, dues, sums of money, accounts, controversies,
      trespasses, damages, judgments, claims, and demands ("Claims"), whenever they
      arose, asserted or unasserted, which Ramot ever had or may have had prior to
      the
      date hereof, with the sole exception of Claims whose factual basis was not
      known
      or could not have reasonably been known to Ramot at the date hereof. The
      attached schedule replaces the previous payment schedule, which was attached
      to
      the Research and License Agreement between Ramot and the Company dated March
      30,
      2006 as Exhibit 2.2.1 and any waivers or amendments thereto or restatements
      thereof prior to and including the date hereof. 

     

    Notwithstanding
      the foregoing, in the event that the Company fails to make a payment to Ramot
      on
      the relevant date specified in the schedule attached hereto, and the Company
      fails to cure such default within 7 business days following notice of such
      failure by Ramot to the Company, all claims of Ramot toward the Company which
      would otherwise be waived or released under this Waiver and Release shall be
      reinstated. 

     

    Please
      accede to and confirm the above with your signature in the space provided
      below.

     

    
      	 	 	 
	 	Best
              regards,
	 	 	 
	 	 	/s/ David
              Stolick 
	 	
              
David
              Stolick 

    

    
       

    

    
      	 	 	 	 
	/s/ Yehuda
              Niv	 	 	 
	
              

              Ramot
                at Tel Aviv University Ltd.

              Name:
                Yehuda Niv

              Title:
                CEO

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