Document:

PREFACE: The following Agreement is made between the Parties thereof with the
primary objective being to provide Astris Energi Inc. with sufficient capital to
uphold its obligations under the final joint venture agreement with CareAction
Inc. However, it is realized that, in the event CareAction fails to raise its
required financing within a reasonable period of time, Astris will need capital
to proceed with the finalization and commercialization of the MC250 generator.

THIS AGREEMENT made on the 22nd day of May 2003.

BETWEEN:

            Astris Energi Inc., of Mississauga, Ontario (hereinafter referred to
            as "Astris")

            - and -

            First Energy Advisors Inc., of Hamilton, Ontario (hereinafter
            referred to as "First Energy")

In consideration of First Energy putting forth its best efforts to raise capital
for Astris as set forth below, Astris agrees to pay First Energy, its successors
or assigns, a fee in the amount of C$5,000 per month plus travel expenses not to
exceed C$2,000 per month plus airfare, payable on the 22nd day of each month
commencing on May 22nd, 2003. This fee will be increased to C$10,000 per month
when the first C$150,000 has been received, and to C$15,000/month when US$l
,000,000 has been received in the aggregate. These payments will continue for
six (6) months from the date of this agreement, and can be further extended by
mutual consent.

      A)    First Energy will invest or cause to be invested not later than 30
            June 2003 a minimum of C$150,000 as a private placement exempt from
            prospectus provisions, to buy Astris common shares at a price equal
            to the five (5) day closing average preceding the day of the
            transaction. One warrant with an exercise price ofUS$0.75 and a
            3-year term will be attached to each share.

            An option for 200,000 shares at the same five (5) day closing
            average share price, exercisable for one (I) year, will be granted
            to First Energy.

      B)    First Energy will complete further private placement exempt from
            prospectus of Astris shares at market price, determined as the five
            (5) day average, to net the Astris treasury US$l ,000,000 on or
            before 31 August 2003. As compensation to First Energy an additional
            300,000 warrants with an exercise price of US$0.75 and a 3-year term
            will be attached to this share issue.

      C)    First Energy will complete further private placement exempt from
            prospectus of Astris shares at market price, determined as the five
            (5) day average, to net the Astris treasury US$l,000,000 on or
            before 31 October 2003. As compensation to First Energy an
            additional 300,000 warrants with an exercise price of US$1.00 and a
            3-year term will be attached to this share issue.

<PAGE>

                                      - 2 -

      D)    First Energy will complete further private placement exempt from
            prospectus of Astris shares at market price, detennined as the five
            (5) day average, to net the Astris treasury an additional
            US$3,000,000 on or before 30 December 2003. As compensation to First
            Energy an additional 400,000 warrants with an exercise price of
            US$1.25 and a 3-year term will be attached to this share Issue.

Additional warrants attached to shares issued in private placements to investors
under B, C, or D will be negotiable but the exercise price of the warrant will
be no less than 1.5 times the share issue price and the term not longer than
three (3) years.

Astris agrees to engage First Energy to assist in financial and business
matters. Either party may, in its sole discretion, terminate this contract upon
sixty (60) days written notice to the other. Upon such termination, neither
party shall be further obligated hereunder nor will either party have any
further liability to the other.

IN WITNESS THEREOF, the parties have duly executed this Agreement as of the day
and year first above written.

ASTRIS ENERGI INC.                    FIRST ENERGY ADVISORS INC.

__/s/ Jiri K. Nor_________________    /s/ Arthur Laudenslager____________
Jiri K. Nor                           Arthur Laudenslager, Vice PresidentASSIGNMENT OF INTEREST IN TECHNOLOGY
                      ------------------------------------

TO:      ASTRIS ENERGI INC. (THE "COMPANY")

================================================================================

      The  undersigned  acknowledges  that the Company has  developed and is the
owner of various technology  including (i) the ASTRIS ALKALINE FUEL CELL SYSTEMS
technology  (inclusive of the technology of ASTRIS ALKALINE FUEL CELL ELECTRODES
and STACKS),  as embodied in certain products  including without  limitation the
LABCELLTM LC50 and LC200, and POWERSTACKTM  MC250 products,  in ASTRIS FUEL CELL
GENERATORS  models E1 through E8, (ii) the TL5 Testload  device for testing fuel
cells,  (iii) the TLIF interface module for connecting fuel cells together,  and
(iv)TESTMASTER   software,   including   all   related   know-how,   procedures,
discoveries,  designs, models, trade secrets,  improvements and ideas, research,
patterns,  processes  and  formulae,  patents and patent  disclosures,  reports,
drawings,   specifications,   and  blueprints,  whether  or  not  patentable  or
copyrightable   (the   foregoing   being   collectively   referred   to  as  the
"Technology").

      The  undersigned  further  acknowledges  that all such  Technology and the
benefits  thereof  are the sole and  absolute  property  of the  Company and its
successors and assigns,  and that all original works of authorship  which are or
were made by the undersigned (solely or jointly with others) within the scope of
my employment with and/or my consulting to the Company and which are protectable
by copyright are to be considered  "works made in the course of employment"  for
the purposes of the Copyright Act (Canada).

      In  consideration  of the contractual  arrangement  between myself and the
Company and the payment to me of compensation by the Company, I hereby (i) waive
in whole any and all moral rights that I may have in the Technology as an author
of such Technology under the Copyright Act (Canada) as amended (or any successor
legislation  of  similar  effect)  or  similar  legislation  in  any  applicable
jurisdiction,  or at common law, and (ii) irrevocably transfer and assign to the
Company, or its designate,  all right, title, benefit and interest in and to the
Technology  that (a) relates to the  business of the Company or any other person
or entity  with which the  Company is doing  business  or is  considering  doing
business with, or any of the products or services being developed or sold by the
Company or any other person or entity, (b) result from the provision of services
to the  Company  by me,  or  (c)  result  from  the  use by me of the  premises,
facilities or personal property (whether tangible or intangible)  owned,  leased
or contracted for by the Company.

Dated as of the 31 day of July, 2005.

                                      )
/s/      Francesca D'Souza            )     /s/      Jiri Nor
------------------------------------  )     --------------------------------
Witness signature                     )     signature
                                      )
         Francesca D'Souza                           Jiri Nor, President
------------------------------------        --------------------------------
name (please print)                   )     name and title (please print)
                                                     Macnor Corp.
                                            --------------------------------
                                            company (please print)THIS WARRANT AND THE COMMON  SHARES  ISSUABLE UPON EXERCISE OF THIS WARRANT HAVE
NOT BEEN REGISTERED  UNDER THE SECURITIES ACT OF 1933, AS AMENDED.  THIS WARRANT
AND THE COMMON  SHARES  ISSUABLE  UPON EXERCISE OF THIS WARRANT MAY NOT BE SOLD,
OFFERED  FOR SALE,  PLEDGED  OR  HYPOTHECATED  IN THE  ABSENCE  OF AN  EFFECTIVE
REGISTRATION  STATEMENT  UNDER  SAID ACT OR AN  OPINION  OF  COUNSEL  REASONABLY
SATISFACTORY TO BRAINSTORM CELL  THERAPEUTICS INC. THAT SUCH REGISTRATION IS NOT
REQUIRED.

               Right to Purchase _______ shares of Common Stock of
                        Brainstorm Cell Therapeutics Inc.
                   (subject to adjustment as provided herein)

COMMON STOCK PURCHASE WARRANT AT $1.00 PER SHARE

                         Issue Date: September __, 2005

      BRAINSTORM CELL THERAPEUTICS INC., a corporation  organized under the laws
of the State of Washington  (the  "Company"),  hereby  certifies that, for value
received, __________, with its address at ______________________________, or its
assigns (the  "Holder"),  is entitled,  subject to the terms set forth below, to
purchase  from the  Company  at any time  after the Issue  Date up to 5:00 p.m.,
E.S.T on the THIRD anniversary of the Issue Date (the "Expiration  Date"), up to
______  fully paid and  nonassessable  shares of the common stock of the Company
(the "Common Stock"),  $.00005 par value per share at a per share purchase price
of $1.00. The aforedescribed  purchase price per share, as adjusted from time to
time as herein  provided,  is  referred to herein as the  "Purchase  Price." The
number and  character of such shares of Common Stock and the Purchase  Price are
subject to  adjustment as provided  herein.  The Company may reduce the Purchase
Price  without  the  consent  of the  Holder.  Capitalized  terms  used  and not
otherwise  defined  herein  shall have the  meanings  set forth in that  certain
Subscription Agreement (the "Subscription Agreement"), dated September __, 2005,
entered into by the Company and the Holder.

      As used herein the following terms, unless the context otherwise requires,
have the following respective meanings:

      (a) The term "Company" shall include Brainstorm Cell Therapeutics Inc. and
any corporation which shall succeed or assume the obligations of Brainstorm Cell
Therapeutics Inc. hereunder.

      (b) The term "Common  Stock"  includes  (a) the  Company's  Common  Stock,
$.00005  par value per  share,  as  authorized  on the date of the  Subscription
Agreement,  and (b) any  other  securities  into  which or for  which any of the
securities  described in (a) may be converted or exchanged pursuant to a plan of
recapitalization, reorganization, merger, sale of assets or otherwise.

      (c) The term  "Other  Securities"  refers to any stock  (other than Common
Stock) and other  securities  of the Company or any other person  (corporate  or
otherwise)  which the holder of the  Warrant at any time  shall be  entitled  to
receive,  or shall have received,  on the exercise of the Warrant, in lieu of or
in  addition  to Common  Stock,  or which at any time shall be issuable or shall
have been  issued in exchange  for or in  replacement  of Common  Stock or Other
Securities pursuant to Section 4 or otherwise.

      1. Exercise of Warrant.

            1.1.  Number of Shares  Issuable upon  Exercise.  From and after the
Issue Date through and including the Expiration Date, the Holder hereof shall be
entitled to receive,  upon exercise of this Warrant in whole in accordance  with
the  terms  of  subsection  1.2 or  upon  exercise  of this  Warrant  in part in
accordance with  subsection 1.3, shares of Common Stock of the Company,  subject
to adjustment pursuant to Section 4.
<PAGE>

            1.2.  Full  Exercise.  This  Warrant may be exercised in full by the
Holder  hereof by  delivery  of an  original  or  facsimile  copy of the form of
subscription  attached  as  Exhibit  A hereto  (the  "Subscription  Form")  duly
executed by such Holder and  surrender  of the  original  Warrant (or such other
instrument  as may be required  pursuant to Section 8) within  seven (7) days of
exercise, to the Company at its principal office or at the office of its Warrant
Agent (as provided hereinafter),  accompanied by payment, in cash, wire transfer
or by certified or official bank check  payable to the order of the Company,  in
the amount  obtained  by  multiplying  the number of shares of Common  Stock for
which this Warrant is then exercisable by the Purchase Price then in effect.

            1.3.  Partial  Exercise.  This Warrant may be exercised in part (but
not for a  fractional  share) by  surrender of this Warrant in the manner and at
the place  provided  in  subsection  1.2 except  that the amount  payable by the
Holder on such partial  exercise shall be the amount obtained by multiplying (a)
the  number of whole  shares of Common  Stock  designated  by the  Holder in the
Subscription  Form by (b) the Purchase Price then in effect. On any such partial
exercise,  the Company,  at its expense,  will forthwith issue and deliver to or
upon the order of the Holder hereof a new Warrant of like tenor,  in the name of
the  Holder  hereof  or as such  Holder  (upon  payment  by such  Holder  of any
applicable  transfer  taxes) may  request,  the whole number of shares of Common
Stock for which such Warrant may still be exercised.

            1.4. Fair Market Value. Fair Market Value of a share of Common Stock
as of a particular date (the "Determination Date") shall mean:

                  (a) If the Company's  Common Stock is traded on an exchange or
is quoted on the National  Association  of Securities  Dealers,  Inc.  Automated
Quotation ("NASDAQ"),  National Market System, the NASDAQ SmallCap Market or the
American Stock Exchange, LLC, then the closing or last sale price, respectively,
reported for the last trading day immediately preceding the Determination Date;

                  (b) If the Company's Common Stock is not traded on an exchange
or on the NASDAQ  National  Market  System,  the NASDAQ  SmallCap  Market or the
American Stock  Exchange,  Inc., but is traded in the  over-the-counter  market,
then the average of the closing bid and ask prices reported for the last trading
day immediately preceding the Determination Date;

                  (c) Except as provided in clause (d) below,  if the  Company's
Common Stock is not publicly  traded,  then as the Holder and the Company agree,
or in the absence of such an agreement,  by arbitration  in accordance  with the
rules then  standing of the American  Arbitration  Association,  before a single
arbitrator  to be chosen  from a panel of persons  qualified  by  education  and
training to pass on the matter to be decided; or

                  (d) If the  Determination  Date is the date of a  liquidation,
dissolution or winding up, or any event deemed to be a liquidation,  dissolution
or winding up pursuant to the Company's charter,  then all amounts to be payable
per share to holders of the Common Stock pursuant to the charter in the event of
such  liquidation,  dissolution  or  winding  up,  plus all other  amounts to be
payable  per share in  respect  of the  Common  Stock in  liquidation  under the
charter,  assuming for the purposes of this clause (d) that all of the shares of
Common Stock then issuable upon exercise of all of the Warrants are  outstanding
at the Determination Date.

            1.5.  Company  Acknowledgment.  The Company will, at the time of the
exercise of the Warrant,  upon the request of the Holder hereof  acknowledge  in
writing its  continuing  obligation to afford to such Holder any rights to which
such Holder shall continue to be entitled after such exercise in accordance with
the  provisions  of this  Warrant.  If the  Holder  shall  fail to make any such
request,  such failure shall not affect the continuing obligation of the Company
to afford to such Holder any such rights.

                                       2
<PAGE>

            1.6. Trustee for Warrant Holders.  In the event that a bank or trust
company  shall have been  appointed  as trustee  for the Holder of the  Warrants
pursuant to Subsection 3.2, such bank or trust company shall have all the powers
and duties of a warrant agent (as  hereinafter  described) and shall accept,  in
its own name for the account of the Company or such  successor  person as may be
entitled  thereto,  all  amounts  otherwise  payable  to  the  Company  or  such
successor,  as the case may be, on  exercise  of this  Warrant  pursuant to this
Section 1.

            1.7 Delivery of Stock  Certificates,  etc. on Exercise.  The Company
agrees that the shares of Common Stock  purchased  upon exercise of this Warrant
shall be deemed to be issued to the Holder  hereof as the  record  owner of such
shares as of the close of business on the date on which this Warrant  shall have
been  surrendered  and  payment  made for such shares as  aforesaid.  As soon as
practicable  after the exercise of this  Warrant in full or in part,  and in any
event  within ten (10)  business  days  thereafter,  the  Company at its expense
(including  the payment by it of any  applicable  issue  taxes) will cause to be
issued in the name of and  delivered  to the Holder  hereof,  or as such  Holder
(upon  payment by such Holder of any  applicable  transfer  taxes) may direct in
compliance with applicable  securities  laws, a certificate or certificates  for
the number of duly and validly issued,  fully paid and  nonassessable  shares of
Common  Stock (or Other  Securities)  to which such Holder  shall be entitled on
such exercise,  plus, in lieu of any fractional share to which such Holder would
otherwise be entitled,  cash equal to such fraction  multiplied by the then Fair
Market Value of one full share of Common Stock, together with any other stock or
other securities and property  (including cash, where  applicable) to which such
Holder is entitled upon such exercise pursuant to Section 1 or otherwise.

      2. Exercise.

            This Warrant may be exercisable  in whole or in part for cash,  wire
transfer  or by  certified  or official  bank check  payable to the order of the
Company equal to the applicable aggregate Purchase Price.

      3. Adjustment for Reorganization, Consolidation, Merger, etc.

            3.1. Reorganization, Consolidation, Merger, etc. In case at any time
or from  time to time,  the  Company  shall  (a)  effect a  reorganization,  (b)
consolidate  with  or  merge  into  any  other  person  or (c)  transfer  all or
substantially all of its properties or assets to any other person under any plan
or arrangement  contemplating the dissolution of the Company, then, in each such
case,  as a condition  to the  consummation  of such a  transaction,  proper and
adequate  provision  shall be made by the  Company  whereby  the  Holder of this
Warrant,  on the exercise hereof as provided in Section 1, at any time after the
consummation of such  reorganization,  consolidation  or merger or the effective
date of such transfer,  as the case may be, shall receive, in lieu of the Common
Stock (or Other Securities) issuable on such exercise prior to such consummation
or such effective date, the stock and other  securities and property  (including
cash) to which such Holder would have been entitled upon such consummation or in
connection  with  such  transfer,  as the case  may be,  if such  Holder  had so
exercised  this  Warrant,  immediately  prior  thereto,  all  subject to further
adjustment thereafter as provided in Section 4.

            3.2.  Dissolution.  In the event of any  dissolution  of the Company
following the transfer of all or substantially  all of its properties or assets,
the Company, prior to such dissolution, shall at its expense deliver or cause to
be delivered the stock and other securities and property  (including cash, where
applicable) receivable by the Holder of the Warrants after the effective date of
such  dissolution  pursuant  to this  Section  3 to a bank or trust  company  (a
"Trustee") as trustee for the Holder of the Warrants.

                                       3
<PAGE>

            3.3. Continuation of Terms. Upon any reorganization,  consolidation,
merger or transfer (and any dissolution  following any transfer)  referred to in
this  Section 3, this  Warrant  shall  continue in full force and effect and the
terms hereof shall be applicable to the Other Securities and property receivable
on the exercise of this Warrant after the  consummation of such  reorganization,
consolidation or merger or the effective date of dissolution  following any such
transfer,  as the case may be, and shall be binding upon the issuer of any Other
Securities,  including,  in the case of any such transfer,  the person acquiring
all or substantially all of the properties or assets of the Company,  whether or
not such  person  shall  have  expressly  assumed  the terms of this  Warrant as
provided in Section 4. In the event this Warrant does not continue in full force
and effect after the  consummation of the transaction  described in this Section
3, then only in such event will the Company's securities and property (including
cash, where applicable) receivable by the Holder of the Warrants be delivered to
the Trustee as contemplated by Section 3.2.

      4.  Extraordinary  Events  Regarding  Common Stock.  In the event that the
Company shall (a) issue  additional  shares of the Common Stock as a dividend or
other  distribution on outstanding  Common Stock,  (b) subdivide its outstanding
shares of Common  Stock,  or (c)  combine its  outstanding  shares of the Common
Stock into a smaller  number of shares of the Common  Stock,  then, in each such
event,  the Purchase  Price  shall,  simultaneously  with the  happening of such
event,  be adjusted by multiplying  the then Purchase  Price by a fraction,  the
numerator  of which  shall be the number of shares of Common  Stock  outstanding
immediately prior to such event and the denominator of which shall be the number
of shares of Common  Stock  outstanding  immediately  after such event,  and the
product so obtained shall  thereafter be the Purchase Price then in effect.  The
Purchase Price, as so adjusted,  shall be readjusted in the same manner upon the
happening of any successive  event or events described herein in this Section 4.
The  number of shares of Common  Stock  that the  Holder of this  Warrant  shall
thereafter,  on the  exercise  hereof as  provided  in Section 1, be entitled to
receive shall be adjusted to a number  determined by  multiplying  the number of
shares of Common  Stock that would  otherwise  (but for the  provisions  of this
Section 4) be issuable on such exercise by a fraction of which (a) the numerator
is the  Purchase  Price that would  otherwise  (but for the  provisions  of this
Section 4) be in effect, and (b) the denominator is the Purchase Price in effect
on the date of such exercise.

      5.  Certificate  as to  Adjustments.  In each  case of any  adjustment  or
readjustment in the shares of Common Stock (or Other Securities) issuable on the
exercise of the  Warrants,  the Company at its expense will  promptly  cause its
Chief Financial Officer or other appropriate designee to compute such adjustment
or  readjustment  in  accordance  with the terms of the  Warrant  and  prepare a
certificate  setting forth such adjustment or readjustment and showing in detail
the facts upon which such  adjustment  or  readjustment  is based,  including  a
statement of (a) the consideration received or receivable by the Company for any
additional shares of Common Stock (or Other Securities) issued or sold or deemed
to have been issued or sold,  (b) the number of shares of Common Stock (or Other
Securities) outstanding or deemed to be outstanding,  and (c) the Purchase Price
and the number of shares of Common  Stock to be received  upon  exercise of this
Warrant,  in effect  immediately prior to such adjustment or readjustment and as
adjusted or readjusted as provided in this Warrant.  The Company will  forthwith
mail a copy of each  such  certificate  to the  Holder  of the  Warrant  and any
Warrant Agent of the Company (appointed pursuant to Section 11 hereof).

      6. Reservation of Stock, etc.  Issuable on Exercise of Warrant;  Financial
Statements. The Company will at all times reserve and keep available, solely for
issuance  and  delivery on the  exercise of the  Warrants,  all shares of Common
Stock (or Other  Securities)  from time to time  issuable on the exercise of the
Warrant.  This  Warrant  entitles  the Holder  hereof to  receive  copies of all
financial and other information distributed or required to be distributed to the
holders of the Company's Common Stock.

                                       4
<PAGE>

      7. Assignment;  Exchange of Warrant. Subject to compliance with applicable
securities  laws,  this  Warrant,  and  the  rights  evidenced  hereby,  may  be
transferred by any registered holder hereof (a  "Transferor").  On the surrender
for exchange of this Warrant,  with the Transferor's  endorsement in the form of
Exhibit B attached hereto (the "Transferor  Endorsement Form") and together with
an opinion of counsel  reasonably  satisfactory to the Company that the transfer
of this Warrant will be in  compliance  with  applicable  securities  laws,  the
Company at its expense,  twice,  only, but with payment by the Transferor of any
applicable  transfer  taxes,  will  issue and  deliver to or on the order of the
Transferor  thereof a new Warrant or Warrants of like tenor,  in the name of the
Transferor  and/or the  transferee(s)  specified in such Transferor  Endorsement
Form  (each a  "Transferee"),  calling  in the  aggregate  on the  face or faces
thereof for the number of shares of Common Stock called for on the face or faces
of the Warrant so surrendered by the Transferor.  No such transfers shall result
in a  public  distribution  of the  Warrant;  and  the  Company  shall  only  be
responsible   for  "blue  sky"   compliance   expenses  for  resales  under  any
registration statement filed.

      8. Replacement of Warrant. On receipt of evidence reasonably  satisfactory
to the Company of the loss,  theft,  destruction  or  mutilation of this Warrant
and, in the case of any such loss,  theft or  destruction  of this  Warrant,  on
delivery of an indemnity agreement or security  reasonably  satisfactory in form
and amount to the Company or, in the case of any such  mutilation,  on surrender
and cancellation of this Warrant,  the Company at its expense,  will execute and
deliver, in lieu thereof, a new Warrant of like tenor.

      9.  Registration  Rights.  The Company intends to initiate a significantly
larger offering to raise up to $9,000,000 (the  "Subsequent  Offering") via sale
of units  comprising  Common  Shares and  warrants  for Common  Shares  promptly
following the closing of the Offering pursuant to which this Warrant was issued.
The precise terms of the Subsequent  Offering will be determined by the Company.
The Company will file a  Registration  Statement on Form SB-2 (or an alternative
available  form if the Company is not eligible to file a Form SB-2) covering the
Common  Shares  issued as part of the  Units  and into  which  this  Warrant  is
exercisable no later than forty five (45) days after the final closing under the
Subsequent  Offering  and will use its  reasonable  best  efforts  to cause such
Registration  Statement to be declared  effective  within one hundred and twenty
(120) days  thereafter.  In the event the  Registration  Statement  has not been
declared  effective  within 165 days of the closing of the  Subsequent  Offering
(or, if the Subsequent  Offering is ultimately not consummated,  within 285 days
of  the  Closing  of the  Offering),  the  Company  shall  pay to the  Investors
liquidated  damages  equal to 1.0% of the amount  invested  for each  subsequent
30-day period until such Registration Statement is declared effective.

      10. Notices. All notices,  demands,  requests,  consents,  approvals,  and
other  communications  required or permitted  hereunder shall be in writing and,
unless  otherwise  specified  herein,  shall  be  (i)  personally  served,  (ii)
deposited  in the mail,  registered  or  certified,  return  receipt  requested,
postage  prepaid,  (iii) delivered by reputable air courier service with charges
prepaid, or (iv) transmitted by hand delivery, telegram, or facsimile, addressed
as set forth below or to such other  address as such party shall have  specified
most recently by written notice. Any notice or other  communication  required or
permitted to be given hereunder shall be deemed effective (a) upon hand delivery
or  delivery  by  facsimile,   with  accurate  confirmation   generated  by  the
transmitting  facsimile  machine,  at the address or number designated below (if
delivered on a business day during normal business hours where such notice is to
be received),  or the first  business day following  such delivery (if delivered
other than on a business day during normal  business  hours where such notice is
to be received) or (b) on the second  business day following the date of mailing
by express courier service,  fully prepaid,  addressed to such address,  or upon
actual receipt of such mailing,  whichever shall first occur.  The addresses for
such communications shall be:

                                       5
<PAGE>

      (i) if to the Company to: 1350 Avenue of Americas, New York, NY 10019

      (ii) if to the Holder,  to the address and telecopier number listed on the
first paragraph of this Warrant

or such other  address as either  party may  provide to the other in  accordance
with the provisions of this Section 11.

      11.  Miscellaneous.  This  Warrant  and any term  hereof  may be  changed,
waived,  discharged or terminated only by an instrument in writing signed by the
party against which enforcement of such change, waiver, discharge or termination
is sought.  This Warrant shall be construed and enforced in accordance  with and
governed by the laws of New York. THE PARTIES HERETO IRREVOCABLY: (I) AGREE THAT
ANY SUIT,  ACTION OR OTHER  PROCEEDING  ARISING OUT OF THIS  AGREEMENT  SHALL BE
BROUGHT  ONLY IN THE COURTS OF THE STATE OF NEW YORK OR THE COURTS OF THE UNITED
STATES  LOCATED  WITHIN THE STATE OF NEW YORK, IN EACH CASE IN THE COUNTY OF NEW
YORK,  (II) CONSENT AND SUBMIT TO THE EXCLUSIVE  JURISDICTION  AND VENUE OF EACH
SUCH COURT IN ANY SUCH SUIT,  ACTION OR  PROCEEDING,  (III) WAIVE ANY  OBJECTION
WHICH THEY, OR ANY OF THEM, MAY HAVE TO PERSONAL  JURISDICTION  OR THE LAYING OF
VENUE OF ANY SUCH SUIT,  ACTION OR PROCEEDING  IN ANY OF SUCH COURTS,  AND AGREE
NOT TO SEEK TO CHANGE VENUE,  (IV) WAIVE THE RIGHT TO TRIAL BY JURY IN ANY SUIT,
ACTION OR OTHER  PROCEEDING  AND (V)  CONSENT  TO SERVICE OF PROCESS IF GIVEN IN
WRITING IN  ACCORDANCE  WITH THE  PROVISIONS OF SECTION 11. The headings in this
Warrant are for  purposes of  reference  only,  and shall not limit or otherwise
affect  any of the terms  hereof.  The  invalidity  or  unenforceability  of any
provision  hereof shall in no way affect the validity or  enforceability  of any
other provision.

      IN WITNESS  WHEREOF,  the Company has executed this Warrant as of the date
first written above.

                                   BRAINSTORM CELL THERAPEUTICS INC.

                                   By:
                                      -----------------------------------
                                      Name:
                                      Title:

Witness:

----------------------------

                                       6
<PAGE>

                                    EXHIBIT A

                              FORM OF SUBSCRIPTION
                   (to be signed only on exercise of Warrant)

TO:  BRAINSTORM CELL THERAPEUTICS INC.

The  undersigned,  pursuant to the provisions set forth in the attached  Warrant
(No.____),  hereby  irrevocably elects to purchase ________ shares of the Common
Stock covered by such Warrant.

The  undersigned  herewith  makes  payment of the full  purchase  price for such
shares  at  the  price  per  share  provided  for  in  such  Warrant,  which  is
$___________.  Such payment takes the form of $__________ in lawful money of the
United States.

The undersigned  requests that the certificates for such shares be issued in the
name of, and delivered to

_____________________________________________________ whose address is

______________________________________________________________________.

The  undersigned  represents  and  warrants  that all  offers  and  sales by the
undersigned of the securities issuable upon exercise of the within Warrant shall
be made pursuant to registration of the Common Stock under the Securities Act of
1933,  as amended  (the  "Securities  Act"),  or pursuant to an  exemption  from
registration under the Securities Act.

Dated:___________________

                                       _________________________________________
                                      (Signature must conform to name of holder
                                       as specified on the face of the Warrant)

                                       _________________________________________

                                       _________________________________________
                                       (Address)

                                       7
<PAGE>

                                    EXHIBIT B

                         FORM OF TRANSFEROR ENDORSEMENT
                   (To be signed only on transfer of Warrant)

      For value received,  the undersigned hereby sells,  assigns, and transfers
unto the  person(s)  named  below  under  the  heading  "Transferees"  the right
represented  by the within  Warrant to  purchase  the  percentage  and number of
shares of Common Stock of BRAINSTORM CELL  THERAPEUTICS INC. to which the within
Warrant  relates  specified  under the  headings  "Percentage  Transferred"  and
"Number Transferred,"  respectively,  opposite the name(s) of such person(s) and
appoints each such person Attorney to transfer its respective right on the books
of BRAINSTORM  CELL  THERAPEUTICS  INC. with full power of  substitution  in the
premises.

------------------------------------------------------------------------------

Transferees           Percentage Transferred         Number Transferred
-----------           ----------------------         ------------------

-------------------------------------------------------------------------------

-------------------------------------------------------------------------------

-------------------------------------------------------------------------------

-------------------------------------------------------------------------------

Dated:  ______________, ___________

                                       ----------------------------------------
                                    (Signature must conform to name of holder
                                    as specified on the face of the warrant)

Signed in the presence of:

-----------------------------        -----------------------------------------
         (Name)

                                     ----------------------------------------
                                     (address)

ACCEPTED AND AGREED:
                                     ----------------------------------------

[TRANSFEREE]
                                     ----------------------------------------
                                     (address)

--------------------------------
         (Name)

                                       8

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