Document:

Exhibit 10.1

 

EMPLOYMENT AGREEMENT

 

This EMPLOYMENT AGREEMENT is entered
into 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, registration #:                       
(the “Company”), and Chaim Lebovits, residing at 68 Katznelbogen St., Jerusalem, Israel (the “Employee”).

 

		WHEREAS 	The Company is engaged, inter alia, in the research,
development, manufacturing and marketing of adult stem cell therapeutics for neurological diseases; and

 

		WHEREAS	The Company desires to engage the Employee as Chief Executive
Officer (“CEO”) of the Company and of Brainstorm Cell Therapeutics Inc. (“Brainstorm Inc.”
), and the Employee desires to enter into such employment and represents that he has the requisite skill and knowledge to serve
as such; and

 

		WHEREAS	The parties desire to set forth herein the terms and
conditions of the Employee's engagement by the Company and Brainstorm Inc., as set forth below;

 

NOW THEREFORE, in consideration
of the mutual promises contained herein, and intending to be legally bound, the parties hereto agree as follows:

 

		1.	EMPLOYMENT – GENERAL 

 

		1.1.	Employment. Company hereby employs Employee as of                       
and Employee hereby accepts employment upon the terms and conditions set forth herein.

 

		1.2.	The Position. The Employee shall be employed as the CEO and in such capacity; he
shall be subject to the direction and control of and shall report to the Company’s Board of Directors.

 

		1.3.	Personal Service Contract. The Parties hereto confirm that this is a personal service
contract and that the relationship between the parties hereto shall not be subject to any general or special collective employment
agreement or any custom or practice of Company in respect of any of its other employees or Employees. Except as expressly provided
in this Agreement, Employee shall not be entitled to any payments or other benefits in respect of his employment upon the termination
of his employment with Company.

 

		1.4.	Senior Management Position. Employee acknowledges and agrees that from the perspective
of the status, responsibility and terms of employment of Employee, he shall be considered amongst the most senior managers at the
Company, and his position requires a special degree of personal trust, and the conditions and circumstances of whose employment
do not facilitate the supervision of their work and rest hours as those expressions are defined in the Hours of Work and Rest Law,
5711-1951 and accordingly the restrictions specified in the aforementioned Law shall not apply to his employment. Employee shall
not be entitled to demand or receive, inter alia, payment for overtime, and the amount paid to him as a Salary (as defined below),
shall also include full compensation for overtime hours.

 

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		2.	EMPLOYEE’S UNDERTAKINGS. Employee hereby undertakes as follows:

 

		2.1.	Carry out of Instructions. To carry out all of the instructions related to his employment
in accordance with the instructions of the Company's and Brainstorm Inc’s Board of Directors.

 

		2.2.	Fidelity. To perform the duties and assignments imposed in the scope of his employment
with the Company, with devotion, honesty and fidelity and to dedicate to the performance of the said duties all his know-how, qualifications
and experience and all the time, diligence and attention required for the performance thereof efficiently, with fidelity and in
accordance with the requirements of this Agreement, and to use his best endeavors in order to consolidate Company and Brainstorm
Inc. and to advance the affairs and business of Company and Brainstorm Inc. and the realization of their respective objectives.

 

		2.3.	Conflict of Interest. Employee declares that he is not presently involved, and he
undertakes not to become involved in the future, for so long as he is an employee of Company, in any obligations towards any third
party whatsoever which entail any form of conflict of interest with his employment with Company.

 

		3.	COMPENSATION

 

		3.1.	Salary. In consideration for Employee’s obligations under this Agreement, Company
shall pay Employee an annualized gross base salary of USD $282,500 (the “Salary”) paid in accordance with the
Company’s normal payroll practices.

 

		3.2.	Payment. The Salary shall be paid to Employee on a monthly basis, by no later than
the 9th of the calendar month following the calendar month of employment to which the payment relates. As provided in
Section 1.4 above, the Salary includes remuneration for working overtime, and Employee shall not be entitled to any further remuneration
or payment whatsoever other than the Salary and/or benefits set forth herein, unless expressly specified in this Agreement. Employee
acknowledges that the Salary to which he is entitled constitutes due consideration for his working overtime. The Salary, as specified
in Section 3.1 hereto, and it alone, shall constitute the sole basis for calculating any of Employee’s rights under any applicable
law, and any other benefits provided under this Agreement shall not be deemed as the Salary or any part thereof.

 

		3.3.	Statutory Deductions. Company shall make the required statutory deductions from the
Salary and from any other amount paid and/or benefits granted to Employee by Company under this Agreement, including income tax,
social security and healthcare tax, and make the appropriate payments on behalf of Employee to the Israeli Tax Authority, to the
Institute of National Insurance and any other relevant authority.

 

		3.4.	Additional Benefits. Employee shall be entitled to such additional benefits, as provided
in Exhibit A.

 

		3.5.	Expenses. The Company will reimburse Employee for any documented, out-of-pocket expenses
from time to time properly incurred by Employee in connection with his employment by Company, provided that
any expense in excess of $10,000 shall require the prior approval of the Chairman of the Board of Directors.

 

		3.6.	Sick Leave and Recuperation Pay. Employee shall be entitled to sick leave and Recuperation
Pay (דמי הבראה) as provided by law.

 

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		3.7.	Vacation. Employee shall be entitled to an annual vacation of 28 working days per
year, and no less than the number of days required by the Annual Vacation Law, 5711-1951 (the “Annual Vacation Law”),
and in accordance with the Annual Vacation Law, 5711-1951. Annual vacation may not be accumulated for over 2 years and therefore
in the event that Employee accumulates such days and does not make use of the same or redeem their value, the Company shall be
entitled to redeem them (subject to the law) or to delete them, at the Company’s sole discretion.

 

		3.8.	Reserve Duty. Employee shall continue to receive the Salary (and Company shall continue
to make contributions to the managers insurance policy and the education fund provided for herein) during periods of military reserve
duty. Employee hereby assigns and undertakes to pay to Company any amounts received from the National Insurance Institute as compensation
for such reserve duty service.

 

		4.	TERM OF AGREEMENT

 

		4.1.	Term. This Agreement shall commence on the date hereof and shall continue to be in
full force and effect unless terminated by either party in accordance with this Agreement.

 

		4.2.	Termination. Employee and the Company shall be entitled to terminate this Agreement
by giving the other a prior written notice of 45 days; it being understood that during such period, Employee shall (subject to
the needs of the Company determined at the Company’s sole discretion) continue to perform his duties for Company, including
the training and initiation of his replacement, and, subject to the performance of such obligations, Company shall make all payments
as required hereunder. For the avoidance of doubt it is hereby clarified that in case the Employee resigns for any of the reasons
detailed in the Severance Pay Law, 5723-1963 and the regulations promulgated there under, as resignations which are deemed to be
dismissals, Employee shall be deemed to have been dismissed by the Company not for "cause".

 

		4.3.	Termination For Cause. Notwithstanding the foregoing provisions of this Section 4,
Company shall be entitled to terminate this Agreement forthwith, and without prior notice, and Employee shall not be entitled to
any severance pay or other compensation whatsoever, in any circumstance under which the Employee would not by law and if so ordered
by court of law be entitled to such payment. Furthermore, in any of the following events (together with the circumstances described
in the previous sentence, “Cause”), if following such event the Employee is nonetheless entitled by law to severance
pay, the provisions of Section 4.3 will not apply, and the Company will be entitled to terminate this Agreement with the minimum
notice period provided by law: (i) indictment for any felony involving moral turpitude or affecting the Company or Brainstorm
Inc.; (ii) any refusal to carry out a directive of the Board of Directors of the Company or Brainstorm Inc., or disregard
of a rule or policy of the Company known to the Employee or contained in a policy and procedure manual provided to the Employee,
which involves the business of the Company and which was capable of being lawfully performed; (iii) embezzlement of funds
of the Company or Brainstorm Inc. or other breach of fiduciary duty towards the Company or Brainstorm Inc.; (iv) ownership,
direct or indirect, of an interest in a person or entity in competition with the Company or Brainstorm Inc., without the prior
written permission of the Board of Directors of the Company and Brainstorm Inc.; and (v) disposition of Company’s or
Brainstorm Inc.'s confidential information contrary to the provisions of the law or this Agreement; (vi) willful disloyalty and/or
deliberate dishonesty; (vii) material breach of any of the terms of this Agreement.

 

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		4.4.	Should the termination of the employment of the Employee be made by the Company not for "cause",
the Employee shall be entitled to continue to receive the Salary including all social benefits, the car and the cell phone following
the Notice Period equal to 1 month multiplied by the number of full years of employment by the Company but in any event up to 3
months.

 

		5.	PROPRIETARY INFORMATION 

 

		5.1.	Proprietary Information. The Employee acknowledges and agrees that the business of
the Company and Brainstorm Inc. and their respective affiliates is highly competitive and confidential and that in the course of
his employment with the Company and Brainstorm Inc., he will have access to confidential and proprietary information concerning
the business and financial activities of the Company, Brainstorm Inc. and their respective affiliates and information and technology
regarding the Company, Brainstorm Inc. and their respective affiliates’ product research and development, including, without
limitation, the Company, Brainstorm Inc.’s and their respective affiliates’ patents, trade marks, trade secrets, patent,
copyright, mask work, design, and other intellectual property rights throughout the world, banking information, investments, investors,
properties, employees, marketing plans, customers, trade secrets, and test results, processes, data and know-how, improvements,
inventions, techniques and products (actual or planned). Such information, whether documentary, written, oral, computer generated,
or otherwise shall be deemed to be and referred to as “Proprietary Information”.

 

Proprietary
Information shall be deemed to include any and all preparatory information disclosed by or on behalf of the Company or Brainstorm
Inc. and irrespective of form, but excluding information that (i) was known to the Employee prior to his association with the Company
and can be so proven by documentary evidence, (ii) shall have appeared in any printed publication or patent but only to the extent
appeared therein or shall have become a part of the public knowledge, except as a result of a breach of this Agreement or any other
obligation to the Company or Brainstorm Inc. by the Employee or any other employee or third party or the breach of the undertakings
of the Company or Brainstorm Inc. towards any third party or (iii) is legally required by any administrative or governmental agency
to be disclosed, provided that any such disclosure shall be made only to the extent required to fulfill Employee’s legal
obligations, and provided further that the Employee immediately notifies the Company or Brainstorm Inc. of such obligation or requirement,
prior to making any disclosure, to enable the Company or Brainstorm Inc. to contest the requirement thereof.

 

		5.2.	Nondisclosure. Employee agrees and declares that all Proprietary Information, patents
and other rights in connection therewith shall be the sole property of the Company and/or Brainstorm Inc. and their respective
assignees at all times. Both during his engagement by the Company and/or Brainstorm Inc. and at all times after its termination
Employee will keep in confidence and trust all Proprietary Information and the Employee will not use or disclose any Proprietary
Information or anything relating to it without the written consent of the Company or Brainstorm Inc., except as may be necessary
in the ordinary course of performing the Employee’s duties hereunder and in the best interests of the Company and Brainstorm
Inc.

 

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		5.3.	Return of Materials. Employee agrees that on or before the termination of his employment
with the Company or Brainstorm Inc. he will return to the Company and Brainstorm Inc. all Company and Brainstorm Inc. property
and materials, including but not limited to, (if applicable) personal computers, laptops, fax machines, scanners, copiers, cellular
phones, credit cards and telephone charge cards, manuals, building keys and passes, courtesy parking passes, diskettes, intangible
information stored on diskettes, software programs and data compiled with the use of those programs, software passwords or codes,
tangible copies of trade secrets and confidential information, sales forecasts, names and addresses of Company and Brainstorm Inc.
customers and potential customers, customer lists, customer contacts, sales information, sales forecasts, memoranda, sales brochures,
business or marketing plans, reports, projections, and any and all other information or property previously or currently held or
used by Employee that is or was related to his employment with the Company or Brainstorm Inc. (“Company Property”).
Employee agrees that in the event that he discovers any other Company Property in his possession after the termination of
his employment with the Company he will immediately return such materials to the Company and Brainstorm Inc.

 

		5.4.	Third Party Information. Employee recognizes that the Company and Brainstorm Inc.
received and will receive confidential or proprietary information from third parties subject to a duty on the Company’s or
Brainstorm Inc.’s part to maintain the confidentiality of such information and to use it only for certain limited purposes
at all times. Both during his employment and after its termination, the Employee undertakes to keep and hold all such information
in strict confidence and trust. He will not disclose any of such information without the prior written consent of the Company or
Brainstorm Inc., except as may be necessary to perform his duties as an employee of the Company or Brainstorm Inc. and consistent
with the Company’s or Brainstorm Inc.’s agreement with such third party. Upon termination of his employment with the
Company or Brainstorm Inc., Employee shall act with respect to such information as set forth in Section 5.3, mutatis mutandis.

 

		5.5.	Survival. The Employee’s undertakings in this Section 5 shall remain in full
force and effect after termination of this Agreement.

 

		6.	ACKNOWLEDGEMENT OF OWNERSHIP; ASSIGNMENT OF INVENTIONS.

 

		6.1.	Disclosure of Inventions. Employee will promptly disclose in writing to the Company
all Inventions, made or discovered or conceived or reduced to practice or developed by him, either alone or jointly with others,
during the term of his employment. Employee will also disclose to the Company all Inventions made, discovered, conceived, reduced
to practice, or developed by Employee within three (3) months after the termination of his employment with the Company which resulted,
in whole or in part, from his prior employment by the Company. Such disclosures shall be received by the Company in confidence,
to the extent such Inventions are not assigned to the Company pursuant to this Agreement.

 

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		6.2.	Assignment of Inventions. Subject to Section 6.4, Employee hereby assigns and agrees
to assign in the future (when any such Inventions or Proprietary Rights are first reduced to practice or first fixed in a tangible
medium, as applicable) to the Company all his right, title and interest in and to any and all Inventions whether or not patentable
or registrable under copyright or other statutes, made or conceived or reduced to practice or learned by Employee, either alone
or jointly with others, during the period of his employment with the Company. Inventions assigned to the Company, or to a third
party as directed by the Company pursuant to this Section 2, are hereinafter referred to as “Company Inventions”.
Employee agrees to cooperate fully with the Company, both during and after the term of this Agreement, with respect to the procurement,
maintenance and enforcement of copyrights, patents and other intellectual property rights (both in the Israel, the United States
and other countries) relating to the Company Inventions. Employee shall sign all papers, including, without limitation, copyright
applications, patent applications, declarations, oaths, formal assignments, assignments of priority rights, and powers of attorney,
which the Company may deem necessary or desirable in order to protect its rights and interests in any Company Inventions. Employee
further agrees that if the Company is unable, after reasonable effort, to secure the signature of Employee on any such papers,
any executive officer of the Company shall be entitled to execute any such papers as the agent and the attorney-in-fact of Employee,
and Employee hereby irrevocably designates and appoints each executive officer of the Company as his/her agent and attorney-in-fact
to execute any such papers on his/her behalf, and to take any and all actions as the Company may deem necessary or desirable in
order to protect its rights and interests in any Company Inventions, under the conditions described in this sentence.

 

		6.3.	Nonassignable Inventions. Notwithstanding, this Agreement will not be deemed to require
assignment of any invention which was developed entirely on Employee's own time without using the Company's equipment, supplies,
facilities, or Proprietary Information and which is not related to the Company's actual business, research or development.

 

		6.4.	Government or Third Party. Employee also agrees to assign all right, title and interest
in and to any particular Company Invention to any third party, including without limitation government agency, as directed by the
Company.

 

		6.5.	Works Made for Hire. Employee acknowledges that all original works of authorship
which are made by me (solely or jointly with others) within the scope of his employment and which are protectable by copyright
are the sole property of the Company pursuant to applicable copyright law.

 

		6.6.	Assignment or Waiver of Moral Rights. Any assignment of copyright hereunder (and
any ownership of a copyright as a work made for hire) includes all rights of paternity, integrity, disclosure and withdrawal and
any other rights that may be known as or referred to as “moral rights” (collectively “Moral Rights”). To
the extent such Moral Rights cannot be assigned under applicable law and to the extent the following is allowed by the laws in
the various countries where Moral Rights exist, Employee hereby waives such Moral Rights and consent to any action of the Company
that would violate such Moral Rights in the absence of such consent.

 

		6.7.	Enforcement of Proprietary Rights. Employee will assist the Company in every proper
way to obtain, and from time to time enforce, any Proprietary Rights relating to Company Inventions in any and all countries. To
that end, Employee will execute, verify and deliver such documents and perform such other acts (including appearances as a witness)
as the Company may reasonably request for use in applying for, obtaining, perfecting, evidencing, sustaining and enforcing such
Proprietary Rights and the assignment thereof. In addition, Employee will execute, verify and deliver assignments of such Proprietary
Rights to the Company or its designee. Employee's obligation to assist the Company with respect to Proprietary Rights relating
to such Company Inventions in any and all countries shall continue beyond the termination of his employment, but the Company shall
compensate Employee at a reasonable rate after his termination for the time actually spent by him at the Company's request on such
assistance.

 

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		6.8.	Service Inventions. For the removal of any doubt, all the above will also apply to
any “Service Inventions” as defined in the Israeli Patent Law, 1967 (the “Patent Law”), it being clarified
that under no circumstances will Employee be deemed to have any proprietary right in any such Service Invention, notwithstanding
the provision or non-provision of any notice of an invention and/or company response to any such notice, under Section 132(b) of
the Patent Law. This agreement is expressly intended to be an agreement with regard to the terms and conditions of consideration
for Service Inventions in accordance with Section 134 of the Patent Law.

 

		6.9.	Royalties. Employee acknowledges and agrees that he will not be entitled to royalties,
consideration or other payments with regard to any Prior Inventions, Company Inventions, Service Inventions or any of the intellectual
property rights set forth above, including any commercialization of such Prior Inventions, Company Inventions, Service Inventions
or other intellectual property rights, and do hereby explicitly, irrevocably and unconditionally waive the right (if exists) to
receive any such additional royalties, consideration or other payments. Without derogating from the aforesaid, it is hereby clarified
that the level of his compensation and consideration has been established based upon the aforementioned waiver of rights to receive
any such additional royalties, consideration or other payments, and that his compensation as an employee of the Company includes
full and final compensation and consideration to which he may be entitled under law with respect to any Prior Inventions, Company
Inventions, Service Inventions or any of the intellectual property rights set forth above.

 

		6.10.	Records. Employee agrees to keep and maintain adequate and current records (in the
form of notes, sketches, drawings and in any other form that may be required by the Company) of all of the Company's Proprietary
Information developed by him and all of the Company's Inventions made by me during the period of his employment at the Company,
which records shall be available to and remain the sole property of the Company at all times.

 

		7.	NON - COMPETITION 

 

		7.1.	Non-Competition. The Employee agrees and undertakes that he will not, so long as
he is employed by the Company or Brainstorm Inc. and for a period of 12 months following termination of his employment for whatever
reason, directly or indirectly as owner, partner, joint venturer, stockholder, employee, broker, agent, principal, corporate officer,
director, licensor or in any other capacity whatsoever, engage in, become financially interested in, be employed by, or have any
connection with any business or venture that is engaged in any activities involving either (i) products which compete, directly
or indirectly, with the business of the Company or its subsidiaries and/or affiliates, products produced or proposed to be produced
by the Company or its subsidiaries or affiliates or (ii) information, processes, technology or equipment that competes with information,
processes, technology or equipment in which the Company or its subsidiaries or affiliates has a proprietary interest, or that competes
with products or services offered by the Company, its affiliates and/or subsidiaries; provided, however,
that the Employee may own securities of any corporation which is engaged in such business and is publicly owned and traded but
in an amount not exceeding at any one time, one percent (1%) of any class of stock or securities of such company, so long as Employee
has no active role in the publicly owned and traded company as director, employee, consultant or otherwise.

 

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		7.2.	Non-Solicitation. The Employee agrees and undertakes that during the term of his
employment with the Company or Brainstorm Inc. and for a period of eighteen (18) months thereafter, the Employee will not directly
or indirectly including personally or in any business in which it is an officer, director, joint venturer, partner or shareholder,
or otherwise:

 

		(i)	Solicit, entice, canvass or approach or endeavor to solicit, canvass or approach any person who,
to his knowledge, was provided with services by the Company or Brainstorm Inc. or their affiliates or subsidiaries or provided
services to the Company or Brainstorm Inc. or their affiliates or subsidiaries as a vendor or supplier at any time during the eighteen
(18) months immediately prior to the termination of the Employee’s employment (i) for the purpose of offering services or
products which directly compete with the business of the Company or Brainstorm Inc. (or their subsidiaries or affiliates) or their
Proprietary Information, (ii) for the purpose of interfering with the Company’s or Brainstorm Inc.'s relationship with such
entity or person, or (iii) to cease doing business with Company or Brainstorm Inc. (or their subsidiaries or affiliates), reduce
its relationship with Company or Brainstorm Inc. (or their subsidiaries or affiliates) or refrain from establishing or expanding
a relationship with Company or Brainstorm Inc. (or their subsidiaries or affiliates) or in any other way interfere with the Company’s
or Brainstorm Inc.'s (or their subsidiaries’ or affiliates') relationships with its customers, vendors or suppliers; or

 

		(ii)	Employ, solicit or entice away or endeavor to solicit or entice away from the Company or its parent
or subsidiaries any person employed by the Company or its parent or subsidiaries any time during the eighteen (18) months immediately
prior to the termination of the Employee’s employment with a view to inducing that person to leave such employment and to
act for another employer in the same or a similar capacity.

 

		7.3.	Severability. If any one or more of the terms contained in this Section 7 shall,
for any reason be held to be excessively broad with regard to time, geographic scope or activity, the term shall be construed in
a manner to enable it to be enforced to the extent compatible with applicable law.

 

		8.	MISCELLANEOUS

 

		8.1.	Governing Law. This Agreement shall be governed by and construed and enforced in
accordance with the laws of the State of Israel without reference to conflicts of law principles and sole jurisdiction shall be
granted to the competent courts in Tel-Aviv, Israel.

 

		8.2.	Assignments. Employee may not assign or transfer any right, claim or obligation provided
herein. The Company may assign or transfer any right, claim or obligation provided herein, provided that any right of the Employee
under this Agreement shall not be diminished.

 

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		8.3.	Notices. The addresses of the parties for the purposes of this Agreement shall be
as specified in the preamble hereto and/or any other address as notified by either party to the other from time to time. All notices
and other communications required or permitted to be given under this Agreement shall be in writing and shall be sent by the notifying
party to the other party via fax, e-mail, registered mail or personal delivery service. Notices shall be deemed effective 72 business
hours after sending same by registered mail, postage prepaid, to the other party at the address noted above, 24 business hours
after their authenticated transmission via fax, or e-mail and immediately upon their personal delivery by courier or other personal
delivery service.

 

		8.4.	Construction. Words in the masculine gender shall include the feminine and vice versa.

 

		8.5.	Entire Agreement. This Agreement constitutes an integrated, written contract, expressing
the sole and entire agreement between the parties with respect to the subject matter hereof and supersedes any and all other agreements
or understandings, whether oral or written.

 

		8.6.	Amendments. This Agreement may not be altered, modified or amended except by a written
instrument signed by the parties.

 

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	 	 	/s/Chaim Lebovits
	 	 	 
	BRAINSTORM CELL THERAPEUTICS LTD.	 	Chaim Lebovtis
	 	 	 
	By: 	/s/ Uri Yablonka	 	 
	 	 	 
	Name: Uri Yablonka	 	 
	 	 	 
	Title: Chief Operating Officer	 	 
	 	 	 
	Date : September 28, 2015	 	Date : September 28, 2015

 

 

 

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Exhibit A

 

		1.	Pension Insurance. The Company shall contribute funds on behalf of the Employee to
a Managers Insurance Fund or a Pension Fund in the name of the Employee (“Fund”) and disability insurance for
loss of ability to work (“Disability Insurance”) as specified below.

 

1.1The Company shall allocate
to the Fund five percent (5%) in case of a Managers Insurance or six percent (6%) in case of a Pension Fund, of each monthly Salary
for pension compensation and eight and a third percent (8.33%) of each monthly Salary to severance compensation. Moreover, only
in case the Employee will choose a Managers Insurance (and not a Pension Fund) the Company will allocate for the purpose of the
Disability Insurance a maximum premium of 2.5% of Employee’s monthly Salary, as provided by the general approval of the Minister
of Labor and Social Welfare regarding payments by employers to a pension fund and insurance fund in lieu of severance pay. The
Company shall deduct from Employee’s monthly Salary an aggregated amount equal to five percent (5%) in case of a Managers
Insurance or five and a half percent (5.5%) in case of a Pension Fund, of Employee’s monthly Salary for the Fund.

 

1.2The Employee hereby agrees
and acknowledges that all of the payments that the Company shall make to the abovementioned manager’s insurance policy shall
be instead of any severance pay to which the Employee or Employee’s successors shall be entitled to receive from the Company
with respect to the salary from which these payments were made and the period during which they were made, in accordance with Section
14 of the Severance Pay Law 5723-1963 (the “Law”). The parties hereby adopt the General Approval of the Minister of
Labor and Welfare, published in the Official Publications Gazette No. 4659 on June 30, 1998, attached hereto as Exhibit B.
The Company hereby waives in advance any claim it has or may have to be refunded any of the payments made to the manager’s
insurance policy, unless (1) the Employee’s right to severance pay is invalidated by a court ruling on the basis of Sections
16 or 17 of the Law (and in such case only to the extent it is invalidated), or (2) the Employee withdrew funds from the manager’s
insurance policy for reasons other than an “Entitling Event”. An “Entitling Event” means death, disability
or retirement at the age of 60 or more.

 

		2.	Education Fund. The Company shall pay a sum as high as the recognized deductible
cap by the tax authorities, but in any event no more than 7.5% of the Salary up to the above cap and shall deduct 2.5% from the
Salary up to the above cap to be paid on behalf of Employee toward an education fund. Use of these funds shall be in accordance
with the by-laws of the fund. The Employee hereby grants his consent to such a deduction provided in this section herein.

 

		3.	Unless the Company terminates this Agreement for “Cause” (as defined in Section 4.4
of this Agreement), and subject to Exhibit B, the amounts deposited in the Manager’s Insurance and Education Fund pursuant
to Sections 1 and 2 above shall be automatically released to the Employee upon termination of this Agreement, provided that Employee
fulfills his obligations pursuant to Section 4.2 and 4.3 of the Agreement by law (training and initiation of his replacement etc.).

 

		4.	Options. On the first day of employment with the Company, but in no event prior to
the date of approval by Brainstorm Inc. and the full execution of this Agreement (the "Grant Date"), the Employee
shall be granted a stock option under BrainStorm Inc.’s 2014 Global Share Option Plan (the “Plan”) for
up to 369,619 shares of BrainStorm Inc. common stock (subject to adjustment as shall be described in a separate stock option agreement
and pursuant to the Plan), which stock option shall vest and become exercisable in 12 consecutive, equal monthly installments thereafter
starting with the date of this Agreement (the “Options”). The Board of Brainstorm Inc. may accelerate the vesting of
the Options in its sole discretion. After the first anniversary of the date of this Agreement, the Board will consider granting
additional options to the Employee and their terms.

 

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		4.1	Exercise Price: The exercise price of the stock option granted on the date hereof shall
be the closing price of BrainStorm Inc.'s common Stock (during normal trading hours) on the date of the grant.

 

		4.2	Exercise Period: 10 years from grant date, provided that the Employee continues to be employed
by the Company. Upon termination of the Employment for any reason, the Employee shall be entitled to exercise the stock options
to the extent then vested for a period of two years after. The Board of Brainstorm Inc. may extend the exercise period of the Options
in its sole discretion.

 

		4.3	In the event of a merger or consolidation of the Company with or into another corporation resulting
in such other corporation being the surviving entity the Options (whether vested or not) shall be assumed or an equivalent Award
or right substituted, by the successor corporation or an affiliate of the successor corporation, as shall be determined by such
entity, subject to the terms hereof. In the event that the successor corporation or a parent or subsidiary of the successor corporation
does not provide for such an assumption or substitution of Options, all Options shall become exercisable in full on a date no later
than ten (10) days prior to the date of consummation of such transaction, provided that such replacement shall be contingent upon
the actual consummation of the transaction.

 

		5.	Cellular Phone.
The Company shall provide the Employee, at the Company's sole cost and expense, a cellular phone, according to company practice
as will be from time to time. All taxes with respect to the cellular phone shall be borne by the Company.

 

		6.	Company car The Company shall purchase or lease for the Employee an automatic car
to be used according to Company’s policy as will be from time to time or reimburse Employee for the costs of Employee's car.
The class of the car will be agreed between the Employee and the Chairman of the Board of Directors. All taxes with respect to
the purchase or lease or reimbursement of the car shall be borne by the Company.

 

		7.	Yearly review. Bonuses, milestones and salary shall be considered by the Board of
Directors of Brainstorm Inc. annually, based on the Company meeting its objectives during such year and the contribution of the
Employee.

 

	 	 	/s/Chaim Lebovits
	 	 	 
	BRAINSTORM CELL THERAPEUTICS LTD.	 	Chaim Lebovtis
	 	 	 
	By: 	/s/ Uri Yablonka	 	 
	 	 	 
	Name: Uri Yablonka	 	 
	 	 	 
	Title: Chief Operating Officer	 	 
	 	 	 
	Date : September 28, 2015	 	Date : September 28, 2015

 

    12 

     

    

 

Exhibit
B

 

General Order and Confirmation Regarding
Payments of Employers to Pension Funds and Insurance Funds instead of Severance Pay

 

 

 

	 	 	/s/Chaim Lebovits
	 	 	 
	BRAINSTORM CELL THERAPEUTICS LTD.	 	Chaim Lebovtis
	 	 	 
	By: 	/s/ Uri Yablonka	 	 
	 	 	 
	Name: Uri Yablonka	 	 
	 	 	 
	Title: Chief Operating Officer	 	 
	 	 	 
	Date : September 28, 2015	 	Date : September 28, 2015

 

    13EX-10.1

 Exhibit 10.1 

EXECUTION COPY 
 TERMINATION
AGREEMENT AND RELEASE 
 THIS TERMINATION AGREEMENT AND RELEASE, dated as of September 28, 2015 (this
“Agreement”), is entered into by and among The Williams Companies, Inc., a Delaware corporation (“Parent”), SCMS LLC, a Delaware limited liability company and a wholly owned subsidiary of Parent (“Merger
Sub”), Williams Partners L.P., a Delaware limited partnership (“WPZ”), and WPZ GP LLC, a Delaware limited liability company and the general partner of WPZ (“WPZ General Partner” and, together with Parent,
Merger Sub and WPZ, the “Parties”). 
 RECITALS 

WHEREAS, the Parties entered into that Agreement and Plan of Merger, dated as of May 12, 2015, by and among the Parties (the
“Merger Agreement”); 
 WHEREAS, on September 25, 2015, Parent notified WPZ and the WPZ Conflicts Committee that
Parent intends to effect a Parent Adverse Recommendation Change in connection with a Parent Designated Proposal; 
 WHEREAS,
Section 7.1 of the Merger Agreement provides that the Merger Agreement may be terminated at any time prior to the Effective Time by the mutual written agreement of the parties thereto duly authorized by the Parent Board, on behalf of Parent,
and by the WPZ Conflicts Committee and the WPZ Board, on behalf of WPZ; 
 WHEREAS, simultaneously herewith, the WPZ General Partner is
executing and delivering to Parent and the WPZ Conflicts Committee the IDR Waiver, a true and complete copy of which is attached hereto as Exhibit A (the “Agreed IDR Waiver”), and Parent and the Parent Board have consented to
such action; and 
 WHEREAS, the Parties have agreed to terminate the Merger Agreement on the terms and conditions set forth herein. 

NOW, THEREFORE, in consideration of the foregoing and the mutual covenants, agreements and warranties herein contained, the sufficiency and
adequacy of which is hereby acknowledged by the Parties, the Parties agree as follows: 
 AGREEMENT 

1. Termination of Merger Agreement; Parent Termination Fee. 

(a) Subject to and conditioned upon the simultaneous effectiveness of the Agreed IDR Waiver, the Parties hereby mutually agree in
accordance with Section 7.1 of the Merger Agreement that, immediately upon execution of this Agreement, the Merger Agreement, other than the provisions of Section 7.5 and the provisions referenced therein that survive termination, all of
which shall survive the termination of the Merger Agreement hereby, is terminated and shall be of no further force or effect. For the avoidance of doubt, the Confidentiality Agreement between Parent and WPZ shall continue to remain in full force and
effect in accordance with its terms. 
 (b) Each of the Parties acknowledge that the Agreed IDR Waiver is an integral part of the
transactions contemplated by this Agreement and that, without the simultaneous effectiveness of the Agreed IDR Waiver, none of the Parties would enter into this Agreement. 

 2. Mutual Release. Subject to and conditioned upon the simultaneous effectiveness of the
Agreed IDR Waiver, (i) Parent shall have no further liability to WPZ or WPZ General Partner of any kind in respect of the Merger Agreement and the transactions contemplated by the Merger Agreement and (ii) WPZ and WPZ General Partner shall
have no further liability to Parent of any kind in respect of the Merger Agreement and the transactions contemplated by the Merger Agreement. 

3. Representations of the Parties of the WPZ Parties. Each of the WPZ Parties, on behalf of itself and the WPZ Related Parties,
represents and warrants to the other Parties as follows: 
 (a) Authority and Approval. Each of the WPZ Parties has all
requisite limited liability company or limited partnership power and authority to execute and deliver this Agreement and to perform all of the terms and conditions hereof to be performed by it. The execution and delivery of this Agreement by each of
the WPZ Parties, and the performance of all of the terms and conditions hereof to be performed by the WPZ Parties have been duly authorized and approved by all requisite partnership or limited liability company action on the part of each of the WPZ
Parties. At a meeting duly called and held, the WPZ Conflicts Committee, by unanimous vote, (i) approved this Agreement and the transactions contemplated hereby, including the termination of the Merger Agreement subject to and conditioned upon
the simultaneous effectiveness of the Agreed IDR Waiver (the foregoing constituting WPZ Special Approval), and (ii) resolved to approve, and to recommend to the WPZ Board the approval of, this Agreement and the transactions contemplated hereby,
including the termination of the Merger Agreement subject to and conditioned upon the simultaneous effectiveness of the Agreed IDR Waiver. Upon the receipt of the recommendation of the WPZ Conflicts Committee, at a meeting duly called and held, the
WPZ Board, by unanimous vote, approved this Agreement and the transactions contemplated hereby, including (i) the termination of the Merger Agreement subject to and conditioned upon the simultaneous effectiveness of the Agreed IDR Waiver and
(ii) the Agreed IDR Waiver. Prior to such approval by the WPZ Conflicts Committee and the WPZ Board, AMV approved this Agreement and the transactions contemplated hereby, including the Agreed IDR Waiver. This Agreement and the Agreed IDR Waiver
have been duly executed and delivered by each of the WPZ Parties party hereto and thereto and constitute the valid and legally binding obligation of each of the WPZ Parties party hereto and thereto, enforceable against each of the WPZ Parties party
hereto and thereto in accordance with its terms, except as such enforcement may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance or other similar Laws affecting the enforcement of creditors’
rights and remedies generally and by general principles of equity (whether applied in a Proceeding at law or in equity). 
 (b) No
Conflicts. The execution, delivery and performance of this Agreement by each of the WPZ Parties and the Agreed IDR Waiver by the WPZ General Partner does not, and the fulfillment and compliance with the terms and conditions hereof and the
consummation of the transactions contemplated hereby will not, (i) contravene, violate, conflict with any of, result 

  
 2 

 
in any breach of, or require the consent of any Person under, the terms, conditions or provisions of the Governing Documents of any of the WPZ Parties; or (ii) contravene, conflict with or
violate any provision of applicable Laws. 
 4. Representations of the Parent Parties. Parent, on behalf of itself and the Parent
Related Parties, represents and warrants to the other Parties as follows: 
 (a) Authority and Approval. Each of the
Parent Parties has all requisite corporate or limited liability company power and authority to execute and deliver this Agreement, to consummate the transactions contemplated hereby and to perform all of the terms and conditions hereof to be
performed by it. The execution and delivery of this Agreement by each of the Parent Parties, the consummation of the transactions contemplated hereby (including the execution of the Agreed IDR Waiver and Parent’s consent to the Agreed IDR
Waiver) and the performance of all of the terms and conditions hereof to be performed by the Parent Parties have been duly authorized and approved by all requisite corporate or limited liability company action on the part of each of the Parent
Parties. At a meeting duly called and held, the Parent Board, by unanimous vote, approved and declared advisable this Agreement and the transactions contemplated hereby, including the termination of the Merger Agreement, the execution of the Agreed
IDR Waiver and Parent’s consent to the Agreed IDR Waiver. This Agreement has been duly executed and delivered by each of the Parent Parties and constitutes the valid and legally binding obligation of each of the Parent Parties, enforceable
against each of the Parent Parties in accordance with its terms, except as such enforcement may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance or other similar Laws affecting the enforcement of
creditors’ rights and remedies generally and by general principles of equity (whether applied in a Proceeding at law or in equity). 

(b) No Conflict. The execution, delivery and performance of this Agreement by each of the Parent Parties does not, and the
fulfillment and compliance with the terms and conditions hereof and the consummation of the transactions contemplated hereby will not, (i) contravene, violate, conflict with any of, result in any breach of, or require the consent of any Person
under, the terms, conditions or provisions of the Governing Documents of any of the Parent Parties; or (ii) contravene, conflict with or violate any provision of any applicable Laws. 

5. Entire Agreement; Amendments and Waivers. This Agreement constitutes the entire agreement between and among the Parties pertaining
to the subject matter hereof and supersedes all prior agreements, understandings, negotiations and discussions, whether oral or written, of the Parties, and there are no warranties, representations or other agreements between or among the Parties in
connection with the subject matter hereof except as set forth specifically herein or contemplated hereby. Except for the provisions of Section 2, any provision of this Agreement may be amended or waived if such amendment or waiver is in
writing and is signed, in the case of an amendment, by each Party to this Agreement or, in the case of a waiver, by each Party against whom the waiver is effective; provided, however, that, in addition to any other approvals required
by the WPZ Parties’ constituent documents or under this Agreement, the foregoing amendments or waivers must be approved by, in the case of amendments or waivers by any WPZ Party, the WPZ Conflicts Committee. The failure of a Party to exercise
any right or remedy shall not be deemed or constitute a waiver of such right or remedy in the future. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provision hereof (regardless of
whether similar), nor shall any such waiver constitute a continuing waiver unless otherwise expressly provided. 

  
 3 

 6. Severability. If any term or other provision of this Agreement is invalid, illegal, or
incapable of being enforced by any rule of applicable Law, or public policy, all other conditions or provision of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions
contemplated by this Agreement or not affected in any matter materially adverse to any Party. Upon such determination that any term or other provision is invalid, illegal, or incapable of being enforced, the Parties shall negotiate in good faith to
modify this Agreement so as to effect the original intent of the Parties as closely as possible in a mutually acceptable manner in order that the transactions contemplated by this Agreement are consummated as originally contemplated to the fullest
extent possible. 
 7. Binding Effect; Third-Party Beneficiaries; No Assignment. This Agreement shall be binding upon and inure to
the benefit of the Parties and their respective permitted successors and assigns. There are no third-party beneficiaries to this Agreement. 

8. Headings. The heading used in this Agreement have been inserted for convenience of reference only and do not define or limit the
provisions hereof. 
 9. Enforcement of this Agreement. The Parties acknowledge and agree that an award of money damages would be
inadequate for any breach of this Agreement by any Party and any such breach would cause the non-breaching Parties irreparable harm. Accordingly, the Parties agree that, in the event of any breach or threatened breach of this Agreement by one of the
Parties, the Parties will also be entitled, without the requirement of posting a bond or other security, to equitable relief, including injunctive relief and specific performance, provided that such Party is not in material default hereunder.
Such remedies will not be the exclusive remedies for any breach of this Agreement but will be in addition to all other remedies available at law or equity to each of the Parties. 

10. Defined Terms. Capitalized terms used but not defined herein shall have the meaning set forth in the Merger Agreement. 

11. Counterparts. This Agreement may be executed by each of the Parties in one or more counterparts, each of which when executed shall
be deemed to be an original but all of which taken together shall constitute one and the same agreement. Delivery of an executed counterpart of a signature page to this Agreement by facsimile shall be as effective as delivery of a manually executed
counterpart of this Agreement. 
 12. Incorporation of Other Provisions. The terms and provisions of Sections 8.1, 8.2, 8.5 and 8.6
of the Merger Agreement are incorporated herein by reference as if set forth herein in their entirety, and shall apply to this Agreement. 

Remainder of page intentionally left blank. 

  
 4 

 IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed as of the date first
written above by their respective officers thereunto duly authorized. 
  

			
	THE WILLIAMS COMPANIES, INC.,
		
	By:	 	 /s/ Alan S. Armstrong

	Name:	 	Alan S. Armstrong
	Title:	 	President and Chief Executive Officer
	
	SCMS LLC,
		
	By:	 	The Williams Companies, Inc., its sole member
		
	By:	 	 /s/ Alan S. Armstrong

	Name:	 	Alan S. Armstrong
	Title:	 	President and Chief Executive Officer
	
	WILLIAMS PARTNERS L.P.,
		
	By:	 	WPZ GP LLC, its general partner
		
	By:	 	 /s/ Donald R. Chappel

	Name:	 	Donald R. Chappel
	Title:	 	Chief Financial Officer
	
	WPZ GP LLC,
		
	By:	 	 /s/ Donald R. Chappel

	Name:	 	Donald R. Chappel
	Title:	 	Chief Financial Officer

 Signature Page to Termination Agreement and Release

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