Document:

Exhibit 10.1

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 AND MAY NOT
BE SOLD, TRANSFERRED OR ASSIGNED UNLESS SO REGISTERED OR AN EXEMPTION FROM
REGISTRATION UNDER SAID ACT IS AVAILABLE.

                        BRAINSTORM CELL THERAPEUTICS INC.

                8% Convertible Promissory Note Due March 5, 2008

U.S.$150,000.00                                               New York, New York
                                                                   March 5, 2007

         Brainstorm Cell Therapeutics Inc., a Delaware corporation (the
"Company" or the "Maker"), for value received, hereby promises to pay to Eli
Weinstein, or his registered assigns, the principal sum of U.S. One Hundred
Fifty Thousand Dollars (US$150,000) plus all accrued but unpaid interest on the
first anniversary of the date hereof (the "Maturity Date"). Interest shall be
computed on the basis of a 365-day year from the date hereof on the unpaid
balance of such principal amount from time to time outstanding at the rate of
eight percent (8%) per annum, such interest to be due and payable in full on the
Maturity Date.

         This Note shall become immediately due and payable without notice or
demand upon the occurrence at any time of any of the following events of default
(individually, "an Event of Default" and collectively, "Events of Default"):

      1.    default in the payment or performance of this or any other liability
            or obligation of the Maker to the holder, including the payment when
            due of any principal, premium or interest under this Note;

      2.    the liquidation, termination of existence, dissolution, insolvency
            or business failure of the Maker, or the appointment of a receiver
            or custodian for the Maker or any part of its property if such
            appointment is not terminated or dismissed within ninety (90) days;
            or

      3.    the institution by or against the Maker or any indorser or guarantor
            of this Note of any proceedings under the United States Bankruptcy
            Code or any other federal or state bankruptcy, reorganization,
            receivership, insolvency or other similar law affecting the rights
            of creditors generally or the making by the Maker or any indorser or
            guarantor of this Note of a composition or an assignment or trust
            mortgage for the benefit of creditors.

Upon the occurrence of an Event of Default, the holder shall have then, or at
any time thereafter, all of the rights and remedies afforded by the Uniform
Commercial Code as from time to time in effect in the State of New York or
afforded by other applicable law.

Every amount overdue under this Note shall bear interest from and after the date
on which such amount first became overdue at an annual rate which is two (2)
percentage points above the rate per year specified in the first paragraph of
this Note. Such interest on overdue amounts under this Note shall be payable on
demand and shall accrue and be compounded monthly until the obligation of the
Maker with respect to the payment of such interest has been discharged (whether
before or after judgment).
<PAGE>

In no event shall any interest charged, collected or reserved under this Note
exceed the maximum rate then permitted by applicable law and if any such payment
is paid by the Maker, then such excess sum shall be credited by the holder as a
payment of principal.

All payments by the Maker under this Note shall be made without set-off or
counterclaim and be free and clear and without any deduction or withholding for
any taxes or fees of any nature whatever, unless the obligation to make such
deduction or withholding is imposed by law. The Maker shall pay and save the
holder harmless from all liabilities with respect to or resulting from any delay
or omission to make any such deduction or withholding required by law.

Whenever any amount is paid under this Note, all or part of the amount paid may
be applied to principal, premium or interest in such order and manner as shall
be determined by the holder in its discretion.

No reference in this Note to any guaranty or other document shall impair the
obligation of the Maker, which is absolute and unconditional, to pay all amounts
under this Note strictly in accordance with the terms of this Note.

The Maker agrees to pay on demand all costs of collection, including reasonable
attorneys' fees, incurred by the holder in enforcing the obligations of the
Maker under this Note.

No delay or omission on the part of the holder in exercising any right under
this Note shall operate as a waiver of such right or of any other right of such
holder, nor shall any delay, omission or waiver on any one occasion be deemed a
bar to or waiver of the same or any other right on any future occasion. The
Maker and every indorser or guarantor of this Note regardless of the time, order
or place of signing waives presentment, demand, protest and notices of every
kind and assents to any extension or postponement of the time of payment or any
other indulgence, to any substitution, exchange or release of collateral, and to
the addition or release of any other party or person primarily or secondarily
liable.

      1. Conversion. The holder of this Note has the right, at its option, at
any time and from time to time prior to the close of business on the Maturity
Date, upon five days' prior notice, to convert all or part of the outstanding
principal and interest amount of this Note into fully-paid and non-assessable
shares of Common Stock, $0.00005 par value per share, of the Company ("Common
Stock"). The number of shares of Common Stock that shall be issued upon
conversion of this Note shall be calculated by dividing the amount of
outstanding principal and interest that the holder elects to convert by the
average of the Conversion Price. The Conversion Price shall mean 75% of the
average of the last bid and ask price of the Common Stock as quoted on the
Over-the-Counter Bulletin Board or such other exchange where the Common Stock is
quoted or listed for the five trading days ending the date of the holder's
written notice of election to convert, provided, however, in no event shall the
conversion price be greater than US$0.35. Upon an Event of Default, at all times
prior to the Company's cure of such default, the Conversion price shall mean 60%
of the average of the last bid and ask price of the Common Stock as quoted on
the Over-the-Counter Bulletin Board or such other exchange where the Common
Stock is quoted or listed for the five trading days ending the date of the
holder's written notice of election to convert, provided, however, in no event
shall the conversion price be greater than US$0.35. Notwithstanding the
foregoing, in no event shall more than 3,000,000 shares of Common Stock be
issued upon conversion of this Note. In order to exercise this optional
conversion privilege, the holder of this Note shall surrender this Note to the
Company during usual business hours at the Company's principal executive office,
accompanied by written notice in form satisfactory to the Company that the
holder elects to convert the principal amount of this Note or a portion hereof
specified in such notice. Such notice shall also state the name or names (with
address and Social Security number or tax identification number) in which the
certificate or certificates for shares of Common Stock which shall be issuable
on such conversion shall be issued.

                                       2
<PAGE>

The holder of this Note shall have "piggy back registration rights" with respect
to the shares of Common Stock issuable upon conversion of this Note, subject to
certain limitations and conditions, including, among others, cutback provisions
and underwriter discretion, to be included by the Company in a registration
statement to be filed with Securities and Exchange Commission

                                       3
<PAGE>

      2. Surrender of Note and Delivery of Certificates. When surrendered for
optional or mandatory conversion this Note shall, unless the shares issuable on
conversion are to be issued in the same name as the name in which this Note is
then registered, be duly endorsed by, or accompanied by instruments of transfer
in form satisfactory to the Company duly executed by, the holder or his or its
duly authorized attorney. As promptly as practicable after the surrender of this
Note for conversion and the receipt of the notice specified above (in the case
of optional conversion), the Company shall deliver or cause to be delivered at
its principal executive office to the holder, or on the holder's written order,
a certificate or certificates for the number of full shares issuable upon the
conversion of this Note, or portion hereof, in accordance with the provisions
hereof. Such conversion shall be deemed to have been made at the time this Note
shall have been surrendered for conversion and the notice specified above (in
the case of optional conversion) shall have been received by the Company at its
principal executive office (the "Conversion Date"), and the holder in whose name
any certificate or certificates for shares of Common Stock shall be issuable
upon such conversion shall be deemed to have become on the Conversion Date the
holder of record of the shares represented thereby. If less than the entire
outstanding principal amount of this Note is being converted (in the case of
optional conversion), a new Note shall promptly be delivered to the holder for
the unconverted principal balance and shall be of like tenor as to all terms as
the Note surrendered.

      3. Fractional Shares. No fractional shares of Common Stock shall be
issuable upon conversion of this Note, but a payment in cash will be made in
respect of any fraction of a share which would otherwise be issuable upon the
surrender of this Note, or portion hereof, for conversion. Such payment shall be
based on the Conversion Price.

      4. Accrued Interest. Upon the conversion of this Note, the Company shall
not be required to pay any accrued but unpaid interest on the amount so
converted up to the Conversion Date.

      5. Securities Act of 1933. Upon conversion of this Note, the registered
holder may be required to execute and deliver to the Company an instrument, in
form satisfactory to the Company, representing that the shares issuable upon
conversion hereof are being acquired for investment and not with a view to
distribution within the meaning of the Securities Act of 1933, as amended.

      6. Prepayment of Principal. The principal indebtedness represented by this
Note may be prepaid in whole or in part without penalty or premium.

      7. Successors and Assigns. This Note, and the obligations and rights of
the Company hereunder, shall be binding upon and inure to the benefit of the
Company, the holder of this Note, and their respective heirs, successors and
assigns.

      8. Recourse. Recourse under this Note shall be to the general unsecured
assets of the Company only and in no event to the officers, directors or
stockholders of the Company.

      9. Changes. Changes in or additions to this Note may be made or compliance
with any term, covenant, agreement, condition or provision set forth herein may
be omitted or waived (either generally or in a particular instance and either
retroactively or prospectively), upon written consent of the Company and the
holder.

                                       4
<PAGE>

      10. Currency. All payments shall be made in such coin or currency of the
United States of America as at the time of payment shall be legal tender therein
for the payment of public and private debts.

      11. Notices. All notices, requests, consents and demands shall be made in
writing and shall be mailed postage prepaid, or delivered by hand, to the
Company or to the holder hereof at their respective addresses set forth below or
to such other address as may be furnished in writing to the other party hereto:

                  If to the holder:

                  Eli Weinstein

                  If to the Company:

                  Brainstorm Cell Therapeutics Inc.
                  110 East 59th Street, 25th Floor
                  New York, New York  10022
                  Attention:  Chief Financial Officer

                  with a copy to:

                  BRL Law Group LLC
                  31 St. James Avenue, Suite 850
                  Boston, MA 02116
                  Attention:  Thomas B. Rosedale
                  Facsimile:  617-399-6930

      12. Saturdays, Sundays, Holidays. If any date that may at any time be
specified in this Note as a date for the making of any payment of principal or
interest under this Note shall fall on Saturday, Sunday or on a day which in the
New York, New York shall be a legal holiday, then the date for the making of
that payment shall be the next subsequent day which is not a Saturday, Sunday or
legal holiday.

      13. Governing Law. This Note shall be construed and enforced in accordance
with, and the rights of the parties shall be governed by, the laws of the State
of New York.

      IN WITNESS WHEREOF, this Note has been executed and delivered as a sealed
instrument on the date first above written by the duly authorized representative
of the Company.

                                          BRAINSTORM CELL THERAPEUTICS INC.

                                           /s/ Yoram Drucker
                                           -------------------------------
                                           By: Yoram Drucker
                                           Title:  Chief Operating Officer

                                       5Unassociated Document

    Exhibit
      10.2

    

    THIS
      WARRANT AND THE SHARES OF COMMON STOCK ISSUED UPON ITS

    EXERCISE
      ARE SUBJECT TO THE RESTRICTIONS ON

                TRANSFER
      SET FORTH IN SECTION 4 OF THIS
      WARRANT        

    
      

    

     

    
      	 	
              Number
                of Shares: 150,000

            
	 	
              (subject
                to adjustment)

            
	
              Date
                of Issuance: March 5, 2007

            	 

    

    BRAINSTORM
      CELL THERAPEUTICS, INC.

     

    Common
      Stock Purchase Warrant

     

    (Void
      after March 5, 2009)

     

    BrainStorm
      Cell Therapeutics, Inc., a Delaware corporation (the “Company”), for value
      received, hereby certifies that Eli Weinstein, or its registered assigns (the
      “Registered Holder”), is entitled, subject to the terms and conditions set forth
      below, to purchase from the Company, at any time or from time to time on or
      after the date of issuance and on or before 5:00 p.m. (New York time) on March
      5, 2009, 150,000 shares of Common Stock, $0.00005 par value per share, of the
      Company, at a purchase price of $0.45 per share. The shares purchasable upon
      exercise of this Warrant, and the purchase price per share, each as adjusted
      from time to time pursuant to the provisions of this Warrant, are hereinafter
      referred to as the “Warrant Shares” and the “Purchase Price,”
respectively.

     

    1. Exercise.

     

    (a) This
      Warrant may be exercised by the Registered Holder, in whole or in part, by
      surrendering this Warrant, with the purchase form appended hereto as
Exhibit I
      duly
      executed by the Registered Holder or by the Registered Holder’s duly authorized
      attorney, at the principal office of the Company, or at such other office or
      agency as the Company may designate, accompanied by payment in full, in lawful
      money of the United States, of the Purchase Price payable in respect of the
      number of Warrant Shares purchased upon such exercise.

     

    (b) The
      Registered Holder may, at its option, elect to pay some or all of the Purchase
      Price payable upon an exercise of this Warrant by canceling a portion of this
      Warrant exercisable for such number of Warrant Shares as is determined by
      dividing (i) the total Purchase Price payable in respect of the number of
      Warrant Shares being purchased upon such exercise by (ii) the excess of the
      Fair Market Value per share of Common Stock (as defined below) as of the
      Exercise Date (as defined in subsection 1(c) below) over the Purchase Price
      per
      share. If the Registered Holder wishes to exercise this Warrant pursuant to
      this
      method of payment with respect to the maximum number of Warrant Shares
      purchasable pursuant to this method, then the number of Warrant Shares so
      purchasable shall be equal to the total number of Warrant Shares, minus the
      product obtained by multiplying (x) the total number of Warrant Shares by
      (y) a fraction, the numerator of which shall be the Purchase Price per
      share and the denominator of which shall be the Fair Market Value per share
      of
      Common Stock as of the Exercise Date. The Fair Market Value per share of Common
      Stock shall be determined as follows:

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    (i) If
      the
      Common Stock is listed on a national securities exchange, the Nasdaq Global
      Market or another nationally recognized trading system as of the Exercise Date,
      the Fair Market Value per share of Common Stock shall be deemed to be the
      average of the high and low reported sale prices per share of Common Stock
      thereon on the trading day immediately preceding the Exercise Date (provided
      that if no such price is reported on such day, the Fair Market Value per share
      of Common Stock shall be determined pursuant to clause (ii)).

     

    (ii) If
      the
      Common Stock is not listed on a national securities exchange, the Nasdaq Global
      Market or another nationally recognized trading system as of the Exercise Date,
      the Fair Market Value per share of Common Stock shall be deemed to be the amount
      most recently determined by the Board of Directors to represent the fair market
      value per share of the Common Stock (including without limitation a
      determination for purposes of granting Common Stock options or issuing Common
      Stock under an employee benefit plan of the Company); and, upon request of
      the
      Registered Holder, the Board of Directors (or a representative thereof) shall
      promptly notify the Registered Holder of the Fair Market Value per share of
      Common Stock. Notwithstanding the foregoing, if the Board of Directors has
      not
      made such a determination within the three-month period prior to the Exercise
      Date, then (A) the Board of Directors shall make a determination of the
      Fair Market Value per share of the Common Stock within 15 days of a request
      by
      the Registered Holder that it do so, and (B) the exercise of this Warrant
      pursuant to this subsection 1(b) shall be delayed until such determination
      is
      made.

     

    (c) Each
      exercise of this Warrant shall be deemed to have been effected immediately
      prior
      to the close of business on the day on which this Warrant shall have been
      surrendered to the Company as provided in subsection 1(a) above (the “Exercise
      Date”). At such time, the person or persons in whose name or names any
      certificates for Warrant Shares shall be issuable upon such exercise as provided
      in subsection 1(d) below shall be deemed to have become the holder or holders
      of
      record of the Warrant Shares represented by such certificates.

     

    (d) As
      soon
      as practicable after the exercise of this Warrant in full or in part, and in
      any
      event within 10 days thereafter, the Company, at its expense, will cause to
      be
      issued in the name of, and delivered to, the Registered Holder, or as such
      Holder (upon payment by such Holder of any applicable transfer taxes) may
      direct:

     

    (i) a
      certificate or certificates for the number of full Warrant Shares to which
      the
      Registered Holder shall be entitled upon such exercise plus, in lieu of any
      fractional share to which the Registered Holder would otherwise be entitled,
      cash in an amount determined pursuant to Section 3 hereof; and

     

    (ii) in
      case
      such exercise is in part only, a new warrant or warrants (dated the date hereof)
      of like tenor, calling in the aggregate on the face or faces thereof for the
      number of Warrant Shares equal (without giving effect to any adjustment therein)
      to the number of such shares called for on the face of this Warrant minus the
      sum of (a) the number of such shares purchased by the Registered Holder
      upon such exercise plus (b) the number of Warrant Shares (if any) covered
      by the portion of this Warrant cancelled in payment of the Purchase Price
      payable upon such exercise pursuant to subsection 1(b) above.

     

    
      
         

      

      
        -2-

        
          

        

      

      
         

      

    

    2. Adjustments.

     

    (a) Adjustment
      for Stock Splits and Combinations.
      If the
      Company shall at any time or from time to time after the date on which this
      Warrant was first issued (the “Original Issue Date”) effect a subdivision of the
      outstanding Common Stock, the Purchase Price then in effect immediately before
      that subdivision shall be proportionately decreased. If the Company shall at
      any
      time or from time to time after the Original Issue Date combine the outstanding
      shares of Common Stock, the Purchase Price then in effect immediately before
      the
      combination shall be proportionately increased. Any adjustment under this
      paragraph shall become effective at the close of business on the date the
      subdivision or combination becomes effective.

     

    (b) Adjustment
      for Certain Dividends and Distributions.
      In the
      event the Company at any time, or from time to time after the Original Issue
      Date shall make or issue, or fix a record date for the determination of holders
      of Common Stock entitled to receive, a dividend or other distribution payable
      in
      additional shares of Common Stock, then and in each such event the Purchase
      Price then in effect immediately before such event shall be decreased as of
      the
      time of such issuance or, in the event such a record date shall have been fixed,
      as of the close of business on such record date, by multiplying the Purchase
      Price then in effect by a fraction:

     

    (1) the
      numerator of which shall be the total number of shares of Common Stock issued
      and outstanding immediately prior to the time of such issuance or the close
      of
      business on such record date, and

     

    (2) the
      denominator of which shall be the total number of shares of Common Stock issued
      and outstanding immediately prior to the time of such issuance or the close
      of
      business on such record date plus the number of shares of Common Stock issuable
      in payment of such dividend or distribution;

     

    provided,
      however, if such record date shall have been fixed and such dividend is not
      fully paid or if such distribution is not fully made on the date fixed therefor,
      the Purchase Price shall be recomputed accordingly as of the close of business
      on such record date and thereafter the Purchase Price shall be adjusted pursuant
      to this paragraph as of the time of actual payment of such dividends or
      distributions.

     

    (c) Adjustment
      in Number of Warrant Shares.
      When
      any adjustment is required to be made in the Purchase Price pursuant to
      subsections 2(a) or 2(b), the number of Warrant Shares purchasable upon the
      exercise of this Warrant shall be changed to the number determined by dividing
      (i) an amount equal to the number of shares issuable upon the exercise of
      this Warrant immediately prior to such adjustment, multiplied by the Purchase
      Price in effect immediately prior to such adjustment, by (ii) the Purchase
      Price in effect immediately after such adjustment.

     

    
      
         

      

      
        -3-

        
          

        

      

      
         

      

    

    (d) Adjustments
      for Other Dividends and Distributions.
      In the
      event the Company at any time or from time to time after the Original Issue
      Date
      shall make or issue, or fix a record date for the determination of holders
      of
      Common Stock entitled to receive, a dividend or other distribution payable
      in
      securities of the Company (other than shares of Common Stock) or in cash or
      other property (other than cash out of earnings or earned surplus, determined
      in
      accordance with generally accepted accounting principles), then and in each
      such
      event provision shall be made so that the Registered Holder shall receive upon
      exercise hereof, in addition to the number of shares of Common Stock issuable
      hereunder, the kind and amount of securities of the Company and/or cash and
      other property which the Registered Holder would have been entitled to receive
      had this Warrant been exercised into Common Stock on the date of such event
      and
      had the Registered Holder thereafter, during the period from the date of such
      event to and including the Exercise Date, retained any such securities
      receivable, giving application to all adjustments called for during such period
      under this Section 2 with respect to the rights of the Registered
      Holder.

     

    (e) Adjustment
      for Mergers or Reorganizations, etc.
      If there
      shall occur any reorganization, recapitalization, consolidation or merger
      involving the Company in which the Common Stock is converted into or exchanged
      for securities, cash or other property (other than a transaction covered by
      subsections 2(a), 2(b) or 2(d)), then, following any such reorganization,
      recapitalization, consolidation or merger, the Registered Holder shall receive
      upon exercise hereof the kind and amount of securities, cash or other property
      which the Registered Holder would have been entitled to receive if, immediately
      prior to such reorganization, recapitalization, consolidation or merger, the
      Registered Holder had held the number of shares of Common Stock subject to
      this
      Warrant.  In
      any
      such case, appropriate adjustment (as determined in good faith by the Board
      of
      Directors of the Company) shall be made in the application of the provisions
      set
      forth herein with respect to the rights and interests thereafter of the
      Registered Holder, to the end that the provisions set forth in this Section
      2
      (including provisions with respect to changes in and other adjustments of the
      Purchase Price) shall thereafter be applicable, as nearly as reasonably may
      be,
      in relation to any securities, cash or other property thereafter deliverable
      upon the exercise of this Warrant.

     

    (f) Certificate
      as to Adjustments.
      Upon
      the occurrence of each adjustment or readjustment of the Purchase Price pursuant
      to this Section 2, the Company at its expense shall promptly compute such
      adjustment or readjustment in accordance with the terms hereof and furnish
      to
      the Registered Holder a certificate setting forth such adjustment or
      readjustment (including the kind and amount of securities, cash or other
      property for which this Warrant shall be exercisable and the Purchase Price)
      and
      showing in detail the facts upon which such adjustment or readjustment is based.
      The Company shall, upon the written request at any time of the Registered
      Holder, furnish or cause to be furnished to the Registered Holder a certificate
      setting forth (i) the Purchase Price then in effect and (ii) the
      number of shares of Common Stock and the amount, if any, of other securities,
      cash or property which then would be received upon the exercise of this
      Warrant.

     

    3. Fractional
      Shares.
      The
      Company shall not be required upon the exercise of this Warrant to issue any
      fractional shares, but shall make an adjustment therefor in cash on the basis
      of
      the Fair Market Value per share of Common Stock, as determined pursuant to
      subsection 1(b) above.

     

    
      
         

      

      
        -4-

        
          

        

      

      
         

      

    

    4. Requirements
      for Transfer.

     

    (a) This
      Warrant and the Warrant Shares shall not be sold or transferred unless either
      (i) they first shall have been registered under the Securities Act of 1933,
      as amended (the “Act”), or (ii) the Company first shall have been furnished
      with an opinion of legal counsel, reasonably satisfactory to the Company, to
      the
      effect that such sale or transfer is exempt from the registration requirements
      of the Act.

     

    (b) Notwithstanding
      the foregoing, no registration or opinion of counsel shall be required for
      (i) a transfer by a Registered Holder which is a corporation to a wholly
      owned subsidiary of such corporation, a transfer by a Registered Holder which
      is
      a partnership to a partner of such partnership or a retired partner of such
      partnership or to the estate of any such partner or retired partner, or a
      transfer by a Registered Holder which is a limited liability company to a member
      of such limited liability company or a retired member or to the estate of any
      such member or retired member, provided that the transferee in each case agrees
      in writing to be subject to the terms of this Section 4, or (ii) a
      transfer made in accordance with Rule 144 under the Act.

     

    (c) Each
      certificate representing Warrant Shares shall bear a legend substantially in
      the
      following form:

     

    “The
      securities represented by this certificate have not been registered under the
      Securities Act of 1933, as amended, and may not be offered, sold or otherwise
      transferred, pledged or hypothecated unless and until such securities are
      registered under such Act or an opinion of counsel satisfactory to the Company
      is obtained to the effect that such registration is not required.”

     

    The
      foregoing legend shall be removed from the certificates representing any Warrant
      Shares, at the request of the holder thereof, at such time as they become
      eligible for resale pursuant to Rule 144(k) under the Act.

     

    5. No
      Impairment.
      The
      Company will not, by amendment of its charter or through reorganization,
      transfer of assets, consolidation, merger, dissolution, issue or sale of
      securities or any other voluntary action, avoid or seek to avoid the observance
      or performance of any of the terms of this Warrant, but will at all times in
      good faith assist in the carrying out of all such terms and in the taking of
      all
      such action as may be necessary or appropriate in order to protect the rights
      of
      the holder of this Warrant against impairment.

     

    6. Notices
      of Record Date, etc.
      In the
      event:

     

    
      
         

      

      
        -5-

        
          

        

      

      
         

      

    

    (a) the
      Company shall take a record of the holders of its Common Stock (or other stock
      or securities at the time deliverable upon the exercise of this Warrant) for
      the
      purpose of entitling or enabling them to receive any dividend or other
      distribution, or to receive any right to subscribe for or purchase any shares
      of
      stock of any class or any other securities, or to receive any other right;
      or

     

    (b) of
      any
      capital reorganization of the Company, any reclassification of the Common Stock
      of the Company, any consolidation or merger of the Company with or into another
      corporation (other than a consolidation or merger in which the Company is the
      surviving entity and its Common Stock is not converted into or exchanged for
      any
      other securities or property), or any transfer of all or substantially all
      of
      the assets of the Company; or

     

    (c) of
      the
      voluntary or involuntary dissolution, liquidation or winding-up of the
      Company,

     

    then,
      and
      in each such case, the Company will mail or cause to be mailed to the Registered
      Holder a notice specifying, as the case may be, (i) the record date for such
      dividend, distribution or right, and the amount and character of such dividend,
      distribution or right, or (ii) the effective date on which such reorganization,
      reclassification, consolidation, merger, transfer, dissolution, liquidation
      or
      winding-up is to take place, and the time, if any is to be fixed, as of which
      the holders of record of Common Stock (or such other stock or securities at
      the
      time deliverable upon the exercise of this Warrant) shall be entitled to
      exchange their shares of Common Stock (or such other stock or securities) for
      securities or other property deliverable upon such reorganization,
      reclassification, consolidation, merger, transfer, dissolution, liquidation
      or
      winding-up. Such notice shall be mailed at least ten days prior to the record
      date or effective date for the event specified in such notice.

     

    7. Reservation
      of Stock.
      The
      Company will at all times reserve and keep available, solely for issuance and
      delivery upon the exercise of this Warrant, such number of Warrant Shares and
      other securities, cash and/or property, as from time to time shall be issuable
      upon the exercise of this Warrant.

     

    8. Exchange
      of Warrants.
      Upon
      the surrender by the Registered Holder, properly endorsed, to the Company at
      the
      principal office of the Company, the Company will, subject to the provisions
      of
      Section 4 hereof, issue and deliver to or upon the order of such Holder, at
      the
      Company’s expense, a new Warrant or Warrants of like tenor, in the name of the
      Registered Holder or as the Registered Holder (upon payment by the Registered
      Holder of any applicable transfer taxes) may direct, calling in the aggregate
      on
      the face or faces thereof for the number of shares of Common Stock (or other
      securities, cash and/or property) then issuable upon exercise of this
      Warrant.

     

    9. Replacement
      of Warrants.
      Upon
      receipt of evidence reasonably satisfactory to the Company of the loss, theft,
      destruction or mutilation of this Warrant and (in the case of loss, theft or
      destruction) upon delivery of an indemnity agreement (with surety if reasonably
      required) in an amount reasonably satisfactory to the Company, or (in the case
      of mutilation) upon surrender and cancellation of this Warrant, the Company
      will
      issue, in lieu thereof, a new Warrant of like tenor.

     

    
      
         

      

      
        -6-

        
          

        

      

      
         

      

    

    10. Transfers,
      etc.

     

    (a) The
      Company will maintain a register containing the name and address of the
      Registered Holder of this Warrant. The Registered Holder may change its or
      his
      address as shown on the warrant register by written notice to the Company
      requesting such change.

     

    (b) Subject
      to the provisions of Section 4 hereof, this Warrant and all rights hereunder
      are
      transferable, in whole or in part, upon surrender of this Warrant with a
      properly executed assignment (in the form of Exhibit II
      hereto)
      at the principal office of the Company.

     

    (c) Until
      any
      transfer of this Warrant is made in the warrant register, the Company may treat
      the Registered Holder as the absolute owner hereof for all purposes;
provided,
      however,
      that if
      and when this Warrant is properly assigned in blank, the Company may (but shall
      not be obligated to) treat the bearer hereof as the absolute owner hereof for
      all purposes, notwithstanding any notice to the contrary.

     

    11. Mailing
      of Notices, etc.
      All
      notices and other communications from the Company to the Registered Holder
      shall
      be mailed by first-class certified or registered mail, postage prepaid, to
      the
      address last furnished to the Company in writing by the Registered Holder.
      All
      notices and other communications from the Registered Holder or in connection
      herewith to the Company shall be mailed by first-class certified or registered
      mail, postage prepaid, to the Company at its principal office set forth below.
      If the Company should at any time change the location of its principal office
      to
      a place other than as set forth below, it shall give prompt written notice
      to
      the Registered Holder and thereafter all references in this Warrant to the
      location of its principal office at the particular time shall be as so specified
      in such notice.

     

    12. No
      Rights as Stockholder.
      Until
      the exercise of this Warrant, the Registered Holder shall not have or exercise
      any rights by virtue hereof as a stockholder of the Company. Notwithstanding
      the
      foregoing, in the event (i) the Company effects a split of the Common Stock
      by means of a stock dividend and the Purchase Price of and the number of Warrant
      Shares are adjusted as of the date of the distribution of the dividend (rather
      than as of the record date for such dividend), and (ii) the Registered
      Holder exercises this Warrant between the record date and the distribution
      date
      for such stock dividend, the Registered Holder shall be entitled to receive,
      on
      the distribution date, the stock dividend with respect to the shares of Common
      Stock acquired upon such exercise, notwithstanding the fact that such shares
      were not outstanding as of the close of business on the record date for such
      stock dividend.

     

    13. Piggyback
      Registration Rights.
      The
      Registered Holder shall have “piggyback registration rights” with respect to the
      Warrant Shares, subject to certain limitations and conditions, including, among
      others, cutback provisions and underwriter discretion, to be included by the
      Company in a resale registration statement filed with the Securities and
      Exchange Commission.  The Registered Holder understands and acknowledges
      that the Warrant Shares have not been registered for resale with the Securities
      and Exchange Commission, and until such a registration is made and becomes
      effective, the Warrant Shares may not be sold or transferred (other than
      pursuant to an effective registration statement or an exemption from
      registration). 

     

    
      
         

      

      
        -7-

        
          

        

      

      
         

      

    

    14. Change
      or Waiver.
      Any
      term of this Warrant may be changed or waived only by an instrument in writing
      signed by the party against which enforcement of the change or waiver is sought.
      

     

    15. Section
      Headings.
      The
      section headings in this Warrant are for the convenience of the parties and
      in
      no way alter, modify, amend, limit or restrict the contractual obligations
      of
      the parties.

     

    16. Governing
      Law.
      This
      Warrant will be governed by and construed in accordance with the internal laws
      of the State of New York (without reference to the conflicts of law provisions
      thereof).

     

    EXECUTED
      as of the Date of Issuance indicated above.

     

     

    
      	 	 	 
	 	BRAINSTORM
              CELL
              THERAPEUTICS, INC.
	 
 	 
 	 
 
	 	By:  	/s/ Yoram
              Drucker
	[Corporate
              Seal]	
              
Title:
Chief
              Operating Officer
	 	 
	ATTEST:	 
	 	 
	
              
 	 

    

     

    
      
         

      

      
        -8-

        
          

        

      

      
         

      

    

    EXHIBIT
      I

     

    PURCHASE
      FORM

     

    To:_________________Dated:____________

     

    The
      undersigned, pursuant to the provisions set forth in the attached Warrant
      (No. ___), hereby irrevocably elects to purchase (check
      applicable box):

     

    
      	 	
              0

            	
              _____
                shares of the Common Stock covered by such Warrant;
                or

            

    

     

    
      	 	
              0

            	
              the
                maximum number of shares of Common Stock covered by such Warrant
                pursuant
                to the cashless exercise procedure set forth in
                Section 1(b).

            

    

     

    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 (check
      applicable box or boxes):

     

    
      	 	
              0

            	
              $______
                in lawful money of the United States;
                and/or

            

    

     

    
      	 	
              0

            	
              the
                cancellation of such portion of the attached Warrant as is exercisable
                for
                a total of _____ Warrant Shares (using a Fair Market Value of $_____
                per
                share for purposes of this calculation);
                and/or

            

    

     

    
      	 	
              0

            	
              the
                cancellation of such number of Warrant Shares as is necessary, in
                accordance with the formula set forth in Section 1(b), to exercise
                this Warrant with respect to the maximum number of Warrant Shares
                purchasable pursuant to the cashless exercise procedure set forth
                in
                Section 1(b).

            

    

     

    Signature: ______________________

     

    Address: _______________________

     

    _______________________

    
      
         

      

      
        -9-

        
          

        

      

      
         

      

    

    EXHIBIT
      II

     

    ASSIGNMENT
      FORM

     

    FOR
      VALUE
      RECEIVED, ________________________________________ hereby sells, assigns and
      transfers all of the rights of the undersigned under the attached Warrant (No.
      ____) with respect to the number of shares of Common Stock covered thereby
      set
      forth below, unto:

     

    
      	
              Name
                of Assignee

            	 	
              Address

            	 	
              No.
                of Shares

            
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

    

    Dated:_____________________                            Signature:________________________________

     

    Signature
      Guaranteed:

     

    By:
      _______________________

     

    The
      signature should be guaranteed by an eligible guarantor institution (banks,
      stockbrokers, savings and loan associations and credit unions with membership
      in
      an approved signature guarantee medallion program) pursuant to Rule 17Ad-15
      under the Securities Exchange Act of 1934.

     

    
      
         

      

        -10-

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