Document:

EXHIBIT
10.9

Summary
of Non-Management Director Compensation for 2005

The
following compensation arrangement was adopted by the Board of Directors upon
the recommendations of the Compensation Committee on November 5,
2005:

	·  	
      Each
      non-management member of the Board of Directors of the Corporation shall
      receive a grant of options to purchase 25,000 shares of the common stock
      of the Corporation for service to the Corporation in 2005, such options to
      be issued pursuant to the Corporation’s Omnibus Equity Compensation
      Plan.

	·  	
      Each
      non-management member of the Board of Directors of the Corporation receive
      the following cash compensation for 2005:

	 	
      1.
	
      an
      annual retainer in the amount of $20,000;

	 	 	 
	 	
      2.
	
      a
      Board of Director meeting fee of (i) $1,500 per meeting if such member of
      the Board is physically present at such meeting; or (ii) $750 per meeting
      if such member participates in such meeting by telephone;
    and

	 	 	 
	 	
      3.
	
      a
      Committee meeting fee of (i) $1,000 per meeting if such Committee member
      is physically present at such meeting; or (ii) $500 per meeting if such
      Committee member participates in such meeting by
  telephone.

	·  	
      The
      Chairman of the Audit & Finance Committee shall receive additional
      compensation equal to $6,000, payable on a quarterly basis in
      cash.

	·  	
      The
      Chairman of the Compensation Committee shall receive additional
      compensation equal to $4,000, payable on a quarterly basis in
      cash.

	·  	
      The
      Chairman of the Governance and Nominating Committee shall receive
      additional compensation equal to $2,000, payable on a quarterly basis in
      cash.Brainstorm Cell Therapeutics Inc.
                     1350 Avenue of the Americas, 29th Floor
                            New York, New York 10019

                                                                  March __, 2005

[NAME]

[ADDRESS]

Ladies and Gentlemen:

      This letter intends to memorialize and set forth the understandings
reached between you and Brainstorm Cell Therapeutics Inc. (the "Company")
regarding certain restrictions that shall be imposed on you with respect to the
____________ shares of the Company's Common Stock represented by Certificate
No._________ (the "Founder Shares").

      The undersigned hereby agrees and warrants that he/she will not, without
the prior written consent of the Company's Board of Directors, offer, sell,
contract to sell, pledge or otherwise dispose of, (or enter into any transaction
which is designed to, or might reasonably be expected to, result in the
disposition (whether by actual disposition or effective economic disposition due
to cash settlement or otherwise) by the undersigned or any affiliate of the
undersigned or any person in privity with the undersigned or any affiliate of
the undersigned), directly or indirectly, including the filing (or participation
in the filing) of a registration statement with the Securities and Exchange
Commission in respect of, or establish or increase a put equivalent position or
liquidate or decrease a call equivalent position within the meaning of Section
16 of the Securities Exchange Act of 1934, as amended, and the rules and
regulations of the Securities and Exchange Commission promulgated thereunder
with respect to (collectively shall be referred to as "transfer"), the Founder
Shares, for the period of time as follows:

      (i)   eighty-five percent (85%) of the Founder Shares shall be restricted
            as aforesaid for the twenty-four (24) month period following July 8,
            2004 (the "Effective Date"), and

      (ii)  fifteen percent (15%) of the Founder Shares shall be restricted as
            aforesaid for the twelve (12) month-period from the Effective Date.

<PAGE>

      Notwithstanding the foregoing, the undersigned may transfer any of the
Founder Shares (1) in the case of an individual, during his or her lifetime or
on death, by will or intestacy to his or her immediate family, (2) in the case
of an individual, during his or her lifetime or on death, to a trust or other
entity formed for tax or estate planning purposes for the direct or indirect
benefit of the undersigned or the immediate family of the undersigned, (3) as a
bona fide gift to any charitable or education not-for-profit institution that
qualifies under Internal Revenue Code Section 501(c)(3) or similar foreign
statute, or (4) if the undersigned is a partnership, limited liability company
or other corporate entity, to its partners, members or shareholders, on a
pro-rata basis to their interests in such partnership, limited liability company
or other corporate entity as part of a distribution of capital; provided,
however, that (1) such transfer shall not involve a disposition for value, and
(2) prior to any such transfer each transferee shall execute an agreement,
reasonably satisfactory to the Company, pursuant to which each transferee shall
agree to receive and hold such Founder Shares, or securities convertible into or
exchangeable or exercisable for the Founder Shares, subject to the provisions
hereof, and there shall be no further transfer except in accordance with the
provisions hereof. For the purposes of this paragraph, "immediate family" shall
mean spouse, lineal descendant, father, mother, brother or sister of the
transferor. This agreement set forth herein shall be governed by and construed
in accordance with the laws of the State of New York without regard to its
conflict of laws provisions.

      The undersigned hereby acknowledges and agrees that the Company will
communicate the transfer restrictions set forth in this letter to its transfer
agent to preclude any transfer of the Founder Shares during the restricted
periods set forth above and, if requested by the Company, the undersigned will
promptly surrender the certificate representing the Founder Shares to the
Company so that it may be reissued with a restrictive legend referring to this
letter agreement.

                                Yours very truly,

                                (For individuals)

                                ---------------------------
                                Signature

                                ---------------------------
                                Name

                               (For corporations)

                                Corporate Name:

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

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

                                     - 2 -SUBORDINATION AGREEMENT

      This Subordination Agreement (this "Agreement") is entered into as of the
18th day of February, 2005, by and between THE HOLLANDSCHE TRUST No. IT 8953/98
(the "Trust"; the Trust, together with any successors and assigns of the Trust,
are collectively referred to herein as the "Subordinated Lenders"), and Laurus
Master Fund, Ltd. (the "Senior Lender"), and acknowledged and agreed to by the
Company (as defined below). Unless otherwise defined herein, capitalized terms
used herein shall have the meaning provided such terms in the Securities
Purchase Agreement referred to below.

                                   BACKGROUND

      WHEREAS, the Senior Lender has made a an additional loan to Centurion Gold
Holdings,  Inc.,  a Florida  corporation,  (the  "Company")  pursuant to, and in
accordance with, (i) that certain Securities  Purchase Agreement dated as of the
date  hereof by and between  the  Company  and Laurus (as  amended,  modified or
supplemented  from time to time, the "Securities  Purchase  Agreement") and (ii)
the Related Agreements referred to in the Securities Purchase Agreement.

      WHEREAS,  the Subordinated Lender are has made loans to the Company and/or
Subsidiaries of the Company.

      NOW,  THEREFORE,  each Subordinated  Lender and the Senior Lender agree as
follows:

                                      TERMS

      1. All  obligations of each the Company and/or any of its  Subsidiaries to
the Senior Lender,  howsoever created,  arising or evidenced,  whether direct or
indirect,  absolute or  contingent  or now or hereafter  existing,  or due or to
become due are  referred to as "Senior  Liabilities".  Any and all loans made by
the Subordinated Lenders to the Company and/or any of its Subsidiaries, together
with all other  obligations of the Company and/or any of its Subsidiaries to any
Subordinated  Lender (in each case,  including any  interest,  fees or penalties
related thereto),  howsoever  created,  arising or evidenced,  whether direct or
indirect,  absolute or  contingent  or now or hereafter  existing,  or due or to
become due are referred to as "Junior  Liabilities".  It is expressly understood
and agreed that the term "Senior Liabilities",  as used in this Agreement, shall
include,  without limitation,  any and all interest, fees and penalties accruing
on any of the  Senior  Liabilities  after the  commencement  of any  proceedings
referred to in paragraph 4 of this Agreement,  notwithstanding  any provision or
rule of law which might restrict the rights of the Senior Lender, as against the
Company,  its  Subsidiaries  or anyone else, to collect such  interest,  fees or
penalties, as the case may be.

      2. Except as  expressly  otherwise  provided in this  Agreement  or as the
Senior Lender may  otherwise  expressly  consent in writing,  the payment of the
Junior Liabilities shall be postponed and subordinated to the payment in full of
all  Senior  Liabilities.   Furthermore,  no  payments  or  other  distributions
whatsoever  in respect of any Junior  Liabilities  shall be made,  nor shall any
property or assets of the Company or any of its  Subsidiaries  be applied to the
purchase or other acquisition or retirement of any Junior Liability.

<PAGE>

      3. Each  Subordinated  Lender hereby  subordinates all security  interests
that have been, or may be, granted by the Company and/or any of its Subsidiaries
to such  Subordinated  Lender  in  respect  of the  Junior  Liabilities,  to the
security  interests granted by the Company and/or any of its Subsidiaries to the
Senior Lender in respect of the Senior Liabilities.

      4. In the event of any dissolution, winding up, liquidation, readjustment,
reorganization or other similar  proceedings  relating to the Company and/or any
of its  Subsidiaries or to its creditors,  as such, or to its property  (whether
voluntary  or  involuntary,  partial or  complete,  and  whether in  bankruptcy,
insolvency or receivership,  or upon an assignment for the benefit of creditors,
or any other marshalling of the assets and liabilities of the Company and/or any
of its  Subsidiaries,  or any sale of all or substantially  all of the assets of
the  Company  and/or  any  of  its  Subsidiaries,   or  otherwise),  the  Senior
Liabilities shall first be paid in full before any Subordinated  Lender shall be
entitled to receive and to retain any payment or  distribution in respect of any
Junior Liability.

      5. Each  Subordinated  Lender  will mark his  books and  records  so as to
clearly  indicate that their respective  Junior  Liabilities are subordinated in
accordance  with the terms of this  Agreement.  Each  Subordinated  Lender  will
execute such further  documents or  instruments  and take such further action as
the Senior Lender may reasonably  request from time to time request to carry out
the intent of this Agreement.

      6. Each  Subordinated  Lender hereby waives all diligence in collection or
protection of or realization upon the Senior Liabilities or any security for the
Senior Liabilities.

      7. No  Subordinated  Lender will without the prior written  consent of the
Senior  Lender:  (a) attempt to enforce or collect any Junior  Liability  or any
rights in respect of any Junior  Liability;  or (b)  commence,  or join with any
other  creditor in  commencing,  any  bankruptcy,  reorganization  or insolvency
proceedings with respect to the Company and/or any of its Subsidiaries.

      8. The Senior Lender may, from time to time,  at its sole  discretion  and
without  notice to any  Subordinated  Lender,  take any or all of the  following
actions:  (a) retain or obtain a security interest in any property to secure any
of the  Senior  Liabilities;  (b)  retain or obtain  the  primary  or  secondary
obligation  of any other  obligor or obligors  with respect to any of the Senior
Liabilities;  (c) extend or renew for one or more periods (whether or not longer
than the original period),  alter or exchange any of the Senior Liabilities,  or
release or compromise  any  obligation of any nature of any obligor with respect
to any of the Senior Liabilities; and (d) release their security interest in, or
surrender,  release or permit any  substitution or exchange for, all or any part
of any property securing any of the Senior  Liabilities,  or extend or renew for
one or more periods (whether or not longer than the original period) or release,
compromise,  alter or exchange any obligations of any nature of any obligor with
respect to any such property.

      9. The Senior Lender may, from time to time,  whether  before or after any
discontinuance  of this Agreement,  without notice to any  Subordinated  Lender,
assign or transfer any or all of the Senior  Liabilities  or any interest in the
Senior Liabilities;  and, notwithstanding any such assignment or transfer or any
subsequent  assignment  or  transfer  of the  Senior  Liabilities,  such  Senior
Liabilities  shall be and remain  Senior  Liabilities  for the  purposes of this
Agreement,  and every immediate and successive  assignee or transferee of any of
the Senior  Liabilities or of any interest in the Senior  Liabilities  shall, to
the  extent  of the  interest  of such  assignee  or  transferee  in the  Senior
Liabilities, be entitled to the benefits of this Agreement to the same extent as
if such assignee or transferee were the Senior Lender, as applicable;  provided,
however,  that, unless the Senior Lender shall otherwise consent in writing, the
Senior Lender shall have an unimpaired right,  prior and superior to that of any
such assignee or transferee,  to enforce this Agreement,  for the benefit of the
Senior Lender, as to those of the Senior Liabilities which the Senior Lender has
not assigned or transferred.

                                      -2-
<PAGE>

      10. The Senior  Lender  shall not be  prejudiced  in its rights under this
Agreement  by any  act or  failure  to act of any  Subordinated  Lender,  or any
noncompliance  of any  Subordinated  Lender with any  agreement  or  obligation,
regardless  of any  knowledge  thereof  which the Senior Lender may have or with
which the Senior  Lender  may be  charged;  and no action of the  Senior  Lender
permitted  under this Agreement  shall in any way affect or impair the rights of
the Senior  Lender and the  obligations  of any  Subordinated  Lender under this
Agreement.

      11. No delay on the part of the Senior Lender in the exercise of any right
or remedy  shall  operate as a waiver of such right or remedy,  and no single or
partial  exercise  by the Senior  Lender of any right or remedy  shall  preclude
other or further  exercise of such right or remedy or the  exercise of any other
right or remedy;  nor shall any  modification or waiver of any of the provisions
of this  Agreement be binding  upon the Senior  Lender  except as expressly  set
forth in a writing duly signed and delivered on behalf of the Senior Lender. For
the purposes of this Agreement,  Senior  Liabilities  shall have the meaning set
forth in Section 1 above, notwithstanding any right or power of any Subordinated
Lender or anyone  else to assert any claim or defense  as to the  invalidity  or
unenforceability  of any such  obligation,  and no such claim or  defense  shall
affect or impair the agreements and obligations of any Subordinated Lender under
this Agreement.

      12. This Agreement shall be binding upon each Subordinated Lender and upon
the heirs,  legal  representatives,  successors and assigns of each Subordinated
Lender and the successors and assigns of any Subordinated Lender.

      13. This Agreement  shall be construed in accordance  with and governed by
the laws of New York  without  regard to conflict of laws  provisions.  Wherever
possible each provision of this Agreement shall be interpreted in such manner as
to be effective  and valid under  applicable  law, but if any  provision of this
Agreement shall be prohibited by or invalid under such law, such provision shall
be  ineffective  to the  extent  of  such  prohibition  or  invalidity,  without
invalidating the remainder of such provision or the remaining provisions of this
Agreement.

                            [signature page follows]

                                      -3-
<PAGE>

      IN WITNESS  WHEREOF,  this Agreement has been made and delivered this 18th
day of February , 2005.

                                     THE HOLLANDSCHE TRUST NO. IT 8953/98

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

                                     LAURUS MASTER FUND, LTD.

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

Acknowledged and Agreed to by:

CENTURION GOLD HOLDINGS, INC.

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

                                      -4-

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