Document:

Exhibit 10.1

 

CONFIDENTIAL

 

AMENDMENT No. 3 TO OFFER
LETTER AGREEMENT

 

This AMENDMENT NO. 3 TO OFFER
LETTER AGREEMENT (the “Amendment”) is effective as of the date on which the last party executes this
Amendment (“Amendment Effective Date”), by and between BRAINSTORM CELL THERAPEUTICS INC., a Delaware corporation
with a mailing address of 1325 Avenue of Americas, 28th Floor New York, NY 10019 (the “Company”), and DR. STACY
LINDBORG, an individual (the “Executive”).

 

WITNESSETH:

 

WHEREAS,
Company and Executive entered into that certain Offer Letter Agreement, effective as of June 1, 2020 (as amended, modified and supplemented
and as may be amended, restated, modified and supplemented from time to time, the “Agreement”); and

 

WHEREAS,
Company and Executive desire to amend and clarify the terms of their Agreement as provided in this Amendment.

 

NOW,
THEREFORE, it is hereby agreed as follows:

 

		1.	The Executive shall be appointed Co-CEO.

 

		2.	The terms of the Agreement are hereby amended as follows:

 

		2.1.	Paragraph iv of the Agreement is hereby amended by amending subsection (a) as follows, with defined
terms having their respective meanings in the Agreement:

 

Section (iv)a. shall be amended
such that the Base Salary, as defined therein, shall be raised to USD$500,000 instead of USD$469,000.

 

In addition, the following language
shall be added at the end of Section (iv)a: “Executive will be eligible to receive an annual merit performance increase of 5% of
her Base Salary, which shall be effective as of January 1 of every year (“Merit Increase”). The determination whether or not
to grant Executive a Merit Increase shall be made during the month of December of every year, based on a combination of the Company’s
and Executive’s performance throughout that given year, and will be granted subject to the recommendation of the Company’s
CEO and approval of the Company’s Board of Directors. “

 

		2.2.	Paragraph (iv) of the Agreement is hereby amended by:

 

		2.2.1	amending clause (b) such that the annual cash bonus shall be raised from 35% of the
Base Salary to 40% of the Base Salary; in addition –

 

     

     

    

 

		2.2.2	a new clause (b.1) shall be inserted which shall come immediately after clause (b)
and be in addition to the existing bonus language which appears in clause (b) and which was amended herein in clause 2.2.1. The new clause
(b.1) shall read as follows, with defined terms having their respective meanings
in the Agreement:

 

In addition to the cash bonus you
are eligible to receive, as per Section (b) above, you shall also be eligible to receive a one-time bonus, in the form of an equity grant,
in accordance with the following provisions: Subject to your satisfaction of pre-established performance goals, as determined by the Board
of Directors or any applicable committee of the Board, you shall receive a grant of restricted stock under the Company’s 2014 Stock
Incentive Plan (or any successor or other equity plan then maintained by the Company) comprised of up to 250,000 shares of restricted
common stock of the Company (such number subject to equitable and proportionate adjustment in the case of a stock split, reverse stock
split or similar corporate event as determined by the Compensation Committee in its sole discretion) (the “Equity Grant”).
Each Equity Grant shall be contingent upon your execution of one or more restricted stock agreements in such form and substance as may
reasonably be determined by the Company. Each Equity Grant shall vest as to twenty-five percent (25%) of the award on each of the first,
second, third and fourth anniversary of the date of grant, provided you remain continuously employed by the Company from the date of grant
through each applicable vesting date. Each Equity Grant shall be subject to accelerated vesting upon a Change of Control (as defined below)
of the Company and such other accelerated vesting as provided in this Agreement or the Plan (and any award agreement evidencing such grant,
to the extent such award agreement contains more preferential terms). In the event of your termination of employment, you shall retain
your right to any vested shares (after taking into account any accelerated vesting) and any portion of the Equity Grant that is not yet
vested (after taking into account such accelerated vesting) shall automatically be immediately forfeited to the Company, without the payment
of any consideration to you.

 

		2.3.	Paragraph (ix)(c) of the Agreement is hereby amended such that in the event that
the Company terminates the Agreement or the Executive’s employment without cause or if the Executive terminates the Agreement or
employment with Good Reason, the Company shall pay the Executive as severance pay, an amount equal to (6) months of the Base Salary.

 

In addition, Upon Termination Following
Change of Control the following provisions shall apply. If at any time within six (6) months after a Change of Control of the Company
(as defined herein) has occurred, the Executive’s employment is terminated by the Company or any successor company for any reason
other than for Cause or the Executive’s Disability or death, the Company shall pay or provide Executive with the following within
ninety (90) days of such Termination of employment: (a) an amount equal to 12 months of her then current Base Salary; and (b) any portion
of the bonus compensation that Executive would otherwise be entitled to receive until the termination date (giving credit for those milestones
and performance goals that Executive successfully completed through the termination date); and (c) accelerated vesting of the Equity Grant,
as noted above in Section 2.2.

 

Notwithstanding anything to the
contrary, no compensation of any kind shall be payable to the Executive unless or until Executive executes and delivers a full and
general waiver and release to the Company (in favor of the Company, its successors, assigns, Board members, officers, employees,
affiliates, subsidiaries, parent companies and representatives, in a form reasonable acceptable to the Company, such waiver and
release to be delivered by Executive within 10 days after termination of his employment (unless applicable law requires a longer
time period, in which case this date will be extended to the minimum time required by applicable law).

 

     

     

    

 

Definition of Change of Control. “Change of Control”
means the first to occur of any of the following: (a) any “person” or “group” (as defined in the Securities Exchange
Act of 1934) becomes the beneficial owner of a majority of the combined voting power of the then outstanding voting securities with respect
to the election of the Board of Directors of the Company; (b) any merger, consolidation or similar transaction involving the Company,
other than a transaction in which the stockholders of the Company immediately prior to the transaction hold immediately thereafter in
the same proportion as immediately prior to the transaction not less than 50% of the combined voting power of the then voting securities
with respect to the election of the Board of Directors of the resulting entity; or (c) any sale of all or substantially all of the assets
of the Company. Notwithstanding the foregoing, no change in ACCBT Corp., ACC International Holdings Ltd. or their affiliates’ ownership
of the Company shall be deemed a Change of Control under this Agreement.

 

		3.	Except as above amended, the Agreement is and shall remain in full force and effect
and binding upon the parties.

 

		4.	This Amendment may be executed in counterparts, each of which shall be an original,
but all of which shall constitute one and the same instrument. A signed copy of this Amendment delivered by facsimile, e-mail or other
means of electronic transmission will be deemed to have the same legal effect as delivery of an original signed copy hereof.

 

		5.	This Amendment shall be governed under the laws of the State of New York.

 

IN
WITNESS WHEREOF, this Amendment has been executed as of the Amendment Effective Date.

 

	 	THE COMPANY:
	 	BRAINSTORM CELL THERAPEUTICS INC.
	 	 
	 	 
	 	By:	/s/ Chaim Lebovits
	 	Name: Chaim Lebovits
	 	Title: President and Chief Executive Officer
	 	 
	 	 
	 	THE EXECUTIVE:
	 	 
	 	 
	 	By:	 /s/ Stacy Lindborg
	 	Name: Stacy LindborgExhibit 10.2

 

SEPARATION AGREEMENT

 

This SEPARATION AGREEMENT
(this “Agreement”) is effective as of the date on which the last Party executes this Agreement (the “Effective Date”),
by and between Ralph Kern, an individual with a mailing address of 959 First Avenue, New York, NY 10022 (“Executive”), and
Brainstorm Cell Therapeutics Inc., a company registered under the laws of the State of Delaware with its principal place of business at
1325 Avenue of Americas, 28th Floor New York City, New York 10019 (the “Company” and, together with Executive, the “Parties”
and each, a “Party”).

 

WHEREAS, pursuant to that
certain Employment Agreement, dated February 28, 2017 and amended March 3, 2017 (the “Employment Agreement”), Executive
was employed by Company since March 6, 2017; and

 

WHEREAS, the Executive has
expressed his desire to retire from his current role at the Company and the Parties have mutually decided to reach an amicable separation
and end the Employment Period, as defined in the Employment Agreement, as of January 20, 2023 (the “Separation Date”);
and

 

WHEREAS, the Executive and
the Company have decided to part ways on very amicable and mutually respectful terms, while continuing the positive cooperation between
them. Accordingly, the Company would like the Executive to join the Company’s Scientific Advisory Committee and the Executive is
also interested in doing so, and the Parties intend (but are not obligated) to enter into a separate agreement to that effect;

 

WHEREAS, Company and Executive
wish to set forth certain promises, agreements, and understandings in this Agreement with respect to Executive’s Separation and
the termination of the Employment Agreement and Executive’s employment with Company.

 

NOW, THEREFORE, in consideration
of the mutual covenants and agreements herein contained, and for other good and valuable consideration, the legal sufficiency of which
is hereby acknowledged, Company and Executive do hereby agree as follows:

 

 1.            Reserved.

 

2.            Separation;
Agreements Hereunder. Executive’s employment with Company shall end as of the Separation Date. In exchange for
Executive’s agreeing to and complying with the terms of this Agreement (including the release(s) it contains), Company
shall remit to Executive the following amounts: (A) USD$250,000 payable within 90 days after the Separation Date; (B) a
grant of 150,000 non-restricted shares of common stock of the Company, $0.00005 par value, which shall be granted 90 days after the
Separation Date and covered by an effective registration statement; and (C) USD$125,000 as Executive’s prorated annual
Bonus Compensation (i.e., 30% of Base Salary, prorated from March until December 2022) payable within 30 days of the
Separation Date (collectively, the “Separation Amount”). Executive shall retain ownership of all vested equity and/or
equity-based awards previously received, including common stock, RSUs and options, which shall no longer be subject to any Company
plan or restriction. In addition, all unvested equity and/or equity-based awards that would have vested during the six months that
follow the Separation Date shall vest immediately upon the Separation Date and be treated as

 

     

     

    

 

described in the preceding sentence.1
Additionally, the Company shall continue to provide or pay the cost of continuing the Executive’s and his eligible dependent’s
health and dental insurance benefits for up to one year, unless the Executive becomes eligible for health and dental insurance benefits
provided by a new employer, in which case the Executive shall notify the Company immediately and the Company shall cease providing health
and dental insurance benefits upon the start date of such new benefits (the Separation Amount, the accelerated vested equity and the health
and dental insurance benefits shall collectively be called the “Total Separation Package”). The Parties hereby acknowledge
and agree that the Total Separation Package is being granted by Company to Executive in exchange for the release of Company by Executive
set forth in Section 5 below and Company does not owe Executive any further compensation, remuneration, reimbursements or other payments
of any kind whatsoever, other than payment of Base Salary and existing benefits through the Separation Date. For the avoidance of doubt,
the Parties hereby agree that as of the Separation Date and continuing thereafter, Company is and will continue to be under no obligation
whatsoever to engage Executive or receive any further services from Executive. For the avoidance of doubt, the Separation Amount shall
be paid to Executive in accordance with Company’s standard payroll procedures and policies, including without limitation, less any
and all applicable deductions and withholdings.

 

3.            No
other Compensation or Equity. Except for the Total Separation Package, Executive acknowledges and agrees that Company does not owe
him any further compensation, remuneration, bonus, incentive, benefits, severance, commission, or other employment payments of any kind
whatsoever, other than payment of Base Salary and existing benefits through the Separation Date.

 

4.            Return
of Property. Executive hereby represents and acknowledges that he has returned or will return to Company upon the Separation Date
any and all files or other property of Company, including but not limited to laptop, computer materials, identification card, office equipment
and supplies, and records, without retaining any copies or extracts thereof.

 

5.            Release.
Executive, with the intention of binding himself, his agents, attorneys, heirs, executors, administrators and assigns, does hereby irrevocably
and unconditionally forever release and discharge Company, and its current and former subsidiaries, parents, and other direct or indirect
affiliates, as well as each of their respective stockholders, partners, heirs, executors, administrators, agents, employees, officers,
directors, successors, insurers, assigns and attorneys, of and from any and all manner of actions, cause or causes of action, suits, debts,
sums of money, costs, interests, attorneys’ fees, liabilities, charges, claims, counterclaims and demands, whatsoever, in law or
in equity or otherwise, that Executive now has or may have, whether mature, direct, derivative, subrogated, personal, assigned, both known
and unknown, foreseen or unforeseen, contingent or actual, liquidated or unliquidated, arising from the beginning of the world until the
date that Executive signs this Agreement, including, but not limited to, any claims arising in any way out of his employment with Company
or the termination of his employment by way of his Separation to Company, other than any specific claims that may arise as a direct result
of the Company’s failure to comply with the provisions of this Agreement. The foregoing release of claims by Executive includes,
but is not limited to, any and all claims under the Age Discrimination in Employment Act (“ADEA”), 29 U.S.C. § 621 et
seq., the Americans with Disabilities Act (“ADA”), 42 U.S.C. § 12101 et seq., the Civil Rights
Act of 1991, 42 U.S.C. § 1981a et seq., the Family and Medical Leave Act (“FMLA”), Title VII of the Civil Rights
Act of 1964, 42 U.S.C. § 2000e et seq., the Corporate and Criminal Fraud Accountability Act of 2002, (the “Sarbanes-Oxley
Act”), the Dodd–Frank Wall Street Reform and Consumer Protection Act, the New York State Human Rights Law, N.Y. Exec. Law
 § 296 et seq., and the New York City Human Rights Law, NYC Admin. Code § 8-101 et seq., or any other similar federal,
state, or municipal statutes or ordinances prohibiting discrimination or pertaining to employment, and any contract, tort, or common law
theories with respect to Executive’s hiring by Company, the terms and conditions of his employment with Company, or his Separation
from Company thereof.

 

 

1
Note: Executive holds as of today 215,310 RSUs of which 125,598 are currently vested and 89,713 unvested. The 35,885 RSUs
currently scheduled to vest on March 6, 2023 shall accelerate and
vest upon the Separation Date, after which 161,483 RSUs would be fully vested and 53,827 will be unvested.

Executive
holds as of today 80,000 BCLI options at $8 strike price, of which 20,000 are currently vested and 60,000 not yet vested. All remaining
60,000 options are currently scheduled to vest on March 9,
2023 and shall accelerate and vest upon the Separation Date, after which all 80,000 options would be fully vested.

 

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6.            Representations.
Executive represents that Executive has not filed against Company (and/or its parent, subsidiaries, affiliates or any of their respective
stockholders, partners (former or current), agents, officers, employees or directors) any complaints, charges or lawsuits arising out
of Executive’s employment or any other matter concerning Company arising on or prior to the Effective Date.

 

 7.            Confidential Information.

 

(a)            The
parties agree to keep the terms of this Agreement, including the monetary terms set forth above, strictly confidential, except as otherwise
required by applicable laws; provided, however, that each party may disclose the terms of this Agreement to its accountant and attorney.

 

(b)            By
virtue of Executive’s employment with Company, Executive acknowledges and agrees that he has had access to Company’s
Confidential Information. “Confidential Information” refers to any and all proprietary non-public information relating
and/or belonging to Company and/or related persons, whether in oral, written, graphic or machine-readable form, including without
limitation: the names of customers or clients, referral sources, pricing lists (including item and client specific pricing
information); proprietary purchasing and sales methods and techniques; pricing methods and strategies; databases, computer software
design and/or improvements; market studies; proposed or existing marketing techniques or plans; future Company business plans;
information on current and potential clients or customers, referral sources, suppliers and supplies; and the identity of various
suppliers/vendors of products and services; know-how, trade secrets, formulas, techniques, customer information or lists, affiliate
information or lists, employee lists, inventions, improvements, concepts and ideas; business plans and proposals, technical data,
research reports, designs and specifications, flow charts, diagrams or similar data, cost or profit information, equipment
specifications, performance or productivity standards, maintenance and record keeping techniques; and any information that is of
value or significance to Company and/or related persons that derives independent economic value, actual or potential, including
information not generally known to the competitors of Company and/or related persons nor intended by Company and/or related persons
for general dissemination, regardless of whether any of such information, data or documents qualify as “trade secrets”
under applicable federal or state law. Confidential Information also includes, but is not limited to, all proprietary technologies,
know-how, trade secrets, discoveries, inventions, any information that is related to manufacturing methods, clinical data, clinical
trials results, business plans or product pricing, and any other intellectual property (whether or not patented), analyses,
compilations, business or technical information and other proprietary materials prepared by Company, its affiliates, or any of their
representatives, containing or based in whole or in part on any Confidential Information of Company. Executive agrees that, except
as expressly authorized by Company in writing, he will not at any time, in perpetuity, disclose to any person or use any
Confidential Information whatsoever for any purposes whatsoever, or permit any person whatsoever to examine, use and/or make copies
of materials in any media, tangible or otherwise, embodying any Confidential Information. “Confidential Information”
shall not include information that (i) is or becomes generally available to the public through no breach by Executive, or
(ii) is required to be disclosed pursuant to any applicable law or judicial order applicable to the Executive.

 

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(c)            In
the event that Executive receives a subpoena or court order requesting that Executive disclose Confidential Information, Executive shall
(if permitted by law) immediately notify Company of the subpoena or court order in writing and provide Company with a copy of the subpoena
or court order within three (3) business days of Executive’s receipt thereof. Executive acknowledges that the purpose of this
notice requirement is to provide Company adequate opportunity to oppose any subpoena or court order requiring disclosure of the Confidential
Information, and agrees that notice shall be given to Company prior to the disclosure by Executive of any Confidential Information. Executive’s
disclosure of Confidential Information as requested by a subpoena or court order shall not constitute a breach of this Agreement if disclosure
is made after giving notice and a copy of the subpoena or court order to Company, and Company either fails to object or Company’s
objections are overruled by a court of law. Failure to give notice and a copy of the subpoena or court order to Company shall constitute
a breach of this Agreement by Executive, unless Executive was prohibited from providing such notice.

 

(d)            In
the event of any alleged breach of this confidentiality provision or the Confidentiality Obligations in the Employment Agreement by Executive,
Company may apply to a court of competent jurisdiction to determine whether there has in fact been a breach, and for appropriate relief.
In any proceeding to enforce the terms of this Agreement, the Agreement may be introduced under seal to maintain its confidentiality.
Executive understands and agrees that the damages to Company of any such breach of the confidentiality provision will be extremely difficult
to determine. Because of this difficulty, Executive agrees that in the event of such breach, Executive must forfeit up to all monies paid
to him under this Agreement. Executive further agrees to indemnify Company for any and all fees and costs it incurs in connection with
any such recovery. Notwithstanding any such relief, all of the other terms of this Agreement including, without limitation, Executive's
release of all claims against Company, shall remain in full force and effect. The remedies provided for in this provision shall not be
construed to be exclusive and do not bar any other claims for relief, either at law or equity.

 

		8.	Reserved.

 

9.            Non-Solicitation.
Executive agrees that, in addition to his obligations under the Employment Agreement, from the Separation Date and for a period of 2 years
hereafter, Executive will not solicit, entice, persuade, induce or influence, directly or indirectly, any individual who is an employee
or contractor of Company or has otherwise received an offer of employment from Company to terminate his/her employment with Company, and
Executive shall not approach any individual for any such purposes.

 

10.            Entire
Agreement. Company and Executive each represent and warrant that no promise or inducement has been offered or made except as
herein set forth and that the consideration stated herein is the sole consideration for this Agreement. This Agreement is a complete
and entire agreement and states fully all agreements, understandings, promises and commitments as between Company and Executive and
as to the termination of their relationship, and this Agreement supersedes and cancels any and all other negotiations,
understandings and agreements, oral or written, respecting the subject matter hereof. Notwithstanding the foregoing, it is hereby
agreed that the relevant provisions from the Employment Agreement that survive termination in accordance with the terms therein,
including those relating to Executive’s Confidentiality Obligations, Assignment of Inventions, Ownership of Copyrights,
Litigation, Non Interference with Customer Accounts, Non Competition, Non Disparagement, shall continue to be in full force and
effect and survive termination of the Employment Agreement, as per Section 11(p) of the Employment Agreement. This
Agreement may not be modified except by an instrument in writing signed by the party against whom the enforcement of any waiver,
change, modification, or discharge is sought. If any provision of this Agreement or the application thereof is held invalid, such
invalidation shall not affect other provisions or applications of this Agreement and to this end, the provisions of this Agreement
are declared to be severable.

 

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11.            Assignability.
This Agreement is personal to Executive and he may not assign, pledge, delegate, or otherwise transfer any of his rights, obligations,
or duties under this Agreement.

 

12.            Counterparts.
This Agreement may be executed in counterparts, and each counterpart, when executed, shall have the efficacy of a signed original. Digital
copies of such signed counterparts may be used in lieu of the originals for any purpose.

 

13.            Non-admissibility.
Nothing contained in this Agreement, or the fact of its submission to a party, shall be admissible evidence against a party in any judicial,
administrative, or other legal proceeding (other than an action for breach of this Agreement).

 

14.            Execution
of this Agreement. By signing this Agreement, each party expressly acknowledges and agrees that it has: (a) been given ample
time in which to consider this Agreement before executing it, or that it has voluntarily waived such time; (b) been advised in writing
to discuss this Agreement with an attorney before signing it; and (c) has agreed to this Agreement knowingly and voluntarily and
was not subjected to any undue influence or duress.

 

15.            Choice
of Law; Venue. Any disputes concerning the interpretation or application of this Agreement or in any way connected with Executive’s
employment with Company, or separation thereof, shall be governed by and construed in accordance with the laws of the State of New York,
without regard to the conflicts of laws rules thereof, and the parties submit to jurisdiction in the State and Federal courts located
in New York, New York.

 

*****

 

IN WITNESS WHEREOF,
the parties hereto have executed and delivered this Agreement as of the Effective Date.

 

	BRAINSTORM CELL THERAPEUTICS INC.	 	EXECUTIVE
	 	 	 
	By:	 /s/ Chaim Lebovits	 	By:	/s/ Ralph Kern
	Name:	Chaim Lebovits	 	Name:	Ralph Kern
	Title:	Chief Executive Officer	 	Title:	In his individual capacity

 

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