Document:

Unassociated Document

    Exhibit
      10.4

     

    SECURITY
      HOLDERS AGREEMENT

     

    THIS
      SECURITY HOLDERS AGREEMENT (“Agreement”),
      dated
      as of ____ ____, and among ACCBT Corp., a corporation duly incorporated under
      the laws of the British Virgin Islands (“ACCBT”),
      and
      the persons listed in Exhibit A (“Holders”).
      Each
      of ACCBT and the Holders is referred to herein as a “Party” and collectively as
      the “Parties”.

     

    WHEREAS,
      pursuant to that certain subscription agreement by and between ACCBT and
      Brainstorm Cell Therapeutics Inc. (“Company”)
      dated
      as of July 2 ,2007 (“Subscription
      Agreement”),
      ACCBT
      will purchase and subscribe from the Company up to 27,500,000 of the Company’s
      common shares for an aggregate subscription price of up to $5.0 million
      (“Subscription
      Price”);
      

     

    WHEREAS,
      pursuant to Section 7.2 of the Subscription Agreement, ACCBT’s obligation to
      purchase the relevant shares is subject to the satisfaction of, inter
      alia,
      the
      Company's shareholders duly approving certain rights of ACCBT granted to ACCBT
      under the Agreement;

     

    WHEREAS,
      in
      order to satisfy the foregoing condition, the Parties wish to enter into this
      Agreement. 

     

    NOW,
      THEREFORE,
      the
      Holders and ACCBT hereby agree as follows:

     

    1. BOARD
      COMPOSITION

     

    1.1        
      Each
      of
      the Holders who is a shareholder of the Company or who shall be a shareholder
      of
      the Company at any time following the date hereof, hereby undertakes that
      immediately following a payment by ACCBT of its first USD $1 million towards
      the
      Subscription Price, then at any shareholders’ meeting in which directors of the
      Company or its subsidiaries are being elected, such Holder will vote all of
      its
      shares such that ACCBT’s nominees to the relevant Board of Directors (and any of
      their respective committees) will constitute a minimum of 40% (fractions to
      be
      rounded up to the nearest whole number) of the relevant board or committee.
      Such
      Holder additionally undertakes that it shall not vote any of its shares of
      the
      Company to replace an ACCBT nominee from the Board of Directors if said
      replacement will be inconsistent with the composition indicated above. At the
      request of ACCBT, a Holder will promptly provide ACCBT with an irrevocable
      and
      unconditional proxy to vote the Holder's shares at any shareholders' meeting
      of
      the Company to effect the foregoing in this paragraph. 

     

    1.2        
      Each
      of
      the Holders who is a shareholder of the Company or who shall be a shareholder
      of
      the Company at any time following the date hereof, hereby undertakes that
      immediately following a payment by ACCBT of its second USD $1 million towards
      the Subscription Price, then at any shareholders’ meeting in which directors of
      the Company or its subsidiaries are being elected, such Holder will vote all
      of
      its shares such that ACCBT’s nominees to the relevant Board of Directors (and
      any of their respective committees) will constitute a minimum of 50.1%
      (fractions to be rounded up to the nearest whole number) of the relevant board
      or committee. Such Holder additionally undertakes that it shall not vote any
      of
      its shares of the Company to replace an ACCBT nominee from the board if said
      replacement will be inconsistent with the composition indicated above. At the
      request of ACCBT, a Holder will promptly provide ACCBT with an irrevocable
      and
      unconditional proxy to vote the Holder's shares at any shareholders' meeting
      of
      the Company to effect the foregoing in this paragraph.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    2. PROTECTIVE
      PROVISIONS

     

    Each
      Holder hereby acknowledges and accepts that for so long as ACCBT holds (taking
      into account, for the avoidance of doubt, an affiliate of ACCBT) at least 5%
      of
      the issued and outstanding share capital of the Company, it shall not vote
      any
      of its shares to approve the following matters, without the written consent
      of
      ACCBT: 

     

    2.1        
      For
      any
      change in the certificate of incorporation of the Company or its bylaws, or
      alteration of the capital structure of the Company through any reclassification
      or consolidation;

     

    2.2         
      For
      the
      declaration or payment of any dividend or the making of any distributions to
      any
      holders of any shares in the capital of the Company;

     

    2.3         
      For
      the
      taking of any steps to voluntarily liquidate, dissolve, wind-up or otherwise
      terminate the corporate existence of the Company;

     

    2.4         
      For
      the
      share sale or exchange, merger, consolidation, amalgamation, arrangement, asset
      acquisition or any other similar transaction the effect of which is to place
      control of the business of the Company in the hands of an arm’s length third
      party;

     

    2.5         
      For
      any
      commitment or agreement to do any of the foregoing..

     

    3. INTENTIONALLY
      LEFT BLANK.

     

    4. NO
      PREEMPTION OR OTHER SHAREHOLDERS’ AGREEMENTS

     

    Each
      of
      the Holders represents and warrants that as of the date of this Agreement,
      it
      does not have or waive any preemptive rights in the issuances of securities
      of
      the Company and, except this Agreement, is not a party to any agreement which
      could influence any of its decisions or actions taken in its capacity as a
      security holder of the Company.

     

    5. HOLDERS’
      TRANSFEREES

     

    To
      the
      extend a Holder elects to sell to a third party the securities of the company
      held by it, it shall obtain from such third party as a pre-condition for such
      transfer an obligation to vote its shares and otherwise act in compliance with
      the terms of this Agreement.

     

    6. INTENTIONALLY
      LEFT BLANK.

     

    7. MISCELLANEOUS

     

    7.1        
      Integration.
      This
      Agreement constitutes the entire agreement among the Parties and supersedes
      any
      prior understandings, agreements, or representations by or among the Parties,
      written or oral, to the extent they relate in any way to the subject matter
      hereof.

     

    7.2        
      Amendments
      and Waivers.
      No
      amendment of any provision of this Agreement shall be valid unless made in
      writing and signed by ACCBT and the majority in interest of the Holders
      (calculated as of the date of such amendment). No waiver by a Party of any
      default, misrepresentation, or breach of warranty or covenant hereunder, shall
      be deemed to extend to any prior or subsequent default, misrepresentation,
      or
      breach of warranty or covenant hereunder or affect in any way any rights arising
      by virtue of any prior or subsequent such occurrence.

     

    
      
        
        

      

      
        -
          2
          -

        
          

        

      

      
        
        

      

    

     

    7.3        
      Governing
      Law.
      This
      Agreement shall be governed by, and construed in accordance with, the internal
      laws of the State of Israel without regard to the choice of law principles
      thereof. 

     

    7.4         
      This
      Agreement expires on December 31, 2008. 

     

    IN
      WITNESS WHEREOF,
      the
      Parties have caused this Agreement to be duly executed and delivered as of
      the
      day and year first written above.

     

    
      	
              Brainstorm
                Cell Therapeutic Inc. Security Holders

               

              By:

               

              Signature:

            	 	
              ACCBT
                Corp.

               

              By:

               

              Title:

            
	
               

              By:

               

              Signature:

            	 	 
	
               

              By:

               

              Signature:

            	 
	
               

              By:

               

              Signature:

            	 
	
               

              By:

               

              Signature:

            	 

    

    

    
      
        
        

      

      
        -
          3
          -Exhibit
      4.1

    [FACE
      OF
      CERTIFICATE - CAMDEN LEARNING CORPORATION]

    

    UNITS
      

    

    U
      

     

    SEE
      REVERSE FOR CERTAIN DEFINITIONS 

    

    CUSIP
         

    

    CAMDEN
      LEARNING CORPORATION

    

    UNITS
      CONSISTING OF ONE SHARE OF COMMON STOCK AND ONE WARRANT EACH TO PURCHASE ONE
      SHARE OF COMMON STOCK

    

    This
      Certifies that 

     

    is
      the
      owner of

    

    Units.

    

    Each
      Unit
      (“Unit”) consists of one (1) share of common stock, par value $.0001 per share
      (“Common Stock”), of CAMDEN LEARNING CORPORATION, a Delaware corporation (the
“Company”), and one warrant (the “Warrant”). Each Warrant entitles the holder to
      purchase one (1) share of Common Stock for $6.00 per share (subject to
      adjustment). Each Warrant will become exercisable on the later of (i) the
      Company’s completion of a business combination with a target business or (ii)
   ,
      2008
      and will expire unless exercised before 5:00 p.m., New York City Time, on
  ,
      2011,
      or earlier upon redemption (the “Expiration Date”). The Common Stock and Warrant
      comprising the Units represented by this certificate are not transferable prior
      to     ,
      2007,
      subject to earlier separation in the discretion of the representative of the
      underwriters; provided, however, in no event will the representative of the
      underwriters allow separate trading of the common stock and warrants until
      the
      Company files an audited balance sheet reflecting the Company’s receipt of the
      gross proceeds of the offering. The terms of the Warrants are governed by a
      Warrant Agreement, dated as of    ,
      2007,
      between the Company and Continental Stock Transfer & Trust Company, as
      Warrant Agent, and are subject to the terms and provisions contained therein,
      all of which terms and provisions the holder of this certificate consents to
      by
      acceptance hereof. Copies of the Warrant Agreement are on file at the office
      of
      the Warrant Agent at 17
      Battery Place, New York, New York 10004,
      and are
      available to any Warrant holder on written request and without cost. This
      certificate is not valid unless countersigned by the Transfer Agent and
      Registrar of the Company.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    Witness
      the facsimile seal of the Company and the facsimile signature of its duly
      authorized officers. 

     

    COUNTERSIGNED
      AND REGISTERED: 

    CONTINENTAL
      STOCK TRANSFER & TRUST COMPANY 

    TRANSFER
      AGENT AND REGISTRAR 

    BY:
      

    AUTHORIZED
      OFFICER 

     

    By
      

    

    

    (SIGNATURE)

    CHIEF
      EXECUTIVE OFFICER 

    

    

    (SEAL)

    

    (SIGNATURE)

    SECRETARY
      

    

     

    [REVERSE
      OF CERTIFICATE]

    

    CAMDEN
      LEARNING CORPORATION

    

    The
      Company will furnish without charge to each stockholder who so requests, a
      statement of the powers, designations, preferences and relative, participating,
      optional or other special rights of each class of stock or series thereof of
      the
      Company and the qualifications, limitations, or restrictions of such preferences
      and/or rights.

     

    The
      following abbreviations, when used in the inscription on the face of this
      certificate, shall be construed as though they were written out in full
      according to applicable laws or regulations:

     

    TEN
      COM -
      as tenants in common  

    TEN
      ENT -
      as tenants by the entireties  

    JT
      TEN -
      as joint tenants with right of survivorship and not as tenants in
      common

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
 

    UNIF
      GIFT
      MIN ACT- ______________Custodian________________

    (Cust)
         (Minor)

    under
      Uniform Gifts to Minors Act ________________________ 

    (State)
      

    

    Additional
      abbreviations may also be used though not in the above list.

     

    For
      value
      received ___________________________ , hereby sell, assign and transfer
      unto

     

    PLEASE
      INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE 

     

    
      
        

      

    

    (PLEASE
      PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE)

     

    
      

    

     

    
      

    

    Units
      represented by the within Certificate, and do hereby irrevocably constitute
      and
      appoint

     

    
      

    

    Attorney
      to transfer the said Units on the books of the within named Company with full
      power of substitution in the premises.

     

    Dated:
      

    

    Notice: The
      signature to this assignment must correspond with the name as written upon
      the
      face of the certificate in every particular, without alteration or enlargement
      or any change whatever.

     

    Signature(s)
      Guaranteed: 

    

    By
      ___________________

    THE
      SIGNATURE(S) MUST 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 S.E.C. RULE
      17Ad-15). 

    

    The
      holder of this certificate shall be entitled to receive funds from the trust
      account only in the event of the Company’s liquidation or if the holder seeks to
      convert his respective shares into cash upon a business combination which he
      voted against and which is actually completed by the Company. In no other
      circumstances shall the holder have any right or interest of any kind in or
      to
      the trust account.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00125-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00125-of-00352.parquet"}]]