Document:

Common
      Stock Purchase Agreement

    

      This
      Common Stock Purchase Agreement (“Agreement”) is made as of the 23rd
      day
      December of 2005, between Neuralstem, Inc., a Delaware corporation (the
“Company”), and the individuals and entities listed on Schedule
      A
      (the
“Purchaser”).

    

      WHEREAS,
      the Company is willing to sell to the Purchaser, and the Purchaser desires
      to
      purchase, 1,000,000 shares of the Company's Common Stock, all according to
      the
      terms and conditions hereof;

    

      Now,
      therefore, the parties agree as follows:

    

      1.
       Sale
      of Stock.  The
      Company hereby agrees to sell and issue to the Purchaser, and the Purchaser
      hereby agrees to purchase from the Company, for a purchase price of $ .50 per
      share, 1,000,000 shares (the “Shares”) of the Company's Common Stock. The total
      purchase price to be paid by the Purchaser for the Shares shall be U.S. $
      500,000.

    

      2.
       Payment
      of Purchase Price.  The
      purchase price for the Shares shall be due and payable by the Purchaser prior
      to
      the transfer of the Shares. 

    

      3.
       Issuance
      of Shares.  Upon
      receipt by the Company of the purchase price specified above, the Company shall
      promptly cause the issuance and delivery of a duly executed certificate in
      the
      name of the Purchaser evidencing the Shares.

    

      4.
       Representations,
      Warranties and Agreements of the Purchaser.

    

       4.1
       Authorization.  The
      Purchaser represents and warrants that this Agreement, when executed and
      delivered by it, will constitute a valid and legally binding obligation of
      such
      Purchaser.

    

       4.2
       Purchase
      for Own Account.  The
      Purchaser represents that it is acquiring the Shares solely for its own account
      and beneficial interest for investment and not for sale or with a view to
      distribution of any part thereof, has no present intention of selling (in
      connection with a distribution or otherwise), granting any participation in
      or
      otherwise distributing the same, and does not presently have reason to
      anticipate a change in such intention. The Purchaser also represents that the
      entire legal and beneficial interest of Shares it is purchasing is being
      purchased for the account of the Purchaser only and neither in whole nor in
      part
      for any other person, and that any transfer of the Shares will be made in
      compliance with the Securities Act of 1933, as amended (the “Act”), the
      California Corporate Securities Law of 1968, as amended, and all other
      applicable securities laws.

    

       4.3
       Information
      and Sophistication.  The
      Purchaser is aware of the Company's business affairs and financial condition,
      and acknowledges that it has received all the information it has requested
      from
      the Company and considers necessary or appropriate for deciding whether to
      purchase the Shares. The Purchaser represents that it has had an opportunity
      to
      ask questions and receive answers from the Company regarding the terms and
      conditions of the offering of the Shares and to obtain any additional
      information necessary to verify the accuracy of the information given the
      Purchaser. The Purchaser further represents that it has such knowledge and
      experience in financial and business matters that it is capable of evaluating
      the merits and risk of this investment.

    

       4.4
       Ability
      to Bear Economic Risk.
       The
      Purchaser acknowledges that investment in the Shares involves a high degree
      of
      risk, and represents that it is able, without materially impairing its financial
      condition, to hold the Shares for an indefinite period of time and to suffer
      a
      complete loss on its investment.

    

      4.5
       Restricted
      Securities.

    

      (a)
       The
      Purchaser understands that the Shares it is purchasing are not registered under
      the Act, inasmuch as they are being acquired from the Company in a transaction
      not involving a public offering, and that such securities may not be resold,
      transferred or otherwise disposed of without registration under the Act or
      an
      exemption therefrom, and further, that the Company is under no obligation to
      register such securities. The Purchaser understands that the Shares have not
      been registered under the Act in reliance upon a specific exemption therefrom,
      which exemption depends upon, among other things, the bona fide nature of its
      investment intent as expressed herein. In this connection, the Purchaser
      understands that, in the view of the Securities and Exchange Commission (the
      “SEC”), the statutory basis for such exemption may be unavailable if its
      representation was predicated solely upon a present intention to hold the shares
      for the minimum capital gains period specified under tax statutes, for a
      deferred sale, for or until an increase or decrease in the market price of
      the
      Shares, or for a period of one year or any other fixed period in the
      future.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

      (b)
       The
      Purchaser represents that it is familiar with Rule 144, as presently in effect,
      which in substance permits limited public resale of “restricted securities”
acquired, directly or indirectly, from the issuer thereof (or from an affiliate
      of such issuer), in a non-public offering subject to the satisfaction of certain
      conditions, including, among other things: (1) the availability of certain
      public information about the Company; (2) the resale occurring not less than
      one
      year after the party has purchased, and made full payment for, within the
      meaning of Rule 144, the securities to be sold; and (3) in the case of an
      affiliate, or of a non-affiliate who has held the securities less than two
      years, the sale being made through a broker in an unsolicited “broker's
      transaction” or in a transaction directly with a market maker (as said term is
      defined under the Securities Exchange Act of 1934, as amended) and the amount
      of
      securities being sold during any three-month period not exceeding the specified
      limitations stated therein, if applicable. The Purchaser further understands
      that at the time it may wish to sell the Shares there may be no public market
      upon which to make such a sale, and that, even if such a public market then
      exists, the Company may not be satisfying the current public information
      requirements of Rule 144, and that, in such event, the Purchaser would be
      precluded from selling the shares under Rule 144 even if the one-year minimum
      holding period had been satisfied. Notwithstanding the fact that Rule 144 is
      not
      exclusive, the Purchaser understands that the staff of the SEC has expressed
      its
      opinion that persons proposing to sell private placement securities other than
      in a registered offering and otherwise than pursuant to Rule 144 will have
      a
      substantial burden of proof in establishing that an exemption from registration
      is available for such offers or sales, and that such persons and their
      respective brokers who participate in such transactions do so at their own
      risk.

    

      4.6
       Limitation
      on Disposition.

    

      (a)
       Without
      limiting the foregoing, the Purchaser agrees that it will in no event make
      any
      disposition of any of the Shares unless and until:

    

       (i) 
      there is
      then in effect a registration statement under the Act covering such proposed
      disposition and such disposition is made in accordance with said registration
      statement; or

    

       (ii)
       the
      Purchaser shall have notified the Company of the details of the proposed
      disposition and, if the Company so requests, shall have provided the Company
      with an opinion of counsel satisfactory to the Company to the effect that such
      disposition will not require registration of the Shares under the
      Act.

    

      (b)
       The
      Purchaser understands that the Company's stock transfer records will be noted
      to
      reflect the restrictions on transferability of the Shares and that certificates
      evidencing such securities may bear, in addition to any legend imposed or
      required pursuant to applicable state securities law, a legend in substantially
      the following form:

     

    “THE
      SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE BEEN ACQUIRED FOR INVESTMENT
      AND
      NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF.
      NO
      SUCH SALE OR DISPOSITION MAY BE EFFECTED WITHOUT AN EFFECTIVE REGISTRATION
      STATEMENT RELATED THERETO OR AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY
      THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE SECURITIES ACT OF 1933, AS
      AMENDED.”

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    
 

    5.
       Miscellaneous.

    

       5.1
       Governing
      Law.  This
      Agreement shall be governed in all respects by the laws of the State of
      California, without reference to provisions regarding conflicts of
      laws.

    

       5.2
       Entire
      Agreement.
      This
      Agreement constitutes the full and entire understanding and agreement between
      the parties with regard to the subject matter hereof and supersedes all prior
      agreements between the parties with respect to the subject matter hereof. No
      party shall be liable or bound to any other party in any manner by any
      warranties, representations or covenants except as specifically set forth
      herein.

    

       5.3
       Counterparts.
      This
      Agreement may be executed in two counterparts, each of which shall be deemed
      an
      original, but all of which together shall constitute one and the same
      instrument.

     

    [Remainder
      of Page Intentionally Left Blank]

    
       

      
        3

        
          

        

      

      
        
        

        
        

      

    

    In
      Witness Whereof, the undersigned has executed this Common Stock Purchase
      Agreement as of the date set forth above.

    
      	 	 	 
	 	
              NEURALSTEM,
                INC.

            
	 
 	 
 	 
 
	 	By:  	
            
	 	
              

              I.
                Richard Garr

            

    

     

    
      
        (Signature
          Page to Common Stock Purchase Agreement)

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	 	 	 
	Purchasers:	High
              Tide, LLC
	 
 	 
 	 
 
	 	By:  	
            
	 	 

              Title: 

            	
              

            
	 	 	
              

            

      	 	 	 
	
            	
              Steven
                B. Dunn

               

            
	
            	By:  	
            
	 	 

              Title: 

            	
              

            
	 	 	
              

            

    

     

    
      
        
          (Signature
            Page to Common Stock Purchase Agreement)

        

        
        

      

      
        
        

        
          

        

      

      
        
        

        
        

      

    

     

    Schedule
      A

    

    Schedule
      of Purchasers

    

    
      	
              Name
                and Address of Purchaser

            	 	
              Accredited
                Investor

            	 	
              Number
                of Shares

            	 	
              Amount
                of Investment

            	 	
              Form
                of Consideration

            
	 	 	 	 	 	 	 	 	 
	
              High
                Tide, LLC

              1999
                Ave of the Stars, Suite 2530

              Los
                Angeles, CA 90067

            	 	
              Yes

            	 	
              500,000

            	 	
              $250,000

            	 	
              Cash

            
	 	 	 	 	 	 	 	 	 
	
              Steven
                B. Dunn

              2069
                Coldwater Canyon Dr. , 
Beverly Hills , CA 90210

            	 	
              Yes

            	 	
              500,000

            	 	
              $250,000

            	 	
              Cash

            
	 	 	 	 	 	 	 	 	 
	
              TOTAL

            	 	 	 	
              1,000,000

            	 	
              $500,000FORM
      OF PLACEMENT AGENT WARRANT

     

    THE
      SECURITIES REPRESENTED BY THIS WARRANT HAVE NOT BEEN REGISTERED UNDER THE
      SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS.
 THE SECURITIES HAVE BEEN ACQUIRED FOR INVESTMENT AND MAY NOT BE OFFERED
      FOR SALE, SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF AN EFFECTIVE
      REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OF 1933,
      AS
      AMENDED, OR APPLICABLE STATE SECURITIES LAWS, OR AN OPINION OF COUNSEL IN A
      FORM
      REASONABLY SATISFACTORY TO THE ISSUER THAT REGISTRATION IS NOT REQUIRED UNDER
      SAID ACT OR APPLICABLE STATE SECURITIES LAWS OR UNLESS SOLD PURSUANT TO RULE
      144
      UNDER SAID ACT.  NOTWITHSTANDING THE FOREGOING, THIS WARRANT MAY BE PLEDGED
      IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT.

     

    NEURALSTEM,
      INC.

     

    Warrant
      To Purchase Common Stock

     

    
      
        	
                Warrant
                  No.:

              	
                Number
                  of Shares: 

              

      

       

    

    Date
      of Issuance: February 23, 2006 

    

    Neuralstem,
      Inc., a Delaware corporation (the “Company”),
      hereby certifies that, for good and valuable consideration, the receipt and
      sufficiency of which are hereby acknowledged, (insert name of holder )
      (“Holder”), the registered holder hereof or its permitted assigns, is entitled,
      subject to the terms set forth below, to purchase from the Company upon
      surrender of this Warrant, at any time or times on or after the date hereof,
      but
      not after 11:59 P.M. Eastern Time on the Expiration Date (as defined
      herein) ____________   fully paid and nonassessable shares of Common Stock
      (as defined herein) of the Company (the “Warrant
      Shares”)
      at the exercise price per share provided in Section 1(b) below or as
      subsequently adjusted. 

     

    (a)           This
      Warrant is the common stock purchase warrant (the “Warrant”)
      issued pursuant to the Subscription Agreement (“Subscription
      Agreement”)
      dated the date hereof between the Company and the Holder.

    

    (b)           Definitions.
       The following words and terms as used in this Warrant shall have the
      following meanings:

    

    (i)           “Approved
      Stock Plan”
      means any employee benefit plan which has been approved by the Board of
      Directors of the Company, pursuant to which the Company’s securities may be
      issued to any employee, officer or director for services provided to the
      Company.

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

    (ii)           “Business
      Day”
      means any day other than Saturday, Sunday or other day on which commercial
      banks
      in the City of New York are authorized or required by law to remain
      closed.

    

    (iii)           “Closing
      Bid Price”
      means the closing bid price of Common Stock as quoted on the Principal Market
      (as reported by Bloomberg Financial Markets (“Bloomberg”)
      through its “Volume at Price” function).

    

    (iv)           “Common
      Stock”
      means (i) the Company’s common stock, par value $0.001 per share, and
      (ii) any capital stock into which such Common Stock shall have been changed
      or any capital stock resulting from a reclassification of such Common
      Stock.

    

    (v)           “Event
      of Default”
      means an event of default under the Subscription Agreement.

    

    (vi)           “Excluded
      Securities”
      means, provided such security is issued at a price which is greater than or
      equal to the arithmetic average of the Closing Bid Prices of the Common Stock
      for the ten (10) consecutive trading days immediately preceding the date of
      issuance, any of the following: (a) any issuance by the Company of securities
      in
      connection with a strategic partnership or a joint venture (the primary purpose
      of which is not to raise equity capital), (b) any issuance by the Company of
      securities as consideration for a merger or consolidation or the acquisition
      of
      a business, product, license, or other assets of another person or entity and
      (c) options to purchase shares of Common Stock, provided (I) such options are
      issued after the date of this Warrant to employees of the Company within thirty
      (30) days of such employee’s starting his employment with the Company, and (II)
      the exercise price of such options is not less than the Closing Bid Price of
      the
      Common Stock on the date of issuance of such option.

    

    (vii)           “Expiration
      Date”
      means the date five (5) years from the Issuance Date of this Warrant or, if
      such
      date falls on a Saturday, Sunday or other day on which banks are required or
      authorized to be closed in the City of New York or the State of New York or
      on
      which trading does not take place on the Principal Exchange or automated
      quotation system on which the Common Stock is traded (a “Holiday”),
      the next date that is not a Holiday.

    

    (viii)           “Issuance
      Date”
      means the date hereof.

    

    (ix)           “Options”
      means any rights, warrants or options to subscribe for or purchase Common Stock
      or Convertible Securities. 

    

    (x)           “Other
      Securities”
      means (i) those options and warrants of the Company issued prior to, and
      outstanding on, the Issuance Date of this Warrant, (ii) the shares of Common
      Stock issuable on exercise of such options and warrants, provided such options
      and warrants are not amended after the Issuance Date of this Warrant and
      (iii) the shares of Common Stock issuable upon exercise of this Warrant.

    

    (xi)           “Person”
      means an individual, a limited liability company, a partnership, a joint
      venture, a corporation, a trust, an unincorporated organization and a government
      or any department or agency thereof.

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    (xii)           “Principal
      Market”
      means the New York Stock Exchange, the American Stock Exchange, the Nasdaq
      National Market, the Nasdaq SmallCap Market, whichever is at the time the
      principal trading exchange or market for such security, or the over-the-counter
      market on the electronic bulletin board for such security as reported by
      Bloomberg or, if no bid or sale information is reported for such security by
      Bloomberg, then the average of the bid prices of each of the market makers
      for
      such security as reported in the “pink sheets” by the National Quotation Bureau,
      Inc.

    

    (xiii)           “Securities
      Act”
      means the Securities Act of 1933, as amended.  

    

    (xiv)           “Warrant”
      means this Warrant and all Warrants issued in exchange, transfer or replacement
      thereof.  

    

    (xv)           “Warrant
      Exercise Price”
      shall be $1.10
      or as subsequently adjusted as provided in Section 8 hereof.
 

    

    (xvi)           “Warrant
      Shares”
      means the shares of Common Stock issuable at any time upon exercise of this
      Warrant.  

    

    (c)           Other
      Definitional Provisions.  

    

    (i)           Except
      as otherwise specified herein, all references herein (A) to the Company
      shall be deemed to include the Company’s successors and (B) to any
      applicable law defined or referred to herein shall be deemed references to
      such
      applicable law as the same may have been or may be amended or supplemented
      from
      time to time.  

    

    (ii)           When
      used in this Warrant, the words “herein”,
      “hereof”,
      and “hereunder”
      and words of similar import, shall refer to this Warrant as a whole and not
      to
      any provision of this Warrant, and the words “Section”,
      “Schedule”,
      and “Exhibit”
      shall refer to Sections of, and Schedules and Exhibits to, this Warrant unless
      otherwise specified.  

    

    (iii)           Whenever
      the context so requires, the neuter gender includes the masculine or feminine,
      and the singular number includes the plural, and vice versa.  

    

    Section
      2.           Exercise
      of Warrant.
       

    

    (a)           Subject
      to the terms and conditions hereof, this Warrant may be exercised by the holder
      hereof then registered on the books of the Company, pro rata as hereinafter
      provided, at any time on any Business Day on or after the opening of business
      on
      such Business Day, commencing with the first day after the date hereof, and
      prior to 11:59 P.M. Eastern Time on the Expiration Date (i) by delivery of
      a written notice, in the form of the subscription notice attached as
Exhibit
      A
      hereto (the “Exercise
      Notice”),
      of such holder’s election to exercise this Warrant, which notice shall specify
      the number of Warrant Shares to be purchased, payment to the Company of an
      amount equal to the Warrant Exercise Price(s) applicable to the Warrant Shares
      being purchased, multiplied by the number of Warrant Shares (at the
      applicable Warrant Exercise Price) as to which this Warrant is being
      exercised (plus any applicable issue or transfer taxes) (the “Aggregate
      Exercise Price”)
      in cash or wire transfer of immediately available funds and the surrender of
      this Warrant (or an indemnification undertaking with respect to this Warrant
      in
      the case of its loss, theft or destruction) to a common carrier for overnight
      delivery to the Company as soon as practicable following such date
      (“Cash
      Basis”)
      or (ii) if at the time of exercise, the Warrant Shares are not subject to an
      effective registration statement or if an Event of Default has occurred, by
      delivering an Exercise Notice and in lieu of making payment of the Aggregate
      Exercise Price in cash or wire transfer, elect instead to receive upon such
      exercise the “Net Number” of shares of Common Stock determined according to the
      following formula (the “Cashless
      Exercise”):
       

    

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    Net
      Number = (A
      x B) - (A x C)

                                          B

    

    For
      purposes of the foregoing formula: 

    

    A
      = the total number of Warrant Shares with respect to which this Warrant is
      then
      being exercised. 

    

    B
      = the Closing Bid Price of the Common Stock on the date of exercise of the
      Warrant.

    

    C
      = the Warrant Exercise Price then in effect for the applicable Warrant Shares
      at
      the time of such exercise. 

    

    In
      the event of any exercise of the rights represented by this Warrant in
      compliance with this Section 2, the Company shall on or before the
      fifth (5th) Business Day following the date of receipt of the Exercise
      Notice, the Aggregate Exercise Price and this Warrant (or an indemnification
      undertaking with respect to this Warrant in the case of its loss, theft or
      destruction) and the receipt of the representations of the holder specified
      in
      Section 6 hereof, if requested by the Company (the “Exercise
      Delivery Documents”),
      and if the Common Stock is DTC eligible, credit such aggregate number of shares
      of Common Stock to which the holder shall be entitled to the holder’s or its
      designee’s balance account with The Depository Trust Company; provided, however,
      if the holder who submitted the Exercise Notice requested physical delivery
      of
      any or all of the Warrant Shares, or, if the Common Stock is not DTC eligible
       then the Company shall, on or before the fifth (5th)
      Business Day following receipt of the Exercise Delivery Documents, issue and
      surrender to a common carrier for overnight delivery to the address specified
      in
      the Exercise Notice, a certificate, registered in the name of the holder, for
      the number of shares of Common Stock to which the holder shall be entitled
      pursuant to such request.  Upon delivery of the Exercise Notice and
      Aggregate Exercise Price referred to in clause (i) or (ii) above the holder
      of this Warrant shall be deemed for all corporate purposes to have become the
      holder of record of the Warrant Shares with respect to which this Warrant has
      been exercised.  In the case of a dispute as to the determination of the
      Warrant Exercise Price, the Closing Bid Price or the arithmetic calculation
      of
      the Warrant Shares, the Company shall promptly issue to the holder the number
      of
      Warrant Shares that is not disputed and shall submit the disputed determinations
      or arithmetic calculations to the holder via facsimile within one (1) Business
      Day of receipt of the holder’s Exercise Notice.  

     

    (b)           If
      the holder and the Company are unable to agree upon the determination of the
      Warrant Exercise Price or arithmetic calculation of the Warrant Shares within
      one (1) day of such disputed determination or arithmetic calculation being
      submitted to the holder, then the Company shall immediately submit via facsimile
      (i) the disputed determination of the Warrant Exercise Price or the Closing
      Bid
      Price to an independent, reputable investment banking firm or (ii) the disputed
      arithmetic calculation of the Warrant Shares to its independent, outside
      accountant.  The Company shall cause the investment banking firm or the
      accountant, as the case may be, to perform the determinations or calculations
      and notify the Company and the holder of the results no later than forty-eight
      (48) hours from the time it receives the disputed determinations or
      calculations.  Such investment banking firm’s or accountant’s determination
      or calculation, as the case may be, shall be deemed conclusive absent manifest
      error.

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    (c)           Unless
      the rights represented by this Warrant shall have expired or shall have been
      fully exercised, the Company shall, as soon as practicable and in no event
      later
      than five (5) Business Days after any exercise and at its own expense, issue
      a
      new Warrant identical in all respects to this Warrant exercised except it shall
      represent rights to purchase the number of Warrant Shares purchasable
      immediately prior to such exercise under this Warrant exercised, less the number
      of Warrant Shares with respect to which such Warrant is exercised.

    

    (d)           No
      fractional Warrant Shares are to be issued upon any pro rata exercise of this
      Warrant, but rather the number of Warrant Shares issued upon such exercise
      of
      this Warrant shall be rounded up or down to the nearest whole
      number.

    

    (e)           If
      the Company or its Transfer Agent shall fail for any reason or for no reason
      to
      issue to the holder within ten (10) days of receipt of the Exercise
      Delivery Documents, a certificate for the number of Warrant Shares to which
      the
      holder is entitled or to credit the holder’s balance account with The Depository
      Trust Company for such number of Warrant Shares to which the holder is entitled
      upon the holder’s exercise of this Warrant, the Company shall, in addition to
      any other remedies under this Warrant or the Placement Agent Agreement or
      otherwise available to such holder, pay as additional damages in cash to such
      holder on each day the issuance of such certificate for Warrant Shares is not
      timely effected an amount equal to 0.025% of the product of (A) the sum of
      the
      number of Warrant Shares not issued to the holder on a timely basis and to
      which
      the holder is entitled, and (B) the Closing Bid Price of the Common Stock for
      the trading day immediately preceding the last possible date which the Company
      could have issued such Common Stock to the holder without violating this
      Section 2.

    

    Section
      3.           Covenants
      as to Common Stock.
       The Company hereby covenants and agrees as follows:

    

    (a)           This
      Warrant is, and any Warrants issued in substitution for or replacement of this
      Warrant will upon issuance be, duly authorized and validly issued.

    

    (b)           All
      Warrant Shares which may be issued upon the exercise of the rights represented
      by this Warrant will, upon issuance, be validly issued, fully paid and
      nonassessable and free from all taxes, liens and charges with respect to the
      issue thereof.

    

    (c)           During
      the period within which the rights represented by this Warrant may be exercised,
      the Company will at all times have authorized and reserved at least one hundred
      percent (100%) of the number of shares of Common Stock needed to provide for
      the
      exercise of the rights then represented by this Warrant and the par value of
      said shares will at all times be less than or equal to the applicable Warrant
      Exercise Price.  If at any time the Company does not have a sufficient
      number of shares of Common Stock authorized and available, then the Company
      shall call and hold a special meeting of its stockholders within sixty (60)
      days of that time for the sole purpose of increasing the number of authorized
      shares of Common Stock.

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    (d)           If
      at any time after the date hereof the Company shall file a registration
      statement, the Company shall include the Warrant Shares issuable to the holder,
      pursuant to the terms of this Warrant and shall maintain, so long as any other
      shares of Common Stock shall be so listed, such listing of all Warrant Shares
      from time to time issuable upon the exercise of this Warrant; and the Company
      shall so list on each national securities exchange or automated quotation
      system, as the case may be, and shall maintain such listing of, any other shares
      of capital stock of the Company issuable upon the exercise of this Warrant
      if
      and so long as any shares of the same class shall be listed on such national
      securities exchange or automated quotation system.

    

    (e)           The
      Company will not, by amendment of its Articles of Incorporation or through
      any
      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 to be observed or performed by
      it
      hereunder, but will at all times in good faith assist in the carrying out of
      all
      the provisions of this Warrant and in the taking of all such action as may
      reasonably be requested by the holder of this Warrant in order to protect the
      exercise privilege of the holder of this Warrant against dilution or other
      impairment, consistent with the tenor and purpose of this Warrant.  The
      Company will not increase the par value of any shares of Common Stock receivable
      upon the exercise of this Warrant above the Warrant Exercise Price then in
      effect, and (ii) will take all such actions as may be necessary or
      appropriate in order that the Company may validly and legally issue fully paid
      and nonassessable shares of Common Stock upon the exercise of this
      Warrant.

    

    (f)           This
      Warrant will be binding upon any entity succeeding to the Company by merger,
      consolidation or acquisition of all or substantially all of the Company’s
      assets.

    

    Section
      4.            Taxes.
       The Company shall pay any and all taxes, except any applicable
      withholding, which may be payable with respect to the issuance and delivery
      of
      Warrant Shares upon exercise of this Warrant.

    

    Section
      5.           Warrant
      Holder Not Deemed a Stockholder.
       Except as otherwise specifically provided herein, no holder, as such, of
      this Warrant shall be entitled to vote or receive dividends or be deemed the
      holder of shares of capital stock of the Company for any purpose, nor shall
      anything contained in this Warrant be construed to confer upon the holder
      hereof, as such, any of the rights of a stockholder of the Company or any right
      to vote, give or withhold consent to any corporate action (whether any
      reorganization, issue of stock, reclassification of stock, consolidation,
      merger, conveyance or otherwise), receive notice of meetings, receive dividends
      or subscription rights, or otherwise, prior to the issuance to the holder of
      this Warrant of the Warrant Shares which he or she is then entitled to receive
      upon the due exercise of this Warrant.  In addition, nothing contained in
      this Warrant shall be construed as imposing any liabilities on such holder
      to
      purchase any securities (upon exercise of this Warrant or otherwise) or as
      a
      stockholder of the Company, whether such liabilities are asserted by the Company
      or by creditors of the Company.  Notwithstanding this Section 5, the
      Company will provide the holder of this Warrant with copies of the same notices
      and other information given to the stockholders of the Company generally,
      contemporaneously with the giving thereof to the stockholders.

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    Section
      6.           Representations
      of Holder.
       The holder of this Warrant, by the acceptance hereof, represents that it
      is acquiring this Warrant and the Warrant Shares for its own account for
      investment only and not with a view towards, or for resale in connection with,
      the public sale or distribution of this Warrant or the Warrant Shares, except
      pursuant to sales registered or exempted under the Securities Act; provided,
      however, that by making the representations herein, the holder does not agree
      to
      hold this Warrant or any of the Warrant Shares for any minimum or other specific
      term and reserves the right to dispose of this Warrant and the Warrant Shares
      at
      any time in accordance with or pursuant to a registration statement or an
      exemption under the Securities Act.  The holder of this Warrant further
      represents, by acceptance hereof, that, as of this date, such holder is an
      “accredited investor” as such term is defined in Rule 501(a)(1) of
      Regulation D promulgated by the Securities and Exchange Commission under the
      Securities Act (an “Accredited
      Investor”).
       Upon exercise of this Warrant  the holder shall, if requested by the
      Company, confirm in writing, in a form satisfactory to the Company, that the
      Warrant Shares so purchased are being acquired solely for the holder’s own
      account and not as a nominee for any other party, for investment, and not with
      a
      view toward distribution or resale and that such holder is an Accredited
      Investor.  If such holder cannot make such representations because they
      would be factually incorrect, it shall be a condition to such holder’s exercise
      of this Warrant that the Company receive such other representations as the
      Company considers reasonably necessary to assure the Company that the issuance
      of its securities upon exercise of this Warrant shall not violate any United
      States or state securities laws.

    

    Section
      7.           Ownership
      and Transfer.

    

    (a)           The
      Company shall maintain at its principal executive offices (or such other office
      or agency of the Company as it may designate by notice to the holder hereof),
      a
      register for this Warrant, in which the Company shall record the name and
      address of the person in whose name this Warrant has been issued, as well as
      the
      name and address of each transferee.  The Company may treat the person in
      whose name any Warrant is registered on the register as the owner and holder
      thereof for all purposes, notwithstanding any notice to the contrary, but in
      all
      events recognizing any transfers made in accordance with the terms of this
      Warrant.

    

    Section
      8.           Adjustment
      of Warrant Exercise Price and Number of Shares.
       The Warrant Exercise Price and the number of shares of Common Stock
      issuable upon exercise of this Warrant shall be adjusted from time to time
      as
      follows:

    

    (a)           Adjustment
      of Warrant Exercise Price and Number of Shares upon Issuance of Common
      Stock.
       If and whenever on or after the Issuance Date of this Warrant, the Company
      issues or sells, or is deemed to have issued or sold, any shares of Common
      Stock (other than (i) Excluded Securities and (ii) shares of Common Stock
      which are issued or deemed to have been issued by the Company in connection
      with
      an Approved Stock Plan or upon exercise or conversion of the Other Securities)
      for a consideration per share less than a price (the “Applicable
      Price”)
      equal to the Warrant Exercise Price in effect immediately prior to such issuance
      or sale, then immediately after such issue or sale the Warrant Exercise Price
      then in effect shall be reduced to an amount equal to such consideration per
      share.  Upon each such adjustment of the Warrant Exercise Price hereunder,
      the number of Warrant Shares issuable upon exercise of this Warrant shall be
      adjusted to the number of shares determined by multiplying the Warrant Exercise
      Price in effect immediately prior to such adjustment by the number of Warrant
      Shares issuable upon exercise of this Warrant immediately prior to such
      adjustment and dividing the product thereof by the Warrant Exercise Price
      resulting from such adjustment.

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

    (b)           Effect
      on Warrant Exercise Price of Certain Events.
       For purposes of determining the adjusted Warrant Exercise Price under
      Section 8(a) above, the following shall be applicable:

    

    (i)           Issuance
      of Options.
       If after the date hereof, the Company in any manner grants any Options and
      the lowest price per share for which one share of Common Stock is issuable
      upon
      the exercise of any such Option or upon conversion or exchange of any
      convertible securities issuable upon exercise of any such Option is less than
      the Applicable Price, then such share of Common Stock shall be deemed to be
      outstanding and to have been issued and sold by the Company at the time of
      the
      granting or sale of such Option for such price per share.  For purposes of
      this Section 8(b)(i), the lowest price per share for which one share of Common
      Stock is issuable upon exercise of such Options or upon conversion or exchange
      of such Convertible Securities shall be equal to the sum of the lowest amounts
      of consideration (if any) received or receivable by the Company with respect
      to
      any one share of Common Stock upon the granting or sale of the Option, upon
      exercise of the Option or upon conversion or exchange of any convertible
      security issuable upon exercise of such Option.  No further adjustment of
      the Warrant Exercise Price shall be made upon the actual issuance of such Common
      Stock or of such convertible securities upon the exercise of such Options or
      upon the actual issuance of such Common Stock upon conversion or exchange of
      such convertible securities.

    

    (ii)           Issuance
      of Convertible Securities.
       If the Company in any manner issues or sells any convertible securities
      and the lowest price per share for which one share of Common Stock is issuable
      upon the conversion or exchange thereof is less than the Applicable Price,
      then
      such share of Common Stock shall be deemed to be outstanding and to have been
      issued and sold by the Company at the time of the issuance or sale of such
      convertible securities for such price per share.  For the purposes of this
      Section 8(b)(ii), the lowest price per share for which one share of Common
      Stock is issuable upon such conversion or exchange shall be equal to the sum
      of
      the lowest amounts of consideration (if any) received or receivable by the
      Company with respect to one share of Common Stock upon the issuance or sale
      of
      the convertible security and upon conversion or exchange of such convertible
      security.  No further adjustment of the Warrant Exercise Price shall be
      made upon the actual issuance of such Common Stock upon conversion or exchange
      of such convertible securities, and if any such issue or sale of such
      convertible securities is made upon exercise of any Options for which adjustment
      of the Warrant Exercise Price had been or are to be made pursuant to other
      provisions of this Section 8(b), no further adjustment of the Warrant Exercise
      Price shall be made by reason of such issue or sale. 

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

    (iii)           Change
      in Option Price or Rate of Conversion. If
      the purchase price provided for in any Options, the additional consideration,
      if
      any, payable upon the issue, conversion or exchange of any convertible
      securities, or the rate at which any convertible securities are convertible
      into
      or exchangeable for Common Stock changes at any time, the Warrant Exercise
      Price
      in effect at the time of such change shall be adjusted to the Warrant Exercise
      Price which would have been in effect at such time had such Options or
      convertible securities provided for such changed purchase price, additional
      consideration or changed conversion rate, as the case may be, at the time
      initially granted, issued or sold and the number of Warrant Shares issuable
      upon
      exercise of this Warrant shall be correspondingly readjusted.  For purposes
      of this Section 8(b)(iii), if the terms of any Option or convertible security
      that was outstanding as of the Issuance Date of this Warrant are changed in
      the
      manner described in the immediately preceding sentence, then such Option or
      convertible security and the Common Stock deemed issuable upon exercise,
      conversion or exchange thereof shall be deemed to have been issued as of the
      date of such change.  No adjustment pursuant to this Section 8(b)
      shall be made if such adjustment would result in an increase of the Warrant
      Exercise Price then in effect.

    

    (c)           Effect
      on Warrant Exercise Price of Certain Events.
       For purposes of determining the adjusted Warrant Exercise Price under
      Sections 8(a) and 8(b), the following shall be applicable:

    

    (i)           Calculation
      of Consideration Received.
       If any Common Stock, Options or convertible securities are issued or sold
      or deemed to have been issued or sold for cash, the consideration received
      therefore will be deemed to be the net amount received by the Company therefore.
       If any Common Stock, Options or convertible securities are issued or sold
      for a consideration other than cash, the amount of such consideration received
      by the Company will be the fair value of such consideration, except where such
      consideration consists of marketable securities, in which case the amount of
      consideration received by the Company will be the market price of such
      securities on the date of receipt of such securities.  If any Common Stock,
      Options or convertible securities are issued to the owners of the non-surviving
      entity in connection with any merger in which the Company is the surviving
      entity, the amount of consideration therefore will be deemed to be the fair
      value of such portion of the net assets and business of the non-surviving entity
      as is attributable to such Common Stock, Options or convertible securities,
      as
      the case may be.  The fair value of any consideration other than cash or
      securities will be determined jointly by the Company and the holders of Warrants
      representing at least two-thirds (b) of the Warrant Shares issuable upon
      exercise of the Warrants then outstanding.  If such parties are unable to
      reach agreement within ten (10) days after the occurrence of an event
      requiring valuation (the “Valuation
      Event”),
      the fair value of such consideration will be determined within five (5) Business
      Days after the tenth (10th)
      day following the Valuation Event by an independent, reputable appraiser jointly
      selected by the Company and the holders of Warrants representing at least
      two-thirds (b) of the Warrant Shares issuable upon exercise of the Warrants
      then
      outstanding.  The determination of such appraiser shall be final and
      binding upon all parties and the fees and expenses of such appraiser shall
      be
      borne jointly by the Company and the holders of Warrants.

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

    (ii)           Treasury
      Shares.
       The number of shares of Common Stock outstanding at any given time does
      not include shares owned or held by or for the account of the Company, and
      the
      disposition of any shares so owned or held will be considered an issue or sale
      of Common Stock.

    

    (iii)           Record
      Date.
       If the Company takes a record of the holders of Common Stock for the
      purpose of entitling them (1) to receive a dividend or other distribution
      payable in Common Stock, Options or in convertible securities or (2) to
      subscribe for or purchase Common Stock, Options or convertible securities,
      then
      such record date will be deemed to be the date of the issue or sale of the
      shares of Common Stock deemed to have been issued or sold upon the declaration
      of such dividend or the making of such other distribution or the date of the
      granting of such right of subscription or purchase, as the case may
      be.

    

    (d)           Adjustment
      of Warrant Exercise Price upon Subdivision or Combination of Common
      Stock.
       If the Company at any time after the date of issuance of this Warrant
      subdivides (by any stock split, stock dividend, recapitalization or otherwise)
      one or more classes of its outstanding shares of Common Stock into a greater
      number of shares, any Warrant Exercise Price in effect immediately prior to
      such
      subdivision will be proportionately reduced and the number of shares of Common
      Stock obtainable upon exercise of this Warrant will be proportionately
      increased.  If the Company at any time after the date of issuance of this
      Warrant combines (by combination, reverse stock split or otherwise) one or
      more
      classes of its outstanding shares of Common Stock into a smaller number of
      shares, any Warrant Exercise Price in effect immediately prior to such
      combination will be proportionately increased and the number of Warrant Shares
      issuable upon exercise of this Warrant will be proportionately decreased.
 Any adjustment under this Section 8(d) shall become effective at the
      close of business on the date the subdivision or combination becomes
      effective.

    

    (e)           Distribution
      of Assets.
       If the Company shall declare or make any dividend or other distribution of
      its assets (or rights to acquire its assets) to holders of Common Stock, by
      way
      of return of capital or otherwise (including, without limitation, any
      distribution of cash, stock or other securities, property or options by way
      of a
      dividend, spin off, reclassification, corporate rearrangement or other similar
      transaction) (a “Distribution”),
      at any time after the issuance of this Warrant, then, in each such
      case:

    

    (i)           any
      Warrant Exercise Price in effect immediately prior to the close of business
      on
      the record date fixed for the determination of holders of Common Stock
      entitled to
      receive the Distribution shall be reduced, effective as of the close of business
      on such record date, to a price determined by multiplying such Warrant Exercise
      Price by a fraction of which (A) the numerator shall be the Closing Sale Price
      of the Common Stock on the trading day immediately preceding such record date
      minus the value of the Distribution (as determined in good faith by the
      Company’s Board of Directors) applicable to one share of Common Stock, and (B)
      the denominator shall be the Closing Sale Price of the Common Stock on the
      trading day immediately preceding such record date; and

    (ii)           either
      (A) the number of Warrant Shares obtainable upon exercise of this Warrant shall
      be increased to a number of shares equal to the number of shares of Common
      Stock
      obtainable immediately prior to the close of business on the record date fixed
      for the determination of holders of Common Stock entitled to receive the
      Distribution multiplied by the reciprocal of the fraction set forth in the
      immediately preceding clause (i), or (B) in the event that the Distribution
      is
      of common stock of a company whose common stock is traded on a national
      securities exchange or a national automated quotation system, then the holder
      of
      this Warrant shall receive an additional warrant to purchase Common Stock,
      the
      terms of which shall be identical to those of this Warrant, except that such
      warrant shall be exercisable into the amount of the assets that would have
      been
      payable to the holder of this Warrant pursuant to the Distribution had the
      holder exercised this Warrant immediately prior to such record date and with
      an
      exercise price equal to the amount by which the exercise price of this Warrant
      was decreased with respect to the Distribution pursuant to the terms of the
      immediately preceding clause (i).

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

    (f)           Certain
      Events.
       If any event occurs of the type contemplated by the provisions of this
      Section 8 but not expressly provided for by such provisions (including,
      without limitation, the granting of stock appreciation rights, phantom stock
      rights or other rights with equity features), then the Company’s Board of
      Directors will make an appropriate adjustment in the Warrant Exercise Price
      and
      the number of shares of Common Stock obtainable upon exercise of this Warrant
      so
      as to protect the rights of the holders of the Warrants; provided, except as
      set
      forth in section 8(d),that no such adjustment pursuant to this Section 8(f)
      will
      increase the Warrant Exercise Price or decrease the number of shares of Common
      Stock obtainable as otherwise determined pursuant to this Section
      8.

    

    (g)           Notices.

    

    (i)           Immediately
      upon any adjustment of the Warrant Exercise Price, the Company will give written
      notice thereof to the holder of this Warrant, setting forth in reasonable
      detail, and certifying, the calculation of such adjustment.

    

    (ii)           The
      Company will give written notice to the holder of this Warrant at least ten
      (10)
      days prior to the date on which the Company closes its books or takes a record
      (A) with respect to any dividend or distribution upon the Common Stock,
      (B) with respect to any pro rata subscription offer to holders of Common
      Stock or (C) for determining rights to vote with respect to any Organic
      Change (as defined below), dissolution or liquidation, provided that such
      information shall be made known to the public prior to or in conjunction with
      such notice being provided to such holder.

    

    (iii)           The
      Company will also give written notice to the holder of this Warrant at least
      ten
      (10) days prior to the date on which any Organic Change, dissolution or
      liquidation will take place, provided that such information shall be made known
      to the public prior to or in conjunction with such notice being provided to
      such
      holder.

    

    Section
      9.           Purchase
      Rights; Reorganization, Reclassification, Consolidation, Merger or
      Sale.

    

    (a)           In
      addition to any adjustments pursuant to Section 8 above, if at any time the
      Company grants, issues or sells any Options, Convertible Securities or rights
      to
      purchase stock, warrants, securities or other property pro rata to the record
      holders of any class of Common Stock (the “Purchase
      Rights”),
      then the holder of this Warrant will be entitled to acquire, upon the terms
      applicable to such Purchase Rights, the aggregate Purchase Rights which such
      holder could have acquired if such holder had held the number of shares of
      Common Stock acquirable upon complete exercise of this Warrant immediately
      before the date on which a record is taken for the grant, issuance or sale
      of
      such Purchase Rights, or, if no such record is taken, the date as of which
      the
      record holders of Common Stock are to be determined for the grant, issue or
      sale
      of such Purchase Rights.

    

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

    (b)           Any
      recapitalization, reorganization, reclassification, consolidation, merger,
      sale
      of all or substantially all of the Company’s assets to another Person or other
      transaction in each case which is effected in such a way that holders of Common
      Stock are entitled to receive (either directly or upon subsequent liquidation)
      stock, securities or assets with respect to or in exchange for Common Stock
      is
      referred to herein as an “Organic
      Change.”
       Prior to the consummation of any (i) sale of all or substantially all of
      the Company’s assets to an acquiring Person or (ii) other Organic Change
      following which the Company is not a surviving entity, the Company will secure
      from the Person purchasing such assets or the successor resulting from such
      Organic Change (in each case, the “Acquiring
      Entity”)
      a written agreement (in form and substance satisfactory to the holders of
      Warrants representing at least two-thirds (iii) of the Warrant Shares
      issuable upon exercise of the Warrants then outstanding) to deliver to each
      holder of Warrants in exchange for such Warrants, a security of the Acquiring
      Entity evidenced by a written instrument substantially similar in form and
      substance to this Warrant and satisfactory to the holders of the Warrants
      (including an adjusted warrant exercise price equal to the value for the Common
      Stock reflected by the terms of such consolidation, merger or sale, and
      exercisable for a corresponding number of shares of Common Stock acquirable
      and
      receivable upon exercise of the Warrants without regard to any limitations
      on
      exercise, if the value so reflected is less than any Applicable Warrant Exercise
      Price immediately prior to such consolidation, merger or sale).  Prior to
      the consummation of any other Organic Change, the Company shall make appropriate
      provision (in form and substance satisfactory to the holders of Warrants
      representing a majority of
      the Warrant Shares issuable upon exercise of the Warrants then outstanding)
      to
      insure that each of the holders of the Warrants will thereafter have the right
      to acquire and receive in lieu of or in addition to (as the case may be) the
      Warrant Shares immediately theretofore issuable and receivable upon the exercise
      of such holder’s Warrants (without regard to any limitations on exercise),
      such shares of stock, securities or assets that would have been issued or
      payable in such Organic Change with respect to or in exchange for the number
      of
      Warrant Shares which would have been issuable and receivable upon the exercise
      of such holder’s Warrant as of the date of such Organic Change (without taking
      into account any limitations or restrictions on the exercisability of this
      Warrant).

    

    Section
      10.           Lost,
      Stolen, Mutilated or Destroyed Warrant.
       If this Warrant is lost, stolen, mutilated or destroyed, the Company shall
      promptly, on receipt of an indemnification undertaking (or, in the case of
      a
      mutilated Warrant, the Warrant), issue a new Warrant of like denomination and
      tenor as this Warrant so lost, stolen, mutilated or destroyed.

    

    Section
      11.           Notice.
       Any notices, consents, waivers or other communications required or
      permitted to be given under the terms of this Warrant must be in writing and
      will be deemed to have been delivered:  (i) upon receipt, when
      delivered personally; (ii) upon receipt, when sent by facsimile (provided
      confirmation of receipt is received by the sending party transmission is
      mechanically or electronically generated and kept on file by the sending party);
      or (iii) one Business Day after deposit with a nationally recognized
      overnight delivery service, in each case properly addressed to the party to
      receive the same.  The addresses and facsimile numbers for such
      communications shall be:

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

    

    
      	 	 
	
              If
                to Holder:

            	
              c/o
                T.R. Winston & Company

            
	
               

            	
              1999
                Avenue of the Stars, Suite 2530

            
	
               

            	
              Los
                Angeles, California 90067

            
	
               

            	
              Attention:     Tyler
                Runnels

            
	
               

            	
              Telephone:     (310)
                229-2139

            
	
               

            	
              Facsimile:     (310)
                201-2712

            
	
               

            	
               

            
	
              With
                Copy to:

            	
              Lawrence
                Rosenbloom

            
	
               

            	
              370
                Lexington Avenue

            
	
               

            	
              New
                York, New York 10017

            
	
               

            	
              Telephone:     (212)
                370-1300

            
	
               

            	
              Facsimile:     (212)
                370-7889

            
	
               

            	
               

            
	
               

            	
               

            
	
              If
                to the Company, to:

            	
              Neuralstem,
                Inc.

            
	
               

            	
              9700
                Great Seneca Highway

            
	
               

            	
              Rockville,
                Maryland 20850

            
	
               

            	
              Attention:      I.
                Richard Garr

            
	
               

            	
              Telephone:      (301)
                366-4841

            
	
               

            	
              Facsimile:      (301)
                

            
	
               

            	
               

            
	
              With
                a copy to:

            	
              Dieterich
                & Associates

            
	
               

            	
              11300
                W. Olympic Blvd.

            
	
               

            	
              Los
                Angeles, CA 90064

            
	
               

            	
              Attention:     Chris
                Dieterich, Esq.

            
	
               

            	
              Telephone:     (310)
                312-6888

            
	
               

            	
              Facsimile:      (310)
                312-6680

            

    

    

    If
      to a holder of this Warrant, to it at the address and facsimile number set
      forth
      on Exhibit C
      hereto, with copies to such holder’s representatives as set forth on
Exhibit C,
      or at such other address and facsimile as shall be delivered to the Company
      upon
      the issuance or transfer of this Warrant.  Each party shall provide five
      days’ prior written notice to the other party of any change in address or
      facsimile number.  Written confirmation of receipt (A) given by the
      recipient of such notice, consent, facsimile, waiver or other communication,
      (or
      (B) provided by a nationally recognized overnight delivery service shall be
      rebuttable evidence of personal service, receipt by facsimile or receipt from
      a
      nationally recognized overnight delivery service in accordance with clause
      (i),
      (ii) or (iii) above, respectively.

     

    Section
      12.           Date.
       The date of this Warrant is set forth on page 1 hereof.  This
      Warrant, in all events, shall be wholly void and of no effect after the
      close of business on the Expiration Date, except that notwithstanding any other
      provisions hereof, the provisions of Section 8(b) shall continue in full
      force and effect after such date as to any Warrant Shares or other securities
      issued upon the exercise of this Warrant.

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

    Section
      13.           Amendment
      and Waiver.
       Except as otherwise provided herein, the provisions of the Warrants may be
      amended and the Company may take any action herein prohibited, or omit to
      perform any act herein required to be performed by it, only if the Company
      has
      obtained the written consent of the holders of Warrants representing at least
      two-thirds of the Warrant Shares issuable upon exercise of the Warrants then
      outstanding; provided that, except for Section 8(d), no such action may increase
      the Warrant Exercise Price or decrease the number of shares or class of stock
      obtainable upon exercise of any Warrant without the written consent of the
      holder of such Warrant.

    

    Section
      14.           Descriptive
      Headings; Governing Law.
       The descriptive headings of the several sections and paragraphs of this
      Warrant are inserted for convenience only and do not constitute a part of this
      Warrant.  The corporate laws of the State of Delaware shall govern all
      issues concerning the relative rights of the Company and its stockholders.
       All other questions concerning the construction, validity, enforcement and
      interpretation of this Agreement shall be governed by the internal laws of
      the
      State of New York, without giving effect to any choice of law or conflict of
      law
      provision or rule (whether of the State of New York or any other jurisdictions)
      that would cause the application of the laws of any jurisdictions other than
      the
      State of New York.  Each party hereby irrevocably submits to the exclusive
      jurisdiction of the state and federal courts sitting in New York City, for
      the
      adjudication of any dispute hereunder or in connection herewith or therewith,
      or
      with any transaction contemplated hereby or discussed herein, and hereby
      irrevocably waives, and agrees not to assert in any suit, action or proceeding,
      any claim that it is not personally subject to the jurisdiction of any such
      court, that such suit, action or proceeding is brought in an inconvenient forum
      or that the venue of such suit, action or proceeding is improper.  Each
      party hereby irrevocably waives personal service of process and consents to
      process being served in any such suit, action or proceeding by mailing a copy
      thereof to such party at the address for such notices to it under this Agreement
      and agrees that such service shall constitute good and sufficient service of
      process and notice thereof.  Nothing contained herein shall be deemed to
      limit in any way any right to serve process in any manner permitted by law.
       

    Section
      15.           Waiver
      of Jury Trial.
       AS
      A MATERIAL INDUCEMENT FOR EACH PARTY HERETO TO ENTER INTO THIS WARRANT, THE
      PARTIES HERETO HEREBY WAIVE ANY RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING
      RELATED IN ANY WAY TO THIS WARRANT AND/OR ANY AND ALL OF THE OTHER DOCUMENTS
      ASSOCIATED WITH THIS TRANSACTION.

    

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

    

    IN
      WITNESS WHEREOF,
      the Company has caused this Warrant to be signed as of the date first set forth
      above.

     

    
      	 	 
	
               

            	
              NEURALSTEM,
                INC.

            
	
               

            	
               

            
	
               

            	
              By:

            
	
               

            	
              Name:   I.
                Richard Garr

            
	
               

            	
              Title:    President
                and Chief Executive Officer

            

    

     

    

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      A TO WARRANT

     

    EXERCISE
      NOTICE

     

    TO
      BE EXECUTED 

    BY
      THE REGISTERED HOLDER TO EXERCISE THIS WARRANT

     

    NEURALSTEM,
      INC.

     

    The
      undersigned holder hereby exercises the right to purchase ______________ of
      the
      shares of Common Stock (“Warrant
      Shares”)
      of Neuralstem, Inc. (the “Company”),
      evidenced by the attached Warrant (the “Warrant”).
       Capitalized terms used herein and not otherwise defined shall have the
      respective meanings set forth in the Warrant.

     

    Specify
      Method of exercise by check mark:

     

    1.
       ___           Cash
      Exercise

    

     

    (a)
      Payment
      of Warrant Exercise Price.
      The holder shall pay the Aggregate Exercise Price of $______________ to the
      Company in accordance with the terms of the Warrant.  

     

    (b)
      Delivery
      of Warrant Shares.
       The Company shall deliver to the holder _________
      Warrant
      Shares in accordance with the terms of the Warrant.  

     

    2.
       ___           Cashless
      Exercise

    

     

    (a)
      Payment
      of Warrant Exercise Price.
       In lieu of making payment of the Aggregate Exercise Price, the holder
      elects to receive upon such exercise the Net Number of shares of Common Stock
      determined in accordance with the terms of the Warrant.  

     

    (b)
      Delivery
      of Warrant Shares.
       The Company shall deliver to the holder _________
      Warrant
      Shares in accordance with the terms of the Warrant.  

     

    Date:
      _______________ __, ______

    

    Name
      of Registered Holder

    

    By:

    Name:

    Title:

    
      
        
        

      

      
        A-1

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      B TO WARRANT

     

     

    FORM
      OF WARRANT POWER

     

    FOR
      VALUE RECEIVED,
      the undersigned does hereby assign and transfer to ________________, Federal
      Identification No. __________, a warrant to purchase ____________ shares of
      the capital stock of Neuralstem, Inc. represented by warrant certificate
      no. _____, standing in the name of the undersigned on the books of said
      corporation.  The undersigned does hereby irrevocably constitute and
      appoint ______________, attorney to transfer the warrants of said corporation,
      with full power of substitution in the premises.

     

    

     

    
      	 	 
	
              Dated:

            	 
	
               

            	
               

            
	
               

            	
              By:

            
	
               

            	
              Name:

            
	
               

            	
              Title:

            
	
               

            	
               

            

    

    

    

    

     

    
      
        
        

      

      
        B-1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00105-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00105-of-00352.parquet"}]]