Document:

Exhibit 10.1

 

EMPLOYMENT AGREEMENT

 

This EMPLOYMENT
AGREEMENT (this “Agreement”), dated as of July 30, 2015 (the “Effective Date”), is entered
into by and between Brainstorm Cell Therapeutics Inc., a Delaware corporation (the “Company”), and Mr. Yoram
Bibring (the “Executive”).

 

WHEREAS, the Company
desires to employ the Executive, and the Executive desires to be employed by the Company, upon the terms and conditions set forth
herein;

 

NOW, THEREFORE,
in consideration of the mutual premises contained herein and other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties hereto agree as follows:

 

1.   Employment.
The Company hereby agrees to employ the Executive, and the Executive agrees to accept such employment, upon the terms and conditions
herein set forth.

 

2.   Employment
Period. The term of employment hereunder shall commence on the date hereof and continue until terminated as provided herein
(the “Employment Period”). Executive’s employment with the Company is “at will” and not for
a fixed term and is subject to termination in accordance with this Agreement.

 

3.   Position
and Duties. The Executive hereby agrees to serve as Chief Financial Officer (“CFO”) of the Company, and
shall have those duties, services, responsibilities and authority customarily accorded a person holding such positions in a company
such as the Company, including but not limited to those duties, services and responsibilities listed on Exhibit A attached
hereto (collectively, the “Executive Duties”). As CFO, the Executive shall report to both the Chief Executive
Officer (the “CEO”) of the Company and the Board of Directors of the Company (the “Board”).
The Executive shall devote his best efforts and his full business time and attention to the performance of the Executive Duties
to the Company in accordance with the terms hereof and as shall be reasonably requested by the Company from time to time throughout
his Employment Period. Executive shall not engage in any other business or professional activities, either on a full-time or part-time
basis, as an employee, consultant or in any other capacity, whether or not he receives any compensation therefor, without the prior
written consent of the CEO; provided, however, that nothing herein shall prevent the Executive from: (a) making and managing
personal investments consistent with Section 9 of this Agreement and any applicable Company policies as more fully detailed in
the Company’s employee manual (the “Employee Manual”), (b) engaging in community and/or charitable activities,
including serving as a trustee or board member of charitable organizations, (c) engaging in industry-related activities such as
serving on the board or committees of industry organizations, or (d) serving as a board member (i.e., director / manager) of up
to two (2) companies, so long as any of the foregoing activities, either singly or in the aggregate, do not interfere with the
proper performance of the Executive Duties or conflict or compete with the Company’s activities as currently conducted, as
later conducted or as proposed to be conducted at any time during the Employment Period.

 

    	 

    	 

    

  

4.   Compensation
and Other Terms of Employment.

 

(a)          Compensation.
In consideration of the satisfactory performance of the Executive Duties, the Executive shall be entitled to receive base compensation
during the first year of the Employment Period at the rate of $225,000 per year (the “Base Salary”). During
the Employment Period, the Board (or a committee thereof) may, at its sole discretion, increase the Base Salary. No additional
compensation shall be payable to the Executive by reason of the number of hours worked or any hours worked on Saturdays, Sundays
or holidays, by reason of special responsibilities assumed (whether on behalf of the Company or any of its subsidiaries or affiliates),
special projects completed, or otherwise. All Base Salary payable hereunder shall be payable in accordance with the Company’s
regular payroll practices (e.g., timing of payments and standard employee deductions, such as income and employment tax
withholdings).

 

(b)          Bonus
Compensation. The Executive shall be eligible to receive an annual performance bonus subject to the sole discretion of the
Board (or a committee thereof). Any amounts due to Executive pursuant to this Section 4(b) shall payable, if in cash, or issued,
if in equity or equity derivatives, no later than sixty (60) days following the completion of the annual financial statements for
the previous fiscal year of the Company.

 

(c)          Initial
Option Grant. The Company shall issue to the Executive on the Executive’s start
date, an option (the “Initial Options”) to purchase 165,000 shares of Company common stock. This option’s
exercise price will be equal the closing price of the Company’s common stock (during normal trading hours) on the date of
grant. Provided the Executive remains employed by the Company on each vesting date, the vesting schedule of the option shall be
as follows: 

 

(i)          25%
of the shares underlying the option shall vest and become exercisable on the first anniversary of the Effective Date hereof, and

 

(ii)         2.08333%
of the shares underlying the option shall vest and become exercisable on each monthly anniversary date of the date of grant starting
on the 13th monthly anniversary date of the Effective Date through the fourth anniversary of grant, 

 

so
that the option set forth in this Section 4(b) becomes fully vested and exercisable on the fourth (4th) anniversary
of the date of grant. The option shall have a ten (10) year term. Any unvested shares underlying the option as of the
date of the employment termination shall automatically terminate. The Executive shall have ninety (90) days after termination of
Executive’s employment with the Company to exercise the option to the extent then vested. The Initial Options shall automatically
terminate after such 90th day.

 

The Initial
Options are intended to qualify as inducement equity awards outside of the Company’s existing equity incentive plans in accordance
with NASDAQ Listing Rule 5635(c)(4), and are contingent on compliance with the requirements of such inducement grant exception.
The grant of the Initial Options is also contingent upon Executive’s execution of one or more stock option agreements in
such form and substance as may reasonably be determined by the Company.

 

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Notwithstanding
anything to the contrary, the Initial Options shall not be exercised or exercisable until the date on which an effective registration
statement on Form S-8 (or a successor form of registration statement) has been filed by the Company with the Securities and Exchange
Commission.

 

In the event of any stock
split, reverse stock split, stock dividend, recapitalization, combination of shares, reclassification of shares, spin-off or other
similar change in capitalization or event, or any dividend or distribution to holders of Company common stock other than an ordinary
cash dividend, the number and class of securities and exercise price per share of each outstanding option or other Company equity
contemplated by this Agreement shall be equitably adjusted by the Company (or substituted awards may be made, if applicable) in
the manner determined by the Board.

 

(d)          Equity
Incentive Plan. During the Term, Executive shall be eligible to participate in the Company’s
2014 Stock Incentive Plan, or successor plan thereto (the “Plan”)
and receive (in addition to the Initial Options set forth in Section 4(c)(ii) above) such additional stock options or other equity
awards relating to the equity of the Company as determined by the Board (or the Compensation Committee of the Board) in its sole
and absolute discretion.

 

(e)          Acceleration
Upon Change of Control. Immediately prior to a Change of Control
(as defined below) transaction as contemplated under this Agreement, all and not less than all of Executive’s unvested options
shall vest and be immediately exercisable in order for Executive to purchase the underlying shares represented thereby in connection
with the Change of Control transaction; however if the Company will request that the Executive will provide services to assist
in the transition following a Change Of Control, under terms similar to the terms of this agreement adjusted for the change of
duties then, the Company may require that any net of tax proceeds from the exercise of options subjected to accelerated vesting
(including from the sale of shares received by virtue of such exercises) shall be held in escrow for the lesser of (a) one year
from the date of the Change of Control or (b) any transitional period required from the Employee by the Company.

 

(f)          Business
Expenses. Upon presentation of vouchers and similar receipts, the Executive shall be entitled to receive reimbursement in accordance
with the policies and procedures of the Company maintained from time to time for all reasonable business expenses actually incurred
in the performance of the Executive Duties, and as more fully detailed in the Employee Manual.

 

(g)          Vacation.
The Executive shall be entitled to 20 paid vacation/sick/personal days per year, in addition to any paid holidays provided for
by company policy.

 

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(h)          Benefits.
The Executive shall be entitled to participate in such employment benefits, including but not limited to a 401(k) retirement plan,
health, dental, life insurance, and long term disability plans as are established by the Company and as in effect from time to
time applicable to executives of the Company. The Company shall provide health and dental insurance plans or, if the Company is
unable to provide such plans, the Company will reimburse the Executive for his health and dental insurance costs. The Company shall
not be required to establish, continue or maintain any other specific benefits or benefit plans other than health and dental insurance.
If the Executive elects to purchase health and dental insurance from a third party and not through the Company then, the Company
will reimburse the Executive an amount equal to the lower of, (i) The amount of premiums paid by the Executive as evidenced by
proper documentation and, (ii) the premium amount that the Company would have paid, had the Executive elected to receive the coverage
through the Company.

 

(i)          No
Additional Compensation. Except as provided in this Section 4 or as determined in the discretion of the Compensation Committee
of the Board, the Executive shall not be entitled to any other compensation, salary or bonuses for services as an employee of Company.

 

5.   Termination
and Consequences.

 

(a)          The
Executive’s Rights to Terminate. Notwithstanding any other provision of this Agreement to the contrary, the Executive
may terminate this Agreement at any time, (i) for Good Reason (as defined in Section 5(h) below), or (ii) without Good Reason on
(A) 30 days’ prior written notice to the Company through the first anniversary of the Effective Date of this Agreement; (B)
60 days’ prior written notice following the first anniversary and through the second anniversary of the Effective Date of
this Agreement; or (C) 90 days’ prior written notice following the second anniversary of the Effective Date of this Agreement.

 

(b)          The
Company’s Right to Terminate. Notwithstanding any other provision of this Agreement to the contrary, the Company
may terminate this Agreement at any time during the term hereof, (i) immediately with Cause (as defined in Section 5(i) below),
or (ii) without Cause, on 30 days’ prior written notice to the Executive..

 

(c)          Consequences
of Termination without Cause or for Good Reason. If the Company terminates this Agreement or Executive’s employment hereunder
without Cause or if the Executive terminates this Agreement or his employment hereunder with Good Reason (and the Company would
not otherwise have substantially the right to terminate Employee for Cause), the Company shall pay the Executive within thirty
(30) days of his termination of employment (or such revised payment period pursuant to Section 11(o) of this Agreement) any Bonus
Compensation that the Executive would be entitled to receive in the absence of his termination without Cause or for Good Reason.
In the event that the Executive is entitled to severance benefits under Section 5(f) below, this Section 5(c) shall not apply and
shall have no further force or effect.

 

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(d)          Consequences
of Termination With Cause or Without Good Reason. If the Company terminates this Agreement or Executive’s employment
hereunder with Cause or the Executive terminates this Agreement or his employment hereunder without Good Reason, then (i) Employee’s
Base Salary shall be discontinued upon the termination of the Agreement or his employment hereunder, (ii) no Bonus Compensation,
accrued or otherwise, shall be payable for the year in which the termination with Cause or without Good Reason occurs, (iii) to
the extent permitted by applicable law, the Executive shall cease to be entitled to participate in any benefit plans or programs
maintained by the Company, and (iv) Executive shall forfeit all rights to any unexercised Company stock options if terminated by
the Company for Cause and shall forfeit all rights with respect to any Company unvested restricted stock if terminated by the Company
for Cause or if terminated by the Executive without Good Reason.

 

(e)          Consequences
of Termination for Death or Disability. If the Executive dies or is unable to perform the Executive Duties and/or any other
obligations he may have hereunder because of a Disability (as defined herein) during the term of this Agreement, then the Agreement
shall terminate, except that the Company shall pay within thirty (30) days of such event (or such revised payment period pursuant
to Section 11(o) of this Agreement) all accrued Base Salary and any Bonus Compensation that the Executive would otherwise have
been entitled to receive through the date that the Executive’s employment with the Company is terminated and for a period
of three (3) months thereafter. In the case of a Disability, the Executive shall also receive any applicable payments and benefits
pursuant to any disability plan or policy sponsored or maintained by the Company. The unvested Initial Options shall remain outstanding
in accordance with their existing terms and conditions.

 

(f)          Consequences
Upon Termination Following Change of Control. If at any time within twelve (12) months after a Change of Control of the Company
has occurred, the Executive’s employment is terminated (x) by the Company or any successor company for any reason other than
for Cause or the Executive’s Disability or death, or (y) by Executive due to a Change of Control Termination (as hereinafter
defined) (any such termination under Section 5(f)(x) or 5(f)(y), a “5(f) Termination”), the Company shall pay
or provide Executive with the following within thirty (30) days of such 5(f) Termination of employment (or such revised payment
period pursuant to Section 11(o) of this Agreement):

 

(i)          All
Base Salary up through the date of such 5(f) Termination, which shall be paid in accordance with the Company’s normal payroll
practices as currently in effect;

 

(ii)         Payment
equal to one (1) times Executive’s target Bonus Compensation for the year in which the Change of Control immediately preceding
the 5(f) Termination occurs;

 

(iii)        Base
Salary for twelve (12) months following the date of such 5(f) Termination; and

 

(iv)         Release
from escrow of any proceeds that resulted from the exercise of options subjected to accelerated vesting (or the sale of stock acquired
as a result of such vesting) owing to the Change of Control, as described in Section 4(e).

 

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Notwithstanding anything
to the contrary, no compensation of any kind shall be payable to the Executive pursuant to this Section 5(f) or pursuant to Section
5(c) 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 executed and delivered by Executive within 10 business
days after termination of his employment, subject to the Company providing the Executive a commercially reasonably drafted waiver
and release document for signature within 7 business days of the Executive’s termination (unless applicable law requires
a longer time period, in which case this date will be extended to the minimum time required by applicable law) , and provided that
any revocation period has lapsed and Executive did not elect to revoke his signature.

 

(g)          Fringe
Benefits. In the case of termination under Sections 5(a), (b), (d) or (e) above, inclusive, subject to applicable law, the
Company shall discontinue any other benefits and perquisites provided under Section 4 above that are not otherwise provided for
effective as of the date that the Company’s obligation to pay Base Salary terminates.

 

(h)          Definition
of Good Reason. “Good Reason” means:

 

(i)          a
reduction of the Executive’s Base Salary and benefits from the levels provided herein;

 

(ii) a
material reduction of the Executive Duties and responsibilities from those in effect immediately prior to the reduction; or

 

(iii) material
breach by the Company of any provision of this Agreement after receipt of written notice thereof from the Executive and failure
by the Company to cure the breach within thirty (30) days thereafter. A termination by the Executive under Sections 5(h)(i), 5(h)(ii)
and/or 5(h)(iii) will not be considered a termination for Good Reason unless within thirty (30) days of the last event relied upon
by the Executive to establish Good Reason the Executive furnishes the Company with a written statement specifying the reason or
reasons why he believes he is entitled to terminate his employment for Good Reason and affords the Company at least thirty (30)
days during which to refute that statement or remedy the cause thereof. Such 30-day notice period may run concurrently with the
30-day notice specified in Section 5(a) above.

 

(j)          Definition
of Cause. For purposes of this Agreement, the term “Cause” shall mean any of the following: (A) the Executive’s
neglect or willful failure or refusal to perform his duties hereunder (other than as a result of total or partial incapacity
due to physical or mental illness); (B) engaging in gross misconduct; (C) perpetration of an intentional and knowing fraud against
or affecting the Company or any of its affiliates or any customer, agent, or employee thereof; (D) any willful or intentional act
that could reasonably be expected to injure the reputation, business, or business relationships of the Company or any of its affiliates
or executives reputation or business relationships; (E) The Executive’s material failure to comply with, and/or
a material violation by the Executive of, the internal policies of the Company and/or procedures or any laws or regulations
applicable to the Executive’s conduct as an employee of the Company; (F) conviction (including conviction on a nolo
contendere plea) of a felony or any crime involving fraud, dishonesty or moral turpitude.

 

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  For
purposes of this section, no act or failure to act, on the part of the Executive, shall be considered “willful” unless
it is done, or omitted to be done, by the Executive in bad faith or without reasonable belief that the Executive's action or omission
was in the best interests of the Company. Any act, or failure to act, based upon authority given pursuant to a resolution duly
adopted by the Board or upon the instructions of the Chairman of the Board or based upon the advice of counsel for the Executive
shall be conclusively presumed to be done, or omitted to be done, by the Executive in good faith and in the best interests of the
Employer 

 

(k)          Definition
of Disability. “Disability” means the inability of the Executive to perform the Executive
Duties pursuant to the terms of this Agreement, because of physical or mental disability where such disability shall have
existed for a period of more than sixty (60) days in any two hundred and seventy (270) day period. The existence of a Disability
means that the Executive’s mental and/or physical condition substantially interferes with the Executive’s performance
of the Executive Duties for the Company as specified in this Agreement. The fact of
whether or not a Disability exists hereunder shall be determined by a professionally qualified medical expert reasonably chosen
by the Company.

 

(l)          Definition
of Change of Control. “Change of Control” means the first to occur
of any of the following: 

 

(i)          The
sale, transfer, conveyance or other disposition by the Company, in one or a series of related transactions, whereby an independent
third party(s) becomes the beneficial owner of all or substantially all of the voting securities of the Company; 

 

(ii)         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 

 

(iii)        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, and none of the following shall,
either together or alone, constitute a Change of Control: (i) the subscription for, or issuance of Company securities (whether
or not constituting more than 50% of the Company’s issued and outstanding securities); (ii) the issuance or exercise of Board
appointment or nomination rights of any kind (whether or not relating to a majority of Board members); (iii) preemptive rights
to purchase securities of the Company, or the exercise of such rights; (iv) the right to consent to Company corporate actions;
or (v) the exercise of warrants or options. 

 

(m)          Definition
of Change of Control Termination. “Change of Control Termination” means a termination of the Executive’s
employment by the Executive (i) within twelve (12) months after a Change of Control or (ii) during negotiations that lead to a
Change of Control within ninety (90) days (as defined above), following the occurrence of any of the following events by the Company
or any successor company after such Change of Control:

 

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(i)          a
reduction in the Executive’s then-current annual base salary or bonus opportunity or benefits (other than in connection with
a salary adjustment generally applicable to similarly situated employees); or

 

(ii)         any
failure to offer the Executive the same or a substantially similar level of benefits offered to similarly situated employees; or

 

(iii)        a
significant and material diminution in the Executive Duties or the Executive’s title, office, or responsibilities (provided
that being an executive officer of this business unit within a larger company will not result in a significant diminution in the
Executive Duties or the Executive’s title, office or responsibilities); or

 

(iv)         the
relocation of the Executive’s primary business location to a location that increases the Executive’s commute by more
than fifty (50) miles compared to the commute of the Executive to the Executive’s then-current primary business location;
or

 

(v)          the
failure to pay the Employee any portion of his current Base Salary, Bonus or benefits within thirty (30) days of the date such
compensation is due, based upon the payment terms currently in effect; or

 

(vi)         the
failure of the Company to obtain a reasonably satisfactory agreement from any successor to assume and agree to perform this Agreement
(if such separate agreement is required by law).

 

6.   Termination
Obligations. The Executive hereby acknowledges and agrees that all Personal Property and equipment furnished to or prepared
by the Executive in the course of or incident to his employment by the Company belongs to the Company and shall be promptly returned
to the Company upon termination of his employment. As used in this Section 6, “Personal Property” includes,
without limitation, all books, manuals, records, reports, notes, contracts, lists, blueprints, and other documents, or materials,
or copies thereof (including computer files), and all other proprietary information relating to the business of the Company or
any affiliate. Following termination, the Executive will not retain any written or other tangible material containing any proprietary
information or Confidential Information (as defined below) of the Company or any affiliate. Upon termination of employment, the
Executive shall be deemed to have resigned from all offices then held with the Company or any affiliate.

 

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7.   Records
and Confidential Data.

 

(a)          Acknowledgement.
The Executive acknowledges that in connection with the performance of the Executive Duties during the term of his employment the
Company will make available to the Executive, or the Executive will have access to, certain Confidential Information (as defined
below) of the Company and its affiliates. The Executive acknowledges and agrees that any and all Confidential Information learned
or obtained by the Executive during the course of his employment by the Company or otherwise (including, without limitation, information
that the Executive obtained through or in connection with his relationship with the Company prior to the date hereof) whether developed
by the Executive alone or in conjunction with others or otherwise, shall be and is the property of the Company and its affiliates.

 

(b)          Confidentiality
Obligations. During the term of his employment and thereafter Executive shall keep all Confidential Information confidential
and will not use such Confidential Information other than in connection with the Executive’s discharge of the Executive Duties
hereunder, and will be safeguarded by the Executive from unauthorized disclosure. This covenant is not intended to, and does not
limit in any way Executive’s duties and obligations to the Company under statutory and common law not to disclose or make
personal use of the Confidential Information or trade secrets.

 

(c)          Return
of Confidential Information. Following the Executive’s termination of employment, upon receipt of a written request from
the Company, the Executive will return to the Company or destroy all written Confidential Information which has been provided to
the Executive and the Executive will destroy all copies of any analyses, compilations, studies or other documents prepared by the
Executive or for the Executive’s use containing or reflecting any Confidential Information. Within ten (10) business days
of the receipt of such request by the Executive, the Executive shall, upon written request of the Company, deliver to the Company
a notarized document certifying that such written Confidential Information has been returned or destroyed in accordance with this
Section 7(c).

 

(d)          Definition.
For the purposes of this Agreement, “Confidential Information” shall mean all confidential and proprietary information
of the Company, and its affiliates and any information obtained by the Company pursuant to a confidentiality obligation to any
third party, including, without limitation, marketing strategies, pricing policies or characteristics, customers and customer information,
product or product specifications, designs, software systems, leasing costs, cost of equipment, customer lists, business or business
prospects, plans, proposals, codes, marketing studies, research, reports, investigations, or other information of similar character.
For purposes of this Agreement, the Confidential Information shall not include and the Executive’s obligations under this
Section 6 shall not extend to (i) information which is generally available to the public, (ii) information obtained by the Executive
from third persons other than Executives of the Company, its subsidiaries, the Company and the Company’s affiliates not under
agreement to maintain the confidentiality of the same and (iii) information which is required to be disclosed by law or legal process.

 

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(e)          Construction.
Any reference to the Company in this Section 7 shall include the Company and/or its subsidiaries.

 

8.   Assignment
of Inventions.

 

(a)          Definition
of Inventions. “Inventions” mean discoveries, developments, concepts, ideas, methods, designs, improvements,
inventions, formulas, processes, techniques, programs, know-how and data, whether or not patentable or registerable under copyright
or similar statutes, except any of the foregoing that (i) is not related to the business of the Company or its affiliates, or the
Company’s (and its affiliates’) actual or demonstrable research or development, (ii) does not involve the use of any
equipment, supplies, facility or Confidential Information of the Company, (iii) was developed entirely on the Executive’s
own time, and (iv) does not result from any work performed by the Executive for the Company.

 

(b)          Assignment.
The Executive agrees to and hereby does assign to the Company, without further consideration, all of his right, title and interest
in any and all Inventions he may make during the term hereof.

 

(c)          Duty
to Disclose and Assist. The Executive agrees to promptly disclose in writing all Inventions to the Company, and to provide
all assistance reasonably requested by the Company in the preservation of the Company’s interests in the Inventions including
obtaining patents in any country throughout the world. Such services will be without additional compensation if the Executive is
then employed by the Company and for reasonable compensation and subject to his reasonable availability if he is not. If the Company
cannot, after reasonable effort, secure the Executive’s signature on any document or documents needed to apply for or prosecute
any patent, copyright, or other right or protection relating to an Invention, whether because of his physical or mental incapacity
or for any other reason whatsoever, the Executive hereby irrevocably designates and appoints the Company and its duly authorized
officers and agents as his agent and attorney-in-fact, to act for and on his behalf and in his name and stead for the purpose of
executing and filing any such application or applications and taking all other lawfully permitted actions to further the prosecution
and issuance of patents, copyrights, or similar protections thereon, with the same legal force and effect as if executed by him.

 

(d)          Ownership
of Copyrights. The Executive agrees that any work prepared for the Company which is eligible for United States copyright protection
or protection under the Universal Copyright Convention or other such laws or protections including, but not limited to, the Berne
Copyright Convention and/or the Buenos Aires Copyright Convention shall be a work made for hire and ownership of all copyrights
(including all renewals and extensions) therein shall vest in the Company. If any such work is deemed not to be a work made for
hire for any reason, the Executive hereby grants, transfers and assigns all right, title and interest in such work and all copyrights
in such work and all renewals and extensions thereof to the Company, and agrees to provide all assistance reasonably requested
by the Company in the establishment, preservation and enforcement of the Company’s copyright in such work, such assistance
to be provided at the Company’s expense but without any additional compensation to the Executive. The Executive hereby agrees
to and does hereby waive the enforcement of all moral rights with respect to the work developed or produced hereunder, including
without limitation any and all rights of identification of authorship and any and all rights of approval, restriction or limitation
on use or subsequent modifications.

 

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(e)          Litigation.
The Executive agrees to render assistance and cooperation to the Company at its request regarding any matter, dispute or controversy
with which the Company may become involved and of which the Executive has or may have reason to have knowledge, information or
expertise. Such services will be without additional compensation if the Executive is then employed by the Company and for reasonable
compensation and subject to his reasonable availability if he is not.

 

(f)          Construction.
Any reference to the Company in this Section 8 shall include the Company and/or its subsidiaries.

 

9.   Additional
Covenants.

 

(a)          Non-Interference
with Customer Accounts. Executive covenants and agrees that: (i) during his employment, except as may be required by Executive’s
employment by the Company, (ii) for a period of one (1) year following the termination of his employment by the Company for Cause
or by the Executive without Good Reason and (iii) for a period of one (1) year following the termination of his employment by the
Company without Cause or by Executive for Good Reason, Executive shall not directly or indirectly, personally or on behalf of any
other person, business, corporation, or entity, contact or do business with any customer, licensee, licensor, consultant or other
vendor of the Company with respect to any product, business, activity or service which is directly competitive with any product,
business, activity or service of the Company in which the Company is engaged during the term of Executive’s employment, or
with respect to Executive’s covenants regarding the periods following termination, in which the Company is engaged at the
time of termination and/or was engaged during the one (1) year period prior thereto (a “Company Activity”).
By way of example, as of the execution of this Agreement, Company Activity can be defined as the development, marketing and sale
of autologous mesenchymal stem cell products expressing neurotrophic factors for the treatment of neurodegenerative diseases.

 

(b)          Non-Competition.
Subject to matters and activities approved by the Board in writing, the Executive covenants and agrees that (i) during his employment,
and (ii) for a period of six (6) months following the termination of his employment by the Company, Executive shall not own an
interest in, operate, control, or serve as an executive of any corporation, partnership, proprietorship, firm, association, or
other entity that primarily engages (or engaged) in any Company Activity in which the Company is engaged at the time of termination,
and/or was engaged during the one (1) year period prior thereto. This Covenant (as defined below) applies to Company Activities
in any territory or jurisdiction in which the Company is doing business or is making an active effort to do business at the time
of termination, and/or was engaged during the one (1) year period prior thereto. This Covenant does not prohibit the ownership
of less than five percent (5%) of the outstanding stock of any public corporation, as long as the Executive is not otherwise in
violation of this Covenant.

 

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(c)          No
Diversion. Executive covenants and agrees that Executive shall not divert or attempt to divert or take advantage of or attempt
to take advantage of any actual or potential business opportunities of the Company (e.g., joint ventures, other business
combinations, investment opportunities, potential investors in the Company, and other similar opportunities) which the Executive
became aware of as the result of his employment with the Company.

 

(d)          Non-Disparagement.
Executive shall not at any time (whether during or after the termination of his employment) make any statement or disclosure or
otherwise cause or permit to be stated or disclosed any information which is designed, intended or might reasonably be perceived
to be designed or intended to have a negative impact or adverse effect on the Company, its officers, directors or employees or
its business. Notwithstanding the foregoing, nothing contained in this Agreement or in this Section 9(d) in particular prohibits
the Executive or is intended to prohibit the Executive from providing truthful information about his employment or the Company
to any governmental entity, regulatory agency, judicial or dispute resolution forum, or to interfere with or prevent the Executive
from commencing, defending or participating fully in a judicial proceeding or dispute resolution process. This Section 9(d) may
be raised by the Executive as a complete bar to any claim of Cause hereunder or any proceeding brought under Section 9(f) to the
extent the claim of Cause or the proceeding concerns a statement or disclosure permissible under this Section 9(d).

 

(e)          Non-Recruitment.
Executive agrees that the Company has invested substantial time and effort in assembling its present workforce. Accordingly, Executive
covenants and agrees that during his employment and for a period of two (2) years following the termination of the Employment Period,
Executive shall not hire away, nor directly or indirectly entice or solicit or seek to induce or influence any of the Company’s
executives or employees to leave their employment.

 

(f)          Remedies.
Executive acknowledges that should he violate any of the covenants contained in Sections 7, 8 and 9(a), (b), (c), and (d) above
(collectively, the “Covenants”), it will be difficult to determine the resulting damages to the Company and,
in addition to any other remedies it may have, the Company shall be entitled to temporary injunctive relief without being required
to post a bond and permanent injunctive relief without the necessity of proving actual damage. Executive shall be liable to pay
all costs including reasonable attorneys’ fees which the Company may incur in enforcing or defending, to any extent, the
Covenants, whether or not litigation is actually commenced and including litigation of any appeal taken or defended by the Company,
where the Company succeeds in enforcing any part of the Covenants, and the Company shall be liable to pay all costs including reasonable
attorneys’ fees which the Executive may incur in defending, to any extent, any claim that he has violated or intends to violate
any of the Covenants, whether or not litigation is actually commenced and including litigation of any appeal taken or defended
by the Executive, where the Company does not succeeds in enforcing the Covenants. The Company may elect to seek one or more of
these remedies at its sole discretion on a case by case basis. Failure to seek any or all remedies in one case does not restrict
the Company from seeking any remedies in another situation. Such action by the Company shall not constitute a waiver of any of
its rights.

 

    	-12-

    	 

    

  

(g)          Severability
and Modification of Any Unenforceable Covenant. It is the parties’ intent that each of the Covenants be read and interpreted
with every reasonable inference given to its enforceability. However, it is also the parties’ intent that if any term, provision
or condition of the Covenants is held to be invalid, void or unenforceable, the remainder of the provisions thereof shall remain
in full force and effect and shall in no way be affected, impaired or invalidated. Finally, it is also the parties’ intent
that if it is determined that any of the Covenants are unenforceable for any reason, then such Covenant shall be modified so as
to make it reasonable and enforceable under the prevailing circumstances.

 

(h)          Tolling.
In the event of the breach by Executive of any Covenant the running of the period of restriction shall be automatically tolled
and suspended for the amount of time that the breach continues, and shall automatically recommence when the breach is remedied
so that the Company shall receive the benefit of Executive’s compliance with the Covenants. This Section shall not apply
to any period for which the Company is awarded and receives actual monetary damages for breach by the Executive of a Covenant with
respect to which this Section applies.

 

(i)          Construction.
Any reference to the Company in this Section 9 shall include the Company and/or its subsidiaries.

 

10.   No
Assignment.

 

This Agreement
and the rights and duties hereunder are personal to the Executive and shall not be assigned, delegated, transferred, pledged or
sold by the Executive without the prior written consent of the Company. The Executive hereby acknowledges and agrees that the Company
may assign, delegate, transfer, pledge or sell this Agreement and the rights and duties hereunder (a) to an affiliate of the Company
or (b) to any third party in connection with (i) the sale of all or substantially all of the assets of the Company or (ii) an equity
purchase, merger, or consolidation involving the Company. This Agreement shall inure to the benefit of and be enforceable by the
parties hereto, and their respective heirs, personal representatives, successors and assigns.

 

11.   Miscellaneous
Provisions.

 

(a)          Payment
of Taxes. Any payments otherwise due under this Agreement to the Executive, including, but not limited to, the Base Salary
and any bonus compensation shall be reduced by any required withholding for federal, state and/or local taxes and other appropriate
payroll deductions.

 

(b)          Notices.
All notices, offers or other communications required or permitted to be given pursuant to this Agreement shall be in writing and
shall be considered as properly given or made (i) if delivered personally or (ii) after the expiration of five days from the date
upon which such notice was mailed from within the United States by certified mail, return receipt requested, postage prepaid, (iii)
upon receipt by prepaid telegram or facsimile transmission (with written confirmation of receipt) or (iv) after the expiration
of the second business day following deposit with documented overnight delivery service. All notices given or made pursuant hereto
shall be so given or made to the following addresses:

 

    	-13-

    	 

    

  

	if to Executive:	Yoram Bibring
	 	Haefroni 2 Ramat Hasharon , Israel and to
	 	421 Lewelen Circle
	 	Englewood, NJ 07631
	 	 
	if to the Company:	Brainstorm Cell Therapeutics Inc.
	 	3 University Plaza Drive, Suite 320
	 	Hackensack, NJ 07601
	 	Attn: Tony Fiorino, CEO
	 	 
	and:	Brainstorm Cell Therapeutics Ltd.
	 	12 Bazel Street
	 	Petach Tikva 49001, Israel
	 	Attn: Chairman of the Board of Directors

 

(c)          Severability.
If any provision of this Agreement is held by a court of competent jurisdiction to be invalid, illegal or unenforceable, such provision
shall be severed and enforced to the extent possible or modified in such a way as to make it enforceable, and the invalidity, illegality
or unenforceability thereof shall not affect the validity, legality or enforceability of the remaining provisions of this Agreement.

 

(d)          Governing
Law. This Agreement shall be governed by and construed in accordance with the laws of the State of New Jersey applicable to
contracts executed in and to be performed entirely within that state, except with respect to matters of law concerning the internal
corporate affairs of any corporate entity which is a party to or the subject of this Agreement, and as to those matters, the law
of the jurisdiction under which the respective entity derives its powers shall govern. The parties irrevocably agree that all actions
to enforce an arbitrator’s decision pursuant to Section 11(l) of this Agreement shall be instituted and litigated only in
federal, state or local courts sitting in Newark, New Jersey and each of such parties hereby consents to the exclusive jurisdiction
and venue of such court and waives any objection based on forum non conveniens.

 

(e)          WAIVER
OF JURY TRIAL. THE PARTIES HEREBY WAIVE, RELEASE AND RELINQUISH ANY AND ALL RIGHTS THEY MAY HAVE TO A TRIAL BY JURY WITH RESPECT
TO ANY ACTIONS TO ENFORCE AN ARBITRATOR’S DECISION PURSUANT TO SECTION 11(l) OF THIS AGREEMENT.

 

(f)          Counterparts.
This Agreement may be executed in counterparts, each of which shall be an original, but all of which shall constitute one and the
same instrument.

 

    	-14-

    	 

    

  

(g)          Entire
Understanding. This Agreement including the Plan, all Exhibits and Recitals hereto which are incorporated herein by this reference,
together with the other agreements and documents being executed and delivered concurrently herewith by the Executive, the Company
and certain of its affiliates, constitute the entire understanding among all of the parties hereto and supersedes any prior understandings
and agreements, written or oral, among them respecting the subject matter within.

 

(h)          Pronouns
and Headings. As used herein, all pronouns shall include the masculine, feminine, neuter, singular and plural thereof wherever
the context and facts require such construction. The headings, titles and subtitles herein are inserted for convenience of reference
only and are to be ignored in any construction of the provisions hereof.

 

(i)          Amendments.
Except as set forth in Sections 9(f) and 11(c) above, this Agreement shall not be changed or amended unless in writing and signed
by both the Executive and the Company.

 

(j)          Executive’s
Representations. Executive hereby represents and warrants to the Company that (i) the execution, delivery and performance of
this Agreement by Executive does not and shall not conflict with, breach, violate or cause default under any contract, agreement,
instrument, order, judgment or decree to which Executive is a party or by which he is bound, (ii) Executive is not a party to or
bound by any employment agreement, non-compete agreement or confidentiality agreement with any other person or entity that restricts
Executive from serving in the position and/or performing the Executive Duties set forth herein and (iii) upon the execution and
delivery of this Agreement by the Company, this Agreement shall be the valid and binding obligation of Executive, enforceable in
accordance with its terms. Executive further represents and warrants to the Company that Executive has never (i) filed for personal
bankruptcy; (ii) been the subject of an SEC disciplinary matter or been sanctioned by the SEC; (iii) been convicted or plead no
contest to any crime (other than minor traffic violations); or (iv) been held liable in a court of law for acts of dishonesty in
a business context.

 

(k)          The
Executive’s Acknowledgement. The Executive acknowledges (i) that he has consulted with or has had the opportunity to
consult with independent counsel of his own choice concerning this Agreement and has been advised to do so by the Company, and
(ii) that he has read and understands this Agreement, is fully aware of its legal effect, and has entered into it freely based
on his own judgment.

 

    	-15-

    	 

    

  

(l)          Arbitration.
Except as provided in Section 11(d) hereof, in the event that there shall be a dispute among the parties arising out of or relating
to this Agreement, or the breach thereof, the parties agree that such dispute shall be resolved by final and binding arbitration
in Newark, New Jersey, administered by the American Arbitration Association (the “AAA”), in accordance with
AAA’s Commercial Arbitration Rules, to which shall be added the provisions of the Federal Rules of Civil Procedure relating
to the Production of Evidence, and the parties agree that the arbitrators may impose sanctions in their discretion to enforce compliance
with discovery and other obligations. Such arbitration shall be presided over by a single arbitrator. If the Executive, on the
one hand, and the Company, on the other hand, do not agree on the arbitrator within fifteen (15) days after a party requests arbitration,
the arbitrator shall be selected by the Company and the Executive from a list of five (5) potential arbitrators provided by AAA.
Such list shall be provided within ten (10) days of the request of any party for arbitration. The party requesting arbitration
shall delete one name from the list. The other party shall delete one name from the list. This process shall then be repeated in
the same order, and the last remaining person on the list shall be the arbitrator. This selection process shall take place within
the two (2) business days following both parties’ receipt of the list of five (5) potential arbitrators. Hearings in the
arbitration proceedings shall commence within twenty (20) days of the selection of the arbitrator or as soon thereafter as the
arbitrator is available. The arbitrator shall deliver his or her opinion within twenty (20) days after the completion of the arbitration
hearings. The arbitrator’s decision shall be final and binding upon the parties, and may be entered and enforced in any court
of competent jurisdiction by either of the parties. The arbitrator shall have the power to grant temporary, preliminary and permanent
relief, including without limitation, injunctive relief and specific performance. Unless otherwise ordered by the arbitrator pursuant
to this Agreement, the arbitrator’s fees and expenses shall be shared equally by the parties.

 

(m)          Attorney’s
Fees. If any arbitration is brought under Section 11(l), the arbitrator may award the successful or prevailing party reasonable
attorneys’ fees and other costs incurred in that action or proceeding, in addition to any other relief to which it may be
entitled. If any other proceeding is brought by one party against the other in connection with or relating in any manner to this
Agreement, or to enforce an arbitration award, the successful or prevailing party (as determined by an independent third party,
e.g. a judge) shall be entitled to recover its reasonable attorneys’ fees and other costs incurred in that action
or proceeding, in addition to any other relief to which it may be entitled.

 

(n)          Special
Payment Provision. Notwithstanding any provision in the Agreement to the contrary:

 

(i)          This
Agreement is intended to comply with the requirements of Section 409A of the Code (“Section 409A”) and regulations
promulgated thereunder such that no payment provided hereunder shall be subject to an “additional tax” within the meaning
of Section 409A. To the extent that any provision in this Agreement is ambiguous as to its compliance with Section 409A, the provision
shall be read in such a manner so that all payments due under this Agreement shall not be subject to any additional tax. For purposes
of Section 409A, each payment made under this Agreement shall be treated as a separate payment. In no event may the Executive,
directly or indirectly, designate the calendar year of payment. All reimbursements provided under this Agreement shall be made
or provided in accordance with the requirements of section 409A, including, where applicable, the requirement that (i) any reimbursement
is for expenses incurred during the Executive’s lifetime (or during a shorter period of time specified in this Agreement),
(ii) the amount of expenses eligible for reimbursement during a calendar year may not affect the expenses eligible for reimbursement
in any other calendar year, (iii) the reimbursement of an eligible expense will be made on or before the last day of the calendar
year following the year in which the expense is incurred, and (iv) the right to reimbursement is not subject to liquidation or
exchange for another benefit.

 

    	-16-

    	 

    

  

(ii)         If
payment or provision of any amount or other benefit that is a “deferral of compensation” subject to section 409A of
the Code at the time otherwise specified in this Agreement or elsewhere would subject such amount of benefit to additional tax
pursuant to section 409A(a)(1)(B) of the Code, and if payment or provision thereof at a later date would avoid any such additional
tax, then the payment or provision thereof shall be postponed to the earliest date on which such amount or benefit can be paid
or provided without incurring such additional tax. In the event this Section 11(o)(i) requires a deferral of any payment, such
payment shall be accumulated and paid in a single lump sum on such earliest date together with interest for the period of delay,
compounded annually, equal to the prime rate (as published in The Wall Street Journal), and in effect as of the date of
the payment should otherwise have been provided

 

(iii)        If
any payment or benefit permitted or required under this Agreement is reasonably determined by either party to be subject for any
reason to a material risk of additional tax pursuant to section 409A(a)(1)(B) of the Code, then the parties shall promptly agree
in good faith on appropriate provisions to avoid such risk without materially changing the economic value of this Agreement to
either party.

 

(o)          Survival.
Sections 6, 7, 8 and 9 (as well as any provisions of this Agreement necessary to give effect thereto) shall survive the termination
of this Agreement.

 

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IN WITNESS WHEREOF,
this Agreement has been executed as of the date and year first above written.

 

	 	THE COMPANY:
	 	 
	 	BRAINSTORM CELL THERAPEUTICS INC.
	 	 
	 	By:	/s/ Tony Fiorino
	 	 	Name: Tony Fiorino
	 	 	Title: Chief Executive Officer
	 	 
	 	THE EXECUTIVE:
	 	 
	 	/s/ Yoram Bibring
	 	Yoram Bibring, in his individual capacity

 

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EXHIBIT A

 

Executive Duties

 

The CFO shall provide financial and operational
support and overview of the Company and reports to the CEO.  The CFO core duties and responsibilities shall include:

 

1. All financial activities of the
Company including reporting, accounting, treasury and tax matters, as well as all matters relating to budgeting, finance needs,
including strategic planning issues and tactical matters in relation to those areas.  Executive acknowledges
that he shall be principally responsible for all of the foregoing for the Company and each of its Affiliates throughout the organization.

 

2. Ensuring adequate financial controls
are in place throughout the organization, for implementing such controls, and for monitoring compliance.

 

3. Oversight of all internal and external
fiscal reporting activities, including P&L, cash flow and balance sheet reports, reports to funding agencies, development
and monitoring of organizational and contract/grant budgets.  The CFO further oversees the activities of independent auditors,
ensures any audit issues are resolved and that all regulatory and compliance issues are met, and prepares quarterly and annual
financial statements in accordance with US GAAP and any other applicable state, federal or foreign accounting, regulatory
and/or stock exchange requirements.

 

4. Monitoring of banking activities,
foreign exchange hedging and other cash management issues, managing cash flow and accounts receivable and payable, and overseeing
purchasing, payroll activity and benefit plans and expenditures.

 

5. Approval of agreements and contracts
concerning financial obligations or requiring a commitment of financial resources.

 

6. Establishing and maintaining a
market for the Company's securities as well as relationships with investment banks, financial analysts and shareholders and potential
investors in conjunction with the CEO and other officers.  The CFO will further manage in conjunction with the CEO and other
officers any capital raises, financings or other issuance of Company securities, and is responsible for all accounting, regulatory
and financial reporting matters of any such transactions.

 

7. Various other matters, including but
not limited to managing direct reports, administration of incentive stock option plans, preparation for and participation
in meetings of the Board, attending industry and investor conferences, performing financial due diligence on potential licensing
arrangements or acquisition targets, and so forth, and any other duties, services, responsibilities, and authority which may be
assigned to the CFO, from time to time, by the CEO or the Board.

 

8. Owing to the Company’s
significant operations in Israel and the United States, the CFO is expected to spend a substantial amount of time in both locations
which will require frequent travel to/from Israel.Exhibit 10.2

 

BRAINSTORM CELL THERAPEUTICS INC.

 

Nonstatutory Stock Option Agreement

 

1.              Grant
of Option.

 

This agreement evidences the grant by Brainstorm
Cell Therapeutics Inc., a Delaware corporation (the “Company”), on July 30, 2015 (the “Grant Date”) to
Yoram Bibring, an employee of the Company (the “Participant”), of an option to purchase, in whole or in part,
on the terms provided herein, a total of 165,000 shares (the “Shares”) of common stock, $0.00005 par value per share,
of the Company (“Common Stock”) at $3.17 per Share. Unless earlier terminated, this option shall expire at 5:00 p.m.,
Eastern time, on July 30, 2025 (the “Final Exercise Date”).

 

The option evidenced by this agreement was
granted to the Participant pursuant to the inducement grant exception under NASDAQ Stock Market Rule 5635(c)(4), and not pursuant
to the Company’s 2014 Stock Incentive Plan (the “Plan”) or any equity incentive plan of the Company, as an inducement
that is material to the Participant’s employment with the Company.

 

It is intended that the option evidenced
by this agreement shall not be an incentive stock option as defined in Section 422 of the Internal Revenue Code of 1986, as
amended, and any regulations promulgated thereunder (the “Code”). Except as otherwise indicated by the context, the
term “Participant”, as used in this option, shall be deemed to include any person who acquires the right to exercise
this option validly under its terms.

 

2.              Vesting
Schedule.

 

Except as otherwise provided herein, this
option will become exercisable (“vest”) as to 25% of the original number of Shares on one-year anniversary of the Grant
Date and as to an additional 2.0833% of the original number of Shares at the end of each successive month following the one-year
anniversary of the Grant Date until the fourth anniversary of the Grant Date.

 

The right of exercise shall be cumulative
so that to the extent the option is not exercised in any period to the maximum extent permissible it shall continue to be exercisable,
in whole or in part, with respect to all Shares for which it is vested until the earlier of the Final Exercise Date or the termination
of this option under Section 3 hereof.

 

3.              Exercise
of Option.

 

(a)             Form of Exercise.
 Each election to exercise this option shall be in writing, signed by the Participant (or such electronic notice as is
approved by the Company), and received by the Company at its principal office, accompanied by this agreement and payment in
full as follows:

 

(1)             in
cash or by check, payable to the order of the Company;

 

(2)              by (i) delivery of an irrevocable
and unconditional undertaking by a creditworthy broker to deliver promptly to the Company sufficient funds to pay the exercise
price and any required tax withholding or (ii) delivery by the Participant to the Company of a copy of irrevocable and unconditional
instructions to a creditworthy broker to deliver promptly to the Company cash or a check sufficient to pay the exercise price and
any required tax withholding;

 

(3)              to the extent approved by the Board
of Directors of the Company (the “Board”), in its sole discretion, by delivery (either by actual delivery or attestation)
of shares of Common Stock owned by the Participant valued at their fair market value per share as determined by (or in a manner
approved by) the Board (the “Fair Market Value”), provided (i) such method of payment is then permitted under
applicable law, (ii) such Common Stock, if acquired directly from the Company, was owned by the Participant for such minimum
period of time, if any, as may be established by the Board in its discretion and (iii) such Common Stock is not subject to
any repurchase, forfeiture, unfulfilled vesting or other similar requirements;

 

(4)             to the extent approved by the Board,
in its sole discretion, by delivery of a notice of “net exercise” to the Company, as a result of which the Participant
would receive (i) the number of shares underlying the portion of this being exercised, less (ii) such number of shares
as is equal to (A) the aggregate exercise price for the portion of this option being exercised divided by (B) the Fair
Market Value on the date of exercise;

 

    	 

    	 

    

  

(5)             to
the extent permitted by applicable law or approved by the Board, in its sole discretion, by payment of such other lawful consideration
as the Board may determine; or

 

(6)             by
any combination of the above permitted forms of payment.

 

The Participant may purchase less than the number of shares
covered hereby, provided that no partial exercise of this option may be for any fractional share or for fewer than ten whole shares.

 

(b)            Continuous
Relationship with the Company Required. Except as otherwise provided in this Section 3, this option may not be exercised
unless the Participant, at the time he exercises this option, is, and has been at all times since the Grant Date, an employee,
officer or a director of, or consultant or advisor to, the Company or any other entity the employees, officers, directors, consultants,
or advisors of which are eligible to receive option grants under the Plan (an “Eligible Participant”).

 

(c)            Termination
of Relationship with the Company. If the Participant ceases to be an Eligible Participant for any reason, then, except as provided
in paragraphs (d) and (e) below, the right to exercise this option shall terminate three months after such cessation
(but in no event after the Final Exercise Date), provided that this option shall be exercisable only
to the extent that the Participant was entitled to exercise this option on the date of such cessation. Notwithstanding the foregoing,
if the Participant, prior to the Final Exercise Date, violates the non-competition or confidentiality provisions of any employment
contract, confidentiality and nondisclosure agreement or other agreement between the Participant and the Company, the right to
exercise this option shall terminate immediately upon written notice to the Participant from the Company describing such violation.

 

(d)            Exercise
Period Upon Death or Disability. If the Participant dies or becomes disabled (within the meaning of Section 22(e)(3) of
the Code) prior to the Final Exercise Date while he is an Eligible Participant and the Company has not terminated such relationship
for “cause” as specified in paragraph (e) below, this option shall be exercisable, within the period of one year
following the date of death or disability of the Participant, by the Participant (or in the case of death by an authorized transferee), provided
that this option shall be exercisable only to the extent that this option was exercisable by the Participant on the date
of his death or disability, and further provided that this option shall not be exercisable after the Final Exercise Date.

 

(e)            Termination
for Cause. If the Participant, prior to the Final Exercise Date, is terminated by the Company for Cause (as defined in the
Employment Agreement, dated as of July 30, 2015, between the Participant and the Company, or any successor agreement thereto (the
“Employment Agreement”)), the right to exercise this option shall terminate immediately upon the effective date of
such termination.

 

(f)             Employment
Agreement. Notwithstanding anything to the contrary in this Section 3 or in Section 7, this option shall be subject
to any applicable vesting terms set forth in the Employment Agreement, including any accelerated vesting provisions set forth in
the Employment Agreement applicable in connection with certain terminations following a Change of Control (as defined in the Employment
Agreement).

 

4.              Agreement
in Connection with Public Offering.

 

The Participant agrees, in connection with
an underwritten public offering of the Common Stock pursuant to a registration statement under the Securities Act, (i) not
to (a) offer, pledge, announce the intention to sell, sell, contract to sell, sell any option or contract to purchase, purchase
any option or contract to sell, grant any option, right or warrant to purchase, or otherwise transfer or dispose of, directly or
indirectly, any shares of Common Stock or any other securities of the Company or (b) enter into any swap or other agreement
that transfers, in whole or in part, any of the economic consequences of ownership of shares of Common Stock or other securities
of the Company, whether any transaction described in clause (a) or (b) is to be settled by delivery of securities, in
cash or otherwise, during the period beginning on the date of the filing of such registration statement with the Securities and
Exchange Commission and ending 180 days after the date of the final prospectus relating to the offering (plus up to an additional
34 days to the extent requested by the managing underwriters for such offering in order to address Rule 2711(f) of the
Financial Industry Regulatory Authority or any similar successor provision), and (ii) to execute any agreement reflecting
clause (i) above as may be requested by the Company or the managing underwriters at the time of such offering. The Company
may impose stop-transfer instructions with respect to the shares of Common Stock or other securities subject to the foregoing restriction
until the end of the “lock-up” period.

 

    	 

    	 

    

 

5.              Withholding.

 

No Shares will be issued pursuant to the
exercise of this option unless and until the Participant pays to the Company, or makes provision satisfactory to the Company for
payment of, any federal, state or local withholding taxes required by law to be withheld in respect of this option. The Participant
must satisfy all applicable federal, state, and local or other income and employment tax withholding obligations before the Company
will deliver stock certificates or otherwise recognize ownership of Common Stock under this option. The Company may decide to satisfy
the withholding obligations through additional withholding on salary or wages. If the Company elects not to or cannot withhold
from other compensation, the Participant must pay the Company the full amount, if any, required for withholding or have a broker
tender to the Company cash equal to the withholding obligations. Payment of withholding obligations is due before the Company will
issue any shares on exercise of this option or at the same time as payment of the exercise price, unless the Company determines
otherwise. If approved by the Board, in its sole discretion, a Participant may satisfy such tax obligations in whole or in part
by delivery (either by actual delivery or attestation) of shares of Common Stock underlying this option valued at their Fair Market
Value; provided, however, except as otherwise provided by the Board, that the total tax withholding where stock
is being used to satisfy such tax obligations cannot exceed the Company’s minimum statutory withholding obligations (based
on minimum statutory withholding rates for federal and state tax purposes, including payroll taxes, that are applicable to such
supplemental taxable income). Shares used to satisfy tax withholding requirements cannot be subject to any forfeiture, unfulfilled
vesting or other similar requirements.

 

6.              Transfer
Restrictions.

 

(a)            This
option may not be sold, assigned, transferred, pledged or otherwise encumbered by the Participant, either voluntarily or by operation
of law, except by will or the laws of descent and distribution, and, during the lifetime of the Participant, this option shall
be exercisable only by the Participant.

 

(b)            The
Participant agrees that he will not transfer any Shares issued pursuant to the exercise of this option unless the transferee, as
a condition to such transfer, delivers to the Company a written instrument confirming that such transferee shall be bound by all
of the terms and conditions of Section 4; provided that such a written confirmation shall not be required
with respect to Section 4 after the completion of the lock-up period in connection with the Company’s underwritten public
offering.

 

7.              Adjustments
for Changes in Common Stock and Certain Other Events.

 

(a)            Changes
in Capitalization. In the event of any stock split, reverse stock split, stock dividend, recapitalization, combination of shares,
reclassification of shares, spin-off or other similar change in capitalization or event, or any dividend or distribution to holders
of Common Stock other than an ordinary cash dividend, the number and class of securities and exercise price per share of this option
shall be equitably adjusted by the Company in the manner determined by the Board. Without limiting the generality of the foregoing,
in the event the Company effects a split of the Common Stock by means of a stock dividend and the exercise price of and the number
of shares subject to this option are adjusted as of the date of the distribution of the dividend (rather than as of the record
date for such dividend), then the Participant, if he exercises this option between the record date and the distribution date for
such stock dividend, shall be entitled to receive, on the distribution date, the stock dividend with respect to the shares of Common
Stock acquired upon exercise of this option, notwithstanding the fact that such shares were not outstanding as of the close of
business on the record date for such stock dividend.

 

(b)            Reorganization
Events. A “Reorganization Event” shall mean: (a) any merger or consolidation of the Company with or into another
entity as a result of which all of the Common Stock of the Company is converted into or exchanged for the right to receive cash,
securities or other property or is cancelled, (b) any transfer or disposition of all of the Common Stock of the Company for
cash, securities or other property pursuant to a share exchange or other transaction or (c) any liquidation or dissolution
of the Company. In connection with a Reorganization Event, the Board may take any one or more of the following actions with respect
to this option (or any portion thereof) on such terms as the Board determines: (i) provide that this option shall be assumed,
or substantially equivalent option shall be substituted, by the acquiring or succeeding corporation (or an affiliate thereof),
(ii) upon written notice to the Participant, provide that the unexercised portion of this option will terminate immediately
prior to the consummation of such Reorganization Event unless exercised by the Participant within a specified period following
the date of such notice, (iii) provide that this option shall become exercisable, realizable, or deliverable, or restrictions
applicable to this option shall lapse, in whole or in part prior to or upon such Reorganization Event, (iv) in the event of
a Reorganization Event under the terms of which holders of Common Stock will receive upon consummation thereof a cash payment for
each share surrendered in the Reorganization Event (the “Acquisition Price”), make or provide for a cash payment to
the Participant with respect to this option equal to (A) the number of shares of Common Stock subject to the vested portion
of this option (after giving effect to any acceleration of vesting that occurs upon or immediately prior to such Reorganization
Event) multiplied by (B) the excess, if any, of (I) the Acquisition Price over (II) the exercise price of this option
and any applicable tax withholdings, in exchange for the termination of this option, (v) provide that, in connection with
a liquidation or dissolution of the Company, this option shall convert into the right to receive liquidation proceeds (if applicable,
net of the exercise, measurement or purchase price thereof and any applicable tax withholdings) and (vi) any combination of
the foregoing.

 

    	 

    	 

    

  

For purposes of clause (i) above, this
option shall be considered assumed if, following consummation of the Reorganization Event, this option confers the right to purchase,
for each share of Common Stock subject to this option immediately prior to the consummation of the Reorganization Event, the consideration
(whether cash, securities or other property) received as a result of the Reorganization Event by holders of Common Stock for each
share of Common Stock held immediately prior to the consummation of the Reorganization Event (and if holders were offered a choice
of consideration, the type of consideration chosen by the holders of a majority of the outstanding shares of Common Stock); provided,
however, that if the consideration received as a result of the Reorganization Event is not solely common stock of the acquiring
or succeeding corporation (or an affiliate thereof), the Company may, with the consent of the acquiring or succeeding corporation,
provide for the consideration to be received upon the exercise of this option to consist solely of such number of shares of common
stock of the acquiring or succeeding corporation (or an affiliate thereof) that the Board determined to be equivalent in value
(as of the date of such determination or another date specified by the Board) to the per share consideration received by holders
of outstanding shares of Common Stock as a result of the Reorganization Event.

 

8.               Miscellaneous.

 

(a)            No
Right To Employment or Other Status. The grant of this option shall not be construed as giving the Participant the right to
continued employment or any other relationship with the Company. The Company expressly reserves the right at any time to dismiss
or otherwise terminate its relationship with the Participant free from any liability or claim hereunder, except as otherwise expressly
provided herein or provided for in the Employment Agreement.

 

(b)            No
Rights As Stockholder. Subject to the provisions of this option, the Participant shall not have any rights as a stockholder
with respect to any shares of Common Stock to be distributed with respect to this option until becoming the record holder of such
shares.

 

(c)            Entire
Agreement. This Agreement, together with the Employment Agreement, constitute the entire agreement between the parties, and
supersede all prior agreements and understandings, relating to the subject matter hereof.

 

(d)            Amendment.
Except with respect to any vesting terms set forth in the Employment Agreement, the Board may amend, modify or terminate this Agreement,
including but not limited to, substituting another option of the same or a different type and changing the date of exercise or
realization. Notwithstanding the foregoing, the Participant’s consent to such action shall be required unless (i) the
Board determines that the action, taking into account any related action, would not materially and adversely affect the Participant,
or (ii) the change is permitted under Section 7 and the Employment Agreement.

 

(e)            Acceleration.
The Board may at any time provide that this option shall become immediately exercisable in whole or in part, free of some or all
restrictions or conditions, or otherwise realizable in whole or in part, as the case may be.

 

(f)             Conditions
on Delivery of Stock. The Company will not be obligated to deliver any shares of Common Stock pursuant to this Agreement until
(i) all conditions of this Agreement have been met to the satisfaction of the Company, (ii) in the opinion of the Company’s
counsel, all other legal matters in connection with the issuance and delivery of such shares have been satisfied, including any
applicable securities laws and regulations and any applicable stock exchange or stock market rules and regulations, and (iii) the
Participant has executed and delivered to the Company such representations or agreements as the Company may consider appropriate
to satisfy the requirements of any applicable laws, rules or regulations.

 

(g)            Administration
by Board. The Board will administer this Agreement and may construe and interpret the terms hereof Subject to the terms and
provisions of the Employment Agreement, the Board may correct any defect, supply any omission or reconcile any inconsistency in
this Agreement in the manner and to the extent it shall deem expedient to carry the Agreement into effect and it shall be the sole
and final judge of such expediency. No director or person acting pursuant to the authority delegated by the Board shall be liable
for any action or determination relating to or under this Agreement made in good faith.

 

    	 

    	 

    

  

(h)            Appointment
of Committees. To the extent permitted by applicable law, the Board may delegate any or all of its powers hereunder to one
or more committees or subcommittees of the Board (a “Committee”). All references herein to the “Board”
shall mean the Board or a Committee to the extent that the Board’s powers or authority hereunder have been delegated to such
Committee.

 

(i)             Severability.
The invalidity or unenforceability of any provision hereof shall not affect the validity or enforceability of any other provision
hereof, and each such other provision shall be severable and enforceable to the extent permitted by law.

 

(j)             Governing
Law. This Agreement shall be governed by and interpreted in accordance with the laws of the State of Delaware, excluding choice-of-law
principles of the law of such state that would require the application of the laws of a jurisdiction other than the State of Delaware.

 

(k)            Counterparts.
This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original but all of which together
will constitute one in the same instrument.

 

The Company has caused this option to be executed
by its duly authorized officer.

 

Signature Page to Follow

 

    	 

    	 

    

  

	 	BRAINSTORM CELL THERAPEUTICS INC.
	 	 
	 	By:	/s/ Tony Fiorino
	 	Name:	Tony Fiorino
	 	Title:	Chief Executive Officer

  

PARTICIPANT’S ACCEPTANCE

 

The undersigned hereby accepts the foregoing option and agrees
to the terms and conditions thereof.  

 

	 	PARTICIPANT 
	 	 
	 	By:	/s/ Yoram Bibring
	 	Name:	Yoram Bibring
	 	Date:	7/30/15

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