Document:

THIS
WARRANT AND THE SHARES OF COMMON STOCK ISSUED UPON ITS

EXERCISE
ARE SUBJECT TO THE RESTRICTIONS ON

TRANSFER
SET FORTH IN SECTION 4 OF THIS WARRANT

 

 

	Warrant No.: 2012-1	Number of Shares: 33,334
	 	(subject to adjustment)

Date of
Issuance: April 13, 2012

 

BRAINSTORM
CELL THERAPEUTICS. INC.

 

Common
Stock Purchase Warrant

 

(Void after
April 13, 2022)

 

BrainStorm
Cell Therapeutics, Inc., a Delaware corporation (the “Company”), for value received, hereby certifies that Hadasit
Medical Research Services and Development Ltd., or its registered assigns (the “Registered Holder”), is entitled, subject
to the terms and conditions set forth below, to purchase from the Company, at any time or from time to time on or after the date
of issuance and on or before 5:00 p.m. (New York time) on April 13, 2022 (the “Expiration Date”), 33,334 shares of
Common Stock, $0.00005 par value per share, of the Company, at a purchase price of $0.00005 per share. The shares purchasable upon
exercise of this Warrant, and the purchase price per share, each as adjusted from time to time pursuant to the provisions of this
Warrant, are hereinafter referred to as the “Warrant Shares” and the “Purchase Price,” respectively.

 

1.       Exercise.

 

(a)       This
Warrant may be exercised by the Registered Holder, in whole or in part, by surrendering this Warrant, with the purchase form appended
hereto as Exhibit I duly executed by the Registered Holder or by the Registered Holder’s duly authorized attorney,
at the principal office of the Company, or at such other office or agency as the Company may designate, accompanied by payment
in full, in lawful money of the United States, of the Purchase Price payable in respect of the number of Warrant Shares purchased
upon such exercise; provided however that this Warrant may only be exercised as to vested Warrant Shares, and shall vest and become
exercisable as follows: in twelve (12) consecutive equal monthly amounts at the end of each calendar month starting April 30, 2012
such that all Warrant Shares are vested in full on March 31, 2013 (the “Fully Vested Date”), unless the Agreement dated
April 13, 2010 by and among Prof. Avi Israeli, the Registered Holder and the Company (the “Agreement”) is terminated
prior to the Fully Vested Date, in which case no further Warrant Shares shall vest on or after the date of such termination. Upon
termination of the Agreement vesting shall cease and the Registered Holder shall be entitled to exercise this Warrant only with
respect to the portion of the Warrant Shares that shall have vested prior to the date of termination of the Agreement, rounded
to the nearest number without decimal. The Warrant shall be valid until and may be exercised only on or before the earliest of
the following: (i) immediately prior to a sale of all or substantially all of the shares of the Company in a merger and/or acquisition
transaction; (ii) the Expiration Date; or (iii) six (6) months following the termination of the Agreement. Immediately after such
date all unexercised Warrant Shares shall expire and be forfeited, and this Warrant shell
terminate.

 

    	 

    	 

    

 

(b)       The
Registered Holder may, at its option, elect to pay some or all of the Purchase Price payable upon an exercise of this Warrant by
canceling a portion of this Warrant exercisable for such number of Warrant Shares as is determined by dividing (i) the total Purchase
Price payable in respect of the number of Warrant Shares being purchased upon such exercise by (ii) the excess of the Fair Market
Value per share of Common Stock (as defined below) as of the Exercise Date (as defined in subsection 1(c) below) over the Purchase
Price per share. If the Registered Holder wishes to exercise this Warrant pursuant to this method of payment with respect to the
maximum number of Warrant Shares purchasable pursuant to this method, then the number of Warrant Shares so purchasable shall be
equal to the total number of Warrant Shares, minus the product obtained by multiplying (x) the total number of Warrant Shares by
(y) a fraction, the numerator of which shall be the Purchase Price per share and the denominator of which shall be the Fair Market
Value per share of Common Stock as of the Exercise Date. The Fair Market Value per share of Common Stock shall be determined as
follows:

 

(i)       If
the Common Stock is listed on a national securities exchange or another nationally recognized trading system as of the Exercise
Date, the Fair Market Value per share of Common Stock shall be deemed to be the average of the high and low reported sale prices
per share of Common Stock thereon on the trading day immediately preceding the Exercise Date (provided that if no such price is
reported on such day, the Fair Market Value per share of Common Stock shall be determined pursuant to clause (ii)).

 

(ii)       If
the Common Stock is not listed on a national securities exchange or another nationally recognized trading system as of the Exercise
Date, the Fair Market Value per share of Common Stock shall be deemed to be the amount most recently determined by the Board of
Directors to represent the fair market value per share of the Common Stock (including without limitation a determination for purposes
of granting Common Stock options or issuing Common Stock under an employee benefit plan of the Company); and, upon request of the
Registered Holder, the Board of Directors (or a representative thereof) shall promptly notify the Registered Holder of the Fair
Market Value per share of Common Stock. Notwithstanding the foregoing, if the Board of Directors has not made such a determination
within the three-month period prior to the Exercise Date, then (A) the Board of Directors shall make a determination of the Fair
Market Value per share of the Common Stock within 15 days of a request by the Registered Holder that it do so, and (B) the exercise
of this Warrant pursuant to this subsection 1(b) shall be delayed until such determination is made.

 

(c)       Each
exercise of this Warrant shall be deemed to have been effected immediately prior to the close of business on the day on which this
Warrant shall have been surrendered to the Company as provided in subsection 1(a) above (the “Exercise Date”). At such
time, the person or persons in whose name or names any certificates for Warrant Shares shall be issuable upon such exercise as
provided in subsection 1(d) below shall be deemed to have become the holder or holders of record of the Warrant Shares represented
by such certificates.

 

(d)       As
soon as practicable after the exercise of this Warrant in full or in part, and in any event within 10 days thereafter, the Company,
at its expense, will cause to be issued in the name of, and delivered to, the Registered Holder, or as such Holder (upon payment
by such Holder of any applicable transfer taxes) may direct:

 

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(i)       a
certificate or certificates for the number of full Warrant Shares to which the Registered Holder shall be entitled upon such exercise
plus, in lieu of any fractional share to which the Registered Holder would otherwise be entitled, cash in an amount determined
pursuant to Section 3 hereof; and

 

(ii)       in
case such exercise is in part only, a new warrant or warrants (dated the date hereof) of like tenor, calling in the aggregate on
the face or faces thereof for the number of Warrant Shares equal (without giving effect to any adjustment therein) to the number
of such shares called for on the face of this Warrant minus the sum of (a) the number of such shares purchased by the Registered
Holder upon such exercise plus (b) the number of Warrant Shares (if any) covered by the portion of this Warrant cancelled in payment
of the Purchase Price payable upon such exercise pursuant to subsection 1(b) above.

 

2.       Adjustments.

 

(a)       Adjustment
for Stock Splits and Combinations. If the Company shall at any time or from time to time after the date on which this Warrant
was first issued (the “Original Issue Date”) effect a subdivision of the outstanding Common Stock, the Purchase Price
then in effect immediately before that subdivision shall be proportionately decreased. If the Company shall at any time or from
time to time after the Original Issue Date combine the outstanding shares of Common Stock, the Purchase Price then in effect immediately
before the combination shall be proportionately increased. Any adjustment under this paragraph shall become effective at the close
of business on the date the subdivision or combination becomes effective.

 

(b)       Adjustment
for Certain Dividends and Distributions. In the event the Company at any time, or from time to time after the Original Issue
Date shall make or issue, or fix a record date for the determination of holders of Common Stock entitled to receive, a dividend
or other distribution payable in additional shares of Common Stock, then and in each such event the Purchase Price then in effect
immediately before such event shall be decreased as of the time of such issuance or, in the event such a record date shall have
been fixed, as of the close of business on such record date, by multiplying the Purchase Price then in effect by a fraction:

 

(1)       the
numerator of which shall be the total number of shares of Common Stock issued and outstanding immediately prior to the time of
such issuance or the close of business on such record date, and

 

(2)       the
denominator of which shall be the total number of shares of Common Stock issued and outstanding immediately prior to the time of
such issuance or the close of business on such record date plus the number of shares of Common Stock issuable in payment of such
dividend or distribution;

 

provided, however, if such record date shall have been fixed and such dividend is not fully paid or if
such distribution is not fully made on the date fixed therefor, the Purchase Price shall be recomputed accordingly as of the close
of business on such record date and thereafter the Purchase Price shall be adjusted pursuant to this paragraph as of the time of
actual payment of such dividends or distributions.

 

    	- 3 -

    	 

    

 

(c)       Adjustment
in Number of Warrant Shares. When any adjustment is required to be made in the Purchase Price pursuant to subsections 2(a)
or 2(b), the number of Warrant Shares purchasable upon the exercise of this Warrant shall be changed to the number determined by
dividing (i) an amount equal to the number of shares issuable upon the exercise of this Warrant immediately prior to such adjustment,
multiplied by the Purchase Price in effect immediately prior to such adjustment, by (ii) the Purchase Price in effect immediately
after such adjustment.

 

(d)       Adjustments
for Other Dividends and Distributions. In the event the Company at any time or from time to time after the Original Issue Date
shall make or issue, or fix a record date for the determination of holders of Common Stock entitled to receive, a dividend or other
distribution payable in securities of the Company (other than shares of Common Stock) or in cash or other property (other than
cash out of earnings or earned surplus, determined in accordance with generally accepted accounting principles), then and in each
such event provision shall be made so that the Registered Holder shall receive upon exercise hereof, in addition to the number
of shares of Common Stock issuable hereunder, the kind and amount of securities of the Company and/or cash and other property which
the Registered Holder would have been entitled to receive had this Warrant been exercised into Common Stock on the date of such
event and had the Registered Holder thereafter, during the period from the date of such event to and including the Exercise Date,
retained any such securities receivable, giving application to all adjustments called for during such period under this Section
2 with respect to the rights of the Registered Holder.

 

(e)       Adjustment
for Mergers or Reorganizations, etc. If there shall occur any reorganization, recapitalization, consolidation or merger involving
the Company in which the Common Stock is converted into or exchanged for securities, cash or other property (other than a transaction
covered by subsections 2(a), 2(b) or 2(d)), then, following any such reorganization, recapitalization, consolidation or merger,
the Registered Holder shall receive upon exercise hereof the kind and amount of securities, cash or other property which the Registered
Holder would have been entitled to receive if, immediately prior to such reorganization, recapitalization, consolidation or merger,
the Registered Holder had held the number of shares of Common Stock subject to this Warrant. In any such case, appropriate adjustment
(as determined in good faith by the Board of Directors of the Company) shall be made in the application of the provisions set
forth herein with respect to the rights and interests thereafter of the Registered Holder, to the end that the provisions set
forth in this Section 2 (including provisions with respect to changes in and other adjustments of the Purchase Price) shall thereafter
be applicable, as nearly as reasonably may be, in relation to any securities, cash or other property thereafter deliverable upon
the exercise of this Warrant.

 

    	- 4 -

    	 

    

 

(f)       Certificate
as to Adjustments. Upon the occurrence of each adjustment or readjustment of the Purchase Price pursuant to this Section 2,
the Company at its expense shall promptly compute such adjustment or readjustment in accordance with the terms hereof and furnish
to the Registered Holder a certificate setting forth such adjustment or readjustment (including the kind and amount of securities,
cash or other property for which this Warrant shall be exercisable and the Purchase Price) and showing in detail the facts upon
which such adjustment or readjustment is based. The Company shall, upon the written request at any time of the Registered Holder,
furnish or cause to be furnished to the Registered Holder a certificate setting forth (i) the Purchase Price then in effect and
(ii) the number of shares of Common Stock and the amount, if any, of other securities, cash or property which then would be received
upon the exercise of this Warrant.

 

3.       Fractional
Shares. The Company shall not be required upon the exercise of this Warrant to issue any fractional shares, but shall make
an adjustment therefor in cash on the basis of the Fair Market Value per share of Common Stock, as determined pursuant to subsection
1(b) above.

 

4.       Requirements
for Transfer.

 

(a)       This
Warrant and the Warrant Shares shall not be sold or transferred unless either (i) they first shall have been registered under the
Securities Act of 1933, as amended (the “Act”), or (ii) the Company first shall have been furnished with an opinion
of legal counsel, reasonably satisfactory to the Company, to the effect that such sale or transfer is exempt from the registration
requirements of the Act.

 

(b)       Notwithstanding
the foregoing, no registration or opinion of counsel shall be required for (i) a transfer by a Registered Holder which is a corporation
to a wholly owned subsidiary of such corporation, a transfer by a Registered Holder which is a partnership to a partner of such
partnership or a retired partner of such partnership or to the estate of any such partner or retired partner, or a transfer by
a Registered Holder which is a limited liability company to a member of such limited liability company or a retired member or to
the estate of any such member or retired member, provided that the transferee in each case agrees in writing to be subject to the
terms of this Section 4, or (ii) a transfer made in accordance with Rule 144 under the Act.

 

(c)       Each
certificate representing Warrant Shares shall bear a legend substantially in the following form:

 

“The
securities represented by this certificate have not been registered under the Securities Act of 1933, as amended, and may not be
offered, sold or otherwise transferred, pledged or hypothecated unless and until such securities arc registered under such Act
or an opinion of counsel satisfactory to the Company is obtained to the effect that such registration is not required.”

 

5.        No
Impairment. The Company will not, by amendment of its charter or through 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 of this Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the
taking of all such action as may be necessary or appropriate in order to protect the rights of the holder of this Warrant against
impairment.

 

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6.       Notices
of Record Date, etc. In the event:

 

(a)       the
Company shall take a record of the holders of its Common Stock (or other stock or securities at the time deliverable upon the exercise
of this Warrant) for the purpose of entitling or enabling them to receive any dividend or other distribution, or to receive any
right to subscribe for or purchase any shares of stock of any class or any other securities, or to receive any other right; or

 

(b)       of
any capital reorganization of the Company, any reclassification of the Common Stock of the Company, any consolidation or
merger of the Company with or into another corporation (other than a consolidation or merger in which the Company is the
surviving entity and its Common Stock is not converted into or exchanged for any other securities or property), or any
transfer of all or substantially all of the assets of the Company; or

 

(c)       of
the voluntary or involuntary dissolution, liquidation or winding-up of the Company,

 

then, and in each such case, the Company will
mail or cause to be mailed to the Registered Holder a notice specifying, as the case may be, (i) the record date for such dividend,
distribution or right, and the amount and character of such dividend, distribution or right, or (ii) the effective date on which
such reorganization, reclassification, consolidation, merger, transfer, dissolution, liquidation or winding-up is to take place,
and the time, if any is to be fixed, as of which the holders of record of Common Stock (or such other stock or securities at the
time deliverable upon the exercise of this Warrant) shall be entitled to exchange their shares of Common Stock (or such other stock
or securities) for securities or other property deliverable upon such reorganization, reclassification, consolidation, merger,
transfer, dissolution, liquidation or winding-up. Such notice shall be mailed at least ten days prior to the record date or effective
date for the event specified in such notice.

 

7.       Reservation
of Stock. The Company will at all times reserve and keep available, solely for issuance and delivery upon the exercise of this
Warrant, such number of Warrant Shares and other securities, cash and/or property, as from time to time shall be issuable upon
the exercise of this Warrant.

 

8.       Exchange
of Warrants. Upon the surrender by the Registered Holder, properly endorsed, to the Company at the principal office of the
Company, the Company will, subject to the provisions of Section 4 hereof, issue and deliver to or upon the order of such Holder,
at the Company’s expense, a new Warrant or Warrants of like tenor, in the name of the Registered Holder or as the Registered
Holder (upon payment by the Registered Holder of any applicable transfer taxes) may direct, calling in the aggregate on the face
or faces thereof for the number of shares of Common Stock (or other securities, cash and/or property) then issuable upon exercise
of this Warrant.

 

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9.       Replacement
of Warrants. Upon receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation
of this Warrant and (in the case of loss, theft or destruction) upon delivery of an indemnity agreement (with surety if reasonably
required) in an amount reasonably satisfactory to the Company, or (in the case of mutilation) upon surrender and cancellation of
this Warrant, the Company will issue, in lieu thereof, a new Warrant of like tenor.

 

10.       Transfers,
etc.

 

(a)       The
Company will maintain a register containing the name and address of the Registered Holder of this Warrant. The Registered Holder
may change its or his address as shown on the warrant register by written notice to the Company requesting such change.

 

(b)       Subject
to the provisions of Section 4 hereof, this Warrant and all rights hereunder are transferable, in whole or in part, upon surrender
of this Warrant with a properly executed assignment (in the form of Exhibit II hereto) at the principal office of the Company.

 

(c)       Until
any transfer of this Warrant is made in the warrant register, the Company may treat the Registered Holder as the absolute owner
hereof for all purposes; provided, however, that if and when this Warrant is properly assigned in blank, the Company
may (but shall not be obligated to) treat the bearer hereof as the absolute owner hereof for all purposes, notwithstanding any
notice to the contrary.

 

11.       Mailing
of Notices, etc. All notices and other communications from the Company to the Registered Holder shall be mailed by first-class
certified or registered mail, postage prepaid, to the address last furnished to the Company in writing by the Registered Holder.
All notices and other communications from the Registered Holder or in connection herewith to the Company shall be mailed by first-class
certified or registered mail, postage prepaid, to the Company at its principal office set forth below. If the Company should at
any time change the location of its principal office to a place other than as set forth below, it shall give prompt written notice
to the Registered Holder and thereafter all references in this Warrant to the location of its principal office at the particular
time shall be as so specified in such notice.

 

12.       No
Rights as Stockholder. Until the exercise of this Warrant, the Registered Holder shall not have or exercise any rights
by virtue hereof as a stockholder of the Company. Notwithstanding the foregoing, in the event (i) the Company effects a split
of the Common Stock by means of a stock dividend and the Purchase Price of and the number of Warrant Shares are adjusted as
of the date of the distribution of the dividend (rather than as of the record date for such dividend), and
(ii) the Registered Holder exercises this Warrant between the record date and
the distribution date for such stock dividend, the Registered Holder shall be entitled to receive, on the distribution date,
the stock dividend with respect to the shares of Common Stock acquired upon such exercise, notwithstanding the fact that such
shares were not outstanding as of the close of business on the record date for such stock dividend.

  

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13.       Change
or Waiver. Any term of this Warrant may be changed or waived only by an instrument in writing signed by the party against which
enforcement of the change or waiver is sought.

 

14.       Section
Headings. The section headings in this Warrant are for the convenience of the parties and in no way alter, modify, amend, limit
or restrict the contractual obligations of the parties.

 

15.       Governing
Law. This Warrant will be governed by and construed in accordance with the internal laws of the State of Delaware (without
reference to the conflicts of law provisions thereof).

  

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EXECUTED
as of the date of set forth below.

 

	 	BRAINSTORM CELL THERAPEUTICS, INC.
	 	 
	 	By:	Liat 
    Sossover
	 	 	 
	 	Title:	CFO
	 	 	 
	 	Date:	April 13, 2012

 

[Corporate Seal]

 

	ATTEST:	 
	 	 
	/s/Illegible 	 
	 	 
	Hadasit	 
	Medical Research Services &	 
	Development Ltd.	 

 

April 23, 2012

 

    	- 9 -

    	 

    

 

EXHIBIT I

 

PURCHASE
FORM

 

	To:_____________	Dated:___________

 

The
undersigned, pursuant to the provisions set forth in the attached Warrant (No. ___), hereby irrevocably elects to purchase (check
applicable box):

 

		0	______ shares of the Common Stock covered by such Warrant; or

 

		0	the maximum number of shares of Common Stock covered by such Warrant pursuant to the cashless exercise
procedure set forth in Section 1(b).

 

The
undersigned herewith makes payment of the full purchase price for such shares at the price per share provided for in such Warrant,
which is $_____. Such payment takes the form of (check applicable box or boxes):

 

		0	$______ in lawful money of the United States; and/or

 

		0	the cancellation of such portion of the attached Warrant as is exercisable for a total of
                                                             ______ Warrant Shares (using a Fair Market Value of $_____ per share for purposes of this calculation); and/or

 

		0	the cancellation of such number of Warrant Shares as is necessary, in accordance with the formula
set forth in Section 1(b), to exercise this Warrant with respect to the maximum number of Warrant Shares purchasable pursuant to
the cashless exercise procedure set forth in Section 1(b).

 

	 	Signature:
  	 
	 	 	 
	 	Address:	 
	 	 	 
	 	 	 

 

    	- 10 -

    	 

    

 

EXHIBIT II

 

ASSIGNMENT
FORM

 

FOR VALUE
RECEIVED, __________________________________ hereby sells, assigns and transfers all of the rights of the undersigned under the
attached Warrant (No. ___) with respect to the number of shares of Common Stock covered thereby set forth below, unto:

 

	Name of Assignee	 	Address	 	No. of Shares
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

 

	Dated:	 	Signature:	 
	 
	Signature Guaranteed:
	 	 
	By:	 	 

 

The signature
should be guaranteed by an eligible guarantor institution (banks, stockbrokers, savings and loan associations and credit unions
with membership in an approved signature guarantee medallion program) pursuant to Rule 17Ad-15 under the Securities Exchange Act
of 1934.

 

    	- 11 -AMENDED AND RESTATED

 

INVESTMENT ADVISORY AGREEMENT

 

BETWEEN

 

GSV CAPITAL CORP.

 

AND

 

GSV ASSET MANAGEMENT,
LLC

 

This Amended and Restated Investment Advisory
Agreement (this Agreement”)made this 8th day of March, 2013, by and between GSV CAPITAL CORP. (formerly
known as NEXT INNOVATION CORP.), a Maryland corporation (the “Company”), and GSV ASSET MANAGEMENT, LLC
(formerly known as NEXT ASSET MANAGEMENT, LLC), a Delaware limited liability company (the “Adviser”).

 

WHEREAS, the Company is a closed-end management
investment fund that has elected to be treated as a business development company (“BDC”) under the Investment
Company Act of 1940,as amended (the “Investment Company Act”); and

 

WHEREAS, the Adviser is an investment adviser
that is registered under the Investment Advisers Act of 1940, as amended (the “Advisers Act”); and

 

WHEREAS, on April 11, 2011, the Company
and the Adviser entered into an Investment Advisory Agreement, pursuant to which the Adviser agreed to furnish investment advisory
services to the Company (the “Initial Advisory Agreement”); and

 

WHEREAS, each of the Company and the Adviser
desires to amend and restate the Initial Advisory Agreement in its entirety, solely for the purpose of reflecting the current legal
names of each of the Company and the Adviser.

 

NOW, THEREFORE, in consideration of the
premises and for other good and valuable consideration, the parties hereby agree as follows:

 

    	 

    	 

    

 

1.            Duties
of the Adviser.

 

(a)          The
Company hereby retains the Adviser to act as the investment adviser to the Company and to manage the investment and reinvestment
of the assets of the Company, subject to the supervision of the Board of Directors of the Company (the “Board”),
for the period and upon the terms herein set forth, (i) in accordance with the investment objective, policies and restrictions
that are set forth in the Company’s registration statement on Form N-2 (File No. 333-171578) initially filed on January 7,
2011 (as the same shall be amended from time to time); (ii) in accordance with all other applicable federal and state laws, rules
and regulations, and the Company’s charter and by-laws as the same shall be amended from time to time; and (iii) in accordance
with the Investment Company Act. Without limiting the generality of the foregoing, the Adviser shall, during the term and subject
to the provisions of this Agreement, (i) determine the composition of the portfolio of the Company, the nature and timing of the
changes therein and the manner of implementing such changes; (ii) identify, evaluate and negotiate the structure of the investments
made by the Company; (iii) close and monitor the Company’s investments; (iv) determine the securities and other assets that
the Company will purchase, retain, or sell; (v) perform due diligence on prospective portfolio companies; and (vi) provide the
Company with such other investment advisory, research and related services as the Company may, from time to time, reasonably require
for the investment of its funds. Subject to the supervision of the Board, the Adviser shall have the power and authority on behalf
of the Company to effectuate its investment decisions for the Company, including the execution and delivery of all documents relating
to the Company’s investments and the placing of orders for other purchase or sale transactions on behalf of the Company.
In the event that the Company determines to acquire debt financing, the Adviser will arrange for such financing on the Company’s
behalf, subject to the oversight and approval of the Board. If it is necessary for the Adviser to make investments on behalf of
the Company through a special purpose vehicle, the Adviser shall have authority to create or arrange for the creation of such special
purpose vehicle and to make such investments through such special purpose vehicle (in accordance with the Investment Company Act).

 

(b)          The
Adviser hereby accepts such employment and agrees during the term hereof to render the services described herein for the compensation
provided herein.

 

(c)          The
Adviser shall for all purposes herein provided be deemed to be an independent contractor and, except as expressly provided or authorized
herein, shall have no authority to act for or represent the Company in any way or otherwise be deemed an agent of the Company.

 

(d)          The
Adviser shall keep and preserve for the period required by the Investment Company Act any books and records relevant to the provision
of its investment advisory services to the Company and shall specifically maintain all books and records in accordance with Section
31(a) of the Investment Company Act with respect to the Company’s portfolio transactions and shall render to the Board such
periodic and special reports as the Board may reasonably request. The Adviser agrees that all records that it maintains for the
Company are the property of the Company and will surrender promptly to the Company any such records upon the Company’s request,
provided that the Adviser may retain a copy of such records.

 

    	2

    	 

    

 

2.            Company’s
Responsibilities and Expenses Payable by the Company.

 

(a)          All
investment professionals of the Adviser and their respective staffs, when and to the extent engaged in providing investment advisory
and management services hereunder, and the compensation and routine overhead expenses of such personnel allocable to such services,
will be provided and paid for by the Adviser and not by the Company. The Company will bear all other costs and expenses of its
operations, administration and transactions, including (without limitation) those relating to: organization and offering; calculating
the Company’s net asset value (including the cost and expenses of any independent valuation firm); expenses incurred by
the Adviser payable to third parties, including agents, consultants or other advisors, in monitoring financial and legal affairs
for the Company and in providing administrative services, monitoring the Company’s investments and performing due diligence
on its prospective portfolio companies; interest payable on debt, if any, incurred to finance the Company’s investments;
sales and purchases of the Company’s common stock and other securities; investment advisory and management fees; administration
fees, if any, payable under the Administration Agreement between the Company and GSV Capital Service Company, LLC (formerly known
as NeXt Innovation Service Company, LLC)(the “Administrator”), dated as of April 11, 2011, and the amendment
and restatement thereof, dated as of March 8, 2013 (collectively, the “Administration Agreement”), the
Company’s administrator; fees payable to third parties, including agents, consultants or other advisors, relating to, or
associated with, evaluating and making investments; transfer agent and custodial fees; federal and state registration fees; all
costs of registration and listing the Company’s shares on any securities exchange; federal, state and local taxes; independent
Directors’ fees and expenses; costs of preparing and filing reports or other documents required by the Securities and Exchange
Commission; costs of any reports, proxy statements or other notices to stockholders, including printing costs; the Company’s
allocable portion of the fidelity bond, directors and officers/errors and omissions liability insurance, and any other insurance
premiums; direct costs and expenses of administration, including printing, mailing, long distance telephone, copying, secretarial
and other staff, independent auditors and outside legal costs; and all other expenses incurred by the Company or the Administrator
in connection with administering the Company’s business, including payments under the Administration Agreement between the
Company and the Administrator, based upon the Company’s allocable portion of the Administrator’s overhead in performing
its obligations under the Administration Agreement, including rent and the allocable portion of the cost of the Company’s
chief compliance officer and chief financial officer and their respective staffs.

 

3.            Compensation
of the Adviser.

 

The Company agrees to pay, and the Adviser
agrees to accept, as compensation for the services provided by the Adviser hereunder, a base management fee (“Base
Management Fee”) and an incentive fee (“Incentive Fee”) as hereinafter set forth. The cost
of both the Base Management Fee and the Incentive Fee will ultimately be borne by the Company’s common stockholders. The
Company shall make any payments due hereunder to the Adviser or to the Adviser’s designee as the Adviser may otherwise direct.

 

(a)          The
Base Management Fee shall be calculated at an annual rate of 2.00% of the Company’s gross assets. For the period from the
close of the Company’s initial public offering through and including December 31, 2011, the Base Management Fee will be payable
monthly in arrears, and will be calculated based on the initial value of the Company’s gross assets upon the closing of the
Company’s initial public offering. For services rendered after December 31, 2011, the Base Management Fee will be payable
monthly in arrears, and will be calculated based on the average value of the Company’s gross assets at the end of the two
most recently completed calendar quarters, and appropriately adjusted for any equity or debt capital raises, repurchases or redemptions
during the current calendar quarter. The Base Management Fee for any partial month or quarter will be appropriately pro rated.

 

(b)          The
Incentive Fee will be determined and payable in arrears as of the end of each calendar year (or upon termination of this Agreement,
as set forth below), commencing on December 31, 2011, and will equal the lesser of (i) 20% of the Company’s realized capital
gains during such calendar year, if any, calculated on an investment-by-investment basis, subject to a non-compounded preferred
return, or “hurdle,” and a “catch-up” feature, and (ii) 20% of the Company’s realized capital gains,
if any, on a cumulative basis from inception through the end of each calendar year, computed net of all realized capital losses
and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid incentive fees.

 

    	3

    	 

    

 

(c)          For
purposes of determining the Incentive Fee, the Company’s realized capital gains from each investment, expressed as a non-compounded
annual rate of return on the cost of such investment since the Company initially acquired it, shall be compared to a hurdle rate
of 8.00% per year. The Company shall only pay the Incentive Fee on any realized capital gains from an investment that exceeds the
hurdle rate. Subject to the limitation set forth in Section 3(d) below, the Company shall calculate the amount of the Incentive
Fee payable to the Adviser with respect to the Company’s realized capital gains from each investment as follows:

 

(i)           No
Incentive Fee shall be payable on the amount of any realized capital gains from an investment that, when expressed as a non-compounded
annual rate of return on the cost of such investment since the Company initially acquired it, does not exceed the hurdle rate of
8.00% per year.

 

(ii)          The
Company shall include in the Incentive Fee 100% of the amount of any realized capital gains from an investment that, when expressed
as a non-compounded annual rate of return on the cost of such investment since the Company initially acquired it, exceeds the hurdle
rate of 8.00% per year but is less than a rate of 10.00% per year. The purpose of this Section 3(c)(ii) is to provide the Adviser
with 20% of the amount of the Company’s realized capital gains from an investment that, when expressed as a non-compounded
annual rate of return on the cost of such investment since the Company initially acquired it, exceeds a rate of 10.00% per year.

 

(iii)         The
Company shall include in the Incentive Fee 20% of the amount of any realized capital gains from an investment that, when expressed
as a non-compounded annual rate of return on the cost of such investment since the Company initially acquired it, exceeds a rate
of 10.00% per year.

 

(d)            Notwithstanding
Section 3(c) above, in no event shall the Incentive Fee for any calendar year exceed 20% of the Company’s realized capital
gains, if any, on a cumulative basis from inception through the end of such calendar year, computed net of all realized capital
losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid incentive fees.

 

Examples of Incentive Fee Calculation 

 

Alternative 1:

 

Assumptions

 

		•	Hurdle rate = 8.00% non-compounded annual rate of return

 

		•	Hurdle rate = (purchase price) × (8% ×
(days owned/365))

 

    	4

    	 

    

 

		•	Catch-up rate = 10.00% non-compounded annual rate of return

 

		•	Catch-up rate = (purchase price) × (10% × (days
owned/365))

 

		•	Year 1: $20,000,000 investment made on March 15 in Company A (“Investment A”), and $30,000,000 investment made
on February 1 in Company B (“Investment B”)

 

		•	Year 2: Investment A is sold on September 15 for $25,000,000, and fair market value (“FMV”) of Investment B is
determined to be $28,000,000

 

		•	Year 3: FMV of Investment B is determined to be $28,000,000

 

		•	Year 4: Investment B is sold on March 1 for $38,000,000

 

The incentive fee would be calculated as follows:

 

		•	Year 1: None

 

		•	Year 2: Incentive fee calculation:

 

		o	Hurdle rate for Investment A = ($20,000,000) × (8% ×
(550 days / 365))

 

		o	Hurdle rate for Investment A = $2,410,959

 

		o	Catch-up rate for Investment A = ($20,000,000) × (10% ×
(550 days / 365)

 

		o	Catch-up rate for Investment A = $3,013,699

 

		o	Incentive fee on Investment A = 20% × $5,000,000 (since the hurdle rate has been
satisfied and the catch up has been fully achieved)

 

		o	Incentive fee on Investment A = $1,000,000

 

		o	Maximum incentive fee = 20% × (cumulative realized capital gains – (cumulative
realized losses + cumulative net unrealized depreciation)) – (previously paid incentive fees)

 

		o	Maximum incentive fee = 20% × ($5,000,000 - $2,000,000 (unrealized depreciation
on Investment B))

 

		o	Maximum incentive fee = 20% × $3,000,000

 

		o	Maximum incentive fee = $600,000

 

		o	Incentive fee paid = $600,000 (because the incentive fee payable on Investment A exceeds the maximum incentive fee, the maximum
incentive fee applies)

 

		•	Year 3: None

 

		•	Year 4: Incentive fee calculation:

 

		o	Hurdle rate for Investment B = ($30,000,000) × (8% ×
(1,124 days / 365))

 

		o	Hurdle rate for Investment B = $7,390,685

 

		o	Catch-up rate for Investment B = ($30,000,000) × (10% ×
(1,124 days / 365))

 

		o	Catch-up rate for Investment B = $9,238,356

 

    	5

    	 

    

 

		o	Incentive fee on Investment B = 100% × ($8,000,000 – $7,390,685 (since the
hurdle rate has been satisfied, but the catch up has not been fully achieved)

 

		o	Incentive fee on Investment B = $609,315

 

		o	Maximum incentive fee = 20% × (cumulative realized capital gains – (cumulative
realized losses + cumulative net unrealized depreciation)) – (previously paid incentive fees)

 

		o	Maximum incentive fee = (20% × $13,000,000) – ($600,000 (previously paid incentive
fees))

 

		o	Maximum incentive fee = $2,000,000

 

		o	Incentive fee paid = $609,315 (because the incentive fee payable on Investment B does not exceed the maximum incentive fee)

 

Alternative 2:

 

Assumptions

 

		•	Hurdle rate = 8.00% non-compounded annual rate of return

 

		•	Hurdle rate = (purchase price) × (8% ×
(days owned/365))

 

		•	Catch-up rate = 10.00% non-compounded annual rate of return

 

		•	Catch-up rate = (purchase price) × (10% × (days
owned/365))

 

		•	Year 1: $20 million investment made on March 15 in Company A (“Investment A”), $30 million investment made on February
1 in Company B (“Investment B”), and $25 million investment made on September 1 in Company C (“Investment C”)

 

		•	Year 2: Investment A is sold on September 15 for $50 million, FMV of Investment B is determined to be $25 million, and FMV
of Investment C is determined to be $25 million

 

		•	Year 3: FMV of Investment B is determined to be $27 million and Investment C is sold on March 1 for $30 million

 

		•	Year 4: FMV of Investment B is determined to be $35 million

 

		•	Year 5: Investment B is sold on December 1 for $20 million

 

The incentive fee would be calculated as follows:

 

		•	Year 1: None

 

		•	Year 2: Incentive fee calculation:

 

		o	Hurdle rate for Investment A = ($20,000,000) × (8% ×
(550 days / 365))

 

		o	Hurdle rate for Investment A = $2,410,959

 

		o	Catch-up rate for Investment A = ($20,000,000) × (10% ×
(550 days / 365))

 

		o	Catch-up rate for Investment A = $3,013,699

 

    	6

    	 

    

 

		o	Incentive fee on Investment A = 20% × $30,000,000 (since the hurdle rate has been
satisfied and the catch up has been fully achieved)

 

		o	Incentive fee on Investment A = $6,000,000

 

		o	Maximum incentive fee = 20% × (cumulative realized capital gains – (cumulative
realized losses + cumulative net unrealized depreciation)) – (previously paid incentive fees)

 

		o	Maximum incentive fee = 20% × ($30,000,000 - $5,000,000 (unrealized depreciation
on Investment B))

 

		o	Maximum incentive fee = $5,000,000

 

		o	Incentive fee paid = $5,000,000 (because the incentive fee payable on Investment A exceeds the maximum incentive fee, the maximum
incentive fee applies)

 

		•	Year 3: Incentive fee calculation:

 

		o	Hurdle rate for Investment C = ($30,000,000) × (8% ×
(822 days / 365))

 

		o	Hurdle rate for Investment C = $4,504,110

 

		o	Catch-up rate for Investment C = ($30,000,000) × (10% ×
(822 days / 365))

 

		o	Catch-up rate for Investment C = $5,630,137

 

		o	Incentive fee on Investment C = 100% × ($5,000,000 – $4,504,110 (since the
hurdle rate has been satisfied, but the catch up has not been fully achieved)

 

		o	Incentive fee on Investment C = $495,890

 

		o	Maximum incentive fee = 20% × (cumulative realized capital gains – (cumulative
realized losses + cumulative net unrealized depreciation)) – (previously paid incentive fees)

 

		o	Maximum incentive fee = 20% × ($35,000,000 - $3,000,000 (unrealized depreciation
on Investment B)) – ($5,000,000 (previously paid incentive fees))

 

		o	Maximum incentive fee = $1,400,000

 

		o	Incentive fee paid = $495,890 (because the incentive fee payable on Investment C does not exceed the maximum incentive fee)

 

		•	Year 4: None

 

		•	Year 5: None

 

(e)          The
Company intends to seek primarily minority equity positions in its portfolio companies. Although the Company expects to primarily
invest through private secondary markets, to the extent the Company makes a direct minority investment in a portfolio company,
neither the Company, nor the Adviser may have the ability to control the timing of when the Company realizes capital gains or losses
with respect to such investment. The Company expects the timing of such realization events to be determined by its portfolio companies
in such cases. To the extent the Company has non-minority investments, or the securities the Company holds are traded on a private
secondary market or public securities exchange, the Adviser will have greater control over the timing of a realization event. In
such cases, the Board will monitor such investments in connection with the Board’s general oversight of the investment management
services provided by the Adviser. In addition, as of the end of each fiscal quarter, the Company will evaluate whether the cumulative
aggregate unrealized appreciation on the Company’s portfolio would be sufficient to require the Company to pay an incentive
fee to the Adviser if such unrealized appreciation were actually realized as of the end of such quarter, and if so, the Company
will generally accrue an expense equal to the amount of such incentive fee.

 

    	7

    	 

    

 

4.            Covenants
of the Adviser.

 

The Adviser covenants that it will remain
registered as an investment adviser under the Advisers Act so long as the Company maintains its election to be regulated as a BDC
under the Investment Company Act. The Adviser agrees that its activities will at all times be in compliance in all material respects
with all applicable federal and state laws governing its operations and investments.

 

5.            Excess
Brokerage Commissions.

 

The Adviser is hereby authorized, to the
fullest extent now or hereafter permitted by law, to cause the Company to pay a member of a national securities exchange, broker
or dealer an amount of commission for effecting a securities transaction in excess of the amount of commission another member of
such exchange, broker or dealer would have charged for effecting that transaction, if the Adviser determines in good faith, taking
into account such factors as price (including the applicable brokerage commission or dealer spread), size of order, difficulty
of execution, and operational facilities of the firm and the firm’s risk and skill in positioning blocks of securities, that
such amount of commission is reasonable in relation to the value of the brokerage and/or research services provided by such member,
broker or dealer, viewed in terms of either that particular transaction or its overall responsibilities with respect to the Company’s
portfolio, and constitutes the best net results for the Company.

 

6.            Limitations
on the Employment of the Adviser.

 

The services of the Adviser to the Company
are not exclusive, and the Adviser may engage in any other business or render similar or different services to others including,
without limitation, the direct or indirect sponsorship or management of other investment based accounts or commingled pools of
capital, however structured, having investment objectives similar to those of the Company, so long as its services to the Company
hereunder are not impaired thereby, and nothing in this Agreement shall limit or restrict the right of any manager, partner, officer
or employee of the Adviser to engage in any other business or to devote his or her time and attention in part to any other business,
whether of a similar or dissimilar nature, or to receive any fees or compensation in connection therewith (including fees for serving
as a director of, or providing consulting services to, one or more of the Company’s portfolio companies, subject to applicable
law). So long as this Agreement or any extension, renewal or amendment remains in effect, the Adviser shall be the only investment
adviser for the Company, subject to the Adviser’s right to enter into sub-advisory agreements. The Adviser assumes no responsibility
under this Agreement other than to render the services called for hereunder. It is understood that directors, officers, employees
and stockholders of the Company are or may become interested in the Adviser and its affiliates, as directors, officers, employees,
partners, stockholders, members, managers or otherwise, and that the Adviser and directors, officers, employees, partners, stockholders,
members and managers of the Adviser and its affiliates are or may become similarly interested in the Company as stockholders or
otherwise.

 

    	8

    	 

    

 

7.            Responsibility
of Dual Directors, Officers and/or Employees.

 

If any person who is a manager, partner,
officer or employee of the Adviser or the Administrator is or becomes a director, officer and/or employee of the Company and acts
as such in any business of the Company, then such manager, partner, officer and/or employee of the Adviser or the Administrator
shall be deemed to be acting in such capacity solely for the Company, and not as a manager, partner, officer or employee of the
Adviser or the Administrator or under the control or direction of the Adviser or the Administrator, even if paid by the Adviser
or the Administrator.

 

8.            Limitation
of Liability of the Adviser; Indemnification.

 

The Adviser (and its officers, managers,
partners, agents, employees, controlling persons, members and any other person or entity affiliated with the Adviser, including
without limitation its sole member) shall not be liable to the Company for any action taken or omitted to be taken by the Adviser
in connection with the performance of any of its duties or obligations under this Agreement or otherwise as an investment adviser
of the Company (except to the extent specified in Section 36(b) of the Investment Company Act concerning loss resulting from a
breach of fiduciary duty (as the same is finally determined by judicial proceedings) with respect to the receipt of compensation
for services), and the Company shall indemnify, defend and protect the Adviser (and its officers, managers, partners, agents, employees,
controlling persons, members and any other person or entity affiliated with the Adviser, including without limitation its general
partner and the Administrator, each of whom shall be deemed a third party beneficiary hereof) (collectively, the “Indemnified
Parties”) and hold them harmless from and against all damages, liabilities, costs and expenses (including reasonable
attorneys’ fees and amounts reasonably paid in settlement) incurred by the Indemnified Parties in or by reason of any pending,
threatened or completed action, suit, investigation or other proceeding (including an action or suit by or in the right of the
Company or its security holders) arising out of or otherwise based upon the performance of any of the Adviser’s duties or
obligations under this Agreement or otherwise as an investment adviser of the Company. Notwithstanding the preceding sentence of
this Section 8 to the contrary, nothing contained herein shall protect or be deemed to protect the Indemnified Parties against
or entitle or be deemed to entitle the Indemnified Parties to indemnification in respect of, any liability to the Company or its
security holders to which the Indemnified Parties would otherwise be subject by reason of willful misfeasance, bad faith or gross
negligence in the performance of the Adviser’s duties or by reason of the reckless disregard of the Adviser’s duties
and obligations under this Agreement (as the same shall be determined in accordance with the Investment Company Act and any interpretations
or guidance by the Securities and Exchange Commission or its staff thereunder).

 

    	9

    	 

    

 

9.            Effectiveness,
Duration and Termination of the Agreement.

 

(a)          This
Agreement shall become effective as of the first date above written. The provisions of Section 8 of this Agreement shall remain
in full force and effect, and the Adviser shall remain entitled to the benefits thereof, notwithstanding any termination of this
Agreement. Further, notwithstanding the termination or expiration of this Agreement as set forth in this Section 9, the Adviser
shall be entitled to any amounts owed under Section 3 through the date of termination or expiration and Section 8 shall continue
in force and effect and apply to the Adviser and its representatives as and to the extent applicable.

 

(b)          The
Agreement shall continue in effect for two years from the date of the Initial Advisory Agreement and thereafter shall continue
automatically for successive annual periods, provided that such continuance is specifically approved at least annually by (A) the
vote of the Board, or by the vote of a majority of the outstanding voting securities of the Company and (B) the vote of a majority
of the Company’s Directors who are not parties to this Agreement or “interested persons” (as such term is defined
in Section 2(a)(19) of the Investment Company Act) of any such party, in accordance with the requirements of the Investment Company
Act.

 

(c)          This
Agreement may be terminated at any time, without the payment of any penalty, upon not more than 60 days written notice, by the
vote of a majority of the outstanding voting securities of the Company, or by the vote of the Company’s Directors or by the
Adviser.

 

(d)          This
Agreement will automatically terminate in the event of its “assignment” (as such term is defined for purposes of Section
15(a)(4) of the Investment Company Act).

 

(e)          The
provisions of Section 8 of this Agreement shall remain in full force and effect, and the Adviser shall remain entitled to the benefits
thereof, notwithstanding any termination of this Agreement. Further, notwithstanding the termination or expiration of this Agreement
as aforesaid, the Adviser shall be entitled to any amounts owed under Section 3 through the date of termination or expiration and
Section 8 shall continue in force and effect and apply to the Adviser and its representatives as and to the extent applicable.

 

10.           Notices.

 

Any notice under this Agreement shall be
given in writing, addressed and delivered or mailed, postage prepaid, to the other party at its principal office.

 

11.           Amendments.

 

This Agreement may be amended by mutual
consent, but the consent of the Company must be obtained in conformity with the requirements of the Investment Company Act.

 

12.           Entire
Agreement; Governing Law.

 

This Agreement contains the entire agreement
of the parties and supersedes all prior agreements, understandings and arrangements with respect to the subject matter hereof.
This Agreement shall be construed in accordance with the laws of the State of New York and in accordance with the applicable provisions
of the Investment Company Act. To the extent the applicable laws of the State of New York, or any of the provisions herein, conflict
with the provisions of the Investment Company Act, the latter shall control.

 

    	10

    	 

    

 

[Remainder of page
intentionally blank]

 

    	11

    	 

    

 

IN WITNESS WHEREOF, the parties hereto have
caused this Amended and Restated Investment Advisory Agreement to be duly executed on the date above written.

 

	 	GSV CAPITAL Corp.
	 	 
	 	By:	 
	 	 	Name: Michael T. Moe
	 	 	Title:  President and Chief Executive Officer
	 	 
	 	GSV ASSET MANAGEMENT, LLC
	 	 
	 	By:	 
	 	 	Name: Michael T. Moe
	 	 	Title:  Manager

 

[Advisory Agreement]

 

    	12

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