Document:

Exhibit 4.3

 

DESCRIPTION OF THE REGISTRANT’S
SECURITIES

REGISTERED PURSUANT TO SECTION 12 OF
THE

SECURITIES EXCHANGE ACT OF 1934

 

As of December 31, 2019, Paysign, Inc.’s (“Paysign,”
the “Company,” “we,” “our,” “us”) common stock, par value $0.001 per share (“Common
Stock”) was registered under Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)
and listed on The Nasdaq Capital Market under the symbol “PAYS.”

 

DESCRIPTION OF CAPITAL STOCK

 

General

 

This exhibit contains a description of our capital stock. The
following summary of the terms of our capital stock is not meant to be complete and is qualified by reference to our Articles of
Incorporation, which we refer to as our “amended and restated articles of incorporation,” which we refer to as our
“Articles of Incorporation” and our amended and restated bylaws, which we refer to as our “Bylaws,” and
applicable provisions of the Nevada Revised Statutes “NRS”).

 

Our authorized capital stock currently consists of 150,000,000
shares of Common Stock and 25,000,000 shares of preferred stock, par value $.001 per share (“Preferred Stock”).

 

As of December 31, 2019, we had shares of our Common Stock issued.
No shares of Preferred Stock were outstanding.

 

Common Stock

 

We are currently authorized
to issue 150,000,000 shares of Common Stock. As of December 31, 2019, there were 48,577,712 shares
of Common Stock outstanding. Holders of our Common Stock have no preemptive rights and no right to convert their Common Stock into
any other securities. All outstanding shares of our Common Stock are fully paid and non-assessable. Holders of our
Common Stock: 

 

	 	·	have equal ratable rights to dividends from funds legally available therefore, if declared by our Board of Directors,

 

	 	·	are entitled to share ratably in all our assets available for distribution to holders of Common Stock upon our liquidation, dissolution or winding up;

 

	 	·	do not have preemptive, subscription or conversion rights or redemption or sinking fund provisions;

 

	 	·	are entitled to one non-cumulative vote per share on all matters on which stockholders may vote at all meetings of our stockholders and for directors.

 

Preferred Stock

 

We are currently authorized
to issue 25,000,000 shares of Preferred Stock. As of December 31, 2019, there were no shares of Preferred Stock outstanding. Our
Board, without further stockholder approval, may issue Preferred Stock in one or more series from time to time and fix or alter
the designations, relative rights, priorities, preferences, qualifications, limitations and restrictions of the shares of each
series. The rights, preferences, limitations and restrictions of different series of Preferred Stock may differ with respect to
dividend rates, amounts payable on liquidation, voting rights, conversion rights, redemption provisions, sinking fund provisions
and other matters. Our Board may authorize the issuance of Preferred Stock which ranks senior to our Common Stock for the payment
of dividends and the distribution of assets on liquidation. In addition, our Board can fix limitations and restrictions, if any,
upon the payment of dividends on our Common Stock to be effective while any shares of Preferred Stock are outstanding.

 

 

 

    	 	1	 

     

    

 

If we make a public offering of Preferred Stock, we will file
the terms of the class or series of Preferred Stock with the SEC, along with other offering material relating to that offering
will include a description of the specific terms of the offering, including any of the following applicable terms:

 

	 	·	the series, the number of shares offered and the liquidation value of the Preferred Stock;

 

	 	·	the price at which the Preferred Stock will be issued;

 

	 	·	the dividend rate, the dates on which the dividends will be payable and other terms relating to the payment of dividends on the Preferred Stock;

 

	 	·	the liquidation preference of the Preferred Stock;

 

	 	·	the voting rights of the Preferred Stock;

 

	 	·	whether the Preferred Stock is redeemable or subject to a sinking fund, and the terms of any such redemption or sinking fund;

 

	 	·	whether the Preferred Stock is convertible or exchangeable for any other securities, and the terms of any such conversion; and

 

	 	·	any additional rights, preferences, qualifications, limitations and restrictions of the Preferred Stock.

 

One purpose of authorizing our board of directors to issue Preferred
Stock and determine the rights and preferences of any classes or series of Preferred Stock is to eliminate delays associated with
a stockholder vote on specific issuances. The simplified issuance of Preferred Stock, while providing flexibility in connection
with possible acquisitions, future financings and other corporate purposes, could have the effect of making it more difficult for
a third party to acquire, or could discourage a third party from seeking to acquire, a majority of our outstanding voting stock
The actual effect of the issuance of any shares of Preferred Stock upon the rights of holders of our Common Stock will depend on
the specific rights of the holders of the Preferred Stock designated by our board of directors. However, these effects might include:

 

	 	·	decreasing the amount of earnings and assets available for distribution to holders of Common Stock;

 

	 	·	restricting dividends on Common Stock;

 

	 	·	diluting the voting power of Common Stock;

 

	 	·	impairing the liquidation rights of Common Stock; and

 

	 	·	delaying, deferring or preventing a change in control of our Company.

  

Our Board had not authorized any series
of Preferred Stock.

 

 

 

    	 	2	 

     

    

 

Anti-Takeover Effects of Provisions of our Amended and Restated
Articles of Incorporation and our Amended and Restated Bylaws

 

Authorized but Unissued Shares.

The authorized but unissued shares (and to the extent not otherwise
retired or reserved) of our Common Stock and Preferred Stock are available for future issuance without stockholder approval, subject
to any limitations imposed by the listing standards of The Nasdaq Capital Market, in addition to our Articles of Incorporation.
These additional shares may be used for a variety of corporate finance transactions, acquisitions and employee benefit plans. The
existence of authorized but unissued and unreserved Common Stock and Preferred Stock could make more difficult or discourage an
attempt to obtain control of us by means of a proxy contest, tender offer, merger or otherwise.

 

Issuance of Preferred Stock.

The Company may issue up to an additional 25,000,000 shares
of Preferred Stock on such terms and with such rights, preferences and designations, including, without limitation restricting
dividends on its Common Stock, dilution of the voting power of its Common Stock and impairing the liquidation rights of the holders
of its Common Stock, as the Board of Directors of the Company may determine without any vote of the stockholders. The issuance
of such Preferred Stock, depending upon the rights, preferences and designations thereof may have the effect of delaying, deterring
or preventing a change in control of the Company.

 

Amendment of Articles of Incorporation or Bylaws

Nevada law provides generally that a resolution of the board
of directors is required to propose an amendment to a corporation’s articles of incorporation and that the amendment must
be approved by the affirmative vote of a majority of the voting power of all classes entitled to vote, as well as a majority of
any class adversely affected. Nevada law also provides that the corporation’s bylaws, including any bylaws adopted by its
stockholders, may be amended by the board of directors and that the power to adopt, amend or repeal the bylaws may be granted exclusively
to the directors in the corporation’s articles of incorporation. Our Articles of Incorporation provide that powers to alter,
amend or repeal the Bylaws of the Corporation or to adopt new Bylaws is reserved to the board of directors.

 

The foregoing provisions of our amended and restated articles
of incorporation and amended and restated bylaws could discourage potential acquisition proposals and could delay or prevent a
change in control. These provisions are intended to enhance the likelihood of continuity and stability in the composition of our
board of directors and in the policies formulated by our board of directors and to discourage certain types of transactions that
may involve an actual or threatened change of control. These provisions are designed to reduce our vulnerability to an unsolicited
acquisition proposal. The provisions also are intended to discourage certain tactics that may be used in proxy fights. However,
such provisions could have the effect of discouraging others from making tender offers for our shares and, as a consequence, they
also may inhibit fluctuations in the market price of our shares of Common Stock that could result from actual or rumored takeover
attempts. Such provisions also may have the effect of preventing changes in our management or delaying or preventing a transaction
that might benefit you or other minority stockholders.

 

Removal of Directors

Nevada law and our Bylaws provide that an incumbent director
may be removed as a director only at an annual or special meeting of stockholders, by the vote of stockholders representing not
less than two-thirds of the voting power of the issued and outstanding stock entitled to vote.

 

Nevada Anti-takeover Statutes

Nevada law includes certain anti-takeover statutes, including
NRS 78.411 through 78.444, inclusive (the “Business Combination Statute”) with respect to combinations with interested
stockholders, and NRS 78.378 through 78.3793 (the “Control Share Statute”), with respect to the acquisition of a controlling
interest in certain corporations doing business in the state. We have opted out of the application of both the Business Combination
Statute and the Control Share Statute in our Articles of Incorporation. Because we have so elected not to have those statutes apply
to us, it could be more difficult to resist an attempt to obtain control of us, in a transaction not approved in advance by our
board of directors. We could also, in the future, change our Articles of Incorporation to opt into either the Business Combination
Statute, the Control Share Statute, or both.

 

 

 

    	 	3	 

     

    

 

Business Combination Statute

In general, the Business Combination Statute prohibits a Nevada
corporation that is publicly traded with 200 or more stockholders of record from engaging in any certain business “combinations”
with any “interested stockholder” for a period of up to four years following the date that the stockholder became an
interested stockholder, unless the combination meets all of the requirements of the articles of incorporation of the Nevada corporation
and, for combinations within two years prior to the date that the stockholder becomes an “interested stockholder,”
either: (i) the board of directors of the corporation approved, before the person first became an interested stockholder, the business
combination or the transaction that resulted in the stockholder becoming an interested stockholder; or (ii) the combination is
approved by the corporation’s directors after such time and also at an annual or special meeting by affirmative vote of stockholders
owning at least 60% of the voting power not owned by the interested stockholder or its affiliates or associates.

 

After the two-year period following the date that the stockholder
becomes an interested stockholder, business combinations may also be prohibited unless the combination or transaction by which
the person first became an interested stockholder either (i) was approved by the board directors prior to such combination or transaction,
or (ii) is approved by a majority of voting power of the corporation, not beneficially owned by the interested stockholder, its
affiliates or its associates. Alternatively, if the interested stockholder has not become the owner of any additional voting shares
since the date it became an interested stockholder except by certain permitted transactions, a corporation may engage in a combination
with an interested stockholder more than two years after such person becomes an interested stockholder if the consideration
to be paid to the holders of the corporation’s stock, other than the interested stockholder, is at least equal to the highest
of: (a) the highest price per share paid by the interested stockholder within the two years immediately preceding the
date of the announcement of the combination or the transaction in which it became an interested stockholder, whichever is higher,
plus interest compounded annually, (b) the market value per share of Common Stock on the date of announcement of the combination
or the date the interested stockholder acquired the shares, whichever is higher, less certain dividends paid or (c) for holders
of preferred stock, the highest liquidation value of the preferred stock, if it is higher. The Business Combination Statute does
not apply to an interested stockholder after the date four years after the person became an interested stockholder.

 

The NRS defines a “combination” subject to the statute
to include the following:

		·	any merger or consolidation of the corporation and the interested stockholder or any other entity which is, or after the transaction
would be, an affiliate or associate of the interested stockholder;

		·	any sale, lease, exchange, mortgage, pledge, transfer or other disposition of the assets of the corporation to or with the
interested stockholder or any affiliate or associate of the interested stockholder if the assets transferred have a market value
equal to more than 5% of all of the assets of the corporation or more than 5% of the value of the outstanding voting shares of
the corporation or represent more than 10% of the earning power or net income of the corporation;

		·	subject to certain exceptions, any issuance or transfer by the corporation of any stock of the corporation or a subsidiary
with a market value of 5% or more of the aggregate market value of the outstanding voting shares of the corporation to the interested
stockholder or an affiliate or associate;

		·	the adoption of a plan or proposal of liquidation or dissolution under any arrangement with the interested stockholder or any
affiliate or associate of the interested stockholder;

		·	subject to certain exceptions, any reclassification of securities, recapitalization, merger or consolidation, or other transaction
involving the corporation that has the effect of increasing the proportionate share of the stock of any class or series of voting
shares, or securities convertible into voting shares, of the corporation which is beneficially owned by the interested stockholder
or any affiliate or associate of the interested stockholder; or

		·	the receipt by the interested stockholder or any affiliate or associate of the interested stockholder of the benefit of any
loans, advances, guarantees, pledges or other financial benefits provided by or through the corporation.

 

In general, the NRS defines an interested stockholder as either
any entity or person beneficially owning, directly or indirectly, 10% or more of the outstanding voting stock of the corporation,
or any affiliate or associate of the corporation who was, within 2 years immediately before the date in question, a 10% percent
or greater owner.

 

As discussed above, we have opted out of the Business Combination
Statute in our current Articles of Incorporation.

 

 

 

    	 	4	 

     

    

 

Control Share Statute

The Nevada Control Share Statute may limit the voting rights
of shares in a corporation acquired by certain persons. The provisions apply to any acquisition of outstanding voting securities
of a Nevada corporation (an “issuing corporation”) that has 200 or more stockholders of record, at least 100 of which
have addresses in Nevada, and conducts business in Nevada directly or through an affiliate. An acquiring person and those acting
in association with such person may, under certain circumstances, be prohibited from voting such persons’ “control
shares” if the acquiring person acquires a proportion of the outstanding voting power exceeding one of the following thresholds:
(i) one-fifth or more but less than one-third; (ii) one-third or more but less than a majority; or (iii) a majority or more. The
control shares acquired in such an acquisition or acquired within 90 days prior thereto are denied voting rights unless a majority
of the voting power of the stockholders, and a majority of any class or series of shares adversely affected, approve the granting
of such voting rights. If an issuing corporation’s articles of incorporation or By-laws in effect by the tenth day following
the acquisition so provide, the voting securities acquired may be redeemed, at the average price paid for the control shares, by
an issuing corporation at the average price paid for the securities if (i) the acquiring person has not given a timely information
statement to an issuing corporation or (ii) the control shares are not granted full voting rights by stockholders. Unless otherwise
provided in such articles of incorporation or by-laws, if an acquiring person obtains a majority voting interest and the security
holders accord voting rights to such acquiring person, a stockholder who did not vote in favor of the voting rights may demand
rights as a dissenter to payment of the fair value of such stockholder’s shares in accordance with statutory processes established
for dissenters’ rights.

 

We have opted out of the Control Share Statute in our current
Articles of Incorporation, but could potentially amend the Articles of Incorporation to elect to be subject to the Control Share
Statute. A corporation may also opt-out of the Control Share Statute by amending its bylaws either before, or within ten days after,
a relevant acquisition.

  

Director and Officer Liability and Indemnification

 

Limitation of Liability

Nevada law provides that our directors and officers will not
be individually liable to us, our stockholders or creditors for any damages for any act or failure to act in the capacity of a
director or officer other than in circumstances where both (i) the presumption that the director or officer acted in good
faith, on an informed basis and with a view to the interests of the corporation, has been rebutted, and (ii) the act or failure
to act of the director or officer is proven to have been a breach of his or her fiduciary duties as a director or officer and such
breach is proven to have involved intentional misconduct, fraud or a knowing violation of law.

 

Our Articles of Incorporation eliminate the personal liability
of our directors and officers us or our stockholders for damages for breach of fiduciary duty as a director or officer, excepting
only acts or omissions which involve intentional misconduct, fraud, or a knowing violation. In addition, our Articles of Incorporation
eliminate or limit liability to the fullest extent permitted by Nevada law from time to time.

 

These limitation of liability provisions may be held not be
enforceable for certain violations of the federal securities laws of the United States.

 

Indemnification of Directors and Officers

 

Under the NRS, a corporation may indemnify any person who was
or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil,
criminal, administrative or investigative, except an action by or in the right of the corporation (a "derivative action"),
by reason of the fact that the person is or was a director, officer, employee or agent of the corporation, or is or was serving
at the request of the corporation as a director, officer, employee or agent of another corporation, partnership, joint venture,
trust or other enterprise, against expenses, including attorneys' fees, judgments, fines and amounts paid in settlement actually
and reasonably incurred by the person in connection with the action, suit or proceeding if the person: (a) is not liable as described
in "Limitation of Director and Officer Liability" above and (b) acted in good faith and in a manner which he or she reasonably
believed to be in or not opposed to the best interests of the corporation, and, with respect to any criminal action or proceeding,
had no reasonable cause to believe the conduct was unlawful.

 

 

 

    	 	5	 

     

    

 

In the case of derivative actions, no indemnification may be
made for any claim, issue or matter as to which such a person, after exhaustion of all appeals, has been found liable to the corporation
or for amounts paid in settlement to the corporation, unless and only to the extent that the court determines otherwise in light
of all the circumstances.

 

The NRS further provide that, to the extent that a director,
officer, employee or agent of a corporation has been successful on the merits or otherwise in defense of any action, suit or proceeding
(including a derivative action), or in defense of any claim, issue or matter therein, a corporation shall indemnify him or her
against expenses, including attorneys' fees, actually and reasonably incurred by him or her in connection with the defense.

 

The NRS further provide that any discretionary indemnification,
unless ordered by a court, may be made by the corporation only as authorized in the specific case upon a determination that indemnification
of the director, officer, employee or agent is proper in the circumstances. Determinations as to the payment of indemnification
are made by a majority of the board of directors at a meeting at which a quorum of disinterested directors is present, or by written
opinion of special legal counsel, or by the stockholders.

 

Our Articles provide that we shall indemnify the officers and
directors of the corporation to the fullest extent permitted by Nevada law. Our Bylaws independently provide that, subject to certain
limitations set forth therein, we shall indemnify our directors and officers for any and all expenses, liabilities, and losses
(including, without limitation, attorneys’ fees, judgments, fines, taxes, penalties, and amounts paid or to be paid in settlement
actually and reasonably incurred or suffered by a director or officer in connection with any threatened, pending, or completed
action, suit, or proceeding (including, without limitation, an action, suit, or proceeding by or in the right of the Corporation),
whether civil, criminal, administrative, or investigative, by reason that such person is or was a director or officer of ours,
or a predecessor company, or is or was serving at our request in any capacity for another business.

 

Our By-laws also provide that we shall pay for or reimburse
the reasonable expenses incurred by our directors and officers if he or she furnishes us with a written undertaking to repay any
advances if it is ultimately determined that he or she is not entitled to any indemnification under the By-laws or otherwise.

These indemnification provisions may be held not be enforceable
for certain violations of the federal securities laws of the United States.

 

Transfer Agent and Registrar; Market Listing

 

The transfer agent for the Company’s Common Stock is Corporate
Stock Transfer, Inc. The transfer agent’s address is 3200 Cherry Creek S Dr # 430, Denver, CO 80209, and its telephone number
is (303) 282-4800. Our Common Stock is listed on The Nasdaq Capital Market under the symbol “PAYS.”

 

 

 

 

 

 

 

 

 

 

    	 	6Exhibit 10.1

 

 

 

 

April 1, 2020

 

 

David Setboun

 

Re: Offer of Employment

 

Dear Mr. Setboun:

 

I am pleased to confirm
an offer for you, by way of this offer letter (this “Letter”), to join BRAINSTORM CELL THERAPEUTICS INC., a
Delaware corporation (the “Company”), on a full-time basis, in the position of Executive Vice President, Chief
Operating Officer (“COO”). Your employment commencement date shall be April 7, 2020 (the “Effective
Date”) and shall continue until terminated pursuant to the terms hereof (collectively, the “Employment Period”).
All share numbers and share prices described herein shall be appropriately adjusted in the event of a stock split, reverse stock
split, or other similar event.

 

The terms of your
employment and compensation will consist of the following:

 

		(i)	Hours Commitment: You will be expected to work in a full-time capacity, meaning a 40-hour
work week, with the days and hours to be mutually agreed upon by the parties, pursuant to the Company’s ordinary course of
business (other than weeks that include Company recognized holidays or weeks during which you take vacation days). You shall not
be permitted to have any other business activities, unless first approved in writing by the Company in its sole discretion. You
may be required to travel in connection with your position. Your office shall be located at the Company’s office suite in
New Jersey or Manhattan, New York. Additionally, you agree to travel to the Company’s other offices and to other destinations
in connection with the provision of services by you as the Company’s COO, including as and when you are directed to do so,
from time to time, by your direct supervisor.

 

		(ii)	Title: Executive Vice President, Chief Operating Officer.

 

		(iii)	Nature of Services: You will directly report to our Chief Executive Officer (“CEO”),
and your primary responsibilities will consist of those listed on Exhibit A (collectively, the “Executive Duties”)
or as may otherwise be directed from time to time by our CEO.

 

		(iv)	Compensation*:

 

		a.	In consideration of the performance of the Executive Duties, you shall be entitled to receive an
annual base compensation of Four Hundred Thousand U.S. Dollars (USD$400,000.00) (the “Base Salary”), payable
in installments in accordance with the general payroll practices of the Company in effect at the time such payment is made (and
subject to applicable employee deductions, such as income and employment tax withholdings) during the Employment Period. No additional
compensation shall be payable to you 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.

 

    Confidential
BrainStorm Cell Therapeutics Inc., 1325 Avenue of Americas, 28th Floor, New York, NY 10019
Phone: 201-488-0460 Fax: 201-430-7555

     

    

 

		b.	You shall be eligible to receive an annual cash bonus during the Employment Period equal to up
to 40% of the Base Salary, subject to your satisfaction of pre-established performance goals to be mutually agreed upon by you
and the CEO and Board of Directors (the “Board”) of the Company (or a committee thereof) each year during the
Employment Period. Performance shall be evaluated through a performance management framework and a bonus range based on the target
bonus. Your bonus for 2020 fiscal year shall be pro-rated based on the number of days you are employed in fiscal year 2020. During
the Employment Period, commencing with the first anniversary of the Effective Date, you shall be eligible to receive an annual
option (the “Annual Option”) to purchase 20,000 shares of common stock of the Company with an exercise price equal
to the closing price of the common stock of the Company on the day of the grant during normal trading hours according to Nasdaq,
and will be categorized as an incentive stock option pursuant to Section 422 of the Internal Revenue Code to the extent you and
the terms of such option qualify pursuant to the eligibility requirements (otherwise, the option grants shall be considered “non-qualified
stock options”), the vesting and exercisability of which shall be subject to the satisfaction of pre-established performance
goals to be determined by the Board (or a committee thereof) each year during the Employment Period. Notwithstanding the foregoing,
the Annual Options are and will each be subject the limitations of the Plans and any SEC or Nasdaq listing requirements and any
required Board or stockholder approvals.

 

		c.	You shall be eligible to receive a one-time signing and relocation bonus of Forty Thousand ($40,000)
U.S. Dollars (subject to applicable withholdings and deductions), payable within 30 days after the full execution of this Offer
Letter by all parties.

 

		d.	Upon the Effective Date you shall receive a one-time grant of 50,000 shares of restricted common
stock of the Company (the “Restricted Stock Grant”), which shall vest as to 100% of the award on the one year
anniversary of the grant date, provided you remain continuously employed by the Company from the date of grant through the vesting
date. The Restricted Stock Grant shall be contingent upon your execution of one or more restricted stock agreements in such form
and substance as may reasonably be determined by the Company. In the event of your termination of employment, any portion of the
Restricted Stock Grant that is not yet vested shall automatically and immediately be forfeited to the Company, without the payment
of any consideration to you.

 

		e.	Upon the occurrence of the specified milestones as detailed in Exhibit B, you shall receive
an additional one-time issuance of restricted common stock of the Company (the “Special Restricted Stock Grant”),
as described on Exhibit B. The Special Restricted Stock Grant shall be contingent upon your execution of one or more restricted
stock agreements in such form and substance as may reasonably be determined by the Company. In the event of your termination of
employment, any portion of the Special Restricted Stock Grant that is not yet vested shall automatically and immediately be forfeited
to the Company, without the payment of any consideration to you.

 

    Confidential
BrainStorm Cell Therapeutics Inc., 1325 Avenue of Americas, 28th Floor, New York, NY 10019
Phone: 201-488-0460 Fax: 201-430-7555

     

    

 

		(v)	You hereby acknowledge that you are responsible for obtaining the advice of the your own tax advisors
with respect to the acquisition of the Restricted Stock Grant and the Special Restricted Stock Grant, and are relying solely on
such advisors and not on any statements or representations of the Company or any of its agents with respect to the tax consequences
relating thereto. You acknowledge that you understand that you (and not the Company) shall be responsible for your tax liability
that may arise in connection with the acquisition, vesting and/or disposition of the Restricted Stock Grant and the Special Restricted
Stock Grant and any accrued dividends with respect thereto. You acknowledge that you have been informed of the availability of
making an election under Section 83(b) of the Internal Revenue Code, as amended, with respect to the issuance of the Restricted
Stock Grant and the Special Restricted Stock Grant, and that you also are aware and understand that, as an executive officer of
the Company, there will be times that you are restricted or prohibited from selling securities of the Company.

 

		(vi)	In addition to the foregoing, you shall be eligible to participate in, and receive, such additional
stock options or other equity awards relating to the equity of the Company as determined by the Board (or a committee thereof)
in its sole and absolute discretion.

 

		(vii)	Upon presentation of vouchers and similar receipts, you 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.

 

*Subject to
all mandatory withholdings required by applicable law.

 

		(viii)	Employee Benefits: You shall be entitled to participate in such employment benefits, including
but not limited to a Section 401(k) retirement plan, health, dental, 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 (at no cost to you for the premiums or other fees) or, if the Company is unable to provide such plans, the Company will reimburse
you for your 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.

 

		(ix)	Other Employee Benefits; Vacation: You shall be entitled to those other employee benefits
which are generally offered to the Company’s full-time employees, and as required by applicable law. Notwithstanding, you
shall also be entitled to vacation during each year of the Employment Period in accordance with the policies and procedures of
the Company maintained from time to time; provided that you shall be entitled to 20 days of vacation per fiscal year (to be pro
rated for partial years worked by you).

 

    Confidential
BrainStorm Cell Therapeutics Inc., 1325 Avenue of Americas, 28th Floor, New York, NY 10019
Phone: 201-488-0460 Fax: 201-430-7555

     

    

 

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

 

		(xi)	Confidentiality: You will be required to execute the Company’s standard Assignment,
Non-Competition, Non-Solicitation and Confidentiality Agreement on or prior to your Start Date. A copy of this Assignment, Non-Competition,
Non-Solicitation and Confidentiality Agreement has been appended to this Letter for your review and execution.

 

		(xii)	Termination and Consequences.

 

Termination Without Cause. At
any time, the Company shall have the right to terminate the Employment Period by written notice to you. Upon any termination pursuant
to this Section (xii), the Company shall (i) pay to you any unpaid Base Salary through the effective date of termination specified
in such notice; and (ii) pay to you the accrued and/or pro-rated but unpaid performance bonus, if any, for any period ending on
or before the date of the termination of your employment with the Company, as described in the terms of your bonus arrangement
(for the avoidance of doubt, any such performance bonus payment shall only be due to you if the performance targets and all conditions
are fully achieved prior to the date of your employment termination). The Company shall pay to you the equivalent of four
(4) months of your Base Salary in the form of salary continuation commencing on the first regularly scheduled
payroll date following the effective date of the Release described in this section and reimburse you for the monthly COBRA
premium paid by you for yourself and your dependents for four (4) months following the effective date of
termination. The Company shall have no further liability hereunder (other than for reimbursement for reasonable business expenses
incurred prior to the date of termination and consistent with the Company’s policies and procedures, subject, however, to
the provisions and payment of compensation for unused vacation days that have accumulated during the calendar year in which such
termination occurs).  No such salary continuation or any other form of severance pay or acceleration of vesting shall be paid
unless you timely execute and do not revoke a full and general waiver and release in favor of the Company, its subsidiaries, its
affiliates, directors, officers, employees, shareholders, representatives and agents, as described below. Notwithstanding anything
to the contrary, in no event shall the vesting for any stock options and other equity securities that are subject to “performance-based”
accelerate upon or as the result of the termination of your employment for any reason.

 

    Confidential
BrainStorm Cell Therapeutics Inc., 1325 Avenue of Americas, 28th Floor, New York, NY 10019
Phone: 201-488-0460 Fax: 201-430-7555

     

    

 

Change in Control of the Company. (a) Payments. In
the event that a termination of employment without Cause or for Good Reason occurs within four (4) months following
a Change in Control (as defined in paragraph (b) of this Employment Agreement) in the Company, the Company shall pay to you the
equivalent of four (4) months of Executive's Base Salary in a lump sum, reimburse you for the monthly
COBRA premium paid by you for yourself and your dependents for four (4) months following the effective date of
termination, and fully accelerate the vesting of all outstanding, unvested options or other equity instruments of
Company Common Stock, such that all such equity shall be vested immediately and exercisable, but only such options and equity securities
that are subject to “time-based” vesting (as opposed to “performance-based” vesting, which shall not be
accelerated). The Company shall have no further liability hereunder (other than for reimbursement for reasonable business expenses
incurred prior to the date of termination and consistent with the Company’s policies and procedures, subject, however, to
the provisions of and payment of compensation for unused vacation days that have accumulated during the calendar year in which
such termination occurs). (b) For purposes of this Agreement, the term “Change in Control” shall mean 
(i) a reorganization, merger, consolidation or other form of corporate transaction or series of transactions, in each case, with
respect to which persons who were the shareholders of the Company immediately prior to such reorganization, merger or consolidation
or other transaction do not, immediately thereafter, own more than 50% of the combined voting power entitled to vote generally
in the election of directors of the reorganized, merged or consolidated company’s then outstanding voting securities, in
substantially the same proportions as their ownership immediately prior to such reorganization, merger, consolidation or other
transaction, or (ii) a liquidation or dissolution of the Company, or (iii) the sale of all or substantially all of the assets of
the Company (unless such reorganization, merger, consolidation or other corporate transaction, liquidation, dissolution or sale
is subsequently abandoned).  No such severance payments, lump sum payments or acceleration of vesting shall occur if
you fail to timely execute and do not revoke a full and general waiver and release in favor of the Company, its subsidiaries, its
affiliates, directors, officers, employees, shareholders, representatives and agents, as described below.

 

Release and Resignation Requirement. The Severance Benefits (including all salary continuation, lump sum payments,
acceleration of vesting, COBRA payments and the like) are conditional upon (i) your delivering to the Company and making effective
and irrevocable a general release of all claims in favor of the Company, in a form reasonably acceptable to the Company (the “Release”),
which release shall be effective seven (7) days after your signature and delivery to the Company, following the date of the applicable
termination or resignation (such signature to be delivered to the Company no later than 45 days after the termination of your employment
with the Company); (ii) your complying with the Release including any cooperation, non-disparagement or confidentiality provisions
contained therein and continuing to comply with your obligations under the terms of this Employment Agreement, including any non-solicit
and/or non-compete provisions that may be included, and the terms of the Company Protection Agreement (including Exhibit
C hereof); and (iii) your resignation, to be effective no later than the date of your termination or resignation date (or
such other date as reasonably requested by the Company). 

 

		(a)	Notwithstanding any other provision of this Agreement to the contrary, you may terminate this Agreement
at any time during the Employment Period, (i) for Good Reason (as defined below), or (ii) without Good Reason on (A) thirty (30)
days’ prior written notice to the Company through the first anniversary of the Effective Date; or (B) sixty (60) days’
prior written notice following the first anniversary of the Effective Date.

 

		(b)	Notwithstanding any other provision of this Agreement to the contrary, the Company may terminate
the Employment Period upon written notice to you.

 

    Confidential
BrainStorm Cell Therapeutics Inc., 1325 Avenue of Americas, 28th Floor, New York, NY 10019
Phone: 201-488-0460 Fax: 201-430-7555

     

    

 

		(d)	Subject to the other requirements of this Agreement,
if either you or the Company terminates this Agreement or your employment hereunder, then (i) your Base Salary shall be discontinued
upon the termination of the Agreement or your 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, you shall cease to be entitled to participate in any benefit plans or programs maintained by the Company, and (iv) you shall
forfeit all rights to any Company unvested 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 you without Good Reason.
You shall be entitled to receive payment for all accrued Base Salary and benefits earned through and including the date of termination,
including, but not limited to all bonus earned, but not yet paid, for the year preceding the year in which such termination occurs,
payment for all accrued, unused vacation, reimbursement of all business expenses incurred through the date of termination, and
all vested benefits to which the employee is entitled. In addition, you and your eligible dependents shall be entitled to continue
all group health benefits at your or their expense, pursuant to applicable law.

 

		(e)	If you die or are unable to perform your duties and/or
any other obligations 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 all accrued Base Salary and any bonus
that you would otherwise have been entitled to receive through the date that your employment with the Company is terminated. In
the case of a Disability, you shall also receive any applicable payments and benefits pursuant to any disability plan or policy
sponsored or maintained by the Company. The unvested Options and/or Unvested Restricted Stock Units shall remain outstanding in
accordance with their existing terms and conditions.

 

		(f)	“Good Reason” means (i) a material
reduction of your base salary, annual bonus and or any annual equity grants and and/or benefits from the levels in effect immediately
prior to the reduction, (ii) a material reduction of your 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 the Company’s receipt of
written notice thereof from the you and failure by the Company to cure the breach fully within thirty (30) days (or 60 days, as
described above) after the date such notice is received by the Company. A termination by you will not be considered a termination
for Good Reason unless within thirty (30) days (or 60 days, as described above) of the later of the last event relied upon by
you to establish Good Reason or actual knowledge thereof as demonstrated by the Company, you furnish the Company with a written
statement specifying the reason or reasons why you believe you are entitled to terminate employment for Good Reason and afford
the Company at least thirty (30) days (or 60 days, as described above) during which to remedy the default. Such 30 day (or 60
days, as described above) notice period may run concurrently with the 30 day notice specified in section xii a If the Company
timely cures the condition giving rise to Good Reason for your resignation, the notice of termination shall become null and void.
If the Company does not timely and fully cure the condition giving rise to Good Reason, your termination of employment shall be
effective as of the end of such cure period, subject to the other terms of this Agreement.

 

    Confidential
BrainStorm Cell Therapeutics Inc., 1325 Avenue of Americas, 28th Floor, New York, NY 10019
Phone: 201-488-0460 Fax: 201-430-7555

     

    

 

		(g)	“Cause” means a good faith finding
by the Company of: (i) gross negligence or willful misconduct by you in connection with the your Executive Duties that you
do not cure fully within thirty (30) days of written notice thereof by the Company to you, (ii) your indictment for, conviction
of, or entry of a plea of guilty or no contest or similar plea with respect to any felony, acts of fraud, misrepresentation, embezzlement,
theft, dishonesty or breach of fiduciary duty of loyalty to the Company or any of its affiliates or subsidiaries, or a material
and intentional breach of any material term of this Agreement that you do not fully cure within thirty (30) days of written notice
by the Company to you thereof, (iii) willful or repeated failure to follow specific directives of the CEO and/or the Board (or
its committees or other designees) that are made in accordance with all applicable law and would not violate applicable law and
that you do not cure fully within thirty (30) days of written notice by the Company to you thereof, (iv) willful failure
or refusal to perform your Executive Duties by you (except where due to Disability or where performance of your Executive Duties
is prohibited by law), which failure or refusal is not corrected by you within thirty (30) business days following receipt by
you of written notice from the Company of such failure or refusal, and the actions required to correct the same, to the reasonable
satisfaction of the CEO, (v) misappropriation by you of the assets or business opportunities of the Company or its affiliates
or subsidiaries, (vi) any intentionally wrongful act or omission by you that has a material adverse effect on the reputation or
business of the Company or any of its subsidiaries or affiliates, (vii) a willful and/or knowing breach by you of any representations
or warranties included in this Agreement, or (viii) you knowingly allowing any third party to commit any of the acts described
in any of the preceding clause (v) against the Company.

 

		(h)	“Disability” means your inability
to perform your 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 ninety (90) consecutive days in any two hundred seventy (270) day period. The existence
of a Disability means that you cannot perform the essential functions of your position with or without reasonable accommodation.
The fact of whether or not a Disability exists hereunder shall be determined by a professionally qualified medical expert reasonably
chosen by you and the Company.

 

		(xiii)	Special Payment Provision. Notwithstanding any provision herein to the contrary:

 

		a.	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 you, 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 your 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.

 

    Confidential
BrainStorm Cell Therapeutics Inc., 1325 Avenue of Americas, 28th Floor, New York, NY 10019
Phone: 201-488-0460 Fax: 201-430-7555

     

    

 

		b.	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)(ii) 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.

 

		c.	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.

 

As you are aware, you
will be a full-time employee with the Company and must devote your full attention and efforts to the Company during regular work
hours and your employment with the Company is "at will," which means your employment may be terminated at any time for
any reason, by either party, with or without notice subject to both parties complying otherwise with the terms of this Agreement

 

This Agreement will
be governed solely by the laws of the State of New York without giving effect to the conflict of laws principles thereof. You further
agree to submit to the exclusive jurisdiction of the courts situated in the State of New York in respect of any issue and/or dispute
which arises hereunder and/or in connection with your employment with the Company.

 

By signing this Agreement,
you confirm that you are not subject to any agreements or other restrictions that would prevent you from working for the Company
and carrying out the Executive Duties described herein. You further confirm that your employment with the Company will not violate
or breach any confidential relationship between you and any third party, and that you will not disclose to the Company or use for
the Company’s benefit any confidential or trade secret information of any third party that is not otherwise allowed by law
or contract or the third party’s written consent. You agree that at no time during the period of your employment with the
Company will you undertake responsibilities or obligations which will present an actual conflict of interest with, or limit your
ability to reasonably fulfill the Executive Duties of your position with the Company.

 

You are required by
law to provide documentation necessary to complete U.S. Government Form I-9. Your employment will not commence until the Company
has received such materials/documentation. In addition, this offer is contingent on verification of the information you have provided
on your employment application and in your job interview.

 

    Confidential
BrainStorm Cell Therapeutics Inc., 1325 Avenue of Americas, 28th Floor, New York, NY 10019
Phone: 201-488-0460 Fax: 201-430-7555

     

    

 

We look forward to
having you join the Brainstorm team, and we are confident that you’ll contribute to its overall success. If you should have
any questions please feel free to contact me at your earliest convenience.

 

 

	 	Sincerely,

 

BRAINSTORM CELL THERAPEUTICS
INC.

 

By: /s/ Chaim Lebovits

Name: Chaim Lebovits

Title: Chief Executive Officer

 

ACKNOWLEDGED AND AGREED

AS OF THE DATE SET FORTH BELOW:

 

By: /s/ David Setboun

Name: David Setboun

Title: In his individual capacity

 

    Confidential
BrainStorm Cell Therapeutics Inc., 1325 Avenue of Americas, 28th Floor, New York, NY 10019
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EXHIBIT A

 

Chief Operating Officer Primary Responsibilities:

 

		·	Responsible for the company’s CMC (Chemistry, Manufacturing and Controls) or all Company’s
products. Overseeing the activities of the Company’s VP Manufacturing.

		·	Responsible for the development and successful formation of Brainstorm strategic partnerships
across all geographic regions, including but not limited to: identifying strategic partnership opportunities; leading all due
diligence activities; leading company negotiations; successful completion of term sheets; and management of joint venture partnerships
as the Brainstorm corporate co-lead on JV committees.

		·	Responsible for the company’s global business expansion, including: strategic partnerships;
mappingח the European Union (“EU”) markets, as
well as leading the company’s EU regulatory activities; identification and sourcing of non-dilutive funding opportunities;
participation in Key Opinion Leader (“KOL”) engagements with other Brainstorm team members; US and EU payer and health
technology assessment engagement; and sourcing appropriate EU vendors to conduct corporate activities within the EU.

		·	Develop Brainstorm’s EU footprint and presence as necessary to support business objectives,
including: establishing an EU office; developing EU manufacturing infrastructure; and hiring of Brainstorm employees or functional
service providers.

		·	Instruct, guide and supervise over the entire Commercialization efforts; Overseeing and assisting
the Company’s Chief Commercial Officer. And assist the CEO, the President and the Chief Business Officer in all US NurOwn
ALS launch activities as necessary.

		·	Work collaboratively with the President and Chief Medical Officer on prioritizing and optimizing
Brainstorm’s innovative cellular product portfolio across geographic regions and potential strategic partners, including:
establishing research collaborations with leading academic institutions and subject matter experts; project management; program
resourcing; and establishment of specific product development timelines and milestones.

		·	Work collaboratively, under the CEO leadership, with the Chief Financial Officer and the President
and the Chief Business Officer on investor and PR interactions and meetings as necessary, including: corporate reporting;
investor calls; fund raising; and media interactions.

		·	Actively contribute to the development of corporate objectives and strategic planning as part of the Brainstorm senior management
team.

 

 

 

    Confidential
BrainStorm Cell Therapeutics Inc., 1325 Avenue of Americas, 28th Floor, New York, NY 10019
Phone: 201-488-0460 Fax: 201-430-7555

     

    

 

Exhibit B

 

Milestone for Special Restricted Stock Grant: 

 

1.       Upon occurrence
of the following milestone, COO shall receive 100% of the Special Restricted Stock Grant totaling 250,000 shares of common stock
of the Company which shall vest immediately as to 100% of the award. Company shall issue to you the Special Restricted Stock
Grant in the appropriate amount “one time only” if and when the milestone event is achieved. Such issuance shall be
made no later than ten (10) business days following achievement of the applicable milestone event. You must be employed by the
Company on the date the milestone is achieved in order to receive the Special Restricted Stock Grant. The milestone for the
Special Restricted Stock Grant is as follows :

 

		a.	The Company had entered into a definitive commercialization agreement - prior to its phase 3 ALS trial data unblinding for
its lead investigational product - with a third party that is not an affiliate or subsidiary of the Company, with respect to the
Company’s primary targeted indication – Amyotrophic Lateral Sclerosis.

 

 

2.       Should the COO
play a material part in securing a commercialization agreement, the board of directors shall convene and discuss the option of
granting COO an additional special compensation or bonus, and, in that case, the nature and scope of such compensation shall remain
at the sole discretion of the board.

 

For purposes of this Agreement, a “commercialization agreement”
shall mean any agreement signed between the Company and a third party not an affiliate or subsidiary of the Company where the purpose
of this agreement is to market, launch, sell or otherwise commercialize the applicable product in any geography, and shall include,
but not be limited to, the following kinds of agreements that serve the aforementioned purpose: License, Development & Commercialization
Agreement; Product Commercialization Agreement; Co-Marketing Agreement; Copromotion Agreement; Contract Sales Force Agreement;
Joint Venture; Product Divesture, License, Sale or Acquisition Agreement; etc.

 

 

 

    Confidential
BrainStorm Cell Therapeutics Inc., 1325 Avenue of Americas, 28th Floor, New York, NY 10019
Phone: 201-488-0460 Fax: 201-430-7555

     

    

 

Exhibit C

 

 

ASSIGNMENT, NON-COMPETITION, NON-SOLICITATION

AND CONFIDENTIALITY AGREEMENT

 

This Assignment, Non-Competition,
Non-Solicitation and Confidentiality Agreement (this “Agreement”) is hereby effective as of April
7, 2020. As a condition of my employment with BRAINSTORM CELL THERAPEUTICS INC., its subsidiaries, affiliates, successors
or assigns (collectively, the "Company"), and in consideration of my employment with the Company and my receipt
of the compensation now and hereinafter paid to me by the Company, I, the undersigned, agree to the following:

 

1.       At-Will
Employment. I understand and acknowledge that, unless I enter into a written employment agreement with the Company my employment
with the Company is for an unspecified duration and constitutes "at-will" employment. I also understand that any representation
to the contrary is unauthorized and not valid unless obtained in writing and signed by an authorized representative of the Company.
I acknowledge that this employment relationship may be terminated at any time, with or without good cause or for any or no cause,
at the option either of the Company or me, with or without notice.

 

2.       Confidential
Information.

 

2.1       Company
Information. I recognize that the Company has devoted substantial money, time and resources in developing Confidential
Information, and that the Company pays its employees, among other things, to develop and preserve its business information. Accordingly,
I agree at all times during the term of my employment and thereafter, to hold in strictest confidence, and not to use, except for
the benefit of the Company, or to disclose to any person, firm or corporation without written authorization of an authorized representative
of the Company, any Confidential Information of the Company. I understand that "Confidential Information" means any Company
technology or economic competitively valuable proprietary information, technical data, patients advocacy strategies, communications
relating to patients (both internal and external), trade secrets or know-how, including, but not limited to, research, product
plans, company business or working plans, products, Public Relations & Investor Relation strategies or communications, pricing
and pricing methods, services, customer lists and customers (including, but not limited to, prospective and actual customers of
the Company on whom I called or with whom I became acquainted during the term of my employment), markets, software, developments,
inventions, processes, technology, designs, drawings, models, engineering, marketing, finances, employee compensation data or other
business information disclosed to me by the Company either directly or indirectly in writing, orally or by drawings or observation
of parts or equipment. In addition, I agree not to do any of the following: (a) disclose or disseminate Confidential Information
to anyone, including any Company employee or volunteer, who lacks a need to know; (b) remove proprietary information from the Company's
premises without the express written authorization from Company; and (c) use the Confidential Information for my own or any third
party's benefit. I further understand that Confidential Information does not include any of the foregoing items which have become
publicly known and made generally available through no wrongful act of mine or of others who were under confidentiality obligations
as to the item or items involved or improvements or new versions thereof.

 

2.2       Former
Employer Information. I agree that I will not, during my employment with the Company, improperly use or disclose any proprietary
information or trade secrets of any former or concurrent employer or other person or entity and that I will not bring onto the
premises of the Company any unpublished document or proprietary information belonging to any such employer, person or entity unless
consented to in writing by such employer, person or entity.

 

    Confidential
BrainStorm Cell Therapeutics Inc., 1325 Avenue of Americas, 28th Floor, New York, NY 10019
Phone: 201-488-0460 Fax: 201-430-7555

     

    

 

2.3       Third
Party Information. I recognize that the Company has received and in the future will receive from third parties their confidential
or proprietary information subject to a duty on the Company's part to maintain the confidentiality of such information and to use
it only for certain limited purposes. I agree to hold all such confidential or proprietary information in the strictest confidence
and not to disclose it to any person, firm or corporation or to use it except as necessary in carrying out my work for the Company
consistent with the Company's agreement with such third party.

 

2.4       Governmental
Limitations. Nothing set forth in the Agreement or in any other agreement or policy of the Company shall prohibit any person
from reporting possible violations of federal or state law or regulation to any governmental agency or entity, including but not
limited to the Department of Justice, the Securities and Exchange Commission, the Congress, and any agency Inspector General, or
making other disclosures that are protected under the whistleblower provisions of federal or state law or regulation. No person
shall require prior authorization of any party to make any such reports or disclosures, and no person shall be required to notify
the Company that he or she has made such reports or disclosures. Furthermore, nothing in the Agreement shall prohibit or limit
a person from receiving a whistleblower award or other financial benefit for participating in a government investigation.

 

3.       Inventions.

 

3.1       Assignment
of Inventions. I agree that I will promptly make full written disclosure to the Company, will hold in trust for the sole
right and benefit of the Company, and hereby assign to the Company, or its designee, all my right, title, and interest in and to:
(a) any and all inventions, developments, concepts, designs, discoveries, ideas, patents, patent applications, improvements, and
all other worldwide rights of inventorship; (b) all copyrights in copyrightable works, all copyright registrations and/or applications,
all original works of authorship, any derivations thereof and all moral rights appurtenant thereto; (c) all trademarks, service
marks, trade names, trade dress, product names and slogans and any common law rights and good will appurtenant thereto, and all
applications and registrations thereof; (d) all registered and unregistered domain names, uniform resource locators and keywords;
(e) all computer and electronic data, documentation and software, including both source and object code, computer and database
applications and operating programs; (f) all trade secrets and Confidential Information, including ideas, research notes, client
lists, development notes, know-how, formulas, business methods and techniques and marketing, financial and pricing data; and (g)
all other intellectual property rights relating to any or all of the foregoing, including any renewals, continuations or extensions
thereof, whether or not patentable or registrable under copyright, trademark or similar laws (collectively hereinafter, the "Inventions"),
which I may solely or jointly conceive or develop or reduce to practice, or cause to be conceived or developed or reduced to practice,
during the period of time I am in the employ of the Company. I further acknowledge that all original works of authorship, as mentioned
in this Section 3, which are or have been made by me (solely or jointly with others) within the scope of and during the period
of my employment with the Company and which are protectible by copyright, patent and/or trademark are "works made for hire,"
as that term is defined in the United States Copyright Act. I understand and agree that the decision whether or not to commercialize
or market any Invention developed by me solely or jointly with others is within the Company's sole discretion and for the Company's
sole benefit and that no royalty will be due to me as a result of the Company's efforts to commercialize or market any such Invention.

 

    Confidential
BrainStorm Cell Therapeutics Inc., 1325 Avenue of Americas, 28th Floor, New York, NY 10019
Phone: 201-488-0460 Fax: 201-430-7555

     

    

 

3.2       Maintenance
of Records. I agree to keep and maintain adequate and current written records of all Inventions made by me (solely or jointly
with others) during the term of my employment with the Company. The records will be in the form of notes, sketches, drawings, and
any other format that may be specified by the Company. The records will be deemed Confidential Information and will be available
to and remain the sole property of the Company at all times.

 

3.3       Patent,
Copyright and Trademark Registrations. I agree to assist the Company, or its designee, at the Company's expense, in every
proper way to secure the Company's rights in the Inventions and any copyrights, trademarks, patents, mask work rights or other
intellectual property rights relating thereto in any and all countries, including the disclosure to the Company of all pertinent
information and data with respect thereto, the execution of all applications, specifications, oaths, assignments and all other
instruments which the Company shall deem necessary in order to apply for and obtain such rights and in order to assign and convey
to the Company, its successors, assigns, and nominees the sole and exclusive rights, title and interest in and to such Inventions,
and any copyrights, trademarks, patents, mask work rights or other intellectual property rights relating thereto. I further agree
that my obligation to execute or cause to be executed, when it is in my power to do so, any such instrument or papers shall continue
after the termination of this Agreement. If the Company is unable because of my mental or physical incapacity or for any other
reason to secure my signature to apply for or to pursue any application for any United States or foreign patents or copyright registrations
covering Inventions or original works of authorship assigned to the Company as above, then I hereby irrevocably designate and appoint
the Company and its duly authorized officers and agents as my agent and attorney in fact, to act for and in my behalf and stead
to execute and file any such applications and to do all other lawfully permitted acts to further the prosecution and issuance of
patent, trademark, copyright or other intellectual property registrations thereon with the same legal force and effect as if executed
by me.

 

4.       Solicitation
of Customers. I recognize that the Company pays its employees, among other things, to develop and preserve customer and
client goodwill, customer loyalty and customer and client contacts for and on behalf of the Company. Accordingly, for the period
of twelve (12) months after the date of termination of my employment with the Company for any reason, whether with or without cause,
I will not solicit the business of any client or customer of the Company, directly or indirectly, who is such on or prior to the
date of such termination. In addition, I will not solicit the business of any defined prospective client or customer. A defined
prospective client or customer is one that is (a) an assigned account of any Company employee or (b) on an account list in any
employee's sales or pipeline report within the last year from the termination date. I expressly agree that the limitation of this
Section protects a legitimate business interest of the Company. Nevertheless, in the event that any of the restrictions and limitations
contained in this Section are deemed unreasonable or to otherwise exceed the time and/or geographic limitations permitted by applicable
law, such provisions of this Section shall be reformed to the maximum time and/or geographic limitations permitted by applicable
law.

 

5.       Conflicting
Employment. I agree that, during the term of my employment with the Company and for a period of three (3) months after
the date of termination of my employment with the Company for any reason, whether with or with cause, I will not engage in any
other employment, occupation, consulting or other business activity directly related to the business in which the Company is now
involved or becomes involved during the term of my employment, nor will I engage in any other activities that conflict with my
obligations to the Company. I expressly agree that the limitation of this Section protects a legitimate business interest of the
Company. Nevertheless, in the event that any of the restrictions and limitations contained in this Section are deemed unreasonable
or to otherwise exceed the time and/or geographic limitations permitted by applicable law, such provisions of this Section shall
be reformed to the maximum time and/or geographic limitations permitted by applicable law. Further, the non-competition provision
in this Section shall not apply to employment and other statuses set forth in this Section in any other jurisdiction in which they
are prohibited. The remainder of this Agreement shall apply within and outside of such jurisdictions.

 

    Confidential
BrainStorm Cell Therapeutics Inc., 1325 Avenue of Americas, 28th Floor, New York, NY 10019
Phone: 201-488-0460 Fax: 201-430-7555

     

    

 

6.       Returning
Company Property. I agree that, at the time of leaving the employ of the Company, I will deliver and return to the Company
(and will not keep in my possession, recreate or deliver to anyone else) any and all Company-owned devices, records, data, files,
notes, reports, proposals, lists, correspondence, specifications, drawings, blueprints, sketches, materials, equipment, other documents
or property, or reproductions of any of the aforementioned items developed by me or in my possession, including, without limitation,
those records maintained pursuant to paragraph 3.3.

 

7.       Notification
of New Employer. In the event that I leave the employ of the Company, I hereby grant to the Company the right to notify
my new employer about my rights and obligations under this Agreement.

 

8.       Solicitation
of Employees. I agree that for a period of twelve (12) months immediately following the termination of my relationship
with the Company for any reason, whether with or without cause, I shall not either directly or indirectly solicit, induce, recruit,
hire, offer employment or encourage any of the Company's employees, independent contractors or vendors to leave their employment
/ engagement, either for myself or for any other person or entity. I expressly agree that the limitation of this Section protects
a legitimate business interest of the Company. Nevertheless, in the event that any of the restrictions and limitations contained
in this Section are deemed unreasonable or to otherwise exceed the time and/or geographic limitations permitted by applicable law,
such provisions of this Section shall be reformed to the maximum time and/or geographic limitations permitted by applicable law.

 

9.       Representations.
I agree to execute any proper oath or verify any proper document required to carry out the terms of this Agreement. I represent
that my performance of all the terms of this Agreement will not breach any prior agreement to keep in confidence proprietary information
acquired by me in confidence or in trust prior to my employment by the Company. I have not entered into, and I agree I will not
enter into, any oral or written agreement in conflict with this Agreement.

 

10.       Equitable
Relief. I acknowledge and agree that it is impossible to measure in money the damages which will accrue to the Company
if I should breach or be in default of any of my representations or agreements set forth in this Agreement. Accordingly, if I breach
or am in default of any such representations or agreements, the Company shall have the full right to seek injunctive relief, in
addition to any other existing rights provided in this Agreement or by operation of law, without the requirement of posting bond.
If any action or proceeding is instituted by or on behalf of the Company to enforce any term of this Agreement, I hereby waive
any claim or defense thereto that the Company has an adequate remedy at law or that the Company has not been, or is not being,
irreparably injured by my breach or default. The rights and remedies of the Company pursuant to this Section are cumulative, in
addition to, and shall not be deemed to exclude, any other right or remedy which the Company may have pursuant to this Agreement
or otherwise, at law or in equity.

 

11.       Governing
Law; Venue. This Agreement will be governed solely by the laws of the State of New York without giving effect to the conflict
of laws principles thereof. I further agree to submit to the exclusive jurisdiction of the courts situated in the State of New
York in respect of any issue and/or dispute which arises hereunder.

 

    Confidential
BrainStorm Cell Therapeutics Inc., 1325 Avenue of Americas, 28th Floor, New York, NY 10019
Phone: 201-488-0460 Fax: 201-430-7555

     

    

 

12.       Entire
Agreement. This Agreement sets forth the entire agreement and understanding between the Company and me relating to the
subject matter herein and supersedes all prior discussions between us. No modification of or amendment to this Agreement, nor any
waiver of any rights under this Agreement, will be effective unless in writing signed by the party to be charged. Any subsequent
change or changes in my duties, salary or compensation will not affect the validity or scope of this Agreement.

 

13.        Full Knowledge
and Volition.I acknowledge and agree that I have received a copy of this Agreement, that I have read and understood
all of the terms and conditions of this Agreement, and that I have had full opportunity to be advised of my right and to discuss
all aspects of this Agreement with counsel of my own choosing prior to execution hereof.

 

14.       Severability.
If one or more of the provisions in this Agreement are deemed void by law, then the remaining provisions will continue in full
force and effect.

 

15.       Waiver.
No course of dealing or omission on the party of the Company in asserting or exercising any right, power or remedy conferred by
this Agreement shall constitute or operate as a waiver thereof or otherwise prejudice its rights, powers and remedies conferred
by this Agreement or shall preclude any other or further exercise thereof of any other right, power and remedy.

 

16.       Successors
and Assigns. This Agreement will be binding upon my heirs, executors, administrators and other legal representatives and
will be for the benefit of the Company, its successors, and its assigns.

 

17.       Attorney’s
Fees. Should I be found liable for any action taken to enforce this Agreement, I will reimburse the Company for all reasonable
attorney’s fees and court costs.

 

18.       Waiver.
No act or failure to act by Company waives any rights herein. To be effective, any waiver by Company must be in writing and executed
by an executive officer of the Company.

 

19.       Headings.
Section and other headings contained in this Agreement are for reference purposes only and are not intended to describe, interpret,
define or limit the scope or intent of this Agreement or any provision hereof.

 

20.       Counterparts.
This Agreement may be executed in one or more counterparts each of which shall be deemed one in the same original instrument.

 

	 	BRAINSTORM CELL THERAPEUTICS INC.
	 	 	 
	 	By:	             	 
	 	Name: Chaim Lebovits
	 	Title: Chief Executive Officer and President

 

	 	EMPLOYEE
	 	 
	 	By:	          	 
	 	Name: David Setboun
	 	Title: In his individual capacity

 

    Confidential
BrainStorm Cell Therapeutics Inc., 1325 Avenue of Americas, 28th Floor, New York, NY 10019
Phone: 201-488-0460 Fax: 201-430-7555

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