Document:

Exhibit 4.1

      

      CERTIFICATE
OF DESIGNATION

      of

      SERIES
D CONVERTIBLE REDEEMABLE PREFERRED STOCK

      of

      NEOSTEM,
INC.

      (Pursuant
to Section 151(g) of the

      Delaware
General Corporation Law)

      
        
          

        

      

      

      It is
hereby certified that:

      

      1.  The
name of the corporation is NeoStem, Inc.  (hereinafter called the
“Corporation”).

      

      2.  The
Certificate of Incorporation of the Corporation, as amended (the “Certificate of
Incorporation”) authorizes the issuance of 5,000,000 shares of Preferred
Stock, par value $.01 per share, and expressly vests in the Board of Directors
of the Corporation the authority to issue any or all of said shares in one or
more series and by resolution to fix the designation and number of shares of the
class and series acted upon, the full or limited voting powers or the denial of
voting powers, and the relative rights, preferences and limitations and other
distinguishing characteristics of each such class and series to be
issued.

      

      3.  Pursuant
to such authority, the following resolutions were duly adopted by the Board of
Directors of the Corporation as required by Subsection 151(g) of the Delaware
General Corporation Law by unanimous consent on March __, 2009 creating a series
of Series D Convertible Redeemable Preferred Stock.

      

      RESOLVED,
that pursuant to the authority granted to and vested in the Board of Directors
of this Corporation in accordance with the provisions of the Certificate of
Incorporation, the Board of Directors hereby creates a series of Preferred
Stock, par value $.01 per share, of the Corporation and hereby states the
designation and number of shares, and fixes the relative rights, preferences,
and limitations thereof (in addition to the provisions set forth in the
Certificate of Incorporation, which are applicable to the Preferred Stock of all
series) as follows:

      

      ARTICLE
THIRTEENTH

      SERIES D
CONVERTIBLE REDEEMABLE PREFERRED STOCK,

      PAR VALUE
$.01 PER SHARE

      

      Section
1.  Designation and Amount; Rank

      

      There is
hereby established a series of preferred stock which is designated “Series D
Convertible Redeemable Preferred Stock” (referred to herein as “Series D Preferred
Stock”).  The number of shares which will constitute such
series shall be [________________] (________).  The Series D Preferred
Stock shall rank senior to all of the Corporation’s capital stock with respect
to the payment of dividends and to the distribution of assets upon liquidation,
dissolution or winding up.

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      

      Section
2.  Dividends.

      

      From and
after the date of the issuance of any shares of Series D Preferred Stock,
dividends at the rate per annum of $1.25 per share shall accrue on such shares
of Series D Preferred Stock (subject to appropriate adjustment in the event of
any stock dividend, stock split, combination or other similar recapitalization
with respect to the Series D Preferred Stock) (the “Accruing
Dividends”).  Accruing Dividends shall accrue from day to day,
whether or not declared, and shall be cumulative; provided however, that except
as set forth in the following sentence of this Section 2 or Section 6, such
Accruing Dividends shall be payable in cash on April [__] of each year beginning
on April [__], 2010 provided that such shares of Series D Preferred Stock remain
issued and outstanding on each such date.  The Corporation shall not
declare, pay or set aside any dividends on shares of any other class or series
of capital stock of the Corporation (other than dividends on shares of Common
Stock payable in shares of Common Stock) unless (in addition to the obtaining of
any consents required elsewhere in the Certificate of Incorporation) the holders
of the Series D Preferred Stock then outstanding shall first receive, or
simultaneously receive, a dividend on each outstanding share of Series D
Preferred Stock in an amount at least equal to the greater of (i) the amount of
the aggregate Accruing Dividends then accrued on such share of Series D
Preferred Stock and not previously paid and (ii) (A) in the case of a dividend
on Common Stock or any class or series that is convertible into Common Stock,
that dividend per share of Series D Preferred Stock as would equal the product
of (1) the dividend payable on each share of such class or series determined, if
applicable, as if all shares of such class or series had been converted into
Common Stock and (2) the number of shares of Common Stock issuable upon
conversion of a share of Series D Preferred Stock, in each case calculated on
the record date for determination of holders entitled to receive such dividend
or (B) in the case of a dividend on any class or series that is not convertible
into Common Stock, at a rate per share of Series D Preferred Stock determined by
(1) dividing the amount of the dividend payable on each share of such class or
series of capital stock by the original issuance price of such class or series
of capital stock (subject to appropriate adjustment in the event of any stock
dividend, stock split, combination or other similar recapitalization with
respect to such class or series) and (2) multiplying such fraction by an amount
equal to the Series D Original Issue Price (as defined below); provided that, if
the Corporation declares, pays or sets aside, on the same date, a dividend on
shares of more than one class or series of capital stock of the Corporation, the
dividend payable to the holders of Series D Preferred Stock pursuant to this
Section 2 shall be calculated based upon the dividend on the class or series of
capital stock that would result in the highest Series D Preferred Stock
dividend.  The “Series D Original Issue
Price” shall mean $12.50 per share, subject to appropriate adjustment in
the event of any stock dividend, stock split, combination or other similar
recapitalization with respect to the Series D Preferred Stock.

       

      Section
3.  General, Class and Series Voting Rights.

      

      Except as
otherwise provided by law, each share of the Series D Preferred Stock shall not
have any voting rights.

      

      Section
4.  Redemption.

      

      (A)           If
by October 31, 2009 the affirmative vote of the number of holders of the
Corporation’s stock required pursuant to the Amended and Restated By-Laws of the
Corporation and subject to the rules of the NYSE Amex to convert the shares of
Series D Preferred Stock into Common Stock pursuant to Section 5(A) has not been
achieved, the Company shall automatically redeem all shares of Series D
Preferred Stock at the redemption price per share of $12.50 plus the Accruing
Dividends as of such date.

      
        
           

        

        
          -2-

          
            

          

        

        
           

        

      

      

      (B)  In
the event of a redemption of the shares of Series D Preferred Stock, the
Corporation shall give notice to the holders of record of shares of the Series D
Preferred Stock being so redeemed by first class mail, postage prepaid, at their
addresses as shown on the stock registry books of the Corporation, that said
shares have been redeemed, provided that without limiting the obligation of the
Corporation hereunder to give the notice provided in this Section 4(B), the
failure of the Corporation to give such notice shall not invalidate any
corporate action by the Corporation.  Each such notice shall state:
(i) the redemption date; (ii) that all of the shares of Series D Preferred Stock
have been redeemed; (iii) that the redemption price is $12.50 plus the Accruing
Dividends as of such date per share; and (iv) the place or places where
certificates for such shares are to be surrendered for payment of the redemption
price.

      

      (C)  Notice
having been mailed as aforesaid, from and after the redemption date, said shares
shall no longer be deemed to be outstanding, and all rights of the holders
thereof as stockholders of the Corporation (except the right to receive from the
Corporation the redemption price) shall cease.  Upon surrender of the
certificates for any shares so redeemed (properly endorsed or assigned for
transfer, if the Board of Directors of the Corporation shall so require and the
notice shall so state), such shares shall be redeemed by the Corporation at the
redemption price aforesaid.

      

      (D)  Any
shares of Series D Preferred Stock which shall at any time have been redeemed
shall, after such redemption, have the status of authorized but unissued shares
of Preferred Stock, without designation as to series, until such shares are once
more designated as part of a particular series by the Board of Directors of the
Corporation.

      

      Section
5.  Conversion.

      

      (A) Upon
the affirmative vote of the number of holders of the Corporation’s stock
required pursuant to the Amended and Restated By-Laws of the Corporation and
subject to the rules of the NYSE Amex (such date, the “Conversion Date”),
each share of Series D Preferred Stock shall automatically convert into such
number of fully paid and nonassessable shares of Common Stock as is determined
by dividing (i) the Series D Original Issue Price by (ii) $1.25 (the “Conversion
Rate”).  The Conversion Rate shall be subject to adjustment as
provided below.

      

      (B) Each
holder of shares of Series D Preferred Stock shall surrender the certificates
representing such shares, accompanied by transfer instruments satisfactory to
the Corporation and sufficient to transfer the Series D Preferred Stock being
converted to the Corporation free of any adverse interest, at any of the offices
or agencies maintained for such purpose by the Corporation (“Conversion Agent”),
together with a written notice to the Corporation at such Conversion Agent
stating the names, together with addresses, in which the certificates for shares
of Common Stock which shall be issuable on such conversion shall be
issued.  As promptly as practicable after the surrender of such shares
of Series D Preferred Stock as aforesaid, the Corporation shall issue and shall
deliver at such Conversion Agent to such holder a certificate for the number of
full shares of Common Stock issuable upon the conversion of such shares in
accordance with the provisions hereof.  Each conversion shall be
deemed to have been effected immediately prior to the close of business on the
Conversion Date, and the persons in whose names any certificates for shares of
Common Stock shall be issuable upon such conversion shall be deemed to have
become the holders of record of the Common Stock represented thereby at such
time.  Any such conversion shall be at the Conversion Rate in effect
on the Conversion Date.

      

      (C) In
the case of any share of Series D Preferred Stock which is converted after any
record date with respect to the payment of a dividend on the Series D Preferred
Stock and on or prior to the Dividend Payment Date related to such record date,
the dividend due on such Dividend Payment Date shall be payable on such Dividend
Payment Date to the holder of record of such share as of such preceding record
date notwithstanding such conversion.

      
        
           

        

        
          -3-

          
            

          

        

        
           

        

      

      

      (D) No
fractional shares or scrip representing fractions of shares of Common Stock
shall be issued upon conversion of any shares of Series D Preferred
Stock.  Instead of any fractional interest in a share of Common Stock
which would otherwise be deliverable upon the conversion of a share of Series D
Preferred Stock, the Corporation shall round the number of shares of Common
Stock down to the nearest whole share.  If more than one certificate
representing shares of Series D Preferred Stock shall be surrendered for
conversion at one time by the same holder, the number of full shares issuable
upon conversion thereof shall be computed on the basis of the aggregate number
of shares of Series D Preferred Stock represented by such certificates, or the
specified portions thereof to be converted, so surrendered.

      

      (E) The
Conversion Rate shall be adjusted from time to time as follows:

      

      (i) In
case outstanding shares of Common Stock shall be subdivided into a greater
number of shares of Common Stock and the Series D Preferred Stock is not
similarly subdivided, the Conversion Rate in effect at the opening of business
on the day following the day upon which such subdivision becomes effective shall
be proportionately increased, and, conversely, in case outstanding shares of
Common Stock shall each be combined into a smaller number of shares of Common
Stock and the Series D Preferred Stock is not similarly subdivided, the
Conversion Rate in effect at the opening of business on the day following the
day upon which such combination becomes effective shall be proportionately
decreased, such reduction or increase, as the case may be, to become effective
immediately after the opening of business on the day following the day upon
which such subdivision or combination becomes effective.

      

      (ii)
Whenever the Conversion Rate is adjusted as herein provided, (x) the Corporation
shall promptly file with any Conversion Agent a certificate of a firm of
independent public accountants setting forth the Conversion Rate after such
adjustment and setting forth a brief statement of the facts requiring such
adjustment, and the manner of computing the same, which certificate shall be
conclusive evidence of the correctness of such adjustment, and (y) a notice
stating that the Conversion Rate has been adjusted and setting forth the
adjusted Conversion Rate shall forthwith be given by the Corporation to any
Conversion Agent and mailed by the Corporation to each holder of shares of
Series D Preferred Stock at their last address as the same appears on the books
of the Corporation.

      

      (F) In
case of any consolidation of the Corporation with, or merger of the Corporation
into, any other entity (other than a merger or consolidation in which the
Corporation is the continuing Corporation) or any sale or conveyance to another
Corporation of the property of the Corporation as an entirety or substantially
as an entirety, or in the case of a statutory exchange of securities with
another Corporation, or any reclassification of shares, the Conversion Rate
shall not be adjusted but each holder of a share of Series D Preferred Stock
then outstanding shall have the right thereafter to convert such share only into
the kind and amount of securities, cash and other property which such holder
would have owned or have been entitled to receive immediately after such
consolidation, merger, sale, conveyance, exchange or reclassification had such
share of Series D Preferred Stock been converted immediately prior to such
consolidation, merger, sale, conveyance, exchange or
reclassification.  Provision shall be made in any such consolidation,
merger, sale, conveyance, exchange or reclassification for adjustments in the
Conversion Rate which shall be as nearly equivalent as may be practicable to the
adjustments provided for in Section (E).  The above provisions shall
similarly apply to successive consolidations, mergers, sales, conveyances,
exchange or reclassification.

      
        
           

        

        
          -4-

          
            

          

        

        
           

        

      

      For
purposes of this Section 5, “Common Stock” includes any stock of any class of
the Corporation which has no preference in respect of dividends or of amounts
payable in the event of any voluntary or involuntary liquidation, dissolution or
winding up of the Corporation and which is not subject to redemption by the
Corporation.  However, subject to the provisions of paragraph (F)
above, shares issuable on conversion of shares of Series D Preferred Stock shall
include only shares of the class designated as Common Stock of the Corporation
on the date of the initial issuance of Series D Preferred Stock by the
Corporation, or shares of any class or classes resulting from any
reclassification or reclassifications thereof and which have no preference in
respect of dividends or of amounts payable in the event of any voluntary or
involuntary liquidation, dissolution or winding up of the Corporation and which
are not subject to redemption by the Corporation.

      

      In
case:

      

      (i) the
Corporation shall declare a stocks split, stock dividend (or any other
distribution) on its Common Stock that would cause an adjustment to the
Conversion Rate of the Series D Preferred Stock pursuant to the terms of
subparagraph (i) of Paragraph (E) above; or

      

      (ii) of
any reclassification of the Common Stock of the Corporation (other than a
subdivision or combination of its outstanding shares of Common Stock), or of any
consolidation, merger or share exchange to which the Corporation is a party and
for which approval of any stockholders of the Corporation is required, or of the
sale or conveyance, of the property of the Corporation as an entirety or
substantially as an entirety; or

      

      (iii) of
the voluntary or involuntary dissolution, liquidation or winding up of the
Corporation;

      

      then the
Corporation shall cause to be filed with any Conversion Agent, and shall cause
to be mailed to all holders of shares of Series D Preferred Stock at each such
holder’s last address as the same appears on the books of the Corporation, at
least 20 days (or 10 days in any case specified in clause (i) above) prior to
the applicable record or effective date hereinafter specified, a notice stating
(x) the date on which a record is to be taken for the purpose of such dividend,
distribution, rights or warrants, or, if a record is not to be taken, the date
as of which the holders of Common Stock of record to be entitled to such
dividend, distribution, rights or warrants are to be determined, or (y) the date
on which such reclassification, consolidation, merger, share exchange, sale,
conveyance, dissolution, liquidation or winding up is expected to become
effective, and the date as of which it is expected that holders of Common Stock
of record shall be entitled to exchange their shares of Common Stock for
securities, cash or other property deliverable upon such reclassification,
consolidation, merger, share exchange, sale, conveyance, dissolution,
liquidation or winding up.  Neither the failure to give such notice
nor any defect therein shall affect the legality or validity of the proceedings
described in clauses (i) through (iii) above.

      

      The
Corporation will pay any and all documentary stamp or similar issue or transfer
taxes payable in respect of the issue or delivery of shares of Common Stock on
conversions of shares of Series D Preferred Stock pursuant hereto; provided,
however, that the Corporation shall not be required to pay any tax which may be
payable in respect of any transfer involved in the issue or delivery of shares
of Common Stock in a name other than that of the holder of the shares of Series
D Preferred Stock to be converted and no such issue or delivery shall be made
unless and until the person requesting such issue or delivery has paid to the
Corporation the amount of any such tax or has established, to the satisfaction
of the Corporation, that such tax has been paid.

      

      The
Corporation covenants that all shares of Common Stock which may be delivered
upon conversions of shares of Series D Preferred Stock will upon delivery be
duly and validly issued and fully paid and non-assessable, free of all liens and
charges and not subject to any pre-emptive rights.  The Corporation
further covenants that, if necessary, it shall reduce the par value of the
Common Stock so that all shares of Common Stock delivered upon conversion of
shares of Series D Preferred Stock are fully paid and
non-assessable.

      
        
           

        

        
          -5-

          
            

          

        

        
           

        

      

      

      The
Corporation covenants that it will at all times reserve and keep available, free
from pre-emptive rights, out of its authorized but unissued shares of Common
Stock or its issued shares of Common; Stock held in its treasury, or both, for
the purpose of effecting conversions of shares of Series D Preferred Stock, the
full number of shares of Common Stock deliverable upon the conversion of all
outstanding shares of Series D Preferred Stock not theretofore
converted.  For purposes of this reservation of Common Stock, the
number of shares of Common Stock which shall be deliverable upon the conversion
of all outstanding shares of Series D Preferred Stock shall be computed as if at
the time of computation all outstanding shares of Series D Preferred Stock were
held by a single holder.  The issuance of shares of Common Stock upon
conversion of shares of Series D Preferred Stock is authorized in all
respects.

      

      Section
6.  Liquidation.

      

      In the
event of any voluntary or involuntary dissolution, liquidation or winding up of
the Corporation (for the purposes of this Section 6, a “Liquidation”), prior
to any distribution of assets to the holders of the Series B Preferred Stock and
any other class or series of stock of the Corporation, the holder of each share
of Series D Preferred Stock then outstanding shall be entitled to be paid out of
the assets of the Corporation available for distribution to its stockholders an
amount per share equal to $12.50 plus the Accruing Dividends (the “Series D
Preference”).  Following the payment of the Series D Preference
and the payment of any distributions required to be made to the holders of the
Series B Preferred Stock in respect of distributions upon the Liquidation of the
Corporation, the holder of each share of Series D Preferred Stock then
outstanding shall be entitled to be paid out of the remaining assets of the
Corporation available for distribution an amount on a pari passu basis equal to
ten (10) times the amount per share distributed to the holders of the Common
Stock.

      

      The
voluntary sale, conveyance, lease, exchange or transfer of the property of the
Corporation as an entirety or substantially as an entirety, or the merger or
consolidation of the Corporation into or with any other Corporation, or the
merger of any other Corporation into the Corporation, or any purchase or
redemption of some or all of the shares of any class or series of stock of the
Corporation, shall not be deemed to be a Liquidation of the Corporation for the
purposes of the Section 6 (unless in connection therewith the Liquidation of the
Corporation is specifically approved).

      

      The
holder of any shares of Series D Preferred Stock shall not be entitled to
receive any payment owed for such shares under this Section 6 until such holder
shall cause to be delivered to the Corporation (i) the certificate or
certificates representing such shares of Series D Preferred Stock and (ii)
transfer instrument or instruments satisfactory to the Corporation and
sufficient to transfer such shares of Series D Preferred Stock to the
Corporation free of any adverse interest.  As in the case of the
redemption price, no interest shall accrue on any payment upon Liquidation after
the due date thereof.

      

      After
payment of the full amount of the liquidating distribution to which they are
entitled, the holders of shares of the Series D Preferred Stock will not be
entitled to any further participation in any distribution of assets by the
Corporation.

      

      Section
7.  Status of Reacquired Shares.

      

      Shares of
Series D Preferred Stock issued and reacquired by the Corporation shall have the
status of authorized and unissued shares of Preferred Stock, undesignated as to
series, subject to later issuance.

      

      
        
          
          

        

        
          -6-

          
            

          

        

        
          
          

        

      

       

      Section
8.  Preemptive Rights.

      

      Holders
of shares of Series D Preferred Stock are not entitled to any preemptive or
subscription rights in respect of any securities of the
Corporation.

      

       Section
9.  Legal Holidays.

      

      In any
case where any Dividend Payment Date, redemption date or the last date on which
a holder of Series D Preferred Stock has the right to convert such holder’s
shares of Series D Preferred Stock shall not be a Business Day (as defined
below), then (notwithstanding any other provision of this Certificate of
Designation of the Series D Preferred Stock) payment of a dividend due or a
redemption price or conversion of the shares of Series D Preferred Stock need
not be made on such date, but may be made on the next succeeding Business Day
with the same force and effect as if made on the Dividend Payment Date or the
last day for conversion, provided that, for purposes of computing such payment,
no interest shall accrue for the period from and after such Dividend Payment
Date or redemption date, as the case may be.  As used in this Section
9, “Business
Day” means each Monday, Tuesday, Wednesday, Thursday and Friday which is
not a day on which banking institutions in the City of New York or the State of
New Jersey are authorized or obligated by law or executive order to
close.

      

      FURTHER
RESOLVED, that the statements contained in the foregoing resolutions creating
and designating the said Series D issue of Preferred Stock and fixing the
number, voting rights, powers, preferences and relative, optional,
participating, and other special rights and the qualifications, limitations,
restrictions, and other distinguishing characteristics thereof shall, upon the
effective date of said series, be deemed to be included in and be a part of the
Certificate of Incorporation of the Corporation pursuant to the provisions of
Sections 104 and 151 of the General Corporation Law of the State of
Delaware.

      

      FURTHER
RESOLVED, that the effective time and date of the series

      herein
certified shall be _________________ __, 2009.

      

      IN
WITNESS WHEREOF, NEOSTEM, INC. has caused this certificate to be signed by its
President, this ___ day of _________, 2009.

      

      
        
          
            	
                    NEOSTEM,
      INC.

                  
	 
      	 
      
	
                    By:

                  	 
      
	 
      	
                    Name:  Robin
      Smith

                  
	 
      	
                    Title:  Chief
      Executive Officer

                  

          

        

      

      
        
           

        

        
          -7-Exhibit 4.2

    

    Exhibit
A-1 for Purchase Under Regulation D

    

    THE
SECURITIES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE U.S.
SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY OTHER
APPLICABLE SECURITIES LAWS AND HAVE BEEN ISSUED IN RELIANCE UPON AN EXEMPTION
FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND SUCH OTHER
SECURITIES LAWS.  NEITHER THIS SECURITY NOR ANY INTEREST OR
PARTICIPATION HEREIN MAY BE SOLD, ASSIGNED, TRANSFERRED, ENCUMBERED, OR
OTHERWISE DISPOSED OF, EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT
UNDER THE SECURITIES ACT OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE
COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED.

     

    Warrant
No. ____

     

     WARRANT
TO PURCHASE SHARES OF COMMON STOCK

     

    OF

     

    NEOSTEM,
INC.

     

    THIS
CERTIFIES that, for value received, _____________ is entitled to purchase from
NEOSTEM, INC., a Delaware corporation (the “Corporation”), subject to the
terms and conditions hereof, ____________ (_______) shares (the “Warrant Shares”) of common
stock, $.001 par value (the “Common
Stock”).  This warrant, together with all warrants hereafter
issued in exchange or substitution for this warrant, is referred to as the
“Warrant” and the
holder of this Warrant is referred to as the “Holder.”  The
number of Warrant Shares is subject to adjustment as hereinafter
provided.  Notwithstanding anything to the contrary contained herein,
this Warrant shall expire at 5:00 p.m. (Eastern Time) on ________, 2014 (the
“Termination
Date”).

     

    1.           Exercise of
Warrants.  The Holder understands that under the rules of the
NYSE Alternext US, approval of the stockholders of the Corporation is required
for this warrant to be exercisable.  The Holder may, at any following
the affirmative vote of the number of holders of the Corporation’s stock
required pursuant to the Amended and Restated By-Laws of the Corporation and
subject to the rules of the NYSE Alternext US and prior to the Termination Date,
exercise this Warrant in whole or in part at an exercise price per share equal
to $2.50 per share, subject to adjustment as provided herein (the “Exercise Price”), by the
surrender of this Warrant (properly endorsed) at the principal office of the
Corporation, or at such other agency or office of the Corporation in the United
States of America as the Corporation may designate by notice in writing to the
Holder at the address of such Holder appearing on the books of the Corporation,
and by payment to the Corporation of the Exercise Price in lawful money of the
United States by check or wire transfer for each share of Common Stock being
purchased.  Upon any partial exercise of this Warrant, there shall be
executed and issued to the Holder a new Warrant in respect of the shares of
Common Stock as to which this Warrant shall not have been
exercised.  In the event of the exercise of the rights represented by
this Warrant, a certificate or certificates for the Warrant Shares so purchased,
as applicable, registered in the name of the Holder, shall be delivered to the
Holder hereof as soon as practicable after the rights represented by this
Warrant shall have been so exercised.

     

    2.           Reservation of Warrant
Shares.  The Corporation agrees that, prior to the expiration
of this Warrant, it will at all times have authorized and in reserve, and will
keep available, solely for issuance or delivery upon the exercise of this
Warrant, the number of Warrant Shares as from time to time shall be issuable by
the Corporation upon the exercise of this Warrant.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    3.           No Stockholder Rights; No
Rights to Net Cash Settle.  This Warrant shall not entitle the
holder hereof to any voting rights or other rights as a stockholder of the
Corporation.  In no event may this Warrant be net cash
settled.

     

    4.           Transferability of
Warrant.  Prior to the Termination Date and subject to
compliance with applicable Federal and State securities and other laws, this
Warrant and all rights hereunder are transferable, in whole or in part, at the
office or agency of the Company by the Holder in person or by duly authorized
attorney, upon surrender of this Warrant together with the Assignment Form
annexed hereto properly endorsed for transfer.  Any registration
rights to which this Warrant may then be subject shall be transferred together
with the Warrant to the subsequent Investor.

     

    5.           Certain
Adjustments.  With respect to any rights that Holder has to
exercise this Warrant and convert into shares of Common Stock, Holder shall be
entitled to the following adjustments:

     

    (a)           Merger or
Consolidation.  If at any time there shall be a merger or a
consolidation of the Corporation with or into another entity when the
Corporation is not the surviving corporation, then, as part of such merger or
consolidation, lawful provision shall be made so that the holder hereof shall
thereafter be entitled to receive upon exercise of this Warrant, during the
period specified herein and upon payment of the aggregate Exercise Price then in
effect, the number of shares of stock or other securities or property (including
cash) of the successor corporation resulting from such merger or consolidation,
to which the holder hereof as the holder of the stock deliverable upon exercise
of this Warrant would have been entitled in such merger or consolidation if this
Warrant had been exercised immediately before such transaction.  In
any such case, appropriate adjustment shall be made in the application of the
provisions of this Warrant with respect to the rights and interests of the
holder hereof as the holder of this Warrant after the merger or
consolidation.

     

    (b)           Reclassification,
Recapitalization, etc.  If the Corporation at any time shall,
by subdivision, combination or reclassification of securities, recapitalization,
automatic conversion, or other similar event affecting the number or character
of outstanding shares of Common Stock, or otherwise, change any of the
securities as to which purchase rights under this Warrant exist into the same or
a different number of securities of any other class or classes, this Warrant
shall thereafter represent the right to acquire such number and kind of
securities as would have been issuable as the result of such change with respect
to the securities that were subject to the purchase rights under this Warrant
immediately prior to such subdivision, combination, reclassification or other
change.

     

    (c)           Split or Combination of
Common Stock and Stock Dividend.  In case the Corporation shall
at any time subdivide, redivide, recapitalize, split (forward or reverse) or
change its outstanding shares of Common Stock into a greater number of shares or
declare a dividend upon its Common Stock payable solely in shares of Common
Stock, the Exercise Price shall be proportionately reduced and the number of
Warrant Shares proportionately increased.  Conversely, in case the
outstanding shares of Common Stock of the Corporation shall be combined into a
smaller number of shares, the Exercise Price shall be proportionately increased
and the number of Warrant Shares proportionately reduced.

     

    6.           Legend and Stop Transfer
Orders.  Upon exercise of any part of the Warrant, the
Corporation shall instruct its transfer agent to enter stop transfer orders with
respect to such Warrant Shares, and all certificates or instruments representing
the Warrant Shares shall bear on the face thereof substantially the following
legend:

     

    THE
SECURITIES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE U.S.
SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY OTHER
APPLICABLE SECURITIES LAWS AND HAVE BEEN ISSUED IN RELIANCE UPON AN EXEMPTION
FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND SUCH OTHER
SECURITIES LAWS.  NEITHER THIS SECURITY NOR ANY INTEREST OR
PARTICIPATION HEREIN MAY BE SOLD, ASSIGNED, TRANSFERRED, ENCUMBERED, OR
OTHERWISE DISPOSED OF, EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT
UNDER THE SECURITIES ACT OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE
CORPORATION THAT SUCH REGISTRATION IS NOT REQUIRED.

     

    
      
         

      

      
        -2-

        
          

        

      

      
         

      

    

     

    7.           Redemption of
Warrant.  This Warrant is subject to redemption by the Company
as provided in this Section
7.

     

    (a)           This
Warrant may be redeemed, at the option of the Company, in whole and not in part,
at a redemption price of $.0001 per Warrant (the “Redemption Price”),
provided (i) the average closing price of the Common Stock as quoted by
Bloomberg, LP., or the Principal Trading Market (as defined below) on which the
Common Stock is included for quotation or trading, shall equal or exceed $3.50
per share (taking into account all adjustments) for twenty (20) out of thirty
(30) consecutive trading days.

     

    (b)           If
the conditions set forth in Section 7(a) are met,
and the Company desires to exercise its right to redeem this Warrant, it shall
mail a notice (the “Redemption Notice”)
to the registered holder of this Warrant by first class mail, postage prepaid,
at least ten (10) business days prior to the date fixed by the Company for
redemption of the Warrants (the “Redemption
Date”).

     

    (c
)           The
Redemption Notice shall specify (i) the Redemption Price, (ii) the Redemption
Date, (iii) the place where the Warrant certificates shall be delivered and the
redemption price paid, and (iv) that the right to exercise this Warrant shall
terminate at 5:00 p.m. (New York time) on the business day immediately
preceding the Redemption Date. No failure to mail such notice nor any defect
therein or in the mailing thereof shall affect the validity of the proceedings
for such redemption except as to a holder (a) to whom notice was not mailed, or
(b) whose notice was defective. An affidavit of the Secretary or an
Assistant Secretary of the Company that the Redemption Notice has been mailed
shall, in the absence of fraud, be prima facie evidence of the
facts stated therein.

     

    (d)           Any
right to exercise a Warrant shall terminate at 5:00 p.m. (New York time) on
the business day immediately preceding the Redemption Date. On and after the
Redemption Date, the holder of this Warrant shall have no further rights except
to receive, upon surrender of this Warrant, the Redemption Price.

     

    (e)           From
and after the Redemption Date, the Company shall, at the place specified in the
Redemption Notice, upon presentation and surrender to the Company by or on
behalf of the holder thereof the warrant certificates evidencing this Warrant
being redeemed, deliver, or cause to be delivered to or upon the written order
of such holder, a sum in cash equal to the Redemption Price of this Warrant.
From and after the Redemption Date, this Warrant shall expire and become void
and all rights hereunder and under the warrant certificates, except the right to
receive payment of the Redemption Price, shall cease.

     

    8.           Miscellaneous.  This
Warrant shall be governed by and construed in accordance with the laws of the
State of New York.  All the covenants and provisions of this Warrant
by or for the benefit of the Corporation shall bind and inure to the benefit of
its successors and assigns hereunder.  Nothing in this Warrant shall
be construed to give to any person or corporation other than the Corporation and
the holder of this Warrant any legal or equitable right, remedy, or claim under
this Warrant.  This Warrant shall be for the sole and exclusive
benefit of the Corporation and the Holder.  The section headings
herein are for convenience only and are not part of this Warrant and shall not
affect the interpretation hereof.  Upon receipt of evidence
satisfactory to the Corporation of the loss, theft, destruction, or mutilation
of this Warrant, and of indemnity reasonably satisfactory to the Corporation, if
lost, stolen, or destroyed, and upon surrender and cancellation of this Warrant,
if mutilated, the Corporation shall execute and deliver to the Holder a new
Warrant of like date, tenor, and denomination.

     

    
      
         

      

      
        -3-

        
          

        

      

      
         

      

    

    IN
WITNESS WHEREOF, the Corporation has caused this Warrant to be executed by its
duly authorized officers under its seal, this ___ day of ________
2009.

     

    
      
        
          
            	 
      	
                    NEOSTEM,
      INC.

                  
	 
      	 
      
	 	 
	 
      	
                    Robin
      L. Smith, Chairman & Chief Executive

                    Officer

                  

          

        

      

    

     

    
      
         

      

      
        -4-

        
          

        

      

      
         

      

    

    WARRANT
EXERCISE FORM

     

    To
Be Executed by the Holder in Order to Exercise Warrant

     

    
      	
              To:

            	
              NeoStem,
      Inc.

            	
              Dated:  ________________
      __, 20__

            
	 
      	
              420
      Lexington Avenue

            	 
      
	 
      	
              Suite
      450

            	 
      
	 
      	
              New
      York, New York  10170

            	 
      
	 
      	
              Attn:  Chairman
      and CEO

            	 
      

    

     

    
      	
               
      

            	
              The
      undersigned, pursuant to the provisions set forth in the attached Warrant
      No. ______, hereby irrevocably elects to purchase ____________ shares
      of the Common Stock of NeoStem, Inc. covered by such
    Warrant.

            

    

     

    
      
        	
              	
                 ̈

              	
                The
      undersigned herewith makes payment of the full purchase price for such
      shares at the price per share provided for in such
      Warrant.  Such payment takes the form of $__________ in lawful
      money of the United States.

              

      

    

     

    The
undersigned hereby requests that certificates for the Warrant Shares purchased
hereby be issued in the name of:

     

    
      
        
          
            
              
                
                  
                    
                      
                        
                          	 	 
	 	 
	 
      	 
      
	
                                  (please
      print or type name and address)

                                	 
      
	
                                   

                                   
      

                                	 
      
	
                                  (please
      insert social security or other identifying number)

                                   

                                	 
      
	
                                  and
      be delivered as follows:

                                   

                                	 
      
	 	 
	 	 
	 
      	 
      
	
                                  (please
      print or type name and address)

                                	 
      
	
                                   

                                   
      

                                	 
      
	
                                  (please
      insert social security or other identifying number)

                                	 
      

                        

                      

                    

                  

                

              

            

          

        

      

    

     

    and if
such number of shares of Common Stock shall not be all the shares evidenced by
this Warrant Certificate, that a new Warrant for the balance of such shares be
registered in the name of, and delivered to, Holder.

     

    
      
        
          
            
              	 
      	 
	 
      	
                      Signature
      of Holder

                    
	 	 
	 
      	
                      SIGNATURE
      GUARANTEE:

                    
	 
      	 
      
	 	 

            

          

        

      

    

    
      
         

      

      
        -5-

        
          

        

      

      
         

      

    

    ASSIGNMENT
FORM

    

    (To
assign the foregoing warrant, execute

    this
form.  Do not use this form to exercise the warrant.)

     

    FOR VALUE
RECEIVED, the foregoing Warrant and all rights evidenced thereby are hereby
assigned to

     

    ___________________________________________________________________________________whose
address

    is

    _________________________________________________________________________________________

     

    _________________________________________________________________________________________

     

    Dated:  ________
__, 20___

     

    
      
        
          
            
              
                
                  
                    	
                            Holder’s Signature:    

                          	______________________________________ 
      
	
                            Holder’s Address:

                          	______________________________________ 
      
	 	______________________________________  

                  

                

              

            

          

        

      

    

     

    
      
        
          
            	
                    Signature Guaranteed:

                  	___________________________________ 	 

          

        

      

    

     

    NOTE:  The
signature to this Assignment Form must correspond with the name as it appears on
the face of the Warrant, without alteration or enlargement or any change
whatsoever, and must be guaranteed by a bank or trust
Corporation.  Officers of corporations and those acting in a fiduciary
or other representative capacity should file proper evidence of authority to
assign the foregoing Warrant.

     

    
      
         

      

      
        -6-

        
          

        

      

      
         

      

    

    Exhibit A-2 for
Purchase Under Regulation S

     

    "THESE
SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE "ACT"), AND MAY NOT BE SOLD, TRANSFERRED OR OTHERWISE DISTRIBUTED, DIRECTLY
OR INDIRECTLY, IN THE UNITED STATES, ITS TERRITORIES, POSSESSIONS, OR AREAS
SUBJECT TO ITS JURISDICTION, OR TO OR FOR THE ACCOUNT OR BENEFIT OF A "U.S.
PERSON" AS THAT TERM IS DEFINED IN RULE 902 OR REGULATION S OF THE ACT, AT ANY
TIME PRIOR TO ONE (1) YEAR AFTER THE ISSUANCE OF THIS CERTIFICATE, IN THE
ABSENCE OF (i) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE
ACT, OR (ii) AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY THAT
SUCH REGISTRATION IS NOT REQUIRED PURSUANT TO A VALID EXEMPTION THEREFROM FROM
UNDER THE ACT.  HEDGING TRANSACTIONS INVOLVING THE SHARES REPRESENTED
HEREBY MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH THE ACT.  ANY
SALES, TRANSFERS OR OTHER DISTRIBUTIONS OF THE SECURITIES MUST BE MADE IN
ACCORDANCE WITH THE PROVISIONS OF REGULATION S OF THE ACT.  THIS
CERTIFICATE MUST BE SURRENDERED TO THE COMPANY OR ITS TRANSFER AGENT AS A
CONDITION PRECEDENT TO THE SALE, TRANSFER OR OTHER DISTRIBUTION OF ANY INTEREST
IN ANY OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE."

     

    Warrant
No. ____

     

    WARRANT
TO PURCHASE SHARES OF COMMON STOCK

     

    OF

     

    NEOSTEM,
INC.

     

    THIS
CERTIFIES that, for value received, _____________ is entitled to purchase from
NEOSTEM, INC., a Delaware corporation (the “Corporation”), subject to the
terms and conditions hereof, ____________ (_______) shares (the “Warrant Shares”) of common
stock, $.001 par value (the “Common
Stock”).  This warrant, together with all warrants hereafter
issued in exchange or substitution for this warrant, is referred to as the
“Warrant” and the
holder of this Warrant is referred to as the “Holder.”  The
number of Warrant Shares is subject to adjustment as hereinafter
provided.  Notwithstanding anything to the contrary contained herein,
this Warrant shall expire at 5:00 p.m. (Eastern Time) on ________, 2014 (the
“Termination
Date”).

     

    1.           Exercise of
Warrants.  The Holder understands that under the rules of the
NYSE Alternext US, approval of the stockholders of the Corporation is required
for this warrant to be exercisable.  The Holder may, at any following
the affirmative vote of the number of holders of the Corporation’s stock
required pursuant to the Amended and Restated By-Laws of the Corporation and
subject to the rules of the NYSE Alternext US and prior to the Termination Date,
exercise this Warrant in whole or in part at an exercise price per share equal
to $2.50 per share, subject to adjustment as provided herein (the “Exercise Price”), by the
surrender of this Warrant (properly endorsed) at the principal office of the
Corporation, or at such other agency or office of the Corporation in the United
States of America as the Corporation may designate by notice in writing to the
Holder at the address of such Holder appearing on the books of the Corporation,
and by payment to the Corporation of the Exercise Price in lawful money of the
United States by check or wire transfer for each share of Common Stock being
purchased.  Upon any partial exercise of this Warrant, there shall be
executed and issued to the Holder a new Warrant in respect of the shares of
Common Stock as to which this Warrant shall not have been
exercised.  In the event of the exercise of the rights represented by
this Warrant, a certificate or certificates for the Warrant Shares so purchased,
as applicable, registered in the name of the Holder, shall be delivered to the
Holder hereof as soon as practicable after the rights represented by this
Warrant shall have been so exercised. The Holder acknowledges
that the Holder shall not be entitled to exercise the Warrant unless it provides
the Corporation with: (1) written certification that the Holder is not a U.S.
Person (within the meaning of Regulation S ("Regulation S") promulgated
under the Securities Act of 1933, as amended (the "Securities Act")) and the
Warrant is not being exercised on behalf of a U.S. Person; or (2) a written
opinion of counsel, satisfactory to the Corporation, to the effect that the
Warrant and the Warrant Shares delivered upon exercise hereof have been
registered under the Securities Act or are exempt from registration
thereunder.  Without limiting the foregoing, the Holder further
acknowledges that the Holder shall not be entitled to exercise the Warrant
unless it provides the Corporation with a written opinion of counsel,
satisfactory to the Corporation, to the effect that (a) the Warrant is not being
exercised within the United States (within the meaning of Regulation S), and the
Warrant Shares are not being delivered within the United States other than in an
offering deemed to meet the definition of "offshore transaction" pursuant to
Rule 902(h) of Regulation S, or (b) the Warrant and the Warrant Shares are
registered under the Act or an exemption from such registration is
available.

    
      
         

      

      
        -7-

        
          

        

      

      
         

      

    

     

    2.           Reservation of Warrant
Shares.  The Corporation agrees that, prior to the expiration
of this Warrant, it will at all times have authorized and in reserve, and will
keep available, solely for issuance or delivery upon the exercise of this
Warrant, the number of Warrant Shares as from time to time shall be issuable by
the Corporation upon the exercise of this Warrant.

     

    3.           No Stockholder Rights; No
Rights to Net Cash Settle.  This Warrant shall not entitle the
holder hereof to any voting rights or other rights as a stockholder of the
Corporation.  In no event may this Warrant be net cash
settled.

     

    4.           Transferability of
Warrant.  Prior to the Termination Date and subject to
compliance with applicable Federal and State securities and other laws, this
Warrant and all rights hereunder are transferable, in whole or in part, at the
office or agency of the Company by the Holder in person or by duly authorized
attorney, upon surrender of this Warrant together with the Assignment Form
annexed hereto properly endorsed for transfer.  Any registration
rights to which this Warrant may then be subject shall be transferred together
with the Warrant to the subsequent Investor.

     

    5.           Certain
Adjustments.  With respect to any rights that Holder has to
exercise this Warrant and convert into shares of Common Stock, Holder shall be
entitled to the following adjustments:

     

    (a)           Merger or
Consolidation.  If at any time there shall be a merger or a
consolidation of the Corporation with or into another entity when the
Corporation is not the surviving corporation, then, as part of such merger or
consolidation, lawful provision shall be made so that the holder hereof shall
thereafter be entitled to receive upon exercise of this Warrant, during the
period specified herein and upon payment of the aggregate Exercise Price then in
effect, the number of shares of stock or other securities or property (including
cash) of the successor corporation resulting from such merger or consolidation,
to which the holder hereof as the holder of the stock deliverable upon exercise
of this Warrant would have been entitled in such merger or consolidation if this
Warrant had been exercised immediately before such transaction.  In
any such case, appropriate adjustment shall be made in the application of the
provisions of this Warrant with respect to the rights and interests of the
holder hereof as the holder of this Warrant after the merger or
consolidation.

     

    (b)           Reclassification,
Recapitalization, etc.  If the Corporation at any time shall,
by subdivision, combination or reclassification of securities, recapitalization,
automatic conversion, or other similar event affecting the number or character
of outstanding shares of Common Stock, or otherwise, change any of the
securities as to which purchase rights under this Warrant exist into the same or
a different number of securities of any other class or classes, this Warrant
shall thereafter represent the right to acquire such number and kind of
securities as would have been issuable as the result of such change with respect
to the securities that were subject to the purchase rights under this Warrant
immediately prior to such subdivision, combination, reclassification or other
change.

     

    
      
         

      

      
        -8-

        
          

        

      

      
         

      

    

     

    (c)           Split or Combination of
Common Stock and Stock Dividend.  In case the Corporation shall
at any time subdivide, redivide, recapitalize, split (forward or reverse) or
change its outstanding shares of Common Stock into a greater number of shares or
declare a dividend upon its Common Stock payable solely in shares of Common
Stock, the Exercise Price shall be proportionately reduced and the number of
Warrant Shares proportionately increased.  Conversely, in case the
outstanding shares of Common Stock of the Corporation shall be combined into a
smaller number of shares, the Exercise Price shall be proportionately increased
and the number of Warrant Shares proportionately reduced.

     

    6.           Legend and Stop Transfer
Orders.  Upon exercise of any part of the Warrant, the
Corporation shall instruct its transfer agent to enter stop transfer orders with
respect to such Warrant Shares, and all certificates or instruments representing
the Warrant Shares shall bear on the face thereof substantially the following
legend:

     

    "THESE
SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE "ACT"), AND MAY NOT BE SOLD, TRANSFERRED OR OTHERWISE DISTRIBUTED, DIRECTLY
OR INDIRECTLY, IN THE UNITED STATES, ITS TERRITORIES, POSSESSIONS, OR AREAS
SUBJECT TO ITS JURISDICTION, OR TO OR FOR THE ACCOUNT OR BENEFIT OF A "U.S.
PERSON" AS THAT TERM IS DEFINED IN RULE 902 OR REGULATION S OF THE ACT, AT ANY
TIME PRIOR TO ONE (1) YEAR AFTER THE ISSUANCE OF THIS CERTIFICATE, IN THE
ABSENCE OF (i) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE
ACT, OR (ii) AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY THAT
SUCH REGISTRATION IS NOT REQUIRED PURSUANT TO A VALID EXEMPTION THEREFROM FROM
UNDER THE ACT.  HEDGING TRANSACTIONS INVOLVING THE SHARES REPRESENTED
HEREBY MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH THE ACT.  ANY
SALES, TRANSFERS OR OTHER DISTRIBUTIONS OF THE SECURITIES MUST BE MADE IN
ACCORDANCE WITH THE PROVISIONS OF REGULATION S OF THE ACT.  THIS
CERTIFICATE MUST BE SURRENDERED TO THE COMPANY OR ITS TRANSFER AGENT AS A
CONDITION PRECEDENT TO THE SALE, TRANSFER OR OTHER DISTRIBUTION OF ANY INTEREST
IN ANY OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE."

     

    7.           Redemption of
Warrant.  This Warrant is subject to redemption by the Company
as provided in this Section
7.

     

    (a)           This
Warrant may be redeemed, at the option of the Company, in whole and not in part,
at a redemption price of $.0001 per Warrant (the “Redemption Price”),
provided (i) the average closing price of the Common Stock as quoted by
Bloomberg, LP., or the Principal Trading Market (as defined below) on which the
Common Stock is included for quotation or trading, shall equal or exceed $3.50
per share (taking into account all adjustments) for twenty (20) out of thirty
(30) consecutive trading days.

     

    (b)           If
the conditions set forth in Section 7(a) are met,
and the Company desires to exercise its right to redeem this Warrant, it shall
mail a notice (the “Redemption Notice”)
to the registered holder of this Warrant by first class mail, postage prepaid,
at least ten (10) business days prior to the date fixed by the Company for
redemption of the Warrants (the “Redemption
Date”).

     

    (c
)           The
Redemption Notice shall specify (i) the Redemption Price, (ii) the Redemption
Date, (iii) the place where the Warrant certificates shall be delivered and the
redemption price paid, and (iv) that the right to exercise this Warrant shall
terminate at 5:00 p.m. (New York time) on the business day immediately
preceding the Redemption Date. No failure to mail such notice nor any defect
therein or in the mailing thereof shall affect the validity of the proceedings
for such redemption except as to a holder (a) to whom notice was not mailed, or
(b) whose notice was defective. An affidavit of the Secretary or an
Assistant Secretary of the Company that the Redemption Notice has been mailed
shall, in the absence of fraud, be prima facie evidence of the
facts stated therein.

     

    
      
         

      

      
        -9-

        
          

        

      

      
         

      

    

     

    (d)           Any
right to exercise a Warrant shall terminate at 5:00 p.m. (New York time) on
the business day immediately preceding the Redemption Date. On and after the
Redemption Date, the holder of this Warrant shall have no further rights except
to receive, upon surrender of this Warrant, the Redemption Price.

     

    (e)           From
and after the Redemption Date, the Company shall, at the place specified in the
Redemption Notice, upon presentation and surrender to the Company by or on
behalf of the holder thereof the warrant certificates evidencing this Warrant
being redeemed, deliver, or cause to be delivered to or upon the written order
of such holder, a sum in cash equal to the Redemption Price of this Warrant.
From and after the Redemption Date, this Warrant shall expire and become void
and all rights hereunder and under the warrant certificates, except the right to
receive payment of the Redemption Price, shall cease.

     

    8.           Miscellaneous.  This
Warrant shall be governed by and construed in accordance with the laws of the
State of New York.  All the covenants and provisions of this Warrant
by or for the benefit of the Corporation shall bind and inure to the benefit of
its successors and assigns hereunder.  Nothing in this Warrant shall
be construed to give to any person or corporation other than the Corporation and
the holder of this Warrant any legal or equitable right, remedy, or claim under
this Warrant.  This Warrant shall be for the sole and exclusive
benefit of the Corporation and the Holder.  The section headings
herein are for convenience only and are not part of this Warrant and shall not
affect the interpretation hereof.  Upon receipt of evidence
satisfactory to the Corporation of the loss, theft, destruction, or mutilation
of this Warrant, and of indemnity reasonably satisfactory to the Corporation, if
lost, stolen, or destroyed, and upon surrender and cancellation of this Warrant,
if mutilated, the Corporation shall execute and deliver to the Holder a new
Warrant of like date, tenor, and denomination.

     

    
      
         

      

      
        -10-

        
          

        

      

      
         

      

    

    IN
WITNESS WHEREOF, the Corporation has caused this Warrant to be executed by its
duly authorized officers under its seal, this ___ day of ________
2009.

     

    
      
        
          	 
      	
                  NEOSTEM,
      INC.

                
	 
      	 
      
	 
      	 
	 
      	
                  Robin
      L. Smith, Chairman & Chief Executive

                  Officer

                

        

      

    

     

    
      
         

      

      
        -11-

        
          

        

      

      
         

      

    

    WARRANT
EXERCISE FORM

     

    To
Be Executed by the Holder in Order to Exercise Warrant

     

    
      	
              To:

            	
              NeoStem,
      Inc.

            	
              Dated:  ________________
      __, 20__

            
	 
      	
              420
      Lexington Avenue

            	 
      
	 
      	
              Suite
      450

            	 
      
	 
      	
              New
      York, New York  10170

            	 
      
	 
      	
              Attn:  Chairman
      and CEO

            	 
      

    

    

     

    
      	
               
      

            	
              The
      undersigned, pursuant to the provisions set forth in the attached Warrant
      No. ______, hereby irrevocably elects to purchase ____________ shares
      of the Common Stock of NeoStem, Inc. covered by such
    Warrant.

            

    

     

    
      	
               
      

            	
               ̈

            	
              The
      undersigned herewith makes payment of the full purchase price for such
      shares at the price per share provided for in such
      Warrant.  Such payment takes the form of $__________ in lawful
      money of the United States.

            

    

     

    The
undersigned hereby requests that certificates for the Warrant Shares purchased
hereby be issued in the name of:

     

    
      
        
          
            
              
                
                  
                    	 	 
	
                             

                             

                          	 
      
	
                            (please
      print or type name and address)

                          	 
      
	
                             

                             
      

                          	 
      
	
                            (please
      insert social security or other identifying number)

                          	 
      
	
                             

                            and
      be delivered as follows:

                          	 
      
	
                             

                             

                          	 
	
                             

                             

                          	 
      
	
                            (please
      print or type name and address)

                          	 
      
	
                             

                             
      

                          	 
      
	
                            (please
      insert social security or other identifying number)

                          	 
      

                  

                

              

            

          

        

      

    

     

    and if
such number of shares of Common Stock shall not be all the shares evidenced by
this Warrant Certificate, that a new Warrant for the balance of such shares be
registered in the name of, and delivered to, Holder.

     

    
      
        
          
            
              	 
      	 
	 
      	
                      Signature
      of Holder

                    
	 	 
	 
      	
                      SIGNATURE
      GUARANTEE:

                    
	 
      	 
      
	 	 

            

          

        

      

    

    
      
         

      

      
        -12-

        
          

        

      

      
         

      

    

    ASSIGNMENT
FORM

    

    (To
assign the foregoing warrant, execute

    this
form.  Do not use this form to exercise the warrant.)

     

    FOR VALUE
RECEIVED, the foregoing Warrant and all rights evidenced thereby are hereby
assigned to

     

    ____________________________________________________________________________________whose

    address is

    _________________________________________________________________________________________

     

    _________________________________________________________________________________________

    
 

    Dated:  ________ __,
20___

     

    
      
        
          
            
              	
                      Holder’s Signature:    

                    	______________________________________ 
      
	
                      Holder’s Address:

                    	______________________________________ 
      
	 	______________________________________  

            

          

        

      

    

     

    
      
        
          	
                  Signature Guaranteed:

                	___________________________________ 	 

        

      

    

     

    NOTE:  The
signature to this Assignment Form must correspond with the name as it appears on
the face of the Warrant, without alteration or enlargement or any change
whatsoever, and must be guaranteed by a bank or trust
Corporation.  Officers of corporations and those acting in a fiduciary
or other representative capacity should file proper evidence of authority to
assign the foregoing Warrant.

     

    
      
         

      

      
        -13-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00157-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00157-of-00352.parquet"}]]