Document:

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 AND MAY NOT
BE SOLD, TRANSFERRED OR ASSIGNED UNLESS SO REGISTERED OR AN EXEMPTION FROM
REGISTRATION UNDER SAID ACT IS AVAILABLE.

                        BRAINSTORM CELL THERAPEUTICS INC.

                8% Convertible Promissory Note Due December 13, 2007

U.S.$200,000.00                                             New York, New York
                                                            December 13, 2006

      Brainstorm Cell Therapeutics Inc., a Washington corporation (the "Company"
or the "Maker"), for value received, hereby promises to pay to Eli Weinstein, or
his registered assigns, the principal sum of U.S. Two Hundred Thousand Dollars
(US$200,000) plus all accrued but unpaid interest on the first anniversary of
the date hereof (the "Maturity Date"). Interest shall be computed on the basis
of a 365-day year from the date hereof on the unpaid balance of such principal
amount from time to time outstanding at the rate of eight percent (8%) per
annum, such interest to be due and payable in full on the Maturity Date.

      This Note shall become immediately due and payable without notice or
demand upon the occurrence at any time of any of the following events of default
(individually, "an Event of Default" and collectively, "Events of Default"):

      1.    default in the payment or performance of this or any other liability
            or obligation of the Maker to the holder, including the payment when
            due of any principal, premium or interest under this Note;

      2.    the liquidation, termination of existence, dissolution, insolvency
            or business failure of the Maker, or the appointment of a receiver
            or custodian for the Maker or any part of its property if such
            appointment is not terminated or dismissed within ninety (90) days;
            or

      3.    the institution by or against the Maker or any indorser or guarantor
            of this Note of any proceedings under the United States Bankruptcy
            Code or any other federal or state bankruptcy, reorganization,
            receivership, insolvency or other similar law affecting the rights
            of creditors generally or the making by the Maker or any indorser or
            guarantor of this Note of a composition or an assignment or trust
            mortgage for the benefit of creditors.

Upon the occurrence of an Event of Default, the holder shall have then, or at
any time thereafter, all of the rights and remedies afforded by the Uniform
Commercial Code as from time to time in effect in the State of New York or
afforded by other applicable law.

Every amount overdue under this Note shall bear interest from and after the date
on which such amount first became overdue at an annual rate which is two (2)
percentage points above the rate per year specified in the first paragraph of
this Note. Such interest on overdue amounts under this Note shall be payable on
demand and shall accrue and be compounded monthly until the obligation of the
Maker with respect to the payment of such interest has been discharged (whether
before or after judgment).
<PAGE>

In no event shall any interest charged, collected or reserved under this Note
exceed the maximum rate then permitted by applicable law and if any such payment
is paid by the Maker, then such excess sum shall be credited by the holder as a
payment of principal.

All payments by the Maker under this Note shall be made without set-off or
counterclaim and be free and clear and without any deduction or withholding for
any taxes or fees of any nature whatever, unless the obligation to make such
deduction or withholding is imposed by law. The Maker shall pay and save the
holder harmless from all liabilities with respect to or resulting from any delay
or omission to make any such deduction or withholding required by law.

Whenever any amount is paid under this Note, all or part of the amount paid may
be applied to principal, premium or interest in such order and manner as shall
be determined by the holder in its discretion.

No reference in this Note to any guaranty or other document shall impair the
obligation of the Maker, which is absolute and unconditional, to pay all amounts
under this Note strictly in accordance with the terms of this Note.

The Maker agrees to pay on demand all costs of collection, including reasonable
attorneys' fees, incurred by the holder in enforcing the obligations of the
Maker under this Note.

No delay or omission on the part of the holder in exercising any right under
this Note shall operate as a waiver of such right or of any other right of such
holder, nor shall any delay, omission or waiver on any one occasion be deemed a
bar to or waiver of the same or any other right on any future occasion. The
Maker and every indorser or guarantor of this Note regardless of the time, order
or place of signing waives presentment, demand, protest and notices of every
kind and assents to any extension or postponement of the time of payment or any
other indulgence, to any substitution, exchange or release of collateral, and to
the addition or release of any other party or person primarily or secondarily
liable.

      1. Conversion. The holder of this Note has the right, at its option, at
any time and from time to time prior to the close of business on the Maturity
Date, upon five days' prior notice, to convert all or part of the outstanding
principal and interest amount of this Note into fully-paid and non-assessable
shares of Common Stock, $0.00005 par value per share, of the Company ("Common
Stock"). The number of shares of Common Stock that shall be issued upon
conversion of this Note shall be calculated by dividing the amount of
outstanding principal and interest that the holder elects to convert by the
average of the Conversion Price. The Conversion Price shall mean 75% of the
average of the last bid and ask price of the Common Stock as quoted on the
Over-the-Counter Bulletin Board or such other exchange where the Common Stock is
quoted or listed for the five trading days ending the date of the holder's
written notice of election to convert, provided, however, in no event shall the
conversion price be greater than US$0.35. Upon an Event of Default, at all times
prior to the Company's cure of such default, the Conversion price shall mean 60%
of the average of the last bid and ask price of the Common Stock as quoted on
the Over-the-Counter Bulletin Board or such other exchange where the Common
Stock is quoted or listed for the five trading days ending the date of the
holder's written notice of election to convert, provided, however, in no event
shall the conversion price be greater than US$0.35. Notwithstanding the
foregoing, in no event shall more than 4,000,000 shares of Common Stock be
issued upon conversion of this Note. In order to exercise this optional
conversion privilege, the holder of this Note shall surrender this Note to the
Company during usual business hours at the Company's principal executive office,
accompanied by written notice in form satisfactory to the Company that the
holder elects to convert the principal amount of this Note or a portion hereof
specified in such notice. Such notice shall also state the name or names (with
address and Social Security number or tax identification number) in which the
certificate or certificates for shares of Common Stock which shall be issuable
on such conversion shall be issued.

                                       2
<PAGE>

The holder of this Note shall have "piggy back registration rights" with respect
to the shares of Common Stock issuable upon conversion of this Note, subject to
certain limitations and conditions, including, among others, cutback provisions
and underwriter discretion, to be included by the Company in a registration
statement to be filed with Securities and Exchange Commission

                                       3
<PAGE>

      2. Surrender of Note and Delivery of Certificates. When surrendered for
optional or mandatory conversion this Note shall, unless the shares issuable on
conversion are to be issued in the same name as the name in which this Note is
then registered, be duly endorsed by, or accompanied by instruments of transfer
in form satisfactory to the Company duly executed by, the holder or his or its
duly authorized attorney. As promptly as practicable after the surrender of this
Note for conversion and the receipt of the notice specified above (in the case
of optional conversion), the Company shall deliver or cause to be delivered at
its principal executive office to the holder, or on the holder's written order,
a certificate or certificates for the number of full shares issuable upon the
conversion of this Note, or portion hereof, in accordance with the provisions
hereof. Such conversion shall be deemed to have been made at the time this Note
shall have been surrendered for conversion and the notice specified above (in
the case of optional conversion) shall have been received by the Company at its
principal executive office (the "Conversion Date"), and the holder in whose name
any certificate or certificates for shares of Common Stock shall be issuable
upon such conversion shall be deemed to have become on the Conversion Date the
holder of record of the shares represented thereby. If less than the entire
outstanding principal amount of this Note is being converted (in the case of
optional conversion), a new Note shall promptly be delivered to the holder for
the unconverted principal balance and shall be of like tenor as to all terms as
the Note surrendered.

      3. Fractional Shares. No fractional shares of Common Stock shall be
issuable upon conversion of this Note, but a payment in cash will be made in
respect of any fraction of a share which would otherwise be issuable upon the
surrender of this Note, or portion hereof, for conversion. Such payment shall be
based on the Conversion Price.

      4. Accrued Interest. Upon the conversion of this Note, the Company shall
not be required to pay any accrued but unpaid interest on the amount so
converted up to the Conversion Date.

      5. Securities Act of 1933. Upon conversion of this Note, the registered
holder may be required to execute and deliver to the Company an instrument, in
form satisfactory to the Company, representing that the shares issuable upon
conversion hereof are being acquired for investment and not with a view to
distribution within the meaning of the Securities Act of 1933, as amended.

      6. Prepayment of Principal. The principal indebtedness represented by this
Note may be prepaid in whole or in part without penalty or premium.

      7. Successors and Assigns. This Note, and the obligations and rights of
the Company hereunder, shall be binding upon and inure to the benefit of the
Company, the holder of this Note, and their respective heirs, successors and
assigns.

      8. Recourse. Recourse under this Note shall be to the general unsecured
assets of the Company only and in no event to the officers, directors or
stockholders of the Company.

      9. Changes. Changes in or additions to this Note may be made or compliance
with any term, covenant, agreement, condition or provision set forth herein may
be omitted or waived (either generally or in a particular instance and either
retroactively or prospectively), upon written consent of the Company and the
holder.

                                       4
<PAGE>

      10. Currency. All payments shall be made in such coin or currency of the
United States of America as at the time of payment shall be legal tender therein
for the payment of public and private debts.

      11. Notices. All notices, requests, consents and demands shall be made in
writing and shall be mailed postage prepaid, or delivered by hand, to the
Company or to the holder hereof at their respective addresses set forth below or
to such other address as may be furnished in writing to the other party hereto:

            If to the holder:

            [               ]

            If to the Company:

            Brainstorm Cell Therapeutics Inc.
            110 East 59th Street, 25th Floor
            New York, New York  10022
            Attention:  Chief Financial Officer

            with a copy to:

            BRL Law Group LLC
            31 St. James Avenue, Suite 850
            Boston, MA 02116
            Attention:  Thomas B. Rosedale
            Facsimile:  617-399-6930

      12. Saturdays, Sundays, Holidays. If any date that may at any time be
specified in this Note as a date for the making of any payment of principal or
interest under this Note shall fall on Saturday, Sunday or on a day which in the
New York, New York shall be a legal holiday, then the date for the making of
that payment shall be the next subsequent day which is not a Saturday, Sunday or
legal holiday.

      13. Governing Law. This Note shall be construed and enforced in accordance
with, and the rights of the parties shall be governed by, the laws of the State
of New York.

      IN WITNESS WHEREOF, this Note has been executed and delivered as a sealed
instrument on the date first above written by the duly authorized representative
of the Company.

                                       5
<PAGE>

                                    BRAINSTORM CELL THERAPEUTICS INC.

                                    /s/ Yoram Drucker
                                    --------------------------
                                    By:  Yoram Drucker
                                    Title:  Chief Operating Officer

                                       6THIS WARRANT AND THE SHARES OF COMMON STOCK ISSUED UPON ITS
                   EXERCISE ARE SUBJECT TO THE RESTRICTIONS ON
                 TRANSFER SET FORTH IN SECTION 4 OF THIS WARRANT

                                                       Number of Shares: 200,000
                                                         (subject to adjustment)
Date of Issuance: December 13, 2006

                       BRAINSTORM CELL THERAPEUTICS, INC.

                          Common Stock Purchase Warrant

                         (Void after December 13, 2008)

      BrainStorm Cell Therapeutics, Inc., a Washington corporation (the
"Company"), for value received, hereby certifies that Eli Weinstein, or its
registered assigns (the "Registered Holder"), is entitled, subject to the terms
and conditions set forth below, to purchase from the Company, at any time or
from time to time on or after the date of issuance and on or before 5:00 p.m.
(New York time) on December 13, 2008, 200,000 shares of Common Stock, $0.00005
par value per share, of the Company, at a purchase price of $0.45 per share. The
shares purchasable upon exercise of this Warrant, and the purchase price per
share, each as adjusted from time to time pursuant to the provisions of this
Warrant, are hereinafter referred to as the "Warrant Shares" and the "Purchase
Price," respectively.

            1. Exercise.

      (a) This Warrant may be exercised by the Registered Holder, in whole or in
part, by surrendering this Warrant, with the purchase form appended hereto as
Exhibit I duly executed by the Registered Holder or by the Registered Holder's
duly authorized attorney, at the principal office of the Company, or at such
other office or agency as the Company may designate, accompanied by payment in
full, in lawful money of the United States, of the Purchase Price payable in
respect of the number of Warrant Shares purchased upon such exercise.

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

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

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

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

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

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

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

            2. Adjustments.

                                       2
<PAGE>

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

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

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

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

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

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

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

                                       3
<PAGE>

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

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

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

            4. Requirements for Transfer.

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

                                       4
<PAGE>

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

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

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

      The foregoing legend shall be removed from the certificates representing
any Warrant Shares, at the request of the holder thereof, at such time as they
become eligible for resale pursuant to Rule 144(k) under the Act.

      5. No Impairment. The Company will not, by amendment of its charter or
through reorganization, transfer of assets, consolidation, merger, dissolution,
issue or sale of securities or any other voluntary action, avoid or seek to
avoid the observance or performance of any of the terms of this Warrant, but
will at all times in good faith assist in the carrying out of all such terms and
in the taking of all such action as may be necessary or appropriate in order to
protect the rights of the holder of this Warrant against impairment.

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

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

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

                                       5
<PAGE>

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

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

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

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

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

            10. Transfers, etc.

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

                                       6
<PAGE>

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

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

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

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

            13. Piggyback Registration Rights. The Registered Holder shall have
      "piggyback registration rights" with respect to the Warrant Shares,
      subject to certain limitations and conditions, including, among others,
      cutback provisions and underwriter discretion, to be included by the
      Company in a resale registration statement filed with the Securities and
      Exchange Commission. The Registered Holder understands and acknowledges
      that the Warrant Shares have not been registered for resale with the
      Securities and Exchange Commission, and until such a registration is made
      and becomes effective, the Warrant Shares may not be sold or transferred
      (other than pursuant to an effective registration statement or an
      exemption from registration).

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

                                       7
<PAGE>

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

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

      EXECUTED as of the Date of Issuance indicated above.

                                    BRAINSTORM CELL THERAPEUTICS, INC.

                                    By: /s/ Yoram Drucker

[Corporate Seal]                    Title: Chief Operating Officer

ATTEST:

-------------------------

                                       8
<PAGE>

                                                                       EXHIBIT I

                                  PURCHASE FORM

To:_________________                                        Dated:____________

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

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

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

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

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

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

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

                                    Signature:  ______________________

                                    Address: _______________________

                                            -----------------------

                                       9
<PAGE>

                                                                    EXHIBIT II

                                 ASSIGNMENT FORM

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

Name of Assignee            Address                    No. of Shares

Dated:_____________________         Signature:________________________________

Signature Guaranteed:

By: _______________________

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

                                       10

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