Document:

THIS WARRANT AND THE COMMON SHARES ISSUABLE UPON EXERCISE OF THIS WARRANT HAVE
NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. THIS WARRANT
AND THE COMMON SHARES ISSUABLE UPON EXERCISE OF THIS WARRANT MAY NOT BE SOLD,
OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE
REGISTRATION STATEMENT UNDER SAID ACT OR AN OPINION OF COUNSEL REASONABLY
SATISFACTORY TO BRAINSTORM CELL THERAPEUTICS INC. THAT SUCH REGISTRATION IS NOT
REQUIRED.

             Right to Purchase __________ shares of Common Stock of
                        Brainstorm Cell Therapeutics Inc.
                   (subject to adjustment as provided herein)

                 COMMON STOCK PURCHASE WARRANT AT $.01 PER SHARE

                          Issue Date: November 4, 2004

      Brainstorm Cell Therapeutics Inc., a corporation  organized under the laws
of the State of Washington  (the  "Company"),  hereby  certifies that, for value
received,  ____________,  (the "Holder"), is entitled,  subject to the terms set
forth  below,  to  purchase  from the Company at any time after the one (1) year
anniversary  of the Issue Date (the "Date of  Exercisability")  up to 5:00 p.m.,
E.S.T on the SIXTH anniversary of the Issue Date (the "Expiration  Date"), up to
_________ fully paid and nonassessable shares of the common stock of the Company
(the "Common Stock"),  $.00005 par value per share at a per share purchase price
of $.01. The  aforedescribed  purchase price per share, as adjusted from time to
time as herein  provided,  is  referred to herein as the  "Purchase  Price." The
number and  character of such shares of Common Stock and the Purchase  Price are
subject to adjustment as provided  herein.  This Warrant is part of that certain
Warrant  referred to in the  Research and License  Agreement  dated July 8, 2004
between  the  Company  and  Ramot  at  Tel-Aviv  University  Ltd  (the  "License
Agreement").

      This  Warrant,  when issued and  delivered  in  accordance  with the terms
hereof will be duly authorized and validly issued, and the Common Stock issuable
upon the  exercise  hereof,  when issued  pursuant to the terms  hereof and upon
payment of the exercise price,  shall,  upon such issuance,  be duly authorized,
validly issued, fully paid and nonassessable.

      As used herein the following terms, unless the context otherwise requires,
have the following respective meanings:

      (a) The term "Company"  means  BrainStorm Cell  Therapeutics  Inc. and any
corporation  which shall succeed or assume the  obligations  of BrainStorm  Cell
Therapeutics Inc. hereunder.

      (b) The term "Common Stock" means (a) the Company's Common Stock,  $.00005
par  value  per  share,  as  authorized  on the date  hereof,  and (b) any other
securities into which or for which any of the securities described in (a) may be
converted or exchanged pursuant to a plan of  recapitalization,  reorganization,
merger, sale of assets or otherwise.

      (c) The term "Other  Securities" means any stock (other than Common Stock)
and other securities of the Company or any other person (corporate or otherwise)
which the holder of the Warrant at any time shall be  entitled  to  receive,  or
shall have received,  on the exercise of the Warrant,  in lieu of or in addition
to Common  Stock,  or which at any time  shall be  issuable  or shall  have been
issued in exchange for or in  replacement  of Common  Stock or Other  Securities
pursuant to Section 4 or otherwise.

      1. Exercise of Warrant.

            1.1.  Number of Shares  Issuable upon  Exercise.  From and after the
Date of  Exercisability  through and including the  Expiration  Date, the Holder
hereof shall be entitled to receive,  upon  exercise of this Warrant in whole in
accordance  with the terms of subsection 1.2 or upon exercise of this Warrant in
part in accordance  with  subsection 1.3, shares of Common Stock of the Company,
subject to adjustment  pursuant to Section 4. This Warrant is fully vested as of
the Date of Exercisability.

<PAGE>

            1.2.  Full  Exercise.  This  Warrant may be exercised in full by the
Holder  hereof by  delivery  of an  original  or  facsimile  copy of the form of
subscription  attached  as  Exhibit  A hereto  (the  "Subscription  Form")  duly
executed by such Holder and surrender of the original  Warrant  within seven (7)
days of exercise, to the Company at its principal office or at the office of its
Warrant Agent (as provided  hereinafter),  accompanied by payment, in cash, wire
transfer  or by  certified  or official  bank check  payable to the order of the
Company,  in the amount  obtained by multiplying  the number of shares of Common
Stock for which this Warrant is then  exercisable  by the Purchase Price then in
effect.

            1.3.  Partial  Exercise.  This Warrant may be exercised in part (but
not for a  fractional  share) by  surrender of this Warrant in the manner and at
the place  provided  in  subsection  1.2 except  that the amount  payable by the
Holder on such partial  exercise shall be the amount obtained by multiplying (a)
the  number of whole  shares of Common  Stock  designated  by the  Holder in the
Subscription  Form by (b) the Purchase Price then in effect. On any such partial
exercise,  the Company,  at its expense,  will forthwith issue and deliver to or
upon the order of the Holder hereof a new Warrant of like tenor,  in the name of
the Holder  hereof,  the whole  number of shares of Common  Stock for which such
Warrant may still be exercised.

            1.4. Fair Market Value. Fair Market Value of a share of Common Stock
as of a particular date (the "Determination Date") shall mean:

                  (a) If the Company's  Common Stock is traded on an exchange or
is quoted on the National  Association  of Securities  Dealers,  Inc.  Automated
Quotation ("NASDAQ"),  National Market System, the NASDAQ SmallCap Market or the
American Stock Exchange, LLC, then the closing or last sale price, respectively,
reported for the last business day immediately preceding the Determination Date;

                  (b) If the Company's Common Stock is not traded on an exchange
or on the NASDAQ  National  Market  System,  the NASDAQ  SmallCap  Market or the
American Stock  Exchange,  Inc., but is traded in the  over-the-counter  market,
then  the  average  of the  closing  bid and ask  prices  reported  for the last
business day immediately preceding the Determination Date;

                  (c) Except as provided in clause (d) below,  if the  Company's
Common Stock is not publicly  traded,  then as the Holder and the Company agree,
or in the absence of such an agreement,  by arbitration  in accordance  with the
rules then  standing of the American  Arbitration  Association,  before a single
arbitrator  to be chosen  from a panel of persons  qualified  by  education  and
training to pass on the matter to be decided; or

                  (d) If the  Determination  Date is the date of a  liquidation,
dissolution or winding up, or any event deemed to be a liquidation,  dissolution
or winding up pursuant to the Company's charter,  then all amounts to be payable
per share to holders of the Common Stock pursuant to the charter in the event of
such  liquidation,  dissolution  or  winding  up,  plus all other  amounts to be
payable  per share in  respect  of the  Common  Stock in  liquidation  under the
charter,  assuming for the purposes of this clause (d) that all of the shares of
Common Stock then issuable upon exercise of all of the Warrants are  outstanding
at the Determination Date.

<PAGE>

            1.5.  Company  Acknowledgment.  The Company will, at the time of the
exercise of the Warrant,  upon the request of the Holder hereof  acknowledge  in
writing its  continuing  obligation to afford to such Holder any rights to which
such Holder shall continue to be entitled after such exercise in accordance with
the  provisions  of this  Warrant.  If the  Holder  shall  fail to make any such
request,  such failure shall not affect the continuing obligation of the Company
to afford to such Holder any such rights.

            1.6. Trustee for Warrant Holders.  In the event that a bank or trust
company  shall have been  appointed  as trustee  for the Holder of the  Warrants
pursuant to Subsection 3.2, such bank or trust company shall have all the powers
and duties of a warrant agent (as  hereinafter  described) and shall accept,  in
its own name for the account of the Company or such  successor  person as may be
entitled  thereto,  all  amounts  otherwise  payable  to  the  Company  or  such
successor,  as the case may be, on  exercise  of this  Warrant  pursuant to this
Section 1.

            1.7 Delivery of Stock  Certificates,  etc. on Exercise.  The Company
agrees that the shares of Common Stock  purchased  upon exercise of this Warrant
shall be deemed to be issued to the Holder  hereof as the  record  owner of such
shares as of the close of business on the date on which this Warrant  shall have
been  surrendered  and  payment  made for such shares as  aforesaid.  As soon as
practicable  after the exercise of this  Warrant in full or in part,  and in any
event  within ten (10)  business  days  thereafter,  the  Company at its expense
(including  the payment by it of any  applicable  issue  taxes) will cause to be
issued in the name of and  delivered  to the Holder  hereof,  a  certificate  or
certificates  for  the  number  of duly  and  validly  issued,  fully  paid  and
nonassessable  shares of Common Stock (or Other Securities) to which such Holder
shall be entitled on such  exercise,  plus, in lieu of any  fractional  share to
which such Holder  would  otherwise  be  entitled,  cash equal to such  fraction
multiplied  by the then Fair  Market  Value of one full  share of Common  Stock,
together with any other stock or other securities and property  (including cash,
where  applicable) to which such Holder is entitled upon such exercise  pursuant
to Section 1 or otherwise.

            1.8 Taxes.  The Company  shall be entitled to withhold  taxes to the
extent required under any applicable laws,  rules,  and  regulations,  including
withholding taxes at source, unless you shall present it with a certificate from
the relevant tax authority for an exemption or reduced rate.

      2. Exercise.

            (a) Payment  upon  exercise  may be made at the option of the Holder
either in (i) cash, wire transfer or by certified or official bank check payable
to the order of the Company equal to the applicable  aggregate  Purchase  Price,
(ii) by delivery  of Common  Stock  issuable  upon  exercise of the  Warrants in
accordance  with  Section  (b)  below or (iii)  by a  combination  of any of the
foregoing  methods,  for the number of Common  Stock  specified in such form (as
such  exercise  number shall be adjusted to reflect any  adjustment in the total
number of shares of Common  Stock  issuable  to the holder per the terms of this
Warrant)  and the holder  shall  thereupon  be entitled to receive the number of
duly authorized,  validly issued, fully-paid and non-assessable shares of Common
Stock (or Other Securities) determined as provided herein.

            (b) In lieu of  exercising  this Warrant for cash,  wire transfer or
certified or official bank cheque,  the holder may elect to receive shares equal
to the value (as determined below) of this Warrant (or the portion thereof being
cancelled) by surrender of this Warrant at the  principal  office of the Company
together with the properly endorsed Subscription Form in which event the Company
shall issue to the holder a number of shares of Common Stock  computed using the
following formula:

<PAGE>

                           X=Y (A-B)
                           ---------
                               A

                  Where    X=       the number of shares of Common Stock to be
                                    issued to the holder

                           Y=       the number of shares of Common Stock
                                    purchasable under the Warrant or, if only a
                                    portion of the Warrant is being exercised,
                                    the portion of the Warrant being exercised
                                    (at the date of such calculation)

                           A=       the Fair Market Value of one share of the
                                    Company's Common Stock (at the date of such
                                    calculation)

                           B=       Purchase Price (as adjusted to the date of
                                    such calculation).

      3. Adjustment for Reorganization, Consolidation, Merger, etc.

            3.1. Reorganization, Consolidation, Merger, etc. In case at any time
or from  time to time,  the  Company  shall  (a)  effect a  reorganization,  (b)
consolidate  with  or  merge  into  any  other  person  or (c)  transfer  all or
substantially all of its properties or assets to any other person under any plan
or arrangement  contemplating the dissolution of the Company, then, in each such
case,  as a condition  to the  consummation  of such a  transaction,  proper and
adequate  provision  shall be made by the  Company  whereby  the  Holder of this
Warrant,  on the exercise hereof as provided in Section 1, at any time after the
consummation of such  reorganization,  consolidation  or merger or the effective
date of such  dissolution,  as the case may be,  shall  receive,  in lieu of the
Common  Stock (or Other  Securities)  issuable  on such  exercise  prior to such
consummation or such effective date, the stock and other securities and property
(including  cash) to which  such  Holder  would  have  been  entitled  upon such
consummation or in connection with such dissolution, as the case may be, if such
Holder had so exercised this Warrant,  immediately prior thereto, all subject to
further adjustment thereafter as provided in Section 4.

            3.2.  Dissolution.  In the event of any  dissolution  of the Company
following the transfer of all or substantially  all of its properties or assets,
the Company, prior to such dissolution, shall at its expense deliver or cause to
be delivered the stock and other securities and property  (including cash, where
applicable) receivable by the Holder of the Warrants after the effective date of
such  dissolution  pursuant  to this  Section  3 to a bank or trust  company  (a
"Trustee") as trustee for the Holder of the Warrants.

            3.3. Continuation of Terms. Upon any reorganization,  consolidation,
merger or transfer (and any dissolution  following any transfer)  referred to in
this  Section 3, this  Warrant  shall  continue in full force and effect and the
terms hereof shall be applicable to the Other Securities and property receivable
on the exercise of this Warrant after the  consummation of such  reorganization,
consolidation or merger or the effective date of dissolution  following any such
transfer,  as the case may be, and shall be binding upon the issuer of any Other
Securities,  including,  in the case of any such transfer,  the person acquiring
all or substantially all of the properties or assets of the Company,  whether or
not such  person  shall  have  expressly  assumed  the terms of this  Warrant as
provided in Section 4. In the event this Warrant does not continue in full force
and effect after the  consummation of the transaction  described in this Section
3, then only in such event will the Company's securities and property (including
cash, where applicable) receivable by the Holder of the Warrants be delivered to
the Trustee as contemplated by Section 3.2.

<PAGE>

      4.  Extraordinary  Events  Regarding  Common Stock.  In the event that the
Company shall (a) issue  additional  shares of the Common Stock as a dividend or
other  distribution on outstanding  Common Stock,  (b) subdivide its outstanding
shares of Common  Stock,  or (c)  combine its  outstanding  shares of the Common
Stock into a smaller  number of shares of the Common  Stock,  then, in each such
event,  the Purchase  Price  shall,  simultaneously  with the  happening of such
event,  be adjusted by multiplying  the then Purchase  Price by a fraction,  the
numerator  of which  shall be the number of shares of Common  Stock  outstanding
immediately prior to such event and the denominator of which shall be the number
of shares of Common  Stock  outstanding  immediately  after such event,  and the
product so obtained shall  thereafter be the Purchase Price then in effect.  The
Purchase Price, as so adjusted,  shall be readjusted in the same manner upon the
happening of any successive  event or events described herein in this Section 4.
The  number of shares of Common  Stock  that the  Holder of this  Warrant  shall
thereafter,  on the  exercise  hereof as  provided  in Section 1, be entitled to
receive shall be adjusted to a number  determined by  multiplying  the number of
shares of Common  Stock that would  otherwise  (but for the  provisions  of this
Section 4) be issuable on such exercise by a fraction of which (a) the numerator
is the  Purchase  Price that would  otherwise  (but for the  provisions  of this
Section 4) be in effect, and (b) the denominator is the Purchase Price in effect
on the date of such exercise.

      5.  Certificate  as to  Adjustments.  In each  case of any  adjustment  or
readjustment in the shares of Common Stock (or Other Securities) issuable on the
exercise of the  Warrant,  the Company at its expense  will  promptly  cause its
Chief Financial Officer or other appropriate designee to compute such adjustment
or  readjustment  in  accordance  with the terms of the  Warrant  and  prepare a
certificate  setting forth such adjustment or readjustment and showing in detail
the facts upon which such  adjustment  or  readjustment  is based,  including  a
statement of (a) the consideration received or receivable by the Company for any
additional shares of Common Stock (or Other Securities) issued or sold or deemed
to have been issued or sold,  (b) the number of shares of Common Stock (or Other
Securities) outstanding or deemed to be outstanding,  and (c) the Purchase Price
and the number of shares of Common  Stock to be received  upon  exercise of this
Warrant,  in effect  immediately prior to such adjustment or readjustment and as
adjusted or readjusted as provided in this Warrant.  The Company will  forthwith
mail a copy of each  such  certificate  to the  Holder  of the  Warrant  and any
Warrant Agent of the Company (appointed pursuant to Section 11 hereof).

      6. Reservation of Stock, etc. Issuable on Exercise of Warrant. The Company
will at all times reserve and keep  available,  solely for issuance and delivery
on  the  exercise  of the  Warrants,  all  shares  of  Common  Stock  (or  Other
Securities) from time to time issuable on the exercise of the Warrant.  Prior to
the exercise of this  Warrant,  the holder  shall not be entitled,  by virtue of
holding this Warrant,  to any rights of a stockholder of the Company,  including
(without limitation) the right to vote, receive dividends or other distributions
or be notified of stockholder meetings, and such holder shall not be entitled to
any notice or other  communication  concerning  the  business  or affairs of the
Company).

      7.  Non-transferable.  This Warrant is  non-transferable by the Holder and
any purported  transfer hereof is null and void,  except,  subject to compliance
with  applicable  securities  laws,  in the event of a transfer  to a  Permitted
Transferee of the Holder (the "Transferor"). For the purposes of this Article 7,
the term "Permitted Transferee" shall mean

      (a)   with respect to any Holder that is an entity, (1) any party that is,
            directly or indirectly,  controlling,  controlled by or under common
            control with, that Holder,  where the term "control"  (including its
            correlative meanings,  the terms "controlling",  "controlled by" and
            "under  common  control  with"),  as used with respect to any party,
            shall mean the possession,  directly or indirectly,  of the power to
            direct or cause the  direction  of the  other  and  policies  of the
            Holder,  whether  through the  ownership  of voting  securities,  by
            contract or otherwise (an  "Affiliate"),  (2) any general or limited
            partner  of that  Holder (a  "Partner"),  (3) any  officer,  general
            partner,  director or limited  partner of that Holder or any Partner
            (collectively,    "Associates"),    (4)   the   heirs,    executors,
            administrators,  testamentary trustees, legatees or beneficiaries of
            any  Associate,  (5) any trust,  corporation,  partnership  or other
            entity substantially all the economic interests of which are held by
            or for the benefit of that  Holder,  its  Affiliates,  any  Partner,
            Associate,  their  spouses,  children,  parents,   grandparents  and
            grandchildren (whether by birth or adoption); and

<PAGE>

      (b)   with  respect to any Holder that is an  individual,  (1) the spouse,
            children,  parents and grandchildren (in each case, whether by birth
            or adopted) of that Holder,  (2) a person to whom Company Securities
            are  transferred  by that  Holder  by will or the  laws of  descent,
            inheritance  and  distribution  and (3) a trust  established for the
            exclusive  benefit  of  that  Holder  and/or  his or  her  Permitted
            Transferees;

      provided that a person or party shall only be a Permitted  Transferee of a
      Holder  for so long as the facts  and  circumstances  giving  rise to that
      status do not change in a manner that would result in that party or person
      no longer being such a Permitted Transferee after that change.

      On the  surrender  for  exchange of this  Warrant,  with the  Transferor's
endorsement  in  the  form  of  Exhibit  B  attached  hereto  (the   "Transferor
Endorsement   Form")  and  together  with  an  opinion  of  counsel   reasonably
satisfactory  to the  Company  that  the  transfer  of this  Warrant  will be in
compliance with applicable securities laws, the Company at its expense, but with
payment by the  Transferor  of any  applicable  transfer  taxes,  will issue and
deliver to or on the order of the  Transferor  thereof a new Warrant or Warrants
of like tenor, in the name of the Transferor and/or the Permitted  Transferee(s)
specified in such Transferor  Endorsement Form,  calling in the aggregate on the
face or faces thereof for the number of shares of Common Stock called for on the
face or faces of the Warrant so surrendered by the Transferor. No such transfers
shall result in a public distribution of the Warrant; and the Company shall only
be  responsible  for  "blue  sky"  compliance  expenses  for  resales  under any
registration  statement filed in accordance with Section 11 of the  Subscription
Agreement for two (2) such transfers to two (2) applicable  states of the United
States only.

      Upon the issue to the  Transferor  of the new  Warrant or Warrants of like
tenor,  in the  name  of  the  Transferor  and/or  the  Permitted  Transferee(s)
specified in such Transferor  Endorsement  Form, the Permitted  Transferee shall
execute any and all  agreements  of the Company to which  Transferor is a party,
and shall become party thereto.

      8. Replacement of Warrant. On receipt of evidence reasonably  satisfactory
to the Company of the loss,  theft,  destruction  or  mutilation of this Warrant
and, in the case of any such loss,  theft or  destruction  of this  Warrant,  on
delivery of an indemnity agreement or security  reasonably  satisfactory in form
and amount to the Company or, in the case of any such  mutilation,  on surrender
and  cancellation  of this Warrant,  the Company at its expense will execute and
deliver, in lieu thereof, a new Warrant of like tenor.

      9.  Registration  Rights.  The  Company  agrees  to  register  the  shares
underlying  this  Warrant  (whether  by  demand,   piggy  back  registration  or
otherwise) by no later than  twenty-one  (21) months from the execution  date of
the License Agreement and agrees to maintain the effectiveness of a registration
statement covering such shares until the earlier of (i) the time at which all of
the shares  underlying  the warrant then held by the Holder could be sold in any
90 day  period  pursuant  to Rule  144  under  the  Securities  Act or (ii)  the
expiration  date of the warrant.  These  registration  rights shall be set forth
fully in a separate registration rights agreement to be entered into between the
Company  and the Holder  which  agreement  shall  include  customary  provisions
regarding, inter alia, indemnification by the Company of the Holder.

<PAGE>

      10.  Maximum  Exercise.  The Holder shall not be entitled to exercise this
Warrant on an exercise date, in connection  with that number of shares of Common
Stock  which would be in excess of the sum of (i) the number of shares of Common
Stock  beneficially  owned by the Holder and its affiliates on an exercise date,
and (ii) the number of shares of Common Stock issuable upon the exercise of this
Warrant with respect to which the determination of this limitation is being made
on an exercise  date,  which would result in beneficial  ownership by the Holder
and its affiliates of more than 4.99% of the outstanding  shares of Common Stock
on such date. For the purposes of the immediately preceding sentence, beneficial
ownership shall be determined in accordance with Section 13(d) of the Securities
Exchange Act of 1934, as amended,  and Regulation 13d-3  thereunder.  Subject to
the  foregoing,  the Holder  shall not be limited to aggregate  exercises  which
would result in the issuance of more than 4.99%.  The  restriction  described in
this paragraph may be revoked upon and effective after sixty-one (61) days prior
notice  from the Holder to the  Company.  The Holder may  allocate  which of the
equity  of the  Company  deemed  beneficially  owned by the  Purchaser  shall be
included in the 4.99% amount described above and which shall be allocated to the
excess above 4.99%.

      11. Notices. All notices,  demands,  requests,  consents,  approvals,  and
other  communications  required or permitted  hereunder shall be in writing and,
unless otherwise specified herein, shall be (i) personally served, (ii)deposited
in the mail, registered or certified, return receipt requested, postage prepaid,
(iii) delivered by reputable air courier service with charges  prepaid,  or (iv)
transmitted by hand  delivery,  telegram,  or facsimile,  addressed as set forth
below or to such other address as such party shall have  specified most recently
by written notice. Any notice or other communication required or permitted to be
given hereunder shall be deemed  effective (a) upon hand delivery or delivery by
facsimile,  with accurate confirmation  generated by the transmitting  facsimile
machine,  at the address or number  designated below (if delivered on a business
day during normal  business  hours where such notice is to be received),  or the
first  business  day  following  such  delivery  (if  delivered  other than on a
business day during normal  business  hours where such notice is to be received)
or (b) on the  second  business  day  following  the date of  mailing by express
courier  service,  fully  prepaid,  addressed  to such  address,  or upon actual
receipt of such  mailing,  whichever  shall first occur.  The addresses for such
communications shall be:

      (i) if to the Company to: 1350 Avenue of Americas, New York, NY 10019or to
such other address as specified by the Company.

      (ii) if to the  Holder,  to_____________________________  or to such other
address as specified by the Holder.

      12.  Miscellaneous.  This  Warrant  and any term  hereof  may be  changed,
waived,  discharged or terminated only by an instrument in writing signed by the
party against which enforcement of such change, waiver, discharge or termination
is sought.  This Warrant shall be construed and enforced in accordance  with and
governed by the laws of Washington.  Any dispute  relating to this Warrant shall
be adjudicated in the State of Washington.  The headings in this Warrant are for
purposes of reference  only, and shall not limit or otherwise  affect any of the
terms hereof. The invalidity or  unenforceability  of any provision hereof shall
in no way affect the validity or enforceability of any other provision.

<PAGE>

      IN WITNESS  WHEREOF,  the Company has executed this Warrant as of the date
first written above.

                                       BRAINSTORM CELL THERAPEUTICS INC.

                                       By:
                                          --------------------------------------
                                          Name: Yaffa Beck
                                          Title: President & CEO

<PAGE>

                                    EXHIBIT A

                              FORM OF SUBSCRIPTION
                   (to be signed only on exercise of Warrant)

TO:  BRAINSTORM CELL THERAPEUTICS INC.

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

      |_|   ________ shares of the Common Stock covered by such Warrant, or

      |_|   shares of Common  Stock  covered  by such  Warrant  pursuant  to the
            cashless exercise procedure set forth in Section 2, or

      |_|   the maximum number of shares of Common Stock covered by such Warrant
            pursuant to the cashless exercise procedure set forth in Section 2.

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):

      |_|   $__________ in lawful money of the United States, and/or

      |_|   the  cancellation  of such  portion  of the  attached  Warrant as is
            exercisable  for a total of _______  shares of Common Stock (using a
            Fair  Market  Value of  $_______  per  share  for  purposes  of this
            calculation); and/or

      |_|   the  cancellation  of such  number of  shares of Common  Stock as is
            necessary, in accordance with the formula set forth in Section 2, to
            exercise  this Warrant with respect to the maximum  number of shares
            of  Common  Stock  purchasable  pursuant  to the  cashless  exercise
            procedure set forth in Section 2.

The undersigned  requests that the certificates for such shares be issued in the
name of, and delivered to

_____________________________________________________ whose address is

_________________________________________________________________________

The undersigned represents and warrants that all offers and sales by the
undersigned of the securities issuable upon exercise of the within Warrant shall
be made pursuant to registration of the Common Stock under the Securities Act of
1933, as amended (the "Securities Act"), or pursuant to an exemption from
registration under the Securities Act.

Dated:___________________

                                       ----------------------------------------
                                      (Signature must conform to name of holder
                                       as specified on the face of the Warrant)

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

                                       ----------------------------------------
                                       (Address)

<PAGE>

                                    EXHIBIT B

                         FORM OF TRANSFEROR ENDORSEMENT
                   (To be signed only on transfer of Warrant)

      For value received,  the undersigned hereby sells,  assigns, and transfers
unto the person(s)  named below under the heading  "Permitted  Transferees"  the
right represented by the Warrant to purchase the percentage and number of shares
of Common  Stock of  BRAINSTORM  CELL  THERAPEUTICS  INC.  to which the  Warrant
relates  specified  under the  headings  "Percentage  Transferred"  and  "Number
Transferred",  respectively, opposite the name(s) of such person(s) and appoints
each such  person  Attorney  to transfer  its  respective  right on the books of
BRAINSTORM  CELL  THERAPEUTICS  INC.  with  full  power of  substitution  in the
premises.

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

Permitted Transferees           Percentage Transferred        Number Transferred
---------------------           ----------------------        ------------------

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

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

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

Dated:  ______________, ___________

                                       -----------------------------------------
                                       (Signature must conform to name of holder
                                        as specified on the face of the warrant)

Signed in the presence of:

-------------------------------        -----------------------------------------
         (Name)

                                       -----------------------------------------
                                       (address)

ACCEPTED AND AGREED:
                                       -----------------------------------------

[PERMITTED TRANSFEREE]
                                       -----------------------------------------
                                       (address)

-------------------------------
         (Name)THIS WARRANT AND THE COMMON SHARES ISSUABLE UPON EXERCISE OF THIS WARRANT HAVE
NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. THIS WARRANT
AND THE COMMON SHARES ISSUABLE UPON EXERCISE OF THIS WARRANT MAY NOT BE SOLD,
OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE
REGISTRATION STATEMENT UNDER SAID ACT OR AN OPINION OF COUNSEL REASONABLY
SATISFACTORY TO BRAINSTORM CELL THERAPEUTICS INC. THAT SUCH REGISTRATION IS NOT
REQUIRED.

            Right to Purchase ____________ shares of Common Stock of
                        Brainstorm Cell Therapeutics Inc.
                   (subject to adjustment as provided herein)

                 COMMON STOCK PURCHASE WARRANT AT $.01 PER SHARE

                          Issue Date: November 4, 2004

      Brainstorm Cell Therapeutics Inc., a corporation  organized under the laws
of the State of Washington  (the  "Company"),  hereby  certifies that, for value
received,  __________,  (the  "Holder"),  is entitled,  subject to the terms set
forth  below,  to  purchase  from the Company at any time after the one (1) year
anniversary  of the Issue Date (the "Date of  Exercisability")  up to 5:00 p.m.,
E.S.T on the SIXTH anniversary of the Issue Date (the "Expiration  Date"), up to
__________  fully  paid and  nonassessable  shares  of the  common  stock of the
Company  (the  "Common  Stock"),  $.00005  par  value  per  share at a per share
purchase price of $.01. The aforedescribed purchase price per share, as adjusted
from time to time as herein  provided,  is referred  to herein as the  "Purchase
Price." The number and character of such shares of Common Stock and the Purchase
Price are subject to adjustment as provided herein. This Warrant is that certain
Warrant referred to in the Consulting  Agreement dated July 8, 2004, between the
Company and the Holder.

      This  Warrant,  when issued and  delivered  in  accordance  with the terms
hereof will be duly authorized and validly issued, and the Common Stock issuable
upon the  exercise  hereof,  when issued  pursuant to the terms  hereof and upon
payment of the exercise price,  shall,  upon such issuance,  be duly authorized,
validly issued, fully paid and nonassessable.

      As used herein the following terms, unless the context otherwise requires,
have the following respective meanings:

      (a) The term "Company"  means  Brainstorm Cell  Therapeutics  Inc. and any
corporation  which shall succeed or assume the  obligations  of Brainstorm  Cell
Therapeutics Inc. hereunder.

      (b) The term "Common Stock" means (a) the Company's Common Stock,  $.00005
par  value  per  share,  as  authorized  on the date  hereof,  and (b) any other
securities into which or for which any of the securities described in (a) may be
converted or exchanged pursuant to a plan of  recapitalization,  reorganization,
merger, sale of assets or otherwise.

      (c) The term "Other  Securities" means any stock (other than Common Stock)
and other securities of the Company or any other person (corporate or otherwise)
which the holder of the Warrant at any time shall be  entitled  to  receive,  or
shall have received,  on the exercise of the Warrant,  in lieu of or in addition
to Common  Stock,  or which at any time  shall be  issuable  or shall  have been
issued in exchange for or in  replacement  of Common  Stock or Other  Securities
pursuant to Section 4 or otherwise.

      1. Exercise of Warrant.

            1.1.  Number of Shares  Issuable upon  Exercise.  From and after the
Date of  Exercisability  through and including the  Expiration  Date, the Holder
hereof shall be entitled to receive,  upon  exercise of this Warrant in whole in
accordance  with the terms of subsection 1.2 or upon exercise of this Warrant in
part in accordance  with  subsection 1.3, shares of Common Stock of the Company,
subject to adjustment  pursuant to Section 4. This Warrant is fully vested as of
the Date of Exercisability.

<PAGE>

            1.2.  Full  Exercise.  This  Warrant may be exercised in full by the
Holder  hereof by  delivery  of an  original  or  facsimile  copy of the form of
subscription  attached  as  Exhibit  A hereto  (the  "Subscription  Form")  duly
executed by such Holder and surrender of the original  Warrant  within seven (7)
days of exercise, to the Company at its principal office or at the office of its
Warrant Agent (as provided  hereinafter),  accompanied by payment, in cash, wire
transfer  or by  certified  or official  bank check  payable to the order of the
Company,  in the amount  obtained by multiplying  the number of shares of Common
Stock for which this Warrant is then  exercisable  by the Purchase Price then in
effect.

            1.3.  Partial  Exercise.  This Warrant may be exercised in part (but
not for a  fractional  share) by  surrender of this Warrant in the manner and at
the place  provided  in  subsection  1.2 except  that the amount  payable by the
Holder on such partial  exercise shall be the amount obtained by multiplying (a)
the  number of whole  shares of Common  Stock  designated  by the  Holder in the
Subscription  Form by (b) the Purchase Price then in effect. On any such partial
exercise,  the Company,  at its expense,  will forthwith issue and deliver to or
upon the order of the Holder hereof a new Warrant of like tenor,  in the name of
the Holder  hereof,  the whole  number of shares of Common  Stock for which such
Warrant may still be exercised.

            1.4. Fair Market Value. Fair Market Value of a share of Common Stock
as of a particular date (the "Determination Date") shall mean:

                  (a) If the Company's  Common Stock is traded on an exchange or
is quoted on the National  Association  of Securities  Dealers,  Inc.  Automated
Quotation ("NASDAQ"),  National Market System, the NASDAQ SmallCap Market or the
American Stock Exchange, LLC, then the closing or last sale price, respectively,
reported for the last business day immediately preceding the Determination Date;

                  (b) If the Company's Common Stock is not traded on an exchange
or on the NASDAQ  National  Market  System,  the NASDAQ  SmallCap  Market or the
American Stock  Exchange,  Inc., but is traded in the  over-the-counter  market,
then  the  average  of the  closing  bid and ask  prices  reported  for the last
business day immediately preceding the Determination Date;

                  (c) Except as provided in clause (d) below,  if the  Company's
Common Stock is not publicly  traded,  then as the Holder and the Company agree,
or in the absence of such an agreement,  by arbitration  in accordance  with the
rules then  standing of the American  Arbitration  Association,  before a single
arbitrator  to be chosen  from a panel of persons  qualified  by  education  and
training to pass on the matter to be decided; or

                  (d) If the  Determination  Date is the date of a  liquidation,
dissolution or winding up, or any event deemed to be a liquidation,  dissolution
or winding up pursuant to the Company's charter,  then all amounts to be payable
per share to holders of the Common Stock pursuant to the charter in the event of
such  liquidation,  dissolution  or  winding  up,  plus all other  amounts to be
payable  per share in  respect  of the  Common  Stock in  liquidation  under the
charter,  assuming for the purposes of this clause (d) that all of the shares of
Common Stock then issuable upon exercise of all of the Warrants are  outstanding
at the Determination Date.

            1.5.  Company  Acknowledgment.  The Company will, at the time of the
exercise of the Warrant,  upon the request of the Holder hereof  acknowledge  in
writing its  continuing  obligation to afford to such Holder any rights to which
such Holder shall continue to be entitled after such exercise in accordance with
the  provisions  of this  Warrant.  If the  Holder  shall  fail to make any such
request,  such failure shall not affect the continuing obligation of the Company
to afford to such Holder any such rights.

<PAGE>

            1.6. Trustee for Warrant Holders.  In the event that a bank or trust
company  shall have been  appointed  as trustee  for the Holder of the  Warrants
pursuant to Subsection 3.2, such bank or trust company shall have all the powers
and duties of a warrant agent (as  hereinafter  described) and shall accept,  in
its own name for the account of the Company or such  successor  person as may be
entitled  thereto,  all  amounts  otherwise  payable  to  the  Company  or  such
successor,  as the case may be, on  exercise  of this  Warrant  pursuant to this
Section 1.

            1.7 Delivery of Stock  Certificates,  etc. on Exercise.  The Company
agrees that the shares of Common Stock  purchased  upon exercise of this Warrant
shall be deemed to be issued to the Holder  hereof as the  record  owner of such
shares as of the close of business on the date on which this Warrant  shall have
been  surrendered  and  payment  made for such shares as  aforesaid.  As soon as
practicable  after the exercise of this  Warrant in full or in part,  and in any
event  within ten (10)  business  days  thereafter,  the  Company at its expense
(including  the payment by it of any  applicable  issue  taxes) will cause to be
issued in the name of and  delivered  to the Holder  hereof,  a  certificate  or
certificates  for  the  number  of duly  and  validly  issued,  fully  paid  and
nonassessable  shares of Common Stock (or Other Securities) to which such Holder
shall be entitled on such  exercise,  plus, in lieu of any  fractional  share to
which such Holder  would  otherwise  be  entitled,  cash equal to such  fraction
multiplied  by the then Fair  Market  Value of one full  share of Common  Stock,
together with any other stock or other securities and property  (including cash,
where  applicable) to which such Holder is entitled upon such exercise  pursuant
to Section 1 or otherwise.

            1.8 Taxes.  The Company  shall be entitled to withhold  taxes to the
extent required under any applicable laws,  rules,  and  regulations,  including
withholding taxes at source, unless you shall present it with a certificate from
the relevant tax authority for an exemption or reduced rate.

      2. Cashless Exercise.

            (a) Payment  upon  exercise  may be made at the option of the Holder
either in (i) cash, wire transfer or by certified or official bank check payable
to the order of the Company equal to the applicable  aggregate  Purchase  Price,
(ii) by delivery  of Common  Stock  issuable  upon  exercise of the  Warrants in
accordance  with  Section  (b)  below or (iii)  by a  combination  of any of the
foregoing  methods,  for the number of Common  Stock  specified in such form (as
such  exercise  number shall be adjusted to reflect any  adjustment in the total
number of shares of Common  Stock  issuable  to the holder per the terms of this
Warrant)  and the holder  shall  thereupon  be entitled to receive the number of
duly authorized,  validly issued, fully-paid and non-assessable shares of Common
Stock (or Other Securities) determined as provided herein.

            (b) In lieu of  exercising  this Warrant for cash,  wire transfer or
certified or official bank cheque,  the holder may elect to receive shares equal
to the value (as determined below) of this Warrant (or the portion thereof being
cancelled) by surrender of this Warrant at the  principal  office of the Company
together with the properly endorsed Subscription Form in which event the Company
shall issue to the holder a number of shares of Common Stock  computed using the
following formula:

                           X=Y (A-B)
                           ---------
                               A

<PAGE>

                  Where    X=       the number of shares of Common Stock to be
                                    issued to the holder

                           Y=       the number of shares of Common Stock
                                    purchasable under the Warrant or, if only a
                                    portion of the Warrant is being exercised,
                                    the portion of the Warrant being exercised
                                    (at the date of such calculation)

                           A=       the Fair Market Value of one share of the
                                    Company's Common Stock (at the date of such
                                    calculation)

                           B=       Purchase Price (as adjusted to the date of
                                    such calculation).

      3. Adjustment for Reorganization, Consolidation, Merger, etc.

            3.1. Reorganization, Consolidation, Merger, etc. In case at any time
or from  time to time,  the  Company  shall  (a)  effect a  reorganization,  (b)
consolidate  with  or  merge  into  any  other  person  or (c)  transfer  all or
substantially all of its properties or assets to any other person under any plan
or arrangement  contemplating the dissolution of the Company, then, in each such
case,  as a condition  to the  consummation  of such a  transaction,  proper and
adequate  provision  shall be made by the  Company  whereby  the  Holder of this
Warrant,  on the exercise hereof as provided in Section 1, at any time after the
consummation of such  reorganization,  consolidation  or merger or the effective
date of such  dissolution,  as the case may be,  shall  receive,  in lieu of the
Common  Stock (or Other  Securities)  issuable  on such  exercise  prior to such
consummation or such effective date, the stock and other securities and property
(including  cash) to which  such  Holder  would  have  been  entitled  upon such
consummation or in connection with such dissolution, as the case may be, if such
Holder had so exercised this Warrant,  immediately prior thereto, all subject to
further adjustment thereafter as provided in Section 4.

            3.2.  Dissolution.  In the event of any  dissolution  of the Company
following the transfer of all or substantially  all of its properties or assets,
the Company, prior to such dissolution, shall at its expense deliver or cause to
be delivered the stock and other securities and property  (including cash, where
applicable) receivable by the Holder of the Warrants after the effective date of
such  dissolution  pursuant  to this  Section  3 to a bank or trust  company  (a
"Trustee") as trustee for the Holder of the Warrants.

            3.3. Continuation of Terms. Upon any reorganization,  consolidation,
merger or transfer (and any dissolution  following any transfer)  referred to in
this  Section 3, this  Warrant  shall  continue in full force and effect and the
terms hereof shall be applicable to the Other Securities and property receivable
on the exercise of this Warrant after the  consummation of such  reorganization,
consolidation or merger or the effective date of dissolution  following any such
transfer,  as the case may be, and shall be binding upon the issuer of any Other
Securities,  including,  in the case of any such transfer,  the person acquiring
all or substantially all of the properties or assets of the Company,  whether or
not such  person  shall  have  expressly  assumed  the terms of this  Warrant as
provided in Section 4. In the event this Warrant does not continue in full force
and effect after the  consummation of the transaction  described in this Section
3, then only in such event will the Company's securities and property (including
cash, where applicable) receivable by the Holder of the Warrants be delivered to
the Trustee as contemplated by Section 3.2.

      4.  Extraordinary  Events  Regarding  Common Stock.  In the event that the
Company shall (a) issue  additional  shares of the Common Stock as a dividend or
other  distribution on outstanding  Common Stock,  (b) subdivide its outstanding
shares of Common  Stock,  or (c)  combine its  outstanding  shares of the Common
Stock into a smaller  number of shares of the Common  Stock,  then, in each such
event,  the Purchase  Price  shall,  simultaneously  with the  happening of such
event,  be adjusted by multiplying  the then Purchase  Price by a fraction,  the
numerator  of which  shall be the number of shares of Common  Stock  outstanding
immediately prior to such event and the denominator of which shall be the number
of shares of Common  Stock  outstanding  immediately  after such event,  and the
product so obtained shall  thereafter be the Purchase Price then in effect.  The
Purchase Price, as so adjusted,  shall be readjusted in the same manner upon the
happening of any successive  event or events described herein in this Section 4.
The  number of shares of Common  Stock  that the  Holder of this  Warrant  shall
thereafter,  on the  exercise  hereof as  provided  in Section 1, be entitled to
receive shall be adjusted to a number  determined by  multiplying  the number of
shares of Common  Stock that would  otherwise  (but for the  provisions  of this
Section 4) be issuable on such exercise by a fraction of which (a) the numerator
is the  Purchase  Price that would  otherwise  (but for the  provisions  of this
Section 4) be in effect, and (b) the denominator is the Purchase Price in effect
on the date of such exercise.

<PAGE>

      5.  Certificate  as to  Adjustments.  In each  case of any  adjustment  or
readjustment in the shares of Common Stock (or Other Securities) issuable on the
exercise of the  Warrant,  the Company at its expense  will  promptly  cause its
Chief Financial Officer or other appropriate designee to compute such adjustment
or  readjustment  in  accordance  with the terms of the  Warrant  and  prepare a
certificate  setting forth such adjustment or readjustment and showing in detail
the facts upon which such  adjustment  or  readjustment  is based,  including  a
statement of (a) the consideration received or receivable by the Company for any
additional shares of Common Stock (or Other Securities) issued or sold or deemed
to have been issued or sold,  (b) the number of shares of Common Stock (or Other
Securities) outstanding or deemed to be outstanding,  and (c) the Purchase Price
and the number of shares of Common  Stock to be received  upon  exercise of this
Warrant,  in effect  immediately prior to such adjustment or readjustment and as
adjusted or readjusted as provided in this Warrant.  The Company will  forthwith
mail a copy of each  such  certificate  to the  Holder  of the  Warrant  and any
Warrant Agent of the Company (appointed pursuant to Section 11 hereof).

      6. Reservation of Stock, etc. Issuable on Exercise of Warrant. The Company
will at all times reserve and keep  available,  solely for issuance and delivery
on  the  exercise  of the  Warrants,  all  shares  of  Common  Stock  (or  Other
Securities) from time to time issuable on the exercise of the Warrant.  Prior to
the exercise of this  Warrant,  the holder  shall not be entitled,  by virtue of
holding this Warrant,  to any rights of a stockholder of the Company,  including
(without limitation) the right to vote, receive dividends or other distributions
or be notified of stockholder meetings, and such holder shall not be entitled to
any notice or other  communication  concerning  the  business  or affairs of the
Company).

      7.  Non-transferable.  This Warrant is  non-transferable by the Holder and
any purported  transfer hereof is null and void,  except,  subject to compliance
with  applicable  securities  laws,  in the event of a transfer  to a  Permitted
Transferee of the Holder (the "Transferor"). For the purposes of this Article 7,
the term "Permitted Transferee" shall mean

      (a)   with respect to any Holder that is an entity, (1) any party that is,
            directly or indirectly,  controlling,  controlled by or under common
            control with, that Holder,  where the term "control"  (including its
            correlative meanings,  the terms "controlling",  "controlled by" and
            "under  common  control  with"),  as used with respect to any party,
            shall mean the possession,  directly or indirectly,  of the power to
            direct or cause the  direction  of the  other  and  policies  of the
            Holder,  whether  through the  ownership  of voting  securities,  by
            contract or otherwise (an  "Affiliate"),  (2) any general or limited
            partner  of that  Holder (a  "Partner"),  (3) any  officer,  general
            partner,  director or limited  partner of that Holder or any Partner
            (collectively,    "Associates"),    (4)   the   heirs,    executors,
            administrators,  testamentary trustees, legatees or beneficiaries of
            any  Associate,  (5) any trust,  corporation,  partnership  or other
            entity substantially all the economic interests of which are held by
            or for the benefit of that  Holder,  its  Affiliates,  any  Partner,
            Associate,  their  spouses,  children,  parents,   grandparents  and
            grandchildren (whether by birth or adoption); and

<PAGE>

      (b)   with  respect to any Holder that is an  individual,  (1) the spouse,
            children,  parents and grandchildren (in each case, whether by birth
            or adopted) of that Holder,  (2) a person to whom Company Securities
            are  transferred  by that  Holder  by will or the  laws of  descent,
            inheritance  and  distribution  and (3) a trust  established for the
            exclusive  benefit  of  that  Holder  and/or  his or  her  Permitted
            Transferees;

      provided that a person or party shall only be a Permitted  Transferee of a
      Holder  for so long as the facts  and  circumstances  giving  rise to that
      status do not change in a manner that would result in that party or person
      no longer being such a Permitted Transferee after that change.

      On the  surrender  for  exchange of this  Warrant,  with the  Transferor's
endorsement  in  the  form  of  Exhibit  B  attached  hereto  (the   "Transferor
Endorsement   Form")  and  together  with  an  opinion  of  counsel   reasonably
satisfactory  to the  Company  that  the  transfer  of this  Warrant  will be in
compliance with applicable securities laws, the Company at its expense, but with
payment by the  Transferor  of any  applicable  transfer  taxes,  will issue and
deliver to or on the order of the  Transferor  thereof a new Warrant or Warrants
of like tenor, in the name of the Transferor and/or the Permitted  Transferee(s)
specified in such Transferor  Endorsement Form,  calling in the aggregate on the
face or faces thereof for the number of shares of Common Stock called for on the
face or faces of the Warrant so surrendered by the Transferor. No such transfers
shall result in a public distribution of the Warrant; and the Company shall only
be  responsible  for  "blue  sky"  compliance  expenses  for  resales  under any
registration  statement filed in accordance with Section 11 of the  Subscription
Agreement for two (2) such transfers to two (2) applicable  states of the United
States only.  Upon the issue to the Transferor of the new Warrant or Warrants of
like tenor,  in the name of the  Transferor  and/or the Permitted  Transferee(s)
specified in such Transferor  Endorsement  Form, the Permitted  Transferee shall
execute any and all  agreements  of the Company to which  Transferor is a party,
and shall become party thereto.

      8. Replacement of Warrant. On receipt of evidence reasonably  satisfactory
to the Company of the loss,  theft,  destruction  or  mutilation of this Warrant
and, in the case of any such loss,  theft or  destruction  of this  Warrant,  on
delivery of an indemnity agreement or security  reasonably  satisfactory in form
and amount to the Company or, in the case of any such  mutilation,  on surrender
and  cancellation  of this Warrant,  the Company at its expense will execute and
deliver, in lieu thereof, a new Warrant of like tenor.

      9.  Registration  Rights.  The  Company  agrees  to  register  the  shares
underlying  this  Warrant  (whether  by  demand,   piggy  back  registration  or
otherwise) by no later than  twenty-one  (21) months from the execution  date of
the  Research and License  Agreement  dated July 8, 2004 between the Company and
Ramot at Tel-Aviv  University Ltd, and agrees to maintain the effectiveness of a
registration statement covering such shares until the earlier of (i) the time at
which all of the shares  underlying the warrant then held by the Holder could be
sold in any 90 day period  pursuant to Rule 144 under the Securities Act or (ii)
the expiration date of the warrant. These registration rights shall be set forth
fully in a separate registration rights agreement to be entered into between the
Company  and the Holder  which  agreement  shall  include  customary  provisions
regarding, inter alia, indemnification by the Company of the Holder.

<PAGE>

      10.  Maximum  Exercise.  The Holder shall not be entitled to exercise this
Warrant on an exercise date, in connection  with that number of shares of Common
Stock  which would be in excess of the sum of (i) the number of shares of Common
Stock  beneficially  owned by the Holder and its affiliates on an exercise date,
and (ii) the number of shares of Common Stock issuable upon the exercise of this
Warrant with respect to which the determination of this limitation is being made
on an exercise  date,  which would result in beneficial  ownership by the Holder
and its affiliates of more than 4.99% of the outstanding  shares of Common Stock
on such date. For the purposes of the immediately preceding sentence, beneficial
ownership shall be determined in accordance with Section 13(d) of the Securities
Exchange Act of 1934, as amended,  and Regulation 13d-3  thereunder.  Subject to
the  foregoing,  the Holder  shall not be limited to aggregate  exercises  which
would result in the issuance of more than 4.99%.  The  restriction  described in
this paragraph may be revoked upon and effective after sixty-one (61) days prior
notice  from the Holder to the  Company.  The Holder may  allocate  which of the
equity  of the  Company  deemed  beneficially  owned by the  Purchaser  shall be
included in the 4.99% amount described above and which shall be allocated to the
excess above 4.99%.

      11. Notices. All notices,  demands,  requests,  consents,  approvals,  and
other  communications  required or permitted  hereunder shall be in writing and,
unless  otherwise  specified  herein,  shall  be  (i)  personally  served,  (ii)
deposited  in the mail,  registered  or  certified,  return  receipt  requested,
postage  prepaid,  (iii) delivered by reputable air courier service with charges
prepaid, or (iv) transmitted by hand delivery, telegram, or facsimile, addressed
as set forth below or to such other  address as such party shall have  specified
most recently by written notice. Any notice or other  communication  required or
permitted to be given hereunder shall be deemed effective (a) upon hand delivery
or  delivery  by  facsimile,   with  accurate  confirmation   generated  by  the
transmitting  facsimile  machine,  at the address or number designated below (if
delivered on a business day during normal business hours where such notice is to
be received),  or the first  business day following  such delivery (if delivered
other than on a business day during normal  business  hours where such notice is
to be received) or (b) on the second  business day following the date of mailing
by express courier service,  fully prepaid,  addressed to such address,  or upon
actual receipt of such mailing,  whichever shall first occur.  The addresses for
such communications shall be:

      (i) if to the Company to: 1350 Avenue of Americas,  New York,  NY 10019 or
to such other address as specified by the Company.

      (ii) if to the  Holder,  to_____________________________  or to such other
address as specified by the Holder.

      12.  Miscellaneous.  This  Warrant  and any term  hereof  may be  changed,
waived,  discharged or terminated only by an instrument in writing signed by the
party against which enforcement of such change, waiver, discharge or termination
is sought.  This Warrant shall be construed and enforced in accordance  with and
governed by the laws of Washington.  Any dispute  relating to this Warrant shall
be adjudicated in the State of Washington.  The headings in this Warrant are for
purposes of reference  only, and shall not limit or otherwise  affect any of the
terms hereof. The invalidity or  unenforceability  of any provision hereof shall
in no way affect the validity or enforceability of any other provision.

<PAGE>

      IN WITNESS  WHEREOF,  the Company has executed this Warrant as of the date
first written above.

                                       BRAINSTORM CELL THERAPEUTICS INC.

                                       By:
                                          --------------------------------------
                                          Name: Yaffa Beck
                                          Title: President & CEO

<PAGE>

                                    EXHIBIT A

                              FORM OF SUBSCRIPTION
                   (to be signed only on exercise of Warrant)

TO:  BRAINSTORM CELL THERAPEUTICS INC.

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

      |_|   ________ shares of the Common Stock covered by such Warrant, or

      |_|   shares of Common  Stock  covered  by such  Warrant  pursuant  to the
            cashless exercise procedure set forth in Section 2, or

      |_|   the maximum number of shares of Common Stock covered by such Warrant
            pursuant to the cashless exercise procedure set forth in Section 2.

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):

      |_|   $__________ in lawful money of the United States, and/or

      |_|   the  cancellation  of such  portion  of the  attached  Warrant as is
            exercisable  for a total of _______  shares of Common Stock (using a
            Fair  Market  Value of  $_______  per  share  for  purposes  of this
            calculation); and/or

      |_|   the  cancellation  of such  number of  shares of Common  Stock as is
            necessary, in accordance with the formula set forth in Section 2, to
            exercise  this Warrant with respect to the maximum  number of shares
            of  Common  Stock  purchasable  pursuant  to the  cashless  exercise
            procedure set forth in Section 2.

The undersigned  requests that the certificates for such shares be issued in the
name of, and delivered to

_____________________________________________________ whose address is

_____________________________________________________________________.

The  undersigned  represents  and  warrants  that all  offers  and  sales by the
undersigned of the securities issuable upon exercise of the within Warrant shall
be made pursuant to registration of the Common Stock under the Securities Act of
1933,  as amended  (the  "Securities  Act"),  or pursuant to an  exemption  from
registration under the Securities Act.

Dated:___________________

                                       -----------------------------------------
                                      (Signature must conform to name of holder
                                       as specified on the face of the Warrant)

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

                                       ----------------------------------------
                                       (Address)

<PAGE>

                                    EXHIBIT B

                         FORM OF TRANSFEROR ENDORSEMENT
                   (To be signed only on transfer of Warrant)

      For value received,  the undersigned hereby sells,  assigns, and transfers
unto the person(s)  named below under the heading  "Permitted  Transferees"  the
right represented by the Warrant to purchase the percentage and number of shares
of Common  Stock of  BRAINSTORM  CELL  THERAPEUTICS,  INC.  to which the Warrant
relates  specified  under the  headings  "Percentage  Transferred"  and  "Number
Transferred",  respectively, opposite the name(s) of such person(s) and appoints
each such  person  Attorney  to transfer  its  respective  right on the books of
BRAINSTORM  CELL  THERAPEUTICS  INC.  with  full  power of  substitution  in the
premises.

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

Permitted Transferees           Percentage Transferred        Number Transferred
---------------------           ----------------------        ------------------

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

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

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

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

Dated:  ______________, ___________

                                       -----------------------------------------
                                       (Signature must conform to name of holder
                                        as specified on the face of the warrant)

Signed in the presence of:

-------------------------------        -----------------------------------------
         (Name)

                                       -----------------------------------------
                                       (address)

ACCEPTED AND AGREED:
                                       -----------------------------------------

[PERMITTED TRANSFEREE]
                                       -----------------------------------------
                                       (address)

-------------------------------
         (Name)

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00078-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00078-of-00352.parquet"}]]