Document:

krus-ex101_22.htm

Exhibit 10.1

 

FIRST AMENDMENT TO REVOLVING CREDIT AGREEMENT

 

THIS FIRST AMENDMENT TO REVOLVING CREDIT AGREEMENT (“First Amendment”) effective as of September 2, 2020, is made and executed between KURA SUSHI USA INC., a Delaware corporation (“Borrower”) and KURA SUSHI INC., a Japanese corporation (“Lender”).

RECITALS

 

A.Borrower and Lender entered into that certain Revolving Credit Agreement dated as of April 10, 2020 (the “Loan Agreement”) whereby Lender agreed to make available to Borrower loans on a revolving credit basis, in the principal amount of up to Twenty Million United States Dollars (US$20,000,000.00) (the “Loan”) as evidenced by that certain Promissory Note dated as of April 10, 2020 with Borrower as maker and made payable to Lender (the “Original Note”).

B.Borrower and Lender now wish to amend certain terms of the Loan Agreement, including without limitation to increase the maximum credit amount to Thirty-Five Million Dollars ($35,000,000), to extend the Maturity Date for the respective Advances from 12 months to 60 months, and to extend the period of availability for the Advances, as set forth below.

NOW, THEREFORE, in consideration of the mutual covenants and benefits contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:

AGREEMENT

 

1.Defined Terms. Capitalized terms used but not defined herein shall have the respective meanings assigned to them in the Loan Agreement.

2.Reaffirmation of the Loan. Borrower reaffirms all of its obligations under the Loan Agreement, and Borrower acknowledges that it has no claims, offsets, or defenses with respect to payment of sums due under the Loan Agreement or the Original Note.  

3.Amendments to the Loan Agreement. The Loan Agreement is hereby amended as follows:

(a)Definition of Credit Line Commitment. The definition of Credit Line Commitment in Section 1.1 of the Loan Agreement, which presently reads in its entirety as follows:

“Credit Line Commitment” means Twenty Million United States Dollars (US$20,000,000.00) as such amount may be reduced from time to time pursuant to this Agreement, or 

 

 

Lender’s commitment hereunder to extend credit in such amount, as the context may require.

is hereby amended and restated to read in its entirety as follows:

“Credit Line Commitment” means Thirty-Five Million United States Dollars (US$35,000,000.00) as such amount may be reduced from time to time pursuant to this Agreement, or Lender’s commitment hereunder to extend credit in such amount, as the context may require.

(b)Definition of Maturity Date. The definition of Maturity Date in Section 1.1 of the Loan Agreement, which presently reads in its entirety as follows:

“Maturity Date” means the date that is twelve (12) months after the Disbursement Date, unless renewed or extended by mutual agreement of Borrower and Lender in additional twelve (12) month increments.

is hereby amended and restated to read in its entirety as follows:

“Maturity Date”, for any Advance, means the date which is sixty (60) months after the date such Advance was disbursed to Borrower, unless renewed or extended by mutual agreement of Borrower and Lender in additional twelve (12) month increments.

(c)Section 2.1 of the Loan Agreement. Section 2.1 of the Loan Agreement, which presently reads in its entirety as follows:

2.1Credit Line.  Subject to the terms and conditions of this Agreement, Lender agrees to make cash Advances (individually an “Advance” and collectively the “Advances”) to Borrower from the date hereof until March 31, 2024.  The aggregate principal amount of all outstanding Advances shall not exceed at any one time the Credit Line Commitment.

is hereby amended and restated to read in its entirety as follows:

2.1Credit Line.  Subject to the terms and conditions of this Agreement, Lender agrees to make cash Advances (individually an “Advance” and collectively the “Advances”) to Borrower from the date hereof until April 10, 2025.  The aggregate principal amount of all outstanding Advances shall not exceed at any one time the Credit Line Commitment.

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(d)Section 2.2 of the Loan Agreement. Section 2.2 of the Loan Agreement, which presently reads in its entirety as follows:

2.2Loan Fee. Borrower shall pay an annual fee of $20,000 to Lender in connection with the origination and maintenance of this Agreement. The first annual fee shall be payable upon the execution of this Agreement. Thereafter, Borrower shall pay the annual fee of $20,000 to Lender on April 1 of each year, through April 1, 2023.

is hereby amended and restated to read in its entirety as follows:

2.2Loan Fee. Borrower shall pay a fee of $20,000 to Lender in connection with the origination of this Agreement upon the execution of this Agreement. Thereafter, Borrower shall pay the following maintenance fees to Lender: $8,750 on September 1, 2020, $35,000 on April 1, 2021, $35,000 on April 1, 2022, $35,000 on April 1, 2023, and $35,000 on April 1, 2024.

4.Amendment to the Note. The Note is hereby amended and restated to read in its entirety as set forth in Exhibit A to this First Amendment.  

5.Conditions Precedent. The effectiveness of this First Amendment is conditioned on Lender’s receipt of, and, as applicable, Borrower’s satisfaction of, the following: 

(a)two executed counterparts of this First Amendment executed by Borrower and Lender;

(b)such other assurances, certificates, documents, consents or opinions as Lender may reasonably require.

6.Representations and Warranties. Borrower reaffirms and restates as of the date hereof all of the representations and warranties made by Borrower in the Loan Agreement, except to the extent such representations and warranties specifically relate to an earlier date and, where relevant, except for the effects of the Covid-19 pandemic and the preventive measures taken in response to it.

7.Confirmation. Except as modified by this First Amendment, the terms of the Loan Agreement are hereby ratified and confirmed and shall remain in full force and effect, without waiver or modification.

8.Due Execution. Borrower affirms to Lender that the execution, delivery, and performance of this First Amendment are within the powers of Borrower, have been duly authorized by all necessary company action, have received all necessary governmental approvals, if any, and do not contravene any law or any contractual restrictions binding on Borrower.

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9.Estoppel. To induce Lender to enter into this First Amendment, Borrower hereby acknowledges and agrees that, after giving effect to this First Amendment, as of the date hereof, there exists no default or Event of Default and no right of offset, defense, counterclaim, or objection in favor of Borrower as against Lender with respect to the Loan.

10.Counterparts. This First Amendment may be executed in counterparts, which counterparts, when so executed and delivered, shall together constitute but one original.  Delivery of an executed counterpart to this First Amendment by facsimile or in electronic (i.e., “pdf” or “tif”) format shall be as valid and effective as the delivery of a manually executed counterpart of this First Amendment.

11.Severability. Any provision of this First Amendment held by a court of competent jurisdiction to be invalid or unenforceable shall not impair or invalidate the remainder of this First Amendment, and the effect thereof shall be confined to the provision so held to be invalid or unenforceable.

12.Costs and Expenses. Borrower agrees to pay all reasonable costs and expenses (including reasonable attorneys’ fees) expended or incurred by Lender in connection with the negotiation, documentation, and preparation of this First Amendment and any other documents executed in connection herewith.

13.Governing Law. This First Amendment shall be governed by and construed in accordance with the laws of the State of California.

14.Headings. The headings in this First Amendment are inserted solely for the convenience of reference and are not a part of and are not intended to govern, limit, or aid in the construction or interpretation of any term or provision hereof.

15.No Oral Agreements. This First Amendment represents the final agreement between the parties with respect to the subject matter hereof and may not be contradicted by evidence of prior, contemporaneous, or subsequent oral agreements of the parties. There are no unwritten oral agreements between the parties.

[ The remainder of this page is intentionally blank; signature page follows. ]

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IN WITNESS WHEREOF, the undersigned have executed this First Amendment as of the date first written above.

 

	
Borrower:

	
KURA SUSHI USA INC.,

	
a Delaware corporation

	
 
	
 
	
 

	
 
	
 
	
 

	
By:
	
 
	
/s/ Hajime Uba

	
Name:
	
 
	
Hajime Uba

	
Title:
	
 
	
President and CEO

	
 
	
 
	
 

	
Address:

	
17932 Sky Park Circle, Suite H, Irvine, California 92614

	
 

	
 
	
 
	
 

	
 
	
 
	
 

	
Lender:

	
KURA SUSHI INC.,

	
a Japanese corporation

	
 
	
 
	
 

	
By:
	
 
	
/s/ Hiroyuki Hisamune

	
Name:
	
 
	
Hiroyuki Hisamune

	
Title:
	
 
	
Managing Director

	
 
	
 
	
 

	
Address:

	
1-2-2 Fukasaka, Naka-ku, Sakai, Osaka Japan 599-8253

 

 

 

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EXHIBIT A

 

AMENDED AND RESTATED REVOLVING CREDIT NOTE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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AMENDED AND RESTATED REVOLVING CREDIT NOTE

 

This Amended and Restated Revolving Credit Note amends and restates in its entirety that certain Revolving Credit Note dated as of April 10, 2020 made by KURA SUSHI USA INC., a Delaware corporation, payable to KURA SUSHI INC., a Japanese corporation, in the original principal amount of Twenty Million United States Dollars (U.S.$20,000,000.00)

 

REVOLVING CREDIT NOTE

U.S.$35,000,000.00

 

1.PROMISE TO PAY/PLACE OF PAYMENT. FOR VALUE RECEIVED, the undersigned KURA SUSHI USA INC., a Delaware corporation, (“Borrower”), promises to pay KURA SUSHI INC., a Japanese corporation (“Lender”), the principal sum of Thirty-Five Million United States Dollars (U.S.$35,000,000.00), or such lesser sum as may be loaned to Borrower pursuant to the Loan Agreement (as defined below), together with interest on the principal balance, from time to time remaining unpaid, from the Disbursement Date until paid, at the Interest Rate set forth in this Note.

2.RECORD OF ADVANCES AND CREDIT. Borrower hereby authorizes Lender to enter in its books and records all loans (“Advances”) made to Borrower and all payments of principal amounts in respect of such loans, which entries shall, in the absence of manifest error, be conclusive as to the outstanding principal amount of all loans made to Borrower; provided, however that the failure to make such entries with respect to any loan or payment shall not limit or otherwise affect the obligations of Borrower under the Loan Agreement or this Note.

3.DEFINITIONS. Capitalized terms in this Note that are not defined when first used have the meanings set forth below or, if not defined below, as defined in the Loan Agreement:

3.1Disbursement Date. The Disbursement Date is the date on which Lender first disburses an Advance to or for the account of Borrower.

3.2Interest Rate. The Interest Rate shall be _____________ (___%) per annum.  

3.3Loan Agreement. The Loan Agreement is that certain revolving credit agreement dated as of April 10, 2020, between Lender and Borrower, as the same may be amended from time to time.

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3.4Maturity Date. Maturity Date, for any Advance, means the date which is sixty (60) months after the date such Advance was disbursed to Borrower, unless renewed or extended by mutual agreement of Borrower and Lender in additional twelve (12) month increments.  

3.5Prime Rate. Prime Rate shall mean the rate of interest which Bank of America, N.A. (“BOA”) announces and publishes from its principal office in San Francisco as its “prime rate”. The Prime Rate is not intended to be the lowest rate of interest charged by BOA to its borrowers. Each change in the Interest Rate shall become effective on the effective date of each change in Prime Rate, as announced by BOA. If more than one category of “prime rate” publicly announced by BOA is in effect during any calendar month, the Prime Rate shall be the highest “prime rate” in effect. If BOA shall not publicly announce its “prime rate”, then the Prime Rate shall be the highest reference, base or prime rate in effect as announced by the largest bank (in terms of capital and surplus) having its principal office in Los Angeles, California, which bank publicly announces such a rate.

4.PAYMENT OF PRINCIPAL AND INTEREST. Principal and interest shall be payable in accordance with the following provisions:

4.1Payments of Interest. Borrower shall pay to Lender interest on the unpaid principal balance of this Note, on demand, at the then prevailing Interest Rate.  Borrower and Lender agree that the Interest Rate on an Advance may be subject to adjustment by mutual agreement if the maturity of an Advance is renewed or extended. 

4.2Application of Payments. Notwithstanding any provision to the contrary, payments of principal and interest received shall be applied first to any late payment fees, then to accrued interest, and lastly to principal.

4.3Payments of Principal. Borrower shall repay each cash Advance not later than the Maturity Date of such Advance.  Amounts repaid may be re-borrowed, provided that no Advance shall be made on or after April 10, 2025.

5.CALCULATION OF INTEREST. Interest payable with respect to any monthly payment shall be calculated according to the actual number of days in such period as a fraction of a 360‐day year.

6.PREPAYMENTS WITH NO PENALTY. Borrower may at any time prepay the principal amount outstanding under this Note in whole or in part together with accrued interest to the date of such prepayment on the amount prepaid. Amounts prepaid hereunder may be re-borrowed.

7.ACCELERATION ON DEFAULT. If any part of the principal or interest under this Note is not paid when due, or if an Event of Default under the Loan Agreement or any other instrument securing or executed in connection with this Note or the Loan Agreement is not cured by a date specified in a notice to Borrower, the entire principal amount outstanding and the accrued interest shall at once become due and 

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payable at the option of Lender. Lender may exercise this option to accelerate during any Event of Default by Borrower regardless of any prior forbearance. Any failure of Lender to make such election following an Event of Default shall not constitute a waiver of Lender’s right to make the election in the event of any subsequent Event of Default.

8.LATE PAYMENT CHARGE. If any payment of principal or interest under this Note is not paid within five (5) calendar days of when due, a late charge of Two Hundred Dollars (US$200.00) may be charged by Lender for the purpose of defraying the expenses incident to handling such delinquent payments. Such late charge represents a reasonable sum considering all of the circumstances existing on the date of this Note and represents a fair and reasonable estimate of the costs that will be sustained by Lender due to the failure of Borrower to make timely payments. The parties further agree that proof of actual damages would be costly or inconvenient.  Such late charge shall be paid without prejudice to the right of Lender to collect any other amounts provided to be paid or to declare a default under this Note or from exercising any of the other rights and remedies of Lender.

9.INTEREST ON LATE PAYMENTS. Notwithstanding any provision in this Note to the contrary, any principal, accrued interest, late payment charges, and other amounts which are payable under this Note, the Loan Agreement or any other instrument, agreement, or document executed by Borrower in connection with the loan evidenced by this Note and which are not paid within five (5) calendar days of when due, shall thereafter bear interest, compounded monthly, at the rate which is the sum of three percent (3%) per annum plus the Prime Rate then in effect, not to exceed the maximum rate of interest allowed by law.

10.ATTORNEYS’ FEES. Borrower agrees to pay the following costs, expenses, and attorneys’ fees paid or incurred by Lender, or adjudged by a court: (1) Actual costs of collection, costs and expenses, and attorneys’ fees paid or incurred in connection with the collection, enforcement, modification, or administration of this Note or any Loan Document, whether or not suit is filed; and (2) costs of suit and such sum as the court may adjudge as attorneys’ fees in any action to enforce payment of this Note or any part of it. In addition to the foregoing award of attorneys’ fees, Lender shall be entitled to its attorneys’ fees incurred in any post-judgment proceedings to enforce any judgment in connection with this Note or any Loan Document. This provision is separate and several and shall survive the merger of this provision into any judgment.

11.WAIVER OF PRESENTMENT, NOTICE OF DISHONOR, AND PROTEST. Presentment, notice of dishonor, and protest are waived by all makers, sureties, guarantors, and endorsers of this Note.

12.FORBEARANCE NOT A WAIVER. No delay or omission on the part of Lender in exercising any rights under this Note or under the Loan Agreement or any other security agreement given to secure this Note, on default by Borrower, shall operate as a waiver of such right or of any other right under this Note or other agreements, for the same default or any other default. Borrower, any sureties, 

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guarantors, and endorsers of this Note consent to all extensions without notice for any period or periods of time and to the acceptance of partial payments before or after maturity, and to the acceptance, release, and substitution of security, all without prejudice to Lender. Lender shall similarly have the right to deal in any way, at any time, with one or more of the foregoing parties without notice to any other party, and to grant such party any extensions of time for payments of any of the indebtedness, or to grant any other indulgences or forbearances whatsoever, without notice to any other party and without in any way affecting the personal liability of any such party.

13.LOSS, THEFT, DESTRUCTION OR MUTILATION OF NOTE. In the event of the loss, theft or destruction of this Note, upon Borrower’s receipt of a reasonably satisfactory indemnification agreement executed in favor of Borrower by the party who held this Note immediately prior to its loss, theft or destruction, or in the event of the mutilation of this Note, upon Lender’s surrender to Borrower of the mutilated Note, Borrower shall execute and deliver to such party or Lender, as the case may be, a new promissory note in form and content identical to this Note in lieu of the lost, stolen, destroyed or mutilated Note.

14.NOTICES. Any notice, request, demand, statement, authorization, approval, or consent required or permitted under this Note shall be in writing and shall be made in accordance with Section 9.5 of the Loan Agreement.

15.GOVERNING LAW. THIS NOTE SHALL BE CONSTRUED AND ENFORCEABLE ACCORDING TO THE LAWS OF THE STATE OF CALIFORNIA.  VENUE FOR PURPOSES OF THIS NOTE WILL BE IN ANY COURT SERVICING ORANGE COUNTY AND BORROWER AGREES TO BE SUBJECT TO THE PERSONAL JURISDICTION OF THE STATE OF CALIFORNIA, INCLUDING ANY STATE OR FEDERAL COURT SITTING THEREIN AND ALL COURT RULES THEREOF.  

16.WAIVER OF STATUTE OF LIMITATIONS. The pleading of any statute of limitations as a defense to the obligations evidenced by this Note is waived to the fullest extent permissible by law.

17.TIME IS OF THE ESSENCE. Time is of the essence for each and every obligation under this Note.

18.ASSIGNMENT. Lender shall have the right to sell, assign, or otherwise transfer, either in part or in its entirety, this Note, and any other instrument evidencing or securing the indebtedness of this Note without Borrower’s consent.  Borrower may not assign or otherwise transfer this Note without Lender’s prior written consent.

19.SUCCESSORS AND ASSIGNS. This Note and all of the covenants, promises, and agreements contained in it shall be binding on and inure to the benefit of the respective legal and personal representatives, devises, heirs, successors, and assigns of Lender and Borrower.

 

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IN WITNESS WHEREOF, Borrower has executed this Note as of ___________, 2020.

 

	
KURA SUSHI USA INC.,

	
a Delaware corporation

	
 
	
 
	
 

	
 
	
 
	
 

	
By:
	
 
	
 

	
Name:
	
 
	
 

	
Title:
	
 
	
 

	
 
	
 
	
 

	
Address:

	
17932 Sky Park Circle, Suite H

	
Irvine, California 92614

 

 

11Exhibit 10.1

 

 

 

September 2, 2020

 

 

Anthony Waclawski

 

Re: Offer of Employment

 

Dear Anthony:

 

I am pleased to confirm
an offer for you, by way of this offer letter (this “Letter”), to join BRAINSTORM CELL THERAPEUTICS INC., a
Delaware corporation (the “Company”) on a full-time basis, in the position of Executive Vice President (EVP),
Global Head of Regulatory Affairs. Your employment commencement date shall be Septemer 8, 2020 (the “Start Date”)
and shall continue until terminated pursuant to the terms hereof (collectively, the “Employment Period”).

 

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

 

		(i)	Hours Commitment: You will be expected to work in a full-time capacity, meaning at least
40 hours per week, with the days and hours to be mutually agreed upon by the parties, pursuant to the Company’s ordinary
course of business (other than weeks that include Company recognized holidays or weeks during which you take vacation days). You
may be required to travel in connection with your position. Your office shall be located at the Company’s office suite in
New Jersey or Manhattan, New York. Additionally, you agree to travel to the Company’s other offices and to other destinations
in connection with the provision of services by you as the Company’s EVP, Global Head of Regulatory Affairs, including as
and when you are directed to do so, from time to time, by your direct supervisor.

 

		(ii)	Title: EVP, Global Head of Regulatory Affairs

 

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

 

		(iv)	Compensation*:

 

		a.	In consideration of the performance of the Executive Duties, you shall be entitled to receive an
annual base compensation of Three Hundred Thousand U.S. Dollars (USD$300,000) (the “Base Salary”), payable in
installments in accordance with the general payroll practices of the Company in effect at the time such payment is made, during
the Employment Period. Your position is classified as “exempt” for purposes of applicable wage and hour laws and therefore
no overtime and/or other additional compensation shall be payable to you on account of additional hours worked beyond the Company’s
regular standard work hours.

 

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

     

    

 

		b.	You shall be eligible to receive an annual cash bonus during the Employment Period of up to thirty
percent (30%) of the Base Salary, subject to your satisfaction of pre-established performance goals to be mutually agreed upon
by you and the CEO and Board of Directors (the “Board”) of the Company (or a committee thereof) each year during
the Employment Period. Performance shall be evaluated through a performance management framework and a bonus range based on the
target bonus. Your bonus eligibility for the 2020 fiscal year shall be pro-rated based on the number of days your employment during
such fiscal year.

 

		c.	Effective as of the Start Date you shall receive a one-time grant of stock options under the 2014
Stock Incentive Plan or 2014 Global Share Option Plan, as applicable, or successor plan thereto (collectively,
the “Plan”) (i) to purchase up to 80,000 shares of Company common stock, at an exercise price per share
equal to the fair market value on the date of grant, as determined based on the price per share of Company common stock immediately
preceding normal trading hours on the date of grant, according to Nasdaq (the “FMV Option”). The FMV Option shall vest
as to 100% of the award on the first anniversary of the Start Date, provided that you remain continuously employed by the Company
from the date of grant through each applicable vesting date; each FMV Option shall have a ten (10) year term. 

Any unvested shares underlying the Options as of the date of your employment termination shall automatically terminate. Unless
otherwise provided in the Plan, you shall have 90 days after termination of employment with the Company to exercise the Options
to the extent then vested. The grants of the Options are also contingent upon the prior approval of the Board or the Compensation
Committee of the Board and your execution of one or more stock option agreements in such form and substance as may reasonably be
determined by the Company, which the parties will endeavor to execute within ten (10) days from the Start Date. Immediately prior
to a Change of Control (as defined below) during the Employment Period, any then unvested shares underlying the Options shall vest
and become exercisable in full.

 

		d.	Upon the Start Date you shall receive a one-time grant under the Plan of 35,000 shares of restricted
common stock of the Company (the “Restricted Stock Grant”), which shall vest as to 100% of the award on July
1st, 2021, provided you remain continuously employed by the Company from the date of grant through the vesting date.
The Restricted Stock Grant shall be contingent upon your execution of one or more restricted stock agreements in such form and
substance as may reasonably be determined by the Company. In the event of your termination of employment, any portion of the Restricted
Stock Grant that is not yet vested shall automatically be immediately forfeited to the Company, without the payment of any consideration
to you. You hereby acknowledge that you are responsible for obtaining the advice of the your own tax advisors with respect to the
acquisition of the Restricted Stock Grant and the Options, and are relying solely on such advisors and not on any statements or
representations of the Company or any of its agents with respect to the tax consequences relating thereto. You acknowledge that
you understand that you (and not the Company) shall be responsible for your tax liability that may arise in connection with the
acquisition, vesting and/or disposition of the Restricted Stock Grant and any accrued dividends with respect thereto. You acknowledge
that you have been informed of the availability of making an election under Section 83(b) of the Internal Revenue Code, as amended,
with respect to the issuance of the Restricted Stock Grant. Immediately prior to a Change of Control during the Employment Period,
any unvested shares of the Restricted Stock Grant shall immediately vest in full.

 

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

     

    

 

		e.	In addition to the foregoing, you shall be entitled to participate in the Plan and receive such
additional stock options or other equity awards relating to the equity of the Company as determined by the Board (or the Compensation
Committee of the Board) in its sole and absolute discretion.

 

		f.	Upon presentation of vouchers and similar receipts, you shall be entitled to receive reimbursement
in accordance with the policies and procedures of the Company maintained from time to time for all reasonable business expenses
actually incurred in the performance of the Executive Duties.

 

		g.	“Change of Control” means the first to occur of any of the following: (i) The
sale, transfer, conveyance or other disposition by the Company, in one or a series of related transactions, whereby an independent
third party(s) becomes the beneficial owner of a majority of the voting securities of the Company; (ii) any merger, consolidation
or similar transaction involving the Company, other than a transaction in which the stockholders of the Company immediately prior
to the transaction hold immediately thereafter in the same proportion as immediately prior to the transaction not less than 50%
of the combined voting power of the then voting securities with respect to the election of the Board of Directors of the resulting
entity; or (iii) any sale of all or substantially all of the assets of the Company. Notwithstanding the foregoing, no change in
ACCBT Corp., ACC International Holdings Ltd. or their affiliates’ ownership of the Company shall be deemed a Change of Control
under this Agreement, and none of the following shall, either together or alone, constitute a Change of Control: (A) the subscription
for, or issuance of Company securities (whether or not constituting more than 50% of the Company’s issued and outstanding
securities (unless such subscription or issuance would result in a Change of Control under clause (i) above)); (B) the issuance
or exercise of Board appointment or nomination rights of any kind (whether or not relating to a majority of Board members); (C)
preemptive rights to purchase securities of the Company, or the exercise of such rights; (D) the right to consent to Company corporate
actions; or (E) the exercise of warrants or options.

 

*Subject to all mandatory withholdings
required by applicable law, as well as applicable deductions.

 

		(v)	Employee Benefits: You shall be eligible to participate in such employment benefits, including
but not limited to a Section 401(k) retirement plan, health, dental, and long term disability plans as are established by the Company
and as in effect from time to time in accordance with the terms applicable to similarly situated Company employees. The Company
shall provide health and dental insurance plans or, if the Company is unable to provide such plans, the Company will reimburse
you for your health and dental insurance costs, in accordance with applicable law. The Company shall not be required to establish,
continue or maintain any other specific benefits or benefit plans other than health and dental insurance.

 

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

     

    

 

		(vi)	Other Employee Benefits; Vacation: You shall be entitled to those other employee benefits
which are generally offered to the Company’s full-time employees, and as required by applicable law. Notwithstanding, you
shall also be entitled to vacation, holidays and sick time during each year of the Employment Period in accordance with the policies
and procedures of the Company maintained from time to time; provided that you shall be entitled to take up to twenty (20) days
of vacation per fiscal year (prorated for fiscal year 2020).

 

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

 

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

 

		(ix)	Termination and Consequences.

 

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

 

		(b)	Notwithstanding any other provision of this Agreement to the contrary, the Company may terminate
this Agreement at any time during the Employment Period, (i) immediately with Cause (as defined below), or (ii) on thirty (30)
days’ prior written notice to you, without Cause.

 

		(c)	If the Company terminates this Agreement or your employment
hereunder without Cause or if you terminate this Agreement or your employment hereunder with Good Reason, the Company shall: (i)
pay you, as severance pay, an amount equal to twelve (12) months of your Base Salary payable in a lump sum payment within ninety
(90) days following the termination date; and (ii) pay you within thirty (30) days of the termination of your employment any portion
of the bonus that you would otherwise be entitled to receive during the period of employment in that fiscal year (giving you credit
for those milestones and performance goals successfully completed through the effective termination date); and (iii) if you elect
COBRA, shall contribute for a period of three (3) months following the termination date to the monthly premium cost of your and
your eligible dependents’ health insurance benefits, a monthly sum equal to the Company’s monthly contribution to
such premium costs during the Employment Period. Should you become eligible for health insurance benefits provided by a new employer,
then the Company’s obligation to contribute towards such health insurance premium costs will terminate when such new health
insurance benefit becomes available to you. Notwithstanding anything to the contrary, no compensation of any kind shall be payable
to you under this section unless or until you execute and deliver a full and general waiver and release to the Company (in favor
of the Company, its successors, assigns, Board members, officers, employees, affiliates, subsidiaries, parent companies and representatives),
in a form reasonably acceptable to the Company, with such waiver and release to be delivered by you by no later than ten (10)
days after the termination of your employment (unless applicable law requires a longer time period, in which case this date will
be extended to the minimum time required by applicable law).

 

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

     

    

 

		(d)	If the Company terminates this Agreement or your employment
hereunder with Cause or you terminate this Agreement or your employment hereunder without Good Reason, then (i) your Base Salary
shall be discontinued upon the termination of the Agreement or your employment hereunder, (ii) no bonus compensation, accrued
or otherwise, shall be payable for the year in which the termination with Cause or without Good Reason occurs, unless otherwise
required via a written bonus plan and/or applicable law, (iii) to the extent permitted by applicable law, you shall cease to be
entitled to participate in any benefit plans or programs maintained by the Company, and (iv) you shall forfeit all rights to any
Company stock options if terminated by the Company for Cause and shall forfeit all rights with respect to any Company unvested
restricted stock if terminated by the Company for Cause or if terminated by you without Good Reason. You shall be entitled to
receive payment for all accrued Base Salary and benefits earned through and including the date of termination, including, but
not limited to any bonus payments earned, but not yet paid, for the year preceding the year in which such termination occurs,
payment for all accrued, unused vacation, reimbursement of all business expenses incurred through the date of termination, and
all vested benefits to which the employee is entitled. In addition, you and your eligible dependents shall be entitled to continue
all group health benefits at your or their expense, pursuant to applicable law.

 

		(e)	If you die or are unable to perform your duties and/or
any other obligations hereunder because of a Disability (as defined herein) during the Employment Period, then the Employment
Period shall terminate, except that the Company shall pay within thirty (30) days of such event all accrued Base Salary and any
bonus that you would otherwise have been entitled to receive through the date that your employment with the Company is terminated
and for a period of three (3) months thereafter. In the case of a Disability, you shall also receive any applicable payments and
benefits pursuant to any disability plan or policy sponsored or maintained by the Company. The unvested Options shall remain outstanding
in accordance with their existing terms and conditions.

 

		(f)	“Good Reason” means (i) a material
reduction of your base salary and benefits from the levels in effect immediately prior to the reduction, (ii) a material reduction
of your duties and responsibilities from those in effect immediately prior to the reduction, or (iii) material breach by the Company
of any provision of this Agreement after receipt of written notice thereof from the you and failure by the Company to cure the
breach within thirty (30) days thereafter. A termination by you will not be considered a termination for Good Reason unless within
thirty (30) days of the later of the last event relied upon by you to establish Good Reason or knowledge thereof, you furnish
the Company with a written statement specifying the reason or reasons why you believe you are entitled to terminate employment
for Good Reason and afford the Company at least thirty (30) days during which to remedy the cause thereof. Such thirty (30) day
notice period may run concurrently with the thirty (30) day notice specified in (ix)(a) above. Any termination for Good Reason
shall not be deemed a breach of the Agreement.  If the Company timely cures the condition giving rise to Good Reason for
your resignation, the notice of termination shall become null and void. If the Company does not timely cure the condition giving
rise to Good Reason, your termination of employment shall be effective as of the end of such cure period.

 

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

     

    

 

		(g)	“Cause” means a good faith finding
by the Company of: (i) gross negligence or willful misconduct by you in connection with the your duties, (ii) your indictment
for, conviction of, or entry of a plea of guilty or no contest or similar plea with respect to any felony, acts of fraud, misrepresentation,
embezzlement, theft, dishonesty or breach of fiduciary duty of loyalty to the Company or any of its subsidiaries, or a material
and intentional breach of any material term of this Agreement, (iii) willful or repeated failure to follow specific directives
of the CEO and/or the Board (or its committees or other designees), (iv) willful failure by you (except where due to Disability
or where performance of your duties is prohibited by law) or refusal to perform the your Duties, which failure or refusal is not
corrected by you within ten (10) business days following receipt by the you of written notice from the Company of such failure
or refusal, and the actions required to correct the same, to the satisfaction of the CEO, (v) misappropriation by you of
the assets or business opportunities of the Company or its affiliates, (vi) any intentionally wrongful act or omission by you
that has a material adverse effect on the reputation or business of the Company or any of its subsidiaries or affiliates, (vii) a
willful and/or knowing breach by you of any representations or warranties included in this Agreement, or (viii) you knowingly
allowing any third party to commit any of the acts described in any of the preceding clause (v) against the Company.

 

		(h)	“Disability” means your inability
to perform your duties pursuant to the terms of this Agreement, because of physical or mental disability where such disability
shall have existed for a period of more than ninety (90) consecutive days in any two hundred and seventy (270) day period. The
existence of a Disability means that you cannot perform the essential functions of your position with or without reasonable accommodation.
The fact of whether or not a Disability exists hereunder shall be determined by a professionally qualified medical expert reasonably
chosen by the Company.

 

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

 

		a.	This agreement is intended to comply with the requirements of Section 409A of the Code (“Section
409A”) and regulations promulgated thereunder such that no payment provided hereunder shall be subject to an “additional
tax” within the meaning of Section 409A. To the extent that any provision in this agreement is ambiguous as to its compliance
with Section 409A, the provision shall be read in such a manner so that all payments due under this agreement shall not be subject
to any additional tax. For purposes of Section 409A, each payment made under this agreement shall be treated as a separate payment.
In no event may you, directly or indirectly, designate the calendar year of payment. All reimbursements provided under this agreement
shall be made or provided in accordance with the requirements of section 409A, including, where applicable, the requirement that
(i) any reimbursement is for expenses incurred during your lifetime (or during a shorter period of time specified in this agreement),
(ii) the amount of expenses eligible for reimbursement during a calendar year may not affect the expenses eligible for reimbursement
in any other calendar year, (iii) the reimbursement of an eligible expense will be made on or before the last day of the calendar
year following the year in which the expense is incurred, and (iv) the right to reimbursement is not subject to liquidation or
exchange for another benefit.

 

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

     

    

 

		b.	If payment or provision of any amount or other benefit that is a “deferral of compensation”
subject to section 409A of the Code at the time otherwise specified in this agreement or elsewhere would subject such amount of
benefit to additional tax pursuant to section 409A(a)(1)(B) of the Code, and if payment or provision thereof at a later date would
avoid any such additional tax, then the payment or provision thereof shall be postponed to the earliest date on which such amount
or benefit can be paid or provided without incurring such additional tax. In the event this Section 11(o)(ii) requires a deferral
of any payment, such payment shall be accumulated and paid in a single lump sum on such earliest date together with interest for
the period of delay, compounded annually, equal to the prime rate (as published in The Wall Street Journal), and in effect as of
the date of the payment should otherwise have been provided.

 

		c.	If any payment or benefit permitted or required under this agreement is reasonably determined by
either party to be subject for any reason to a material risk of additional tax pursuant to section 409A(a)(1)(B) of the Code, then
the parties shall promptly agree in good faith on appropriate provisions to avoid such risk without materially changing the economic
value of this agreement to either party.

 

		(xi)	In the event of a dispute between you and the Company arising out of or related to your employment
with the Company (with the exception of disputes arising under the NDA set forth in Schedule B and with respect to disputes for
which a party is not permitted to waive its right to adjudicate in a court of law), you and the Company agree to settle such dispute
by means of arbitration administered under the Federal Arbitration Act by the American Arbitration Association (“AAA”)
in the State of Delaware, and conducted in accordance with the AAA’s Employment Arbitration Rules. In such arbitration, the
arbitrator (i) shall not amend or modify the terms of this Letter Agreement or of any Company policy, and (ii) shall render a decision
within ten (10) business days from the closing statements or submission of post-hearing briefs by the parties. The arbitration
award shall be final and binding, and any state or federal court shall have jurisdiction to enter a judgment on such award. This
requirement to arbitrate disputes means that you and the Company specifically waive any right either party may have to a trial
by jury in a court of law, and applies to all claims and demands (except as provided above), including, without limitation, any
rights you may assert under any federal, state, or local laws or regulations applicable to your employment with the Company.

 

Your employment
with the Company is "at-will," which means your employment may be terminated at any time for any reason, by either party,
with or without notice, subject to the terms above. By signing below, you confirm that neither this Letter nor any oral or
written representations by the Company constitute a contract of employment with the Company for any guaranteed specific period
of time.

 

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

     

    

 

By signing this Letter,
you confirm that you are not subject to any agreements or other restrictions that would prevent you from working for the Company
and carrying out the services described above. You further confirm that you will sign the Assignment, Non-Competition, Non-Solicitation
and Confidentiality Agreement attached to this Letter as Exhibit B, and you understand that your employment at the Company is contingent
on your signing and complying with such agreement.

 

You are required by
law to provide documentation necessary to complete U.S. Government Form I-9, and your employment at the Company is subject to the
Company’s receipt of such materials/documentation. In addition, this offer is contingent on verification of the information
you have provided on your employment application and in your job interview.

 

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

 

	 	Sincerely,
	 	 	 
	 	BRAINSTORM CELL THERAPEUTICS INC.
	 	 	 
	 	By:	/s/ Chaim Lebovits	 
	 	Name: Chaim Lebovits
	 	Title: Chief Executive Officer

 

ACKNOWLEDGED AND AGREED

AS OF THE DATE SET FORTH BELOW:

 

By: /s/ Anthony Waclawski                      

Name Anthony Waclawski

 

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

     

    

 

EXHIBIT A

 

Duties and Responsiblities 

 

The Global Head of Regulatory Affairs will
be responsible for the development and leadership of regulatory affairs at Brainstorm. Will lead the company’s global regulatory
strategy and ensure compliance with GXP requirements. The ideal candidate will be a strategist with the capability to be immersed
in running the day to day operation of the department. Additionally, must have the skills and experience to meet the challenges,
responsibilities and rewards that come from working in a high energy, fast paced environment.

 

		·	Responsible for evaluating and directing the operational model for
all Regulatory Affairs deliverables, leveraging high quality and cost-efficient partnerships externally. As motivated by the business,
hire, mentor, and support the personal and professional development of regulatory staff.

		·	Develops short and long range global regulatory plans & strategies
to support Brainstorm investigational and future products.

		·	Prepare/oversee the preparation of meeting requests, briefing documents,
coordinate and prepare team for meetings, and interface with regulatory authorities, be primary liaison with regulatory authorities
for day-to-day interactions. 

		·	Coordinate and prepare responses to requests for information from
regulatory authorities. 

		·	Develop and implement strategies for the timely preparation and execution
of submissions to regulatory authorities for all phases of the product life cycle. 

		·	Supports product development plans and in/out licensing and partnership
opportunities. 

		·	Provide expert analysis and evaluation of regulatory information.
Informs the executive team of the regulatory status of products and significant regulatory issues. 

		·	Provides analysis of regulatory guidance documents, regulations or
directives that influence Brainstorm’s products and operations. Advise personnel in other departments regarding their applicability
and impact. 

		·	Communicate with US and other international regulatory agencies; ensures
the company is compliant with US and international regulatory requirements. 

		·	Develop and maintain current regulatory knowledge and ensure that
staff is aware of new and existing relevant procedures. 

		·	Analyze and make recommendations for improving internal and vendor
compliance with the FDA and international regulatory authorities as well as ICH quality regulations and guidelines. 

		·	Operate through transparency of operations including issue management, employing
proactive and clear communication

		·	Direct and maintain compliance of all regulatory activities according
to in-house Standard Operating Procedures.

		·	Maintain compliance with all company policies/procedures and with
external Global Regulatory requirements & expectations.

 

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

     

    

 

EXHIBIT B : 

ASSIGNMENT, NON-COMPETITION, NON-SOLICITATION

AND CONFIDENTIALITY AGREEMENT

 

This Assignment, Non-Competition,
Non-Solicitation and Confidentiality Agreement (this “Agreement”) is hereby effective as of September 2, 2020.
As a condition of my employment with BRAINSTORM CELL THERAPEUTICS INC., its subsidiaries, affiliates, successors or assigns
(collectively, the "Company"), and in consideration of my employment with the Company and my receipt of the compensation
now and hereinafter paid to me by the Company, as well as my receipt of confidential and proprietary information, including but
not limited to Company trade secrets I, the undersigned, agree to the following:

 

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

 

2.       Confidential
Information.

 

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

 

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

 

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

     

    

 

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

 

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

 

Notice of Immunity:
In addition, I acknowledge that via this paragraph, Company is providing me with written notice that the Defend Trade Secrets Act,
18 U.S.C. § 1833(b), provides immunity for the disclosure of a trade secret to report a suspected violation of law and/or
in an anti-retaliation lawsuit, in that (i) an individual shall not be held criminally or civilly liable under any federal or state
trade secret law for the disclosure of a trade secret that is made in confidence to a federal, state, or local government official,
either directly or indirectly, or to an attorney, in each case solely for the purpose of reporting or investigating a suspected
violation of law, or where such disclosure is made via a complaint or other document filed in a lawsuit or other proceeding, as
long as such filing is made under seal, and (ii) an individual who files a lawsuit for retaliation by an employer for reporting
a suspected violation of law may disclose the relevant trade secret to the individual’s attorney and may use such trade secret
information in the applicable court proceeding, as long as any document containing such trade secret is filed under seal, and as
long as the individual does not disclose such trade secret, except pursuant to court order.

 

3.       Inventions.

 

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

 

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

     

    

 

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

 

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

 

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

 

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

     

    

 

5.       Conflicting
Employment. I agree that, during the term of my employment with the Company and for a period of twelve (12) months after
the date of termination of my employment with the Company for any reason, whether with or with cause, I will not engage in any
other employment, occupation, consulting or other business activity directly related to the business in which the Company is now
involved or becomes involved during the term of my employment, nor will I engage in any other activities that conflict with my
obligations to the Company. I expressly agree that the limitation of this Section protects a legitimate business interest of the
Company. Nevertheless, in the event that any of the restrictions and limitations contained in this Section are deemed unreasonable
or to otherwise exceed the time and/or geographic limitations permitted by applicable law, such provisions of this Section shall
be reformed to the maximum time and/or geographic limitations permitted by applicable law. For example, in the event that twelve
(12) months is deemed to be a period of time that is too excessive under applicable law, the court shall enforce the obligations
of this paragraph for a period of six (6) months. Further, the non-competition provision in this Section shall not apply to employment
and other statuses set forth in this Section in any other jurisdiction in which they are prohibited. The remainder of this Agreement
shall apply within and outside of such jurisdictions.

 

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

 

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

 

8.       Solicitation
of Employees. I agree that for a period of twelve (12) months immediately following the termination of my relationship
with the Company for any reason, whether with or without cause, I shall not either directly or indirectly solicit, induce, recruit,
hire, offer employment or encourage any of the Company's employees, independent contractors or vendors to leave their employment
/ engagement with the Company, either for myself or for any other person or entity. I expressly agree that the limitation of this
Section protects a legitimate business interest of the Company. Nevertheless, in the event that any of the restrictions and limitations
contained in this Section are deemed unreasonable or to otherwise exceed the time and/or geographic limitations permitted by applicable
law, such provisions of this Section shall be reformed to the maximum time and/or geographic limitations permitted by applicable
law. For example, in the event that twelve (12) months is deemed to be a period of time that is too excessive under applicable
law, the court shall enforce the obligations of this paragraph for a period of nine (9) months.

 

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

 

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

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

     

    

 

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

 

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

 

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

 

 

 

 

 

 

 

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

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