Exhibit 10.2


 


STOCK OPTION AGREEMENT


 


Under the RenovaCare, Inc.


 


2013 Long Term Incentive Plan


 





THIS STOCK OPTION AGREEMENT dated as of the
15th day of November, 2019, between RenovaCare, Inc., a Nevada Corporation (the “Company”), and Alan
L. Rubino (the “Optionee”).


 


The Company and Optionee are party to that certain
Employment Agreement, dated on or about the date hereof (the “Employment Agreement”), pursuant to which the
Company has employed Optionee subject to the terms and condition thereof;


 


In connection with the Optionee’s employment
with the Company, the Company desires to grant to Optionee certain stock options, on the terms and conditions hereinafter set forth.


 


In consideration of the mutual promises and
covenants made herein and the mutual benefits to be derived here from, the parties hereto agree as follows:


 


1. Grant of Stock Option.


 


Subject to the provisions of this Agreement
and to the provisions of the RenovCare, Inc. 2013 Long Term Incentive Plan (the “Plan”), the Company hereby
grants to the Optionee as of November 15, 2019 (the “Grant Date”) the right and option (the “Stock
Option”) to purchase two million (2,000,000) shares of common stock of the Company, par value $0.0001 per share (“Common
Stock”), which shares shall become vested and exercisable according to the schedule and at the exercise price set forth
in Section 2 hereof. The Stock Option is intended to qualify as an Incentive Stock Option, within the meaning of Section
422 of the Internal Revenue Code, as amended (the “Code”). Unless earlier terminated pursuant to the terms of
this Agreement, the Stock Option shall expire on the sixth anniversary of the date hereof unless earlier terminated pursuant to
the terms of this Agreement. Unless otherwise specified, capitalized terms not defined herein shall have the meaning set forth
in the Plan.


 


2. Vesting and Exercisability of the Stock Option.


 


(a) Vesting. Subject to remaining
employed by the Company through the following dates, the Stock Option shall become vested and exercisable as follows:


 


 



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	Vesting Date	Number of Shares Vesting	Strike Price
	November 15, 2020	667,800	$1.98
	November 15, 2021	667,800	$2.48
	November 15, 2022	664,400	$3.23





 


Upon the Optionee’s termination of employment for any reason,
the portion of the Stock Option that is not vested as of such date, subject to and in accordance with the provisions of this Section
2, shall cease vesting and terminate immediately.


 


(b) Acceleration upon Change in Control.
In the event that, within twelve (12) months of a Change in Control, the Optionee’s employment with the Company is (A) terminated
without Cause (as defined in the Employment Agreement) by the Company, , or (B) is terminated by the Optionee for Good Reason (as
defined in the Employment Agreement), any unvested portions of this Stock Option shall immediately vest and remain exercisable
for the remainder of the originally scheduled term. For the purposes of this Agreement, a “Change in Control”
means: (a) the acquisition by any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”)), other than any individual, entity or group which, as
of the date of this Agreement, beneficially owns more than ten percent (10%) of the then outstanding shares of common stock of
the Company (the “Outstanding Company Common Stock”), of beneficial ownership (within the meaning of Rule 13d-3
promulgated under the Exchange Act) of 50% or more of the then Outstanding Company Common Stock; provided, however, that any acquisition
by the Company or its subsidiaries, or any employee benefit plan (or related trust) of the Company or its subsidiaries of 50% or
more of Outstanding Company Common Stock shall not constitute a Change in Control; and provided, further, that any acquisition
by an entity with respect to which, following such acquisition, more than 50% of the then outstanding equity interests of such
entity, is then beneficially owned, directly or indirectly, by all or substantially all of the individuals and entities who were
the beneficial owners of the Outstanding Company Common Stock immediately prior to such acquisition of the Outstanding Company
Common Stock, shall not constitute a Change in Control; or (b) the consummation of (i) a reorganization, merger or consolidation
(any of the foregoing, a “Merger”), in each case, with respect to which all or substantially all of the individuals
and entities who were the beneficial owners of the Outstanding Company Common Stock immediately prior to such Merger do not, following
such Merger, beneficially own, directly or indirectly, more than 50% of the then outstanding shares of common stock of the corporation
resulting from Merger, or (ii) the sale or other disposition of all or substantially all of the assets of the Company, excluding
(a) a sale or other disposition of assets to a subsidiary of the Company; and (b) a sale or other disposition of assets to any
individual, entity or group which, as of the date of this Agreement, beneficially owns more than ten percent (10%) of the then
Outstanding Company Common Stock.


 






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3. Method of Exercise of the Stock Option.


 


(a) The portion of the Stock Option as to which
the Optionee is vested shall be exercisable by delivery to the Company of a written or electronic notice stating the number of
whole shares to be purchased pursuant to this Agreement and accompanied by payment of the full purchase price of the shares of
Common Stock to be purchased. Fractional share interests shall be disregarded except that they may be accumulated.


 


(b) The exercise price of the Stock Option shall
be paid: (i) in cash or by certified check or bank draft payable to the order of the Company; (ii) by delivering, along with a
properly executed exercise notice to the Company, a copy of irrevocable instructions to a broker to deliver promptly to the Company
the aggregate exercise price and, if requested by the Optionee, the amount of any applicable federal, state, local or foreign withholding
taxes required to be withheld by the Company, provided, however, that such exercise may be implemented solely under a program or
arrangement established and approved by the Company with a brokerage firm selected by the Company; or (iii) by any other procedure
approved by the Board or its Compensation Committee, if any, or by a combination of the foregoing.


 


4. Termination of Employment Other Than Due to Death or Disability.


 


(a) Except as provided in Section 2(b)
above with regard to a Change of Control, Section 4(b) below with regard to the Optionee’s termination of employment
for Cause or following an event that would be grounds for a termination of employment for Cause, and Section 5 below with
regard to the Optionee’s termination of employment due to death or Disability, in the event of the Optionee’s termination
of employment, the portion of the Stock Option, if any, which is exercisable at the time of such termination may be exercised prior
to the first to occur of (a) the expiration of the ninety day (90) period which commences on the date of termination or (b) the
expiration date of the Stock Option.


 


(b) In the event of the Optionee’s termination
of employment for Cause (as defined in the Employment Agreement), the Optionee’s entire Stock Option (whether or not vested)
shall be forfeited and canceled in its entirety upon such termination of employment.


 


(c) Nothing in this Agreement or the Plan shall
confer upon the Optionee any right to continue in the employ of the Company or any of its subsidiaries or affiliates or interfere
in any way with the right of the Company or any such subsidiaries or affiliates to terminate the Optionee’s employment at
any time.


 






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5. Death or Disability of Optionee.In the event of the
Optionee’s termination of employment due to death (or, in the event of the Optionee’s death following termination of
employment while the Stock Option remains exercisable) the portion of the Stock Option, if any, which is exercisable at the time
of death may be exercised by the Optionee’s estate or by a person who acquired the right to exercise such Stock Option by
bequest or inheritance or otherwise by reason of the death of the Optionee at any time prior to the first to occur of (a) twelve
(12) months after the date of death or (b) the expiration date of the Stock Option. In the event of the Optionee’s termination
of employment due to Disability (as defined in the Employment Agreement), the portion of the Stock Option, if any, which is exercisable
at the time of such termination of employment for Disability may be exercised by the Optionee or the Optionee’s guardian
or legal representative at any time prior to the first to occur of (a) twelve (12) months after such termination of employment
or (b) the expiration date of the Stock Option.


 


6. Non-transferability of the Stock Option.The Stock
Option is non-transferable by the Optionee other than by will or the laws of descent and distribution or pursuant to a qualified
domestic relations order, and the Stock Option may be exercised, during the lifetime of the Optionee, only by the Optionee or by
the Optionee’s guardian or legal representative or any transferee described above.


 


7. Tax Matters.


 


(a) Section 422 Requirement.
The Shares granted hereby are intended to qualify as “incentive stock options” under Section 422 of the Code.
Notwithstanding the foregoing, the Shares will not qualify as “incentive stock options,” if, among other events, (a) the
Optionee disposes of the Shares acquired upon exercise of this option within two years from the Grant Date or one year after such
Shares were acquired pursuant to exercise of this option; (b) except in the event of the Optionee’s death or disability
(as described in Section 5 above), the Optionee is not employed by the Company, a parent or a subsidiary at all times during
the period beginning on Grant Date and ending on the day that is three (3) months before the date of exercise of any Shares;
or (c) to the extent the aggregate fair market value of the Shares subject to “incentive stock options” held by
the Optionee which become exercisable for the first time in any calendar year (under all plans of the Company, a parent or a subsidiary)
exceeds $100,000. For purposes of clause this paragraph, the “fair market value” of the Shares shall be determined
as of the Grant Date in accordance with the terms of the Plan.


 


(b) Disqualifying Disposition.
To the extent that any Shares do not qualify as an “incentive stock option,” it shall not affect the validity of such
Shares and shall constitute a separate non-qualified stock option. In the event that the Optionee disposes of the Shares acquired
upon exercise of this option within two years from the Grant Date or one year after such Shares were acquired pursuant to exercise
of this option, the Optionee must deliver to the Company, within seven (7) days following such disposition, a written notice
specifying the date on which such shares were disposed of, the number of shares so disposed, and, if such disposition was by a
sale or exchange, the amount of consideration received.


 






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(c) Withholding. No later than
the date of exercise of the Stock Option granted hereunder, the Optionee shall pay to the Company or make arrangements satisfactory
to the Board or its Compensation Committee, if any, regarding payment of any federal, state or local taxes of any kind required
by law to be withheld upon the exercise of such Stock Option and the Company shall, to the extent permitted or required by law,
have the right to deduct from any payment of any kind otherwise due to the Optionee, federal, state and local taxes of any kind
required by law to be withheld upon the exercise of such Stock Option.


 


The Optionee should consult with a tax advisor
before exercising the Stock Option or disposing of the Shares to obtain advice as to the consequences of such exercise or disposition.


 


8. Rights as a Stockholder.An Optionee or a transferee
of the Stock Option shall have no rights as a stockholder with respect to any shares covered by such Stock Option until the date
when his or her purchase is entered upon the records of the duly authorized transfer agent of the Company. No adjustment shall
be made for dividends (ordinary or extraordinary, whether in cash, securities or other property) or distribution of other rights
for which the record date is prior to the date a stock certificate is issued, except as provided in the Plan.


 


9. Adjustment in the Event of Change in Stock.In accordance
with Article 12 of the Plan, in the event of any change in Corporate capitalization (including, but not limited to, a change in
the number of shares of Common Stock outstanding), and the number and kind of shares subject to the Stock Option and/or the exercise
price per share will be adjusted. The determination of the Board or a duly appointed Compensation Committee thereof regarding any
adjustment will be final and conclusive.


 


10. No Guarantee of Continued Service.OPTIONEE ACKNOWLEDGES
AND AGREES THAT THE VESTING OF SHARES PURSUANT TO THE VESTING SCHEDULE HEREOF IS EARNED ONLY BY CONTINUING THE EMPLOYMENT OR BUSINESS
RELATIONSHIP AT THE WILL OF THE COMPANY (NOT THROUGH THE ACT OF BEING ENGAGED, BEING GRANTED THIS OPTION OR ACQUIRING SHARES HEREUNDER).
OPTIONEE FURTHER ACKNOWLEDGES AND AGREES THAT THIS AGREEMENT, THE TRANSACTIONS CONTEMPLATED HEREUNDER AND THE VESTING SCHEDULE
SET FORTH HEREIN DO NOT CONSTITUTE AN EXPRESS OR IMPLIED PROMISE OF CONTINUED EMPLOYMENT FOR THE VESTING PERIOD, FOR ANY PERIOD,
OR AT ALL, AND SHALL NOT INTERFERE IN ANY WAY WITH OPTIONEE’S RIGHT OR THE COMPANY’S RIGHT TO TERMINATE THE RELATIONSHIP
AT ANY TIME, WITH OR WITHOUT CAUSE.


 


11. Other Restrictions.The exercise of the Stock Option
shall be subject to the requirement that, if at any time the Board or its Compensation Committee, if any, shall determine that
(i) the listing, registration or qualification of the shares of Common Stock subject or related thereto upon any securities exchange
or under any state or federal law, or (ii) the consent or approval of any government regulatory body or (iii) an agreement by the
Optionee with respect to the disposition of shares of Common Stock is necessary or desirable as a condition of, or in connection
with, such exercise or the delivery or purchase of shares pursuant thereto, then in any such event, such exercise shall not be
effective unless such listing, registration, qualification, consent, or approval or agreement shall have been effected or obtained
free of any conditions not acceptable to the Board or its Compensation Committee, if any.


 






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The Company may, but will in no event be obligated
to, register any securities issuable upon the exercise of all or any portion of the Stock Option pursuant to the Securities Act
of 1933 (as now in effect or as hereafter amended) or to take any other affirmative action in order to cause the exercise of the
Stock Option or the issuance of shares pursuant thereto to comply with any law or regulation of any governmental authority. The
certificates representing shares issued to Optionee hereunder shall bear such legends as Company determines appropriate referring
to restrictions on the transfer of such shares imposed by this Agreement and such other legends as are required or appropriate
under applicable law.


 


12. Notices.All notices and other communications under
this Agreement shall be in writing and shall be given by hand delivery to the other party or by facsimile, overnight courier, or
registered or certified mail, return receipt requested, postage prepaid, addressed as follows:


 


If to the Company:


 


RenovaCare, Inc.


9375 East Shea Blvd.,


Suite 107-A


Scottsdale, AZ 85260


Attention: Harmel S. Rayat


Facsimile: 604-336-8609


Email Address: hsr@renovacareinc.com


 


If to the Executive, to the following address:


 


Alan L. Rubino


210 Old Chester Road


Essex Fells, NJ 07021


Email Address: alanrubino@comcast.net


 


or to such other address or facsimile number as any party shall
have furnished to the other in writing in accordance with this Section 12. Notice and communications shall be effective when actually
received by the addressee.





 



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13. Effect of Agreement.Except as otherwise provided
hereunder, this Agreement shall be binding upon and shall inure to the benefit of any successor or successors of the Company, and
to any transferee or successor of the Optionee pursuant to Section 6.


 


14. Severability.The invalidity or enforceability of
any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement. If the
final judgment of a court of competent jurisdiction declares that any provision of this Agreement is invalid or unenforceable,
the parties hereto agree that the court making the determination of invalidity or unenforceability shall have the power, and is
hereby directed, to reduce the scope, duration or area of the provision, to delete specific words or phrases and to replace any
invalid or unenforceable provision with a provision that is valid and enforceable and that comes closest to expressing the intention
of the invalid or unenforceable provision and this Agreement shall be enforceable as so modified.


 


15. Conflicts and Interpretation.This Agreement is subject
to all the terms, conditions and provisions of the Plan. In the event of any conflict between this Agreement and the Plan, the
Plan shall control. In the event of any ambiguity in this Agreement, any term which is not defined in this Agreement, or any matters
as to which this Agreement is silent, the Plan shall govern including, without limitation, the provisions thereof pursuant to which
the Board or its Compensation Committee, if any has the power, among others, to (i) interpret the Plan, (ii) prescribe, amend and
rescind rules and regulations relating to the Plan and (iii) make all other determinations deemed necessary or advisable for the
administration of the Plan.


 


16. Headings.The headings of Sections herein are included
solely for convenience of reference and shall not affect the meaning or interpretation of any of the provisions of this Agreement.


 


17. Amendment.This Agreement may not be modified, amended
or waived except by an instrument in writing signed by both parties hereto. The waiver by either party of compliance with any provision
of this Agreement shall not operate or be construed as a waiver of any other provision of this Agreement, or of any subsequent
breach by such party of a provision of this Agreement.


 


18. Term.The term of this Agreement is six years from
the Grant Date, unless terminated prior to such date in accordance with the provisions herein.


 


19. Counterparts.This Agreement may be executed in any
number of counterparts, each of which when so executed and delivered shall be deemed an original, and all of which together shall
constitute one and the same agreement. Execution of a facsimile or scanned copy will have the same force and effect as execution
of an original, and a facsimile or scanned signature will be deemed an original and valid signature.


 






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20. Laws Applicable to Construction.The interpretation,
performance and enforcement of this Agreement shall be governed by the laws of the State of Nevada without reference to principles
of conflict of laws, as applied to contracts executed in and performed wholly within the State of Nevada.


 





 


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IN WITNESS WHEREOF, as of the date first above
written, the Company has caused this Agreement to be executed on its behalf by a duly authorized officer and the Optionee has
hereunto set the Optionee’s hand.


 


 


RENOVACARE, INC.





 


BY: /s/ Jatinder S. Bhogal





 


Name:Jatinder S. Bhogal


 


Title:Chief Operating Officer


 





 


OPTIONEE


 


/s/ Alan L. Rubino


 


Name:Alan L. Rubino


 


 


 


 




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