Document:

Exhibit 10.1

 

BIORESTORATIVE THERAPIES, INC.

2010 EQUITY PARTICIPATION PLAN

 

1.           Purpose.
The BioRestorative Therapies, Inc. 2010 Equity Participation Plan (the “Plan”) is intended to advance the interests
of BioRestorative Therapies, Inc. (the “Company”) by inducing individuals or entities of outstanding ability and potential
to join and remain with, or provide consulting or advisory services to, the Company or a parent or subsidiary of the Company, by
encouraging and enabling eligible employees, non-employee directors, consultants and advisors to acquire proprietary interests
in the Company, and by providing the participating employees, non-employee directors, consultants and advisors with an additional
incentive to promote the success of the Company. This is accomplished by providing for the granting of Incentive Stock Options,
Nonstatutory Stock Options, Stock Appreciation Rights, Restricted Stock and Stock Bonuses, as such terms are defined in Section
2, to employees, non-employee directors, consultants and advisors. As used herein, the term “parent” or “subsidiary”
shall mean any present or future entity which is or would be a “parent corporation” or “subsidiary corporation”
of the Company as the term is defined in Section 424 of the Code (as hereinafter defined) (determined as if the Company were
the employer corporation).

 

2.           Definitions.
Capitalized terms not otherwise defined in the Plan shall have the following meanings:

 

(a)          “Award
Agreement” shall mean a written agreement, in such form as the Committee shall determine, that evidences the terms
and conditions of a Stock Award granted under the Plan.

 

(b)          “Board”
shall mean the Board of Directors of the Company.

 

(c)          “Code”
shall mean the Internal Revenue Code of 1986, as amended.

 

(d)          “Committee”
shall mean a committee or subcommittee of the Board to whom authority has been granted by the Board to make determinations with
regard to the Plan, which committee or subcommittee shall consist of at least two persons, each of whom is intended to be an “outside
independent director” to the extent required by the rules and regulations of any established stock exchange or a national
market system, including, without limitation, The Nasdaq Stock Market (“Nasdaq”), and an “outside director”
to the extent required by Section 162(m) of the Code. If for any reason the appointed Committee does not meet the requirements
of Section 162(m) of the Code, such noncompliance shall not affect the validity of Stock Awards, interpretations or other actions
of the Committee.

 

(e)          “Common
Stock” shall mean the common stock, $.01 par value, of the Company.

 

(f)          “Exchange
Act” shall mean the Securities Exchange Act of 1934, as amended.

 

    	 

    	 

    

 

(g)          
“Fair Market Value” on a specified date means the value of a share of Common Stock, determined as follows:

 

(i)          if
the Common Stock is listed on any established stock exchange or a national market system, including, without limitation, Nasdaq,
its Fair Market Value shall be the closing sales price for such stock (or the closing bid, if no sales were reported) as quoted
on such exchange or system on the day immediately preceding the day of determination (or, if the determination is made after the
close of business for trading, then on the day of determination) as reported in The Wall Street Journal or such other source as
the Committee deems reliable;

 

(ii)         if
the Common Stock is regularly quoted by a recognized securities dealer but selling prices are not reported, its Fair Market Value
shall be the mean between the high bid and low asked prices for the Common Stock on the day immediately preceding the day of determination
(or, if the determination is made after the close of business for trading, then on the day of determination), as reported in The
Wall Street Journal or such other source as the Committee deems reliable; or

 

(iii)        in
the absence of an established market for the Common Stock, the Fair Market Value shall be determined in good faith by the Committee
under a method that complies with Code Sections 422 and 409A, if applicable.

 

(h)         
“Incentive Stock Option” shall mean an Option that is an “incentive stock option” within the meaning
of Section 422 of the Code and that is identified as an Incentive Stock Option in the Award Agreement by which it is evidenced.

 

(i)            “Nonstatutory
Stock Option” shall mean an Option that is not an Incentive Stock Option within the meaning of Section 422 of
the Code.

 

(j)            “Option”
shall mean an Incentive Stock Option or a Nonstatutory Stock Option.

 

(k)           “Restricted
Stock” shall mean an award of shares of Common Stock that is subject to certain conditions on vesting and restrictions on
transferability as provided in Section 15 of the Plan.

 

(l)            “Section
162(m) of the Code” means the exception for performance-based compensation under Section 162(m) of the Code and any applicable
Treasury regulations thereunder.

 

(m)          “Section
409A of the Code” means the nonqualified deferred compensation rules under Section 409A of the Code and any applicable Treasury
regulations thereunder.

 

(n)          “Securities
Act” shall mean the Securities Act of 1933, as amended.

 

    	2

    	 

    

 

(o)          “Stock
Appreciation Right” or “SAR” shall mean a right to receive payment of the appreciated value of shares
of Common Stock as provided in Section 10 of the Plan.

 

(p)          “Stock
Award” shall mean an Incentive Stock Option, a Nonstatutory Stock Option, a Restricted Stock award, a Stock Appreciation
Right or a Stock Bonus award.

 

(q)          “Stock
Bonus” shall mean a bonus award payable in shares of Common Stock as provided in Section 16 of the Plan.

 

3.           Administration.
The Plan shall be administered by the Board or the Committee. All references in the Plan to the “Committee” shall be
deemed to refer to the “Board” if no committee is established for the purpose of making determinations with respect
to the Plan. Except as herein specifically provided, the interpretation and construction by the Committee of any provision of the
Plan or of any Stock Award granted under it shall be final and conclusive, provided, that, with regard to any provision of this
Plan or any Award Agreement relating thereto that is intended to comply with Section 162(m) of the Code, any such action by the
Committee shall be permitted only to the extent such action would be permitted under Section 162(m) of the Code. The Committee
may, in its sole discretion, adopt special guidelines and provisions for persons who are residing in or employed in, or subject
to, the taxes of, any domestic or foreign jurisdictions to comply with applicable tax and securities laws of such domestic or foreign
jurisdictions. This Plan is intended to comply with the applicable provisions of Section 162(m) of the Code with respect to Awards
intended to be

“performance-based,” and this Plan shall be limited, construed and interpreted in a manner so as to comply therewith.
The receipt of a Stock Award by any members of the Committee shall not preclude their vote on any matters in connection with the
administration or interpretation of the Plan.

 

4.           Shares
Subject to the Plan. The shares subject to Stock Awards granted under the Plan shall be the Common Stock, whether authorized
but unissued or held in the Company’s treasury, or shares purchased from stockholders expressly for use under the Plan. The
maximum number of shares of Common Stock which may be issued pursuant to Stock Awards granted under the Plan shall not exceed in
the aggregate twenty million (20,000,000) shares. The Company shall at all times while the Plan is in force reserve such number
of shares of Common Stock as will be sufficient to satisfy the requirements of all outstanding Stock Awards granted under the Plan.
In the event any Option or SAR granted under the Plan shall expire or terminate for any reason without having been exercised in
full or shall cease for any reason to be exercisable in whole or in part, the unpurchased shares subject thereto shall again be
available for Stock Awards under the Plan. In the event any shares of Restricted Stock are forfeited for any reason or the right
to receive any Stock Bonus is terminated for any reason, the shares forfeited shall again be available for Stock Awards under the
Plan. In the event shares of Common Stock are delivered to, or withheld by, the Company pursuant to Section 13(b) or 29 hereof,
only the net number of shares issued, i.e., net of the shares so delivered or withheld, shall be considered to have been issued
pursuant to the Plan.

 

    	3

    	 

    

 

5.           Participation.
The class of individuals and entities that shall be eligible to receive Stock Awards (“Grantees”) under the Plan shall
be (a) with respect to Incentive Stock Options, all employees of either the Company or any parent or subsidiary of the Company,
and (b) with respect to all other Stock Awards, all employees and non-employee directors of, and consultants and advisors to, either
the Company or any parent or subsidiary of the Company; provided, however, no Stock Award shall be granted to any such consultant
or advisor unless (i) the consultant or advisor is a natural person (or an entity wholly-owned, directly or indirectly, by a natural
person), (ii) bona fide services have been or are to be rendered by such consultant or advisor and (iii) such services
are not in connection with the offer or sale of securities in a capital raising transaction and do not directly or indirectly promote
or maintain a market for the Company’s securities. The Committee, in its sole discretion, but subject to the provisions of
the Plan, shall determine the employees and non-employee directors of, and the consultants and advisors to, the Company and its
parents and subsidiaries to whom Stock Awards shall be granted, and the number of shares to be covered by each Stock Award grant,
taking into account the nature of the employment or services rendered by the individuals or entities being considered, their annual
compensation, their present and potential contributions to the success of the Company, and such other factors as the Committee
may deem relevant. For purposes hereof, a non-employee to whom an offer of employment has been extended shall be considered an
employee, provided that the Stock Award granted to such individual shall not be exercisable or vest, in whole or in part, for a
period of at least one year from the date of grant and, in the event the individual does not commence employment with the Company,
the Stock Award granted shall be considered null and void.

 

6.           Award
Agreement. Each Stock Award granted under the Plan shall be authorized by the Committee, and shall be evidenced by an Award
Agreement which shall be executed by the Company and, in the discretion of the Committee, by the individual or entity to whom such
Stock Award is granted. The Award Agreement shall specify the number of shares of Common Stock as to which the Stock Award is granted,
the period during which any Option or SAR is exercisable and the option or base price per share thereof, the vesting periods for
any Restricted Stock or Stock Bonus, any performance-based vesting criteria (the “Performance Goals”) and such other
terms and provisions as the Committee may deem necessary or appropriate, provided, that, with regard to any Stock Award that is
intended to comply with Section 162(m) of the Code, any applicable performance criteria shall be based on one or more of the Performance
Goals set forth in Exhibit A hereto and no such Stock Awards other than Options or SARs shall be granted on or after the fifth
anniversary of the stockholder approval of the Plan unless the Performance Goals set forth on Exhibit A are reapproved (or other
designated performance goals are approved) by the stockholders no later than the first stockholder meeting that occurs in the fifth
year following the year in which stockholders approve the Performance Goals set forth on Exhibit A.

 

7.           Incentive
Stock Options. The Committee may grant Incentive Stock Options under the Plan which are subject to the following terms
and conditions and any other terms and conditions as may at any time be required by Section 422 of the Code:

 

(a)          No
Incentive Stock Option shall be granted to individuals other than employees of the Company or of a parent or subsidiary of the
Company.

 

    	4

    	 

    

 

(b)          Each
Incentive Stock Option under the Plan must be granted prior to November 17, 2020, which is within ten years from the date the Plan
was adopted by the Board.

 

(c)          The
option price of the shares subject to any Incentive Stock Option shall not be less than the Fair Market Value of the Common Stock
at the time such Incentive Stock Option is granted; provided, however, if an Incentive Stock Option is granted to an individual
who owns, at the time the Incentive Stock Option is granted, more than 10% of the total combined voting power of all classes of
stock of the Company or of a parent or subsidiary of the Company (a “10% Stockholder”), the option price of the shares
subject to the Incentive Stock Option shall be at least 110% of the Fair Market Value of the Common Stock at the time such Incentive
Stock Option is granted.

 

(d)          No
Incentive Stock Option granted under the Plan shall be exercisable after the expiration of ten years from the date of its grant;
provided, however, if an Incentive Stock Option is granted to a 10% Stockholder, such Incentive Stock Option shall not be exercisable
after the expiration of five years from the date of its grant. Every Incentive Stock Option granted under the Plan shall be subject
to earlier termination as expressly provided in Section 12 hereof.

 

(e)          For
purposes of determining stock ownership under this Section 7, the attribution rules of Section 424(d) of the Code shall apply.

 

8.           Nonstatutory
Stock Options. The Committee may grant Nonstatutory Stock Options under the Plan. Nonstatutory Stock Options shall be subject
to the following terms and conditions:

 

(a)          A
Nonstatutory Stock Option may be granted to any individual or entity eligible to receive an Option under the Plan pursuant to clause
(b) of Section 5 hereof.

 

(b)          Except
as otherwise determined by the Committee, the option price of the shares subject to a Nonstatutory Stock Option shall not be less
than the Fair Market Value of the Common Stock at the time such Nonstatutory Stock Option is granted.

 

(c)          No
Nonstatutory Stock Option granted under the Plan shall be exercisable after the expiration of ten years from the date of its grant.

 

    	5

    	 

    

 

9.           Reload
Options. The Committee may grant Options with a reload feature. A reload feature shall only apply when the option price
is paid by delivery of Common Stock (as set forth in Section 13(b)(ii)) or by having the Company reduce the number of shares otherwise
issuable to a Grantee (as provided for in the last sentence of Section 13(b)) (a “Net Exercise”). The Award Agreement
for the Options containing the reload feature shall provide that the Grantee shall receive, contemporaneously with the payment
of the option price in shares of Common Stock or in the event of a Net Exercise, a reload stock option (the “Reload Option”)
to purchase that number of shares of Common Stock equal to the sum of (i) the number of shares of Common Stock used to exercise
the Option (or not issued in the case of a Net Exercise), and (ii) with respect to Nonstatutory Stock Options, the number of shares
of Common Stock used to satisfy any tax withholding requirement incident to the exercise of such Nonstatutory Stock Option. The
terms of the Plan applicable to the Option shall be equally applicable to the Reload Option with the following exceptions: (i)
the option price per share of Common Stock deliverable upon the exercise of the Reload Option, (A) in the case of a Reload Option
which is an Incentive Stock Option being granted to a 10% Stockholder, shall be 110% of the Fair Market Value of a share of Common
Stock on the date of grant of the Reload Option and (B) in the case of a Reload Option which is an Incentive Stock Option being
granted to a person other than a 10% Stockholder or is a Nonstatutory Stock Option, shall be the Fair Market Value of a share of
Common Stock on the date of grant of the Reload Option; and (ii) the term of the Reload Option shall be equal to the remaining
option term of the Option (including a Reload Option) which gave rise to the Reload Option. The Reload Option shall be evidenced
by an appropriate amendment to the Award Agreement for the Option which gave rise to the Reload Option. In the event the exercise
price of an Option containing a reload feature is not paid in shares of Common Stock, the reload feature shall have no application
with respect to such exercise.

 

10.          Stock
Appreciation Rights.

 

(a)          The
Committee may grant Stock Appreciation Rights to such persons eligible under the Plan as the Committee may select from time to
time. SARs shall be granted at such times, in such amounts and under such other terms and conditions as the Committee shall determine,
which terms and conditions shall be evidenced under an Award Agreement, subject to the terms of the Plan. Subject to the terms
and conditions of the Award Agreement, an SAR shall entitle the Grantee to exercise the SAR, in whole or in part, in exchange for
a payment of shares of Common Stock, cash or a combination thereof, as determined by the Committee and provided for in the Award
Agreement, equal in value to the excess of the Fair Market Value of the shares of Common Stock underlying the SAR, determined on
the date of exercise, over the base amount set forth in the Award Agreement for the shares of Common Stock underlying the SAR,
which base amount shall not be less than the Fair Market Value of such Common Stock, determined as of the date the SAR is granted.
The Company may, in its sole discretion, withhold from any such cash payment any amount necessary to satisfy the Company’s
obligation for withholding taxes with respect to such payment.

 

(b)          No
SAR granted under the Plan shall be exercisable after the expiration of ten years from the date of its grant.

 

(c)          All
references in the Plan to “Options” shall be deemed to include “SARs” where applicable.

 

11.          Transferability
of Options.

 

(a)          No
Option granted under the Plan shall be transferable by the individual or entity to whom it was granted other than by will or the
laws of descent and distribution, and, during the lifetime of an individual, shall not be exercisable by any other person, but
only by him.

 

    	6

    	 

    

 

(b)          Notwithstanding
Section 11(a) above, a Nonstatutory Stock Option granted under the Plan may be transferred in whole or in part during a Grantee’s
lifetime, upon the approval of the Committee, to a Grantee’s “family members” (as such term is defined in Rule
701(c)(3) of the Securities Act and General Instruction A(1)(a)(5) to Form S-8) through a gift or domestic relations order. The
transferred portion of a Nonstatutory Stock Option may only be exercised by the person or entity who acquires a proprietary interest
in such Option pursuant to the transfer. The terms applicable to the transferred portion shall be the same as those in effect for
the Option immediately prior to such transfer and shall be set forth in such documents issued to the transferee as the Committee
may deem appropriate. As used in the Plan, the terms “Grantee” (when referring to an Option recipient) and “holder
of an Option” shall refer to the grantee of the Option and not any transferee thereof.

 

12.          Effect
of Termination of Employment or Death on Options.

 

(a)          Unless
otherwise provided in the Award Agreement and except as provided in subsections (b) and (c) of this Section 12, if the employment
of an employee by, or the services of a non-employee director for, or consultant or advisor to, the Company or a parent or subsidiary
of the Company, shall terminate for any reason, then his Option may be exercised at any time within three months after such termination,
subject to the provisions of subsection (d) of this Section 12. For purposes of this subsection (a), an employee, non-employee
director, consultant or advisor who leaves the employ or services of the Company to become an employee or non-employee director
of, or a consultant or advisor to, a parent or subsidiary of the Company or a corporation (or subsidiary or parent of the corporation)
which has assumed the Option of the Company as a result of a corporate reorganization or like event shall not be considered to
have terminated his employment or services.

 

(b)          Unless
otherwise provided in the Award Agreement, if the holder of an Option under the Plan dies (i) while employed by, or while serving
as a non-employee director for or a consultant or advisor to, the Company or a parent or subsidiary of the Company, or (ii) within
three months after the termination of his employment or services for any reason, then such Option may, subject to the provisions
of subsection (d) of this Section 12, be exercised by the estate of the employee or non-employee director, consultant or advisor,
or by a person who acquired the right to exercise such Option by bequest or inheritance or by reason of the death of such employee
or non-employee director, consultant or advisor, at any time within one year after such death.

 

(c)          Unless
otherwise provided in the Award Agreement, if the holder of an Option under the Plan ceases employment or services because of permanent
and total disability (within the meaning of Section 23(e)(3) of the Code) (“Permanent Disability”) while employed by,
or while serving as a non-employee director for or consultant or advisor to, the Company or a parent or subsidiary of the Company,
then such Option may, subject to the provisions of subsection (d) of this Section 12, be exercised at any time within one year
after his termination of employment, termination of directorship or termination of consulting or advisory services, as the case
may be, due to the disability. Notwithstanding the foregoing, in the event the Company is a party to an employment, consulting
or advisory agreement with a Grantee and such agreement provides for termination of employment or engagement based upon a disability
or other incapacity, then, for such Grantee, a termination of employment or engagement for disability or other incapacity pursuant
to the provisions thereof shall be considered to be a termination based upon Permanent Disability for purposes hereof. Furthermore,
notwithstanding the foregoing, with respect to Stock Awards that are subject to Section 409A of the Code, Permanent Disability
shall mean that a Grantee is disabled under Section 409A(a)(2)(c)(i) or (ii) of the Code.

 

    	7

    	 

    

 

(d)          An
Option may not be exercised pursuant to this Section 12 except to the extent that the holder was entitled to exercise the Option
at the time of termination of employment, termination of directorship, termination of consulting or advisory services, or death,
and in any event may not be exercised after the expiration of the Option.

 

(e)          For
purposes of this Section 12, the employment relationship of an employee of the Company or of a parent or subsidiary of the Company
will be treated as continuing intact while he is on military or sick leave or other bona fide leave of absence (such as temporary
employment by the Government) if such leave does not exceed 90 days, or, if longer, so long as his right to reemployment is guaranteed
either by statute or by contract.

 

13.          Exercise
of Options.

 

(a)          Unless
otherwise provided in the Award Agreement, any Option granted under the Plan shall be exercisable, subject to vesting, in whole
at any time, or in part from time to time, prior to expiration. The Committee, in its absolute discretion, may provide in any Award
Agreement that the exercise of any Options granted under the Plan shall be subject (i) to such condition or conditions as it may
impose, including, but not limited to, a condition that the holder thereof remain in the employ or service of, or continue to provide
consulting or advisory services to, the Company or a parent or subsidiary of the Company for such period or periods from the date
of grant of the Option as the Committee, in its absolute discretion, shall determine; and (ii) to such limitations as it may impose,
including, but not limited to, a limitation that the aggregate Fair Market Value (determined at the time the Option is granted)
of the Common Stock with respect to which Incentive Stock Options are exercisable for the first time by any employee during any
calendar year (under all plans of the Company and its parents and subsidiaries) shall not exceed $100,000. In addition, in the
event that under any Award Agreement the aggregate Fair Market Value (determined at the time the Option is granted) of the Common
Stock with respect to which Incentive Stock Options are exercisable for the first time by any employee during any calendar year
(under all plans of the Company and its parents and subsidiaries corporations) exceeds $100,000, the Committee may, when shares
are transferred upon exercise of such Options, designate those shares which shall be treated as transferred upon exercise of an
Incentive Stock Option and those shares which shall be treated as transferred upon exercise of a Nonstatutory Stock Option.

 

(b)          An
Option granted under the Plan shall be exercised by the delivery by the holder thereof to the Company at its principal office (attention
of the Secretary) of written notice of the number of shares with respect to which the Option is being exercised. Such notice shall
be accompanied, or followed within ten days of delivery thereof, by payment of the full option price of such shares, and payment
of such option price shall be made by the holder’s delivery of (i) his check payable to the order of the Company, or (ii)
previously acquired Common Stock, the Fair Market Value of which shall be determined as of the date of exercise (provided that
the shares delivered pursuant hereto are acceptable to the Committee in its sole discretion) or (iii) if provided for in the Award
Agreement, his check payable to the order of the Company in an amount at least equal to the par value of the Common Stock being
acquired, together with a promissory note, in form and upon such terms as are acceptable to the Committee, made payable to the
order of the Company in an amount equal to the balance of the exercise price, or (iv) by the holder’s delivery of any combination
of the foregoing (i), (ii) and (iii). Alternatively, if provided for in the Award Agreement, the holder may elect to have the Company
reduce the number of shares otherwise issuable by a number of shares having a Fair Market Value equal to the exercise price of
the Option being exercised.

 

    	8

    	 

    

 

14.          Further
Conditions of Exercise of Options.

 

(a)          Unless
prior to the exercise of the Option the shares issuable upon such exercise have been registered with the Securities and Exchange
Commission pursuant to the Securities Act, the notice of exercise shall be accompanied by a representation or agreement of the
person or estate exercising the Option to the Company to the effect that such shares are being acquired for investment purposes
and not with a view to the distribution thereof, and such other documentation as may be required by the Company, unless in the
opinion of counsel to the Company such representation, agreement or documentation is not necessary to comply with the Securities
Act.

 

(b)          If
the Common Stock is listed on any securities exchange, including, without limitation, Nasdaq, the Company shall not be obligated
to deliver any Common Stock pursuant to this Plan until it has been listed on each such exchange. In addition, the Company shall
not be obligated to deliver any Common Stock pursuant to this Plan until there has been qualification under or compliance with
such federal or state laws, rules or regulations as the Company may deem applicable. The Company shall use reasonable efforts to
obtain such listing, qualification and compliance.

 

15.          Restricted
Stock Grants.

 

(a)          The
Committee may grant Restricted Stock under the Plan to any individual or entity eligible to receive Restricted Stock pursuant to
clause (b) of Section 5 hereof.

 

(b)          In
addition to any other applicable provisions hereof and except as may otherwise be specifically provided in an Award Agreement,
the following restrictions in this Section 15(b) shall apply to grants of Restricted Stock made by the Committee:

 

(i)          No
shares granted pursuant to a grant of Restricted Stock may be sold, transferred, pledged, assigned or otherwise alienated or hypothecated
until, and only to the extent that, such shares are vested.

 

(ii)         Shares
granted pursuant to a grant of Restricted Stock shall vest as determined by the Committee, as provided for in the Award Agreement.
The foregoing notwithstanding (but subject to the discretion of the Committee and except as otherwise provided in the Award Agreement),
a Grantee shall forfeit all shares not previously vested, if any, at such time as the Grantee is no longer employed by, or serving
as a director of, or rendering consulting or advisory services to, the Company or a parent or subsidiary of the Company. All forfeited
shares shall be returned to the Company.

 

    	9

    	 

    

 

(c)          In
determining the vesting requirements with respect to a grant of Restricted Stock, the Committee may impose such restrictions on
any shares granted as it may deem advisable including, without limitation, restrictions relating to length of service, corporate
performance, attainment of individual or group Performance Goals, federal or state securities laws and Rule 162(m) of the Code,
and may legend the certificates representing Restricted Stock to give appropriate notice of such restrictions. With regard to a
Restricted Stock Award that is intended to comply with Section 162(m) of the Code, to the extent any such provision would create
impermissible discretion under Section 162(m) of the Code or otherwise violate Section 162(m) of the Code, such provision shall
be of no force or effect. The applicable Performance Goals shall be based on one or more of the performance criteria set forth
in Exhibit A hereto. Any such restrictions shall be specifically set forth in the Award Agreement.

 

(d)          Certificates
representing shares granted that are subject to restrictions shall be held by the Company or, if the Committee so specifies, deposited
with a third-party custodian or trustee until lapse of all restrictions on the shares. After such lapse, certificates for such
shares (or the vested percentage of such shares) shall be delivered by the Company to the Grantee; provided, however, that the
Company need not issue fractional shares.

 

(e)          During
any applicable period of restriction, the Grantee shall be the record owner of the Restricted Stock and shall be entitled to receive
all dividends and other distributions paid with respect to such shares while they are so restricted. However, if any such dividends
or distributions are paid in shares of Company stock or cash or other property during an applicable period of restriction, the
shares, cash and/or other property deliverable shall be held by the Company or third party custodian or trustee and be subject
to the same restrictions as the shares with respect to which they were issued. Moreover, the Committee may provide in each grant
such other restrictions, terms and conditions as it may deem advisable with respect to the treatment and holding of any stock,
cash or property that is received in exchange for Restricted Stock granted pursuant to the Plan.

 

(f)          Each
Grantee making an election pursuant to Section 83(b) of the Code shall, upon making such election, promptly provide a copy thereof
to the Company.

 

16.          Stock
Bonus Grants.

 

(a)          The
Committee may grant Stock Bonus awards to such persons eligible under the Plan as the Committee may select from time to time. Stock
Bonus awards shall be granted at such times, in such amounts and under such other terms and conditions as the Committee shall determine,
which terms and conditions shall be evidenced under an Award Agreement, subject to the terms of the Plan. Upon satisfaction of
any conditions, limitations and restrictions set forth in the Award Agreement, a Stock Bonus award shall entitle the recipient
to receive payment of a bonus described under the Stock Bonus award in the form of shares of Common Stock of the Company. Prior
to the date on which a Stock Bonus award is required to be paid under an Award Agreement, the Stock Bonus award shall constitute
an unfunded, unsecured promise by the Company to distribute Common Stock in the future.

 

    	10

    	 

    

 

(b)          The
Committee may condition the grant or vesting of Stock Bonus Awards upon the attainment of specified Performance Goals set forth
on Exhibit A as the Committee may determine, in its sole discretion, provided that, to the extent that such Stock Bonus Awards
are intended to comply with Section 162(m) of the Code, the Committee shall establish the objective Performance Goals for the vesting
of such Stock Bonus Awards based on a performance period applicable to each Grantee or class of Grantees in writing prior to the
beginning of the applicable performance period or at such later date as permitted under Section 162(m) of the Code and while the
outcome of the Performance Goals are substantially uncertain. Such Performance Goals may incorporate, if and only to the extent
permitted under Section 162(m) of the Code, provisions for disregarding (or adjusting for) changes in accounting methods, corporate
transactions (including, without limitation, dispositions and acquisitions) and other similar type events or circumstances. To
the extent any such provision would create impermissible discretion under Section 162(m) of the Code or otherwise violate Section
162(m) of the Code, such provision shall be of no force or effect. The applicable Performance Goals shall be based on one or more
of the performance criteria set forth in Exhibit A hereto.

 

(c)          Shares
granted pursuant to a Stock Bonus shall vest as determined by the Committee, as provided for in the Award Agreement. The foregoing
notwithstanding (but subject to the discretion of the Committee and except as otherwise provided in the Award Agreement), a Grantee
shall forfeit the right to receive all shares not previously vested, if any, at such time as the Grantee is no longer employed
by, or serving as a director of, or rendering consulting or advisory services to, the Company or a parent or subsidiary of the
Company.

 

17.          Adjustment
Upon Change in Capitalization.

 

(a)          In
the event that the outstanding Common Stock is hereafter changed by reason of reorganization, merger, consolidation, recapitalization,
reclassification, stock split-up, combination of shares, reverse split, stock dividend or the like, an appropriate adjustment shall
be made by the Committee in the aggregate number of shares available under the Plan, in the number of shares and option price per
share subject to outstanding Options, in the number of shares issuable pursuant to outstanding Stock Bonus grants, and in any limitation
on exerciseability referred to in Section 13(a)(ii) hereof which is set forth in outstanding Incentive Stock Options. If the Company
shall be reorganized, consolidated, or merged with another corporation, subject to the provisions of Section 20 hereof, the holder
of an Option shall be entitled to receive upon the exercise of his Option, and the Grantee of a Stock Bonus shall be entitled to
receive upon satisfaction of any conditions, limitations and restrictions set forth in the Award Agreement with respect to the
Stock Bonus, the same number and kind of shares of stock or the same amount of property, cash or securities as he would have been
entitled to receive upon the happening of any such corporate event as if he had been, immediately prior to such event, the holder
of the number of shares covered by his Option or subject to the Stock Bonus; provided, however, that, in such event, the Committee
shall have the discretionary power to take any action necessary or appropriate to prevent any Incentive Stock Option granted hereunder
which is intended to be an “incentive stock option” from being disqualified as such under the then existing provisions
of the Code or any law amendatory thereof or supplemental thereto; and provided, further, that in such event the Committee shall
have the discretionary power to take any action necessary or appropriate to prevent such adjustment from being deemed or considered
as the adoption of a new plan requiring shareholder approval under Section 422 of the Code and the regulations promulgated thereunder.

 

    	11

    	 

    

 

(b)          Any
adjustment in the number of shares shall apply proportionately to only the unexercised portion of the Option, or the unissued shares
subject to an outstanding Stock Bonus, granted hereunder. If fractions of a share would result from any such adjustment, the adjustment
shall be revised to the next lower whole number of shares.

 

18.          Rights
of Grantees. The holder of an Option granted under the Plan shall have none of the rights of a stockholder with respect
to the Common Stock covered by his Option until such Common Stock shall be transferred to him upon the exercise of his Option.
The recipient of a Stock Bonus under the Plan shall have none of the rights of a stockholder with respect to the Common Stock covered
by the Stock Bonus until the date on which the Grantee is entitled to receive the Common Stock pursuant to the Award Agreement.

 

19.          Restrictions
Upon Shares; Right of First Refusal.

 

(a)          No
Grantee shall, for value or otherwise, sell, assign, transfer or otherwise dispose of all or any part of the shares issued pursuant
to the exercise of an Option or received as Restricted Stock or pursuant to a Stock Bonus (collectively, the “Shares”),
or of any beneficial interest therein (collectively a “Disposition”), except as permitted by and in accordance with
the provisions of the Plan. The Company shall not recognize as valid or give effect to any Disposition of any Shares or interest
therein upon the books of the Company unless and until the Grantee desiring to make such Disposition shall have complied with the
provisions of the Plan.

 

(b)          No
Grantee shall, without the written consent of the Company, pledge, encumber, create a security interest in or lien on, or in any
way attempt to otherwise impose or suffer to exist any lien, attachment, levy, execution or encumbrance on the Shares.

 

(c)          If,
at any time, a Grantee desires to make a Disposition of any of the Shares (the “Offered Shares”) to any third-party
individual or entity pursuant to a bona fide offer (the “Offer”), he shall give written notice of his intention to
do so (“Notice of Intent to Sell”) to the Company, which notice shall specify the name(s) of the offeror(s) (the “Proposed
Offeror(s)”), the price per share offered for the Offered Shares and all other terms and conditions of the proposed transaction.
Thereupon, the Company shall have the option to purchase from the Grantee all, but not less than all, the Offered Shares upon the
same terms and conditions as set forth in the Offer.

 

(d)          If
the Company desires to purchase all of the Offered Shares, it must send a written notice to such effect to the Grantee within 30
days following receipt of the Notice of Intent to Sell.

 

(e)          The
closing of any purchase and sale of the Offered Shares shall take place 60 days following receipt by the Company of the Notice
of Intent to Sell.

 

(f)          If
the Company does not elect to purchase all of the Offered Shares within the period set forth in paragraph (d) hereof, no Shares
may be purchased by the Company, and the Grantee shall thereupon be free to dispose of such Shares to the Proposed Offeror(s) strictly
in accordance with the terms of the Offer. If the Offered Shares are not disposed of strictly in accordance with the terms of the
Offer within a period of 120 days after the Grantee gives a Notice of Intent to Sell, such Shares may not thereafter be sold without
compliance with the provisions hereof.

 

    	12

    	 

    

 

(g)          All
certificates representing the Shares shall bear on the face or reverse side thereof the following legend:

 

“The shares represented by
this certificate are subject to the provisions of the Stem Cell Assurance, Inc. 2010 Equity Participation Plan, a copy of which
is on file at the offices of the Company.”

 

(h)          The
provisions of this Section 19 shall only take effect if expressly provided for in the particular Award Agreement, shall be of no
force or effect during such time that the Company is subject to the reporting requirements of the Exchange Act pursuant to Section
13 or 15(d) thereof and shall be subject to the provisions of any and all agreements hereafter entered into to which both the Company
and any Grantee are parties that provide for a right of first refusal with respect to the Disposition of Shares.

 

20.          Liquidation,
Merger or Consolidation. Notwithstanding Section 13(a) hereof, if the Board of Directors approves a plan of complete liquidation
or a merger or consolidation (other than a merger or consolidation that would result in the voting securities of the Company outstanding
immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities
of the surviving entity), at least 50% of the combined voting power of the voting securities of the Company (or such surviving
entity) outstanding immediately after such merger or consolidation), the Committee may, in its sole discretion, upon written notice
to the holder of an Option, provide that the Option must be exercised within 20 days following the date of such notice or it will
be terminated. In the event such notice is given, the Option shall become immediately exercisable in full.

 

21.          “Market
Stand-off”. No Grantee may, without the prior written consent of the managing underwriter, do any of the following
during the period commencing on the date of the final prospectus relating to the Company’s first underwritten public offering
of its Common Stock under the Securities Act after the Adoption Date (as hereinafter defined) (the “IPO”) and ending
on the date specified by the Company and the managing underwriter (such period not to exceed 180 days in the case of the IPO; provided,
however, that if (a) during the last 17 days of the initial lock-up period, the Company releases earnings results or announces
material news or a material event or (b) prior to the expiration of the initial lock-up period, the Company announces that it will
release earnings results during the 15-day period following the last day of the initial lock-up period, then in each case the lock-up
period will be automatically extended until the expiration of the 18-day period beginning on the date of release of the earnings
results or the announcement of the material news or material event, as applicable): (i) lend; offer; pledge; sell; contract to
sell; sell any option or contract to purchase; purchase any option or contract to sell; grant any option, right, or warrant to
purchase; or otherwise transfer or dispose of, directly or indirectly, any of the Shares held immediately before the effective
date of the registration statement for such offering or (ii) enter into any swap or other arrangement that transfers to another,
in whole or in part, any of the economic consequences of ownership of such securities, whether any such transaction described in
clause (i) or (ii) above is to be settled by delivery of Common Stock or other securities, in cash, or otherwise. The foregoing
provisions of this Section 21 shall apply only to the IPO, shall not apply to the sale of any shares to an underwriter pursuant
to an underwriting agreement, and shall be applicable to the Grantees only if all officers, directors, and stockholders individually
owning more than 5% of the Company’s outstanding Common Stock are subject to the same restrictions. The underwriters in connection
with such registration are intended third-party beneficiaries of this Section 21 and shall have the right, power, and authority
to enforce the provisions hereof as though they were a party to the Award Agreement executed pursuant hereto. Each Grantee shall
execute such agreements as may be reasonably requested by the underwriters in connection with such registration that are consistent
with this Section 21 or that are necessary to give further effect thereto.

 

    	13

    	 

    

 

22.          Effectiveness
of the Plan. The Plan was adopted by the Board on November 17, 2010 (the “Adoption Date”). The Plan shall be
subject to approval on or before November 17, 2011, which is within one year of the Adoption Date, by the affirmative vote of the
holders of a majority of the votes of the outstanding shares of capital stock of the Company present in person or represented by
proxy at a meeting of stockholders and entitled to vote thereon (or in the case of action by written consent in lieu of a meeting
of stockholders, the number of votes required by applicable law to act in lieu of a meeting) (“Stockholder Approval”).
In the event such Stockholder Approval is withheld or otherwise not received on or before the latter date, the Plan and, unless
otherwise provided in the Award Agreement, all Options, SARs, Restricted Stock and rights to Bonus Shares that may have been granted
hereunder shall become null and void.

 

23.          Termination,
Modification and Amendment.

 

(a)          The
Plan (but not Options previously granted under the Plan) shall terminate on November 17, 2020 (the “Termination Date”),
which is within ten years from the Adoption Date, or sooner as hereinafter provided, and no Stock Award shall be granted after
termination of the Plan. The foregoing shall not be deemed to limit the vesting period for Options, SARs, Restricted Stock or Stock
Bonuses granted pursuant to the Plan.

 

(b)          The
Plan may from time to time be terminated, modified, or amended if Stockholder Approval of the termination, modification or amendment
is obtained.

 

(c)          Notwithstanding
paragraph (b) hereof, the Board of Directors may at any time, on or before the Termination Date, without Stockholder Approval,
terminate the Plan, or from time to time make such modifications or amendments to the Plan as it may deem advisable; provided,
however, that the Board of Directors shall not, without Stockholder Approval, (i) increase (except as otherwise provided by Section
17 hereof) the maximum number of shares as to which Incentive Stock Options may be granted hereunder, change the designation of
the employees or class of employees eligible to receive Incentive Stock Options, or make any other change which would prevent any
Incentive Stock Option granted hereunder which is intended to be an “incentive stock option” from qualifying as such
under the then existing provisions of the Code or any law amendatory thereof or supplemental thereto or (ii) make any other modifications
or amendments that require Stockholder Approval pursuant to applicable law, regulation or exchange requirements, including, without
limitation, Section 162(m) of the Code. In the event Stockholder Approval is not received within one year of adoption by the Board
of Directors of the change provided for in (i) or (ii) above, then, unless otherwise provided in the Award Agreement (but subject
to applicable law), the change and all Stock Awards that may have been granted pursuant thereto shall be null and void.

 

    	14

    	 

    

 

(d)          No
termination, modification, or amendment of the Plan may, without the consent of the Grantee to whom any Stock Award shall have
been granted, adversely affect the rights conferred by such Stock Award.         

 

24.          Not
a Contract of Employment. Nothing contained in the Plan or in any Award Agreement executed pursuant hereto shall be deemed
to confer upon any individual or entity to whom a Stock Award is or may be granted hereunder any right to remain in the employ
or service of the Company or a parent or subsidiary of the Company or any entitlement to any remuneration or other benefit pursuant
to any consulting or advisory arrangement.

 

25.          Use
of Proceeds. The proceeds from the sale of shares pursuant to Stock Awards granted under the Plan shall constitute general
funds of the Company.

 

26.          Indemnification
of Board of Directors or Committee. In addition to such other rights of indemnification as they may have, the members of
the Board of Directors or the Committee, as the case may be, shall be indemnified by the Company to the extent permitted under
applicable law against all costs and expenses reasonably incurred by them in connection with any action, suit, or proceeding to
which they or any of them may be a party by reason of any action taken or failure to act under or in connection with the Plan or
any rights granted thereunder and against all amounts paid by them in settlement thereof or paid by them in satisfaction of a judgment
of any such action, suit or proceeding, except a judgment based upon a finding of bad faith. Upon the institution of any such action,
suit, or proceeding, the member or members of the Board of Directors or the Committee, as the case may be, shall notify the Company
in writing, giving the Company an opportunity at its own cost to defend the same before such member or members undertake to defend
the same on his or their own behalf.

 

27.          Captions.
The use of captions in the Plan is for convenience. The captions are not intended to provide substantive rights.

 

28.          Disqualifying
Dispositions. If Common Stock acquired upon exercise of an Incentive Stock Option granted under the Plan is disposed of
within two years following the date of grant of the Incentive Stock Option or one year following the issuance of the Common Stock
to the Grantee, or is otherwise disposed of in a manner that results in the Grantee being required to recognize ordinary income,
rather than capital gain, from the disposition (a “Disqualifying Disposition”), the holder of the Common Stock shall,
immediately prior to such Disqualifying Disposition, notify the Company in writing of the date and terms of such Disqualifying
Disposition and provide such other information regarding the Disqualifying Disposition as the Company may reasonably require.

 

    	15

    	 

    

 

29.          Withholding
Taxes.

 

(a)          Whenever
under the Plan shares of Common Stock are to be delivered to a Grantee upon exercise of a Nonstatutory Stock Option or to a Grantee
of Restricted Stock or a Stock Bonus, the Company shall be entitled to require as a condition of delivery that the Grantee remit
or, at the discretion of the Committee, agree to remit when due, an amount sufficient to satisfy all current or estimated future
Federal, state and local income tax withholding requirements, including, without limitation, the employee’s portion of any
employment tax requirements relating thereto. At the time of a Disqualifying Disposition, the Grantee shall remit to the Company
in cash the amount of any applicable Federal, state and local income tax withholding and the employee’s portion of any employment
taxes.

 

(b)          The
Committee may, in its discretion, provide any or all holders of Nonstatutory Stock Options or Grantees of Restricted Stock or Stock
Bonus with the right to use shares of Common Stock in satisfaction of all or part of the withholding taxes to which such holders
may become subject in connection with the exercise of their Options or their receipt of Restricted Stock or Stock Bonus. Such right
may be provided to any such holder in either or both of the following formats:

 

(i)          The
election to have the Company withhold, from the shares of Common Stock otherwise issuable upon the exercise of such Nonstatutory
Stock Option or otherwise deliverable as a result of the vesting of Restricted Stock or the satisfaction of the conditions, limitations
and restrictions with respect to a Stock Bonus, a portion of those shares with an aggregate fair market value equal to the percentage
of the withholding taxes (not to exceed 100%) designated by the holder.

 

(ii)         The
election to deliver to the Company, at the time the Nonstatutory Stock Option is exercised or Restricted Stock is granted or vested
or the conditions, limitations and restrictions are satisfied for a Stock Bonus, one or more shares of Common Stock previously
acquired by such holder (other than in connection with the Option exercise or Restricted Stock or Stock Bonus grant triggering
the withholding taxes) with an aggregate Fair Market Value equal to the percentage of the withholding taxes (not to exceed 100%)
designated by the holder.

 

30.          Section
409A of the Code. Although the Company does not guarantee the particular tax treatment of Stock Awards granted under the
Plan, Stock Awards made under the Plan are intended to comply with, or be exempt from, the applicable requirements of Section 409A
of the Code and the Plan and any Award Agreement hereunder shall be limited, construed and interpreted in accordance with such
intent. To the extent that any Stock Award is subject to Section 409A of the Code, it shall be paid in a manner that will comply
with Section 409A of the Code, including proposed, temporary or final regulations or any other guidance issued by the Secretary
of the Treasury and the Internal Revenue Service with respect thereto. In no event whatsoever shall the Company or any of its
affiliates be liable for any additional tax, interest or penalties that may be imposed on a Grantee by Section 409A of the Code
or any damages for failing to comply with Section 409A of the Code or this Section 30. Notwithstanding anything in the Plan or
in a Stock Award to the contrary, the following provisions shall apply to any Stock Award granted under the Plan that constitutes
"non-qualified deferred compensation" pursuant to Section 409A of the Code (a “409A Covered Award”):

 

    	16

    	 

    

 

(a)          A
termination of employment shall not be deemed to have occurred for purposes of any provision of a 409A Covered Award providing
for payment upon or following a termination of the Grantee’s employment unless such termination is also a "Separation
from Service" within the meaning of Code Section 409A and, for purposes of any such provision of a 409A Covered Award, references
to a “termination,” “termination of employment” or like terms shall mean Separation from Service. Notwithstanding
any provision to the contrary in the Plan or the Stock Award, if the Grantee is deemed on the date of the Grantee’s termination
of service to be a “specified employee” within the meaning of that term under Code Section 409A(a)(2)(B) and using
the identification methodology selected by the Company from time to time, or if none, the default methodology set forth in Code
Section 409A, then with regard to any such payment under a 409A Covered Award, to the extent required to be delayed in compliance
with Code Section 409A(a)(2)(B), such payment shall not be made prior to the earlier of (i) the expiration of the six (6)-month
period measured from the date of the Grantee’s Separation from Service, and (ii) the date of the Grantee’s death. All
payments delayed pursuant to this Section 30 shall be paid to the Grantee on the first day of the seventh month following the date
of the Grantee’s Separation from Service or, if earlier, on the date of the Grantee’s death.

 

(b)          Whenever
a payment under a 409A Covered Award specifies a payment period with reference to a number of days, the actual date of payment
within the specified period shall be within the sole discretion of the Company.

 

(c)          If
under a 409A Covered Award an amount is to be paid in two or more installments, for purposes of Code Section 409A, each installment
shall be treated as a separate payment.

 

31.          Other
Provisions. Each Stock Award under the Plan may contain such other terms and conditions not inconsistent with the Plan
as may be determined by the Committee, in its sole discretion. Notwithstanding the foregoing, each Incentive Stock Option granted
under the Plan shall include those terms and conditions which are necessary to qualify the Incentive Stock Option as an “incentive
stock option” within the meaning of Section 422 of the Code and the regulations thereunder and shall not include any terms
and conditions which are inconsistent therewith.

 

32.          Governing
Law. The Plan shall be governed by, and all questions arising hereunder shall be determined in accordance with, the laws
of the State of Delaware, excluding choice of law principles thereof.

 

    	17

    	 

    

 

Exhibit A

PERFORMANCE GOALS

 

Performance Goals for the
purposes of the vesting of performance-based Stock Awards shall be based upon one or more of the following business criteria (which
may be determined for these purposes by reference to (i) the Company as a whole, (ii) any of the Company’s subsidiaries,
operating divisions, regional business units or other operating units, or (iii) any combination thereof): profit before taxes,
stock price, market share, gross revenue, net revenue, pre-tax income, operating income, cash flow, earnings per share, return
on equity, return on invested capital or assets, cost reductions and savings, return on revenues or productivity, or any other
business criteria the Committee deems appropriate, which may be modified at the discretion of the Committee to take into account
significant nonrecurring items, or an event or events either not directly relating to the operations of the Company or not within
the reasonable control of the Company’s management, or a change in accounting standards required by generally accepted accounting
principles, or which may be adjusted to reflect such costs or expenses as the Committee deems appropriate.Exhibit 10.2

 

EXECUTIVE EMPLOYMENT AGREEMENT

 

This EXECUTIVE EMPLOYMENT
AGREEMENT (this “Agreement”), dated as of March 9, 2015, by and between BIORESTORATIVE THERAPIES, INC.,
a Delaware corporation (the “Company”), and MARK WEINREB (the “Executive”). Certain capitalized
terms used in this Agreement are defined in Section 12.

 

RECITALS

 

WHEREAS, the Company
and the Executive desire to enter into an agreement which will set forth the terms and conditions upon which the Executive shall
be employed by the Company and upon which the Company shall compensate the Executive.

 

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

 

1.          Employment.
The Company will employ the Executive, and the Executive will provide employment services to the Company, upon the terms and conditions
set forth in this Agreement for the period ending as provided in Section 5 (the “Employment Period”).

 

2.          Employment
At-Will. Notwithstanding anything in this Agreement, the Executive and the Company understand and agree that the Executive
is an employee at-will, and that the Executive may resign, or the Company may terminate the Executive’s employment, at any
time and for any or for no reason, subject to the provisions of this Agreement. Nothing in this Agreement shall be construed to
alter the at-will nature of the Executive’s employment.

 

3.          Position
and Duties. During the Employment Period, the Executive will serve in the position set forth on Schedule A attached hereto
and will render such managerial, analytical, administrative, financial and other executive services to, and shall have such responsibilities
on behalf of, the Company and its Subsidiaries, as are from time to time necessary in connection with the management and affairs
of the Company and its Subsidiaries, in each case subject to the authority of the Board of Directors of the Company (the “Board”)
to define and limit such executive services consistent with his position. The Executive will devote substantially all of his business
time and attention (except for permitted vacation periods and reasonable periods of illness or other incapacity) to the business
and affairs of the Company and its Subsidiaries, provided that the Executive will be permitted to (i) serve, with the prior written
consent of the Board (such consent not to be unreasonably withheld), as a member of the board of directors or advisory board of
charitable organizations, (ii) engage in charitable activities and community affairs, and (iii) manage his personal investments
and affairs, except that the Executive will limit the time devoted to the activities described in clauses (i), (ii), and (iii)
so as not to materially interfere, individually or in the aggregate, with the performance of his duties and responsibilities hereunder.
The Executive will perform his duties and responsibilities to the best of his abilities in a diligent, trustworthy, businesslike
and efficient manner. During the Employment Period, the Executive’s primary work location shall be the Company’s offices
located at 40 Marcus Drive, Melville, New York (the “Company Offices”) or such other location that is within fifty
(50) miles of the Company Offices.

 

    	 

    	 

    

 

4.          Salary
and Benefits.

 

(a)          Salary.
During the Employment Period, the Company will pay the Executive a salary at the annual rate set forth on Schedule A attached hereto
(as in effect from time to time, the “Salary”) as compensation for his services. The Salary will be payable in regular
installments in accordance with the general payroll practices of the Company and its Subsidiaries and subject to applicable withholding
requirements.

 

(b)          Bonus.
During the Employment Period, the Executive will be entitled to receive bonuses in the amount and upon and subject to the terms
and conditions set forth on Schedule A attached hereto. The cash Bonus payable for 2015 will be payable in regular installments
in the same manner as the Salary is payable for such year. Any and all cash Bonuses payable for any year commencing on or after
January 1, 2016 will be payable by December 31 of the year for which the Bonus is payable, except that, to the extent the amount
of the Bonus is based upon the Company’s financial statements for a particular fiscal year, then such portion of the Bonus
shall be payable within fifteen (15) days following the date on which the audit report with respect to such financials is delivered
to the Company.

 

(c)          Benefits.
During the Employment Period, the Company will provide the Executive with medical, dental, life and long-term disability insurance
and other benefits under such plans as the Board may establish or maintain from time to time for similarly situated employees.
Effective as of January 1, 2015, the Executive will be entitled to the number of weeks of paid vacation each year set forth on
Schedule A attached hereto. Effective as of January 1, 2015, to the extent that the Executive does not use all the vacation time
in any year, the unused vacation may not be carried over to the next year.

 

(d)          Reimbursement
of Expenses.

 

(i)          During
the Employment Period, the Company will reimburse the Executive for all reasonable out-of-pocket expenses incurred by him in the
course of performing his duties that are consistent with the Company’s policies in effect from time to time with respect
to travel, entertainment and other business expenses, subject to the Company’s requirements with respect to reporting and
documentation of such expenses. The Company agrees that travel and accommodation will be at the business class level.

 

(ii)         During
the Employment Period, the Executive shall be entitled to receive a monthly automobile allowance in the amount set forth on Schedule
A attached hereto (the “Automobile Allowance”).

 

(e)          Computer;
Cell Phone. During the Employment Period, the Company will provide to the Executive a laptop computer and cell phone for use
by the Executive in the performance of his duties and will pay, or reimburse the Executive for, all Internet charges and cell phone
related charges. In the event of the termination of the Executive’s employment with the Company for any reason other than
by the Company for Cause, the Executive shall be entitled to retain the laptop computer and cell phone for his personal use (subject
to the deletion of all confidential and proprietary information contained therein).

 

    	2

    	 

    

 

(f)          Insurance
Premiums. During the Employment Period, the Company shall reimburse the Executive for all insurance premiums paid by him, or
pay directly to the insurance companies all insurance premiums payable by him, for disability insurance, long-term care insurance,
and life insurance, up to the aggregate amount per year set forth on Schedule A attached hereto (the “Insurance Reimbursement/Payment”).

 

(g)          Taxes.
In the event the Board or the Compensation Committee of the Board (the “Compensation Committee”), in its sole discretion,
determines to grant to the Executive any shares of Common Stock of the Company, the Company agrees to pay any income tax liability,
on behalf of the Employee, that may result from such grant.

 

5.          Termination.

 

(a)          The
Employment Period will continue until the earlier of: (i) the Executive’s resignation (A) for Good Reason or (B) for any
other reason or for no reason; (ii) the death or Disability of the Executive; (iii) the giving of notice of termination by
the Company (A) for Cause or (B) for any other reason or for no reason (a termination described in this clause (iii)(B) being a
termination by the Company “Without Cause”); or (iv) December 31, 2017 (the “Expiration Date”).

 

(b)          If,
prior to a Change in Control, the Company terminates the Employment Period Without Cause or the Executive resigns during the Employment
Period for Good Reason, then, so long as the Executive continues to comply with his continuing obligations hereunder, the Executive
will be entitled to receive each of the following:

 

(i)          severance
payments in an aggregate amount equal to one (1) time the sum of (A) his then annual Salary (but in no event shall such Salary
amount be less than the Per Annum Salary set forth on Schedule A) and (B) $100,000 (the “Pre-Change in Control Cash Severance
Amount”);

 

(ii)         (A)
all accrued and unpaid Salary, (B) with respect to a termination of employment during 2015, all accrued and unpaid Bonus, (C) all
accrued and unused vacation time for the then-current annual period (with the right to vacation time being prorated for such period
through the Termination Date), (D) all unreimbursed business expenses (including the Automobile Allowance) incurred through the
Termination Date and payable pursuant to Section 4(d) and (E) all Insurance Reimbursement/Payment amounts incurred through the
Termination Date and payable pursuant to Section 4(f), which accrued and unpaid Salary, Bonus, unused vacation, unreimbursed expenses
(including Automobile Allowance) and Insurance Reimbursement/Payment amounts, if any, shall be payable in a lump sum within fifteen
(15) days after the Termination Date; and

 

(iii)        one
(1) time the annual Automobile Allowance and Insurance Reimbursement/Payment, which amounts shall be payable over the twelve (12)
month period following the Termination Date in the same manner as paid prior to the Termination Date.

 

    	3

    	 

    

 

The Executive shall also
be entitled to any COBRA benefits to which the Executive is entitled by law. During the twelve (12) month period following the
Termination Date, the Company will reimburse the Executive for all COBRA premiums paid (the “COBRA Reimbursement”).
Thereafter, COBRA benefits shall be at the Executive’s sole expense.

 

(c)          If,
following a Change in Control, the Company terminates the Employment Period Without Cause or the Executive resigns during the Employment
Period for Good Reason, then, so long as the Executive continues to comply with his continuing obligations hereunder, the Executive
will be entitled to receive each of the following:

 

(i)          severance
payments in an aggregate amount equal to one and one-half (1.5) times the sum of (A) his then annual Salary (but in no event shall
such Salary amount be less than the Per Annum Salary set forth on Schedule A and (B) $200,000 (together with the Pre-Change in
Control Cash Severance Amount, the “Cash Severance Amount”);

 

(ii)         (A)
all accrued and unpaid Salary, (B) with respect to a termination of employment during 2015, all accrued and unpaid Bonus, (C) all
accrued and unused vacation time for the then-current annual period (with the right to vacation time being prorated for such period
through the Termination Date), (D) all unreimbursed business expenses (including the Automobile Allowance) incurred through the
Termination Date and payable pursuant to Section 4(d), and (E) all Insurance Reimbursement/Payment amounts incurred through the
Termination Date and payable pursuant to Section 4(f), which accrued and unpaid Salary, Bonus, unused vacation, unreimbursed expenses
(including Automobile Allowance) and Insurance Reimbursement/Payment amounts, if any, shall be payable in a lump sum within fifteen
(15) days after the Termination Date; and

 

(iii)        one
and one-half (1.5) times the annual Automobile Allowance and Insurance Reimbursement/Payment, which amounts shall be payable over
the eighteen (18) month period following the Termination Date in the same manner as paid prior to the Termination Date.

 

The Executive shall also
be entitled to any COBRA benefits to which the Executive is entitled by law. During the eighteen (18) month period following the
Termination Date, the Executive will be entitled to receive the COBRA Reimbursement. Thereafter, COBRA benefits shall be at the
Executive’s sole expense.

 

(d)          In
the event that the Executive’s employment with the Company is not terminated by the Company on or prior to the Expiration
Date, and the Executive does not resign his employment on or prior to the Expiration Date, and, on or prior to the Expiration Date,
the Company and the Executive, for any reason, do not enter into an agreement to extend the term of this Agreement (whether on
modified terms or otherwise) or enter into a new employment agreement, then, if, within three (3) months following the Expiration
Date, the Company terminates the Executive’s employment without Cause or the Executive resigns for any reason, the provisions
of Section 5(b) shall apply.

 

    	4

    	 

    

 

(e)          If,
whether prior to or following a Change in Control, the Employment Period terminates by reason of (i) the Company’s termination
with Cause, (ii) the Executive’s resignation without Good Reason, or (iii) the Executive’s death or Disability, then,
subject to the provisions of Sections 5(d) and 7(c)(ii), the Executive (or his estate in the case of his death) will be entitled
to receive the amounts specified in clause (ii) of Section 5(b) or 5(c), as the case may be, as well as any COBRA benefits
to which the Executive is entitled by law (at the Executive’s sole expense).

 

(f)          The
Cash Severance Amount will be paid in equal bi-weekly installments over the number of months following the Termination Date constituting
the Cash Severance Amount (i.e., either twelve (12) or eighteen (18) months) in accordance with the general payroll practices of
the Company and subject to all applicable withholding requirements; provided, however, that the payment of the Cash Severance Amount,
the Automobile Allowance and Insurance Reimbursement/Payment pursuant to Section 5(b)(iii) and 5(c)(iii) and the COBRA Reimbursement
(collectively, the “Post-Termination Amount”) shall be conditioned upon the Executive (i) executing and delivering to
the Company a general release of all past and present claims against the Company and its Subsidiaries substantially in the
form attached hereto as Exhibit A (the “Form of Release”), within twenty-two (22) days of the date the Company
delivers such general release (the “Release”) to the Executive, and (ii) not exercising the Executive’s
revocation right during the period for revocation described in the Form of Release; provided, further, that, in the event of the
Executive’s breach of this Agreement, then the Company’s obligation to pay any Post-Termination Amount shall terminate
and be of no further force or effect and the Executive shall be obligated to reimburse the Company for all Post-Termination Amount
payments previously made.  To the extent that any Post-Termination Amount payments are payable, they shall be made or commence
on the fortieth (40th) day following the Termination Date. The first Post-Termination Amount payment shall include all amounts
that would have been paid following the Termination Date had the Release been effective immediately following the Termination Date
but which were not yet paid.

 

(g)          Upon
the Termination Date, the Executive will be deemed to have resigned from each position (if any) that he then holds as an officer
or director of the Company or any Subsidiary, and the Executive will take any action that the Company or any Subsidiary may reasonably
request in order to confirm or evidence such resignation.

 

(h)          Neither
the termination or expiration of this Agreement nor the termination of the Executive’s employment with the Company, whether
by the Company or the Executive, whether for Cause or Without Cause, and whether voluntary or involuntary, shall affect the continuing
operation and effect of Section 6 hereof, which shall continue in full force and effect according to its terms. In addition, neither
the termination or expiration of this Agreement nor the termination of the Executive’s employment with the Company, whether
by the Company or the Executive, whether for Cause or Without Cause, and whether voluntary or involuntary, will result in a termination
or waiver of any rights and remedies that the Company may have under this Agreement and applicable law.

 

    	5

    	 

    

 

(i)          In
the event of the termination of this Agreement or the Executive’s employment, whether by the Company or the Executive, whether
for Cause or Without Cause, and whether voluntary or involuntary, except as expressly provided for herein, the Executive shall
not be entitled to any further compensation or benefits.

 

(j)          In
connection with the determination as to whether the Executive may have a Disability, the Executive agrees to submit himself for
appropriate medical examination to a physician of the Board’s designation. The determination as to Disability shall be made
in good faith by such selected physician.

 

6.          Restrictive
Covenants.

 

(a)          The
services of the Executive are unique and extraordinary and essential to the business of the Company, especially since the Executive
shall have access to the Company’s customer lists, trade secrets and other privileged and confidential information essential
to the Company’s business. Therefore, the Executive agrees that, as a material inducement to the Company’s execution
of this Agreement, and a condition precedent to the Company’s payment obligations hereunder and its other covenants herein,
if the term of the Executive’s employment hereunder shall expire or the Executive’s employment shall at any time terminate
for any reason whatsoever, with Cause or Without Cause, for Good Reason or otherwise, during the Employment Period or otherwise,
the Executive will not at any time within one (1) year after such expiration or termination (the “Restrictive Covenant Period”),
without the prior written approval of the Company, directly or indirectly, whether individually or as a principal, officer, stockholder,
equity participant, employee, partner, joint venturer, member, manager, director or agent of, or lender, consultant or independent
contractor to, any Person, or in any other capacity, other than on behalf of or for the benefit of the Company:

 

(i)          anywhere
in the United States of America, engage or participate in a business which, as of such expiration or termination date, is similar
to or competitive with, directly or indirectly, that of the Company, and shall not make any investments in any such similar or
competitive entity, except that the Executive may acquire up to one percent (1%) of the outstanding voting stock of any entity
whose securities are listed on a stock exchange or NASDAQ;

 

(ii)         cause
or seek to persuade any director, officer, employee, customer, account, agent or supplier of, or consultant or independent contractor
to, the Company or others with whom the Company has had a business relationship (collectively, “Business Associates”)
to discontinue or materially modify the status, employment or relationship of such Business Associate with the Company, or to become
employed in any activity similar to or competitive with the activities of the Company;

 

(iii)        cause
or seek to persuade any prospective customer, account, supplier or other Business Associate of the Company (which at the date of
cessation of the Executive’s employment with the Company was then actively being solicited by the Company) to determine not
to enter into a business relationship with the Company or to materially modify its contemplated business relationship;

 

    	6

    	 

    

 

(iv)        hire,
retain or associate in a business relationship with, directly or indirectly, any director, officer or employee of the Company;
or

 

(v)         solicit
or cause or authorize to be solicited, for or on behalf of the Executive or any third party, any business from, or the entering
into a business relationship with, (a) others who are, or were within one (l) year prior to the cessation of the Executive’s
employment with the Company, customers, accounts or other Business Associates of the Company, or (b) any prospective customer,
account or other Business Associate of the Company which at the date of such cessation was then actively being solicited by the
Company, to the extent that such business is related or similar to, or competitive with, directly or indirectly, the business of
the Company.

 

The foregoing restrictions
set forth in this Section 6 shall apply likewise during the Employment Period.

 

(b)          The
Executive agrees that, while he is employed by the Company, he will offer or otherwise make known or available to the Company,
as directed by the Board and without additional compensation or consideration, any business prospects, contacts or other business
opportunities that the Executive may discover, find, develop or otherwise have available to the Executive in any field in which
the Company is engaged, and further agrees that any such prospects, contacts or other business opportunities shall be the property
of the Company.

 

(c)          For
purposes of this Section 6, the term “Company” shall mean and include the Company and any and all Subsidiaries and
Affiliates of the Company in existence from time to time.

 

(d)          In
connection with the Executive’s agreement to the restrictions set forth in this Section 6, the Executive acknowledges the
benefits accorded to him pursuant to the provisions of this Agreement, including, without limitation, the agreement on the part
of the Company to employ the Executive during the Employment Period (subject to the terms and conditions hereof). The Executive
also acknowledges and agrees that the covenants set forth in this Section 6 are reasonable and necessary in order to protect and
maintain the proprietary and other legitimate business interests of the Company and that the enforcement thereof would not prevent
the Executive from earning a livelihood.

 

(e)          In
the event the Executive is entitled to receive a Cash Severance Amount, he shall be under no obligation to seek other employment
to mitigate such payment, and there shall be no offset against amounts, benefits or entitlements due the Executive by the Company
pursuant to this Agreement on account of any remuneration or benefits provided by any subsequent employment.

 

(f)          The
Executive’s obligations under Section 6(a) shall terminate in the event the Company materially defaults on its obligation
to pay the Post-Termination Amount to the Executive in accordance with the provisions hereof, and such default continues uncured
for a period of forty-five (45) days following the date on which the Company receives written notice of such default from the Executive.

 

    	7

    	 

    

 

(g)          The
provisions of the Confidentiality and Proprietary Rights Agreement, dated as the date hereof, between the Company and the Executive
shall continue in full force and effect notwithstanding the expiration or termination of this Agreement.

 

7.          Options.
In the event that, during the Employment Period, the Board or the Compensation Committee determines, in its sole discretion, to
grant one or more stock options to the Executive pursuant to the Company’s 2010 Equity Participation Plan (the “Plan”)
or another stock option or equity plan of the Company, the stock option agreement evidencing such stock option grant shall provide
for the following:

 

(a)          a
net exercise provision (as provided for in Section 13(b) of the Plan);

 

(b)          once
the stock option vests, it shall remain exercisable until the expiration date of the option notwithstanding subsequent termination
of employment with the Company; and

 

(c)          any
and all unvested stock options shall vest and become exercisable (i) in the event of a termination of employment Without Cause
or for Good Reason during the Employment Period (whether following a Change in Control or otherwise), or (ii) in the event that
the Executive’s employment with the Company is not terminated by the Company on or prior to the Expiration Date, and the
Executive does not resign his employment on or prior to the Expiration Date, and, on or prior to the Expiration Date, the Company
and the Executive, for any reason, do not enter into an agreement to extend the term of this Agreement (whether on modified terms
or otherwise) or enter into a new employment agreement, and, within three (3) months following the Expiration Date, there is a
termination of employment Without Cause or the Executive resigns his employment for any reason.

 

8.          Deductions
and Withholding. The Executive agrees that the Company shall withhold from any and all payments required to be made to the
Executive pursuant to this Agreement all federal, state, local and/or other taxes that are required to be withheld in accordance
with applicable statutes and/or regulations from time to time in effect.

 

9.          Code
Sections 409A, 280G and 4999.

 

(a)          The
intent of the parties is that payments and benefits under this Agreement comply with Section 409A of the Internal Revenue Code
of 1986, as amended (together with the regulations and guidance promulgated thereunder, “Code Section 409A”), and,
accordingly, to the maximum extent permitted, this Agreement shall be interpreted to be in compliance therewith. To the extent
that any provision hereof is modified in order to comply with Code Section 409A, such modification shall be made in good faith
and shall, to the maximum extent reasonably possible, maintain the original intent and economic benefit to the parties hereto of
the applicable provision without violating the provisions of Code Section 409A. In no event whatsoever shall the Company be liable
for any additional tax, interest or penalty that may be imposed on the Executive by Code Section 409A.

 

    	8

    	 

    

 

(b)          A
termination of employment shall not be deemed to have occurred for purposes of any provision of this Agreement providing for the
payment of any amounts or benefits constituting deferred compensation under Code Section 409A upon or following a termination
of employment unless such termination of employment is also a “separation from service” within the meaning of Code
Section 409A and, for purposes of any such provision of this Agreement, references to a termination of employment or like terms
shall mean “separation from service.” If the Executive is deemed on the date of termination to be a “specified
employee” within the meaning of that term under Code Section 409A(a)(2)(B), then with regard to any payment or the provision
of any benefit that is considered deferred compensation under Code Section 409A payable on account of a “separation from
service,” such payment or benefit shall be made or provided at the date which is the earlier of (i) the expiration of the
six (6) month period measured from the date of such “separation from service” of the Executive, and (ii) the date of
the Executive’s death (the “Delay Period”). Upon the expiration of the Delay Period, all payments and benefits
delayed pursuant to this Section 9(b) (whether they would have otherwise been payable in a single sum or in installments in
the absence of such delay) shall be paid or reimbursed to the Executive in a lump sum, and any remaining payments and benefits
due under this Agreement shall be paid or provided in accordance with the normal payment dates specified herein.

 

(c)          All
expenses or other reimbursements under this Agreement shall be made on or prior to the last day of the taxable year following the
taxable year in which such expenses were incurred by the Executive (provided that if any such reimbursements constitute taxable
income to the Executive, such reimbursements shall be paid no later than March 15th of the calendar year following the calendar
year in which the expenses to be reimbursed were incurred), and no such reimbursement or expenses eligible for reimbursement in
any taxable year shall in any way affect the expenses eligible for reimbursement in any other taxable year.

 

(d)          For
purposes of Code Section 409A, the Executive’s right to receive any installment payments pursuant to this Agreement shall
be treated as a right to receive a series of separate and distinct payments. Whenever a payment under this Agreement specifies
a payment period with reference to a number of days (e.g., “payment shall be made within sixty (60) days”), the
actual date of payment within the specified period shall be within the sole discretion of the Company.

 

(e)          In
no event shall any payment under this Agreement that constitutes “deferred compensation” for purposes of Code Section
409A be offset by any other payment pursuant to this Agreement or otherwise.

 

(f)          Notwithstanding
any other provisions of this Agreement to the contrary, in the event that any payments or benefits received or to be received by
the Executive in connection with the Executive’s employment with the Company (or termination thereof) would subject the Executive
to the excise tax imposed under Section 280G or 4999 of the Code (the “Excise Tax”), and, if the net-after tax amount
(taking into account all applicable taxes payable by the Executive, including any Excise Tax) that the Executive would receive
with respect to such payments or benefits does not exceed the net-after tax amount the Executive would receive if the amount of
such payment and benefits were reduced to the maximum amount which could otherwise be payable to the Executive without the imposition
of the Excise Tax, then, to the extent necessary to eliminate the imposition of the Excise Tax, (i) such cash payments and benefits
shall first be reduced (if necessary, to zero) and (ii) all other non-cash payments and benefits shall next be reduced. The determination
of whether any reduction in such payments or benefits to be provided under this Agreement or otherwise is required pursuant to
the preceding sentence will be made at the expense of the Company by independent accountants or benefits consultants selected by
the Company, and the Executive shall have the right to review such determination.

 

    	9

    	 

    

 

10.         Representations
and Warranties. The Executive represents and warrants to the Company and its Subsidiaries that: (a) the Executive is not a
party to or bound by any employment, noncompete, nonsolicitation, or similar agreement with any other Person; (b) the Executive
is not a party to or bound by any nondisclosure, confidentiality or similar agreement with any other Person that would affect the
Executive’s ability to perform his responsibilities on behalf of the Company; and (c) this Agreement constitutes a valid
and legally binding obligation of the Executive, enforceable against him in accordance with its terms. The Company represents that
this Agreement constitutes a valid and legally binding obligation of the Company, enforceable against it in accordance with its
terms. All representations and warranties contained herein will survive the execution and delivery of this Agreement.

 

11.         Indemnification.
The Company shall, to the fullest extent permitted by applicable law, indemnify and hold harmless the Executive from and against
any liability, damage, claim or expense incurred by him by reason of any act performed or omitted to be performed by the Executive
in connection with the Executive’s employment with, or services for, the Company, such indemnification to include, without
limitation, the advance payment of attorneys fees and other expenses reasonably incurred by the Executive in connection with defending,
or otherwise resolving, any claim based on any such act or omission. Such advances shall be made within thirty (30) days after
the Executive’s presentation of an invoice for such expenses. The Executive shall also be covered under any directors’
and officers’ liability insurance policies maintained for officers or directors of the Company on no less favorable a basis
than that applying to the Company’s officers and directors in general. The Executive’s coverage under such policies
shall continue during the Employment Period, and for not less than six (6) years thereafter, at the level then in effect for current
officers and directors of the Company and shall be provided by the Company at its expense.

 

12.         Certain
Definitions. When used in this Agreement, the following terms will have the following meanings:

 

“Affiliate”
means, with respect to any Person, any other Person that, directly or indirectly through one or more of its intermediaries, controls,
is controlled by or is under common control with such Person.

 

    	10

    	 

    

 

“Cause” means
any one or more of the following: (i) in the reasonable judgment of the Board, the Executive acts (including a failure to
act) in a manner that constitutes gross misconduct or gross negligence or that is otherwise materially injurious to the Company
or its Subsidiaries; (ii) the Executive breaches any material term of this Agreement; (iii) in the reasonable judgment of the Board,
the Executive has committed an act of fraud or misappropriation, or other act of dishonesty or illegal business practices relating
to the Company or any of its Subsidiaries, customers or suppliers; (iv) the Executive’s commission of any act which, if the
Executive were convicted, would constitute a felony, a crime of moral turpitude or a crime involving the illegal use of drugs,
or the Executive’s entry of a plea of guilty or no contest thereto; (v) the Executive’s willful failure or refusal
to perform specific directives of the Board; (vi) any alcohol or other substance abuse on the part of the Executive; (vii) any
excessive absence of the Executive from his employment during normal working hours for reasons other than vacation or disability;
(viii) the Executive’s breach of any other material obligation under this Agreement; or (ix) any misrepresentation on the
Employee’s part herein set forth. Notwithstanding the foregoing, if any act or omission
described in the above definition of “Cause” is susceptible to cure (as determined in the reasonable discretion of
the Board), the Executive shall have forty-five (45) days after notice from the Board to cure such violation to the reasonable
satisfaction of the Board; provided, however, that, once the Company has given the Executive a cure period with regard to any act
or omission, the Company shall not be required to give the Executive a cure period for any and all other acts or omissions. Any
notice to the Executive of termination for “Cause” shall be in writing and shall specify in reasonable detail the Executive’s
acts or omissions that the Company considers to be “Cause.”

 

“Change in Control”
means:

 

(a)          the
consummation of a consolidation or merger of the Company, whether or not the Company is the continuing or surviving corporation,
if, after such merger or consolidation, the holders of the Common Stock of the Company immediately prior to the consolidation or
merger hold less than 50% of the voting power of the surviving entity (or the parent thereof); or

 

(b)          a
sale, lease, exchange or other transfer (in one transaction or a series of related transactions) of all or substantially all of
the assets of the Company (other than to one of its Subsidiaries);

 

(c)          a
change in the majority composition of the Board within a 24-month period unless the election or nomination for election by the
Company’s stockholders of each new director was approved by a vote of two-thirds of the directors then still in office who
were in office at the beginning of the 24 month period;

 

(d)          any
Person or group of Persons acting in concert and Affiliates thereof, acquires, directly or indirectly, more than 50% of the outstanding
shares of voting stock of the Company; provided that this clause (d) shall not apply to an underwritten public offering of the
Company’s securities.

 

“COBRA” means
the Consolidated Omnibus Budget Reconciliation Act of 1985 as amended from time to time.

 

“Disability”
has the meaning given to such term under the Company’s long-term disability insurance plan or, if no such plan exists, then
“Disability” means that the Executive is unable, due to illness, accident or other physical or mental incapacity, to
perform substantially all of his duties and responsibilities (provided that, in any such case, the Executive shall have satisfied
such criteria for a period of at least twelve (12) consecutive months).

 

    	11

    	 

    

 

“Good Reason”
means, without the Executive’s written consent, (i) the assignment to the Executive of duties inconsistent with the duties
of a Chief Executive Officer, except in the case of a Change in Control (provided that the Executive remains in a management position);
(ii) a reduction in the Executive’s Salary, Bonus or other benefits, except as part of a Company-wide reduction in compensation
and/or benefits for employees (provided that the Executive’s reduction is consistent, on a proportional basis, with the reductions
imposed on all of the Company’s executive officers); (iii) the relocation of the Executive to an office more than fifty (50)
miles from the Company Offices; (iv) the Executive is removed or not appointed as a member of the Board; (v) the Company fails
to acquire the assignment of this Agreement by acquiring Person in a Change in Control transaction; or (vi) any other material
breach by the Company of the provisions hereof.

 

“Person” means
an individual, a partnership, a corporation, an association, a limited liability company, a joint stock company, a trust, a joint
venture, an unincorporated organization or any other entity (including any governmental entity or any department, agency or political
subdivision thereof).

 

“Subsidiaries”
means, with respect to any Person, any corporation, limited liability company, partnership, association or other business entity
of which (i) if a corporation, a majority of the total voting power of shares of stock entitled (without regard to the occurrence
of any contingency) to vote in the election of directors thereof is at the time owned or controlled, directly or indirectly, by
such Person or one (1) or more of the other Subsidiaries of such Person or a combination thereof, or (ii) if a limited liability
company, partnership, association or other business entity, a majority of the partnership or other similar ownership interests
thereof is at the time owned or controlled, directly or indirectly, by any Person or one (1) or more Subsidiaries of such Person
or entity or a combination thereof. For purposes hereof, a Person or Persons will be deemed to have a majority ownership interest
in a limited liability company, partnership, association or other business entity if such Person or Persons will be allocated a
majority of limited liability company, partnership, association or other business entity gains or losses or will be or control
any managing director, managing member, or general partner of such limited liability company, partnership, association or other
business entity. Unless stated to the contrary, as used in this Agreement the term Subsidiary means a Subsidiary of the Company.

 

“Termination Date”
means the date on which the Employment Period ends pursuant to Section 5(a).

 

13.         Cooperation
in Legal Matters. The Executive will cooperate with the Company and its Subsidiaries during the Employment Period and thereafter
with respect to any pending or threatened claim, action, suit, or proceeding, whether civil, criminal, administrative, or investigative
(the “Claims”), by being reasonably available to testify on behalf of the Company or any Subsidiaries, and to assist
the Company and its Subsidiaries by providing information, meeting and consulting with the Company and its Subsidiaries or their
representatives or counsel, as reasonably requested. The Executive agrees not to disclose to or discuss with anyone who is not
assisting the Company or any Subsidiary with the Claims, other than the Executive’s personal attorney, the fact of or the
subject matter of the Claims, except as required by law. The Executive further agrees to maintain the confidences and privileges
of the Company and its Subsidiaries, and acknowledges that any such confidences and privileges belong solely to the Company and
its Subsidiaries and can only be waived by the Company or any Subsidiary, not the Executive. In the event that the Executive is
subpoenaed to testify, or otherwise requested to provide information in any matter relating to the Company or any Subsidiary, the
Executive agrees to promptly notify the Company after receipt of such subpoena, summons or request for information, to reasonably
cooperate with the Company or any Subsidiary with respect to such subpoena, summons or request for information, and to not voluntarily
provide any testimony or information unless required by law or permitted by the Company. The Company will reimburse the Executive
for all reasonable attorneys fees incurred in providing such testimony or information.

 

    	12

    	 

    

 

14.         Miscellaneous.

 

(a)          Notices.
All notices, demands or other communications to be given or delivered by reason of the provisions of this Agreement will be in
writing and will be deemed to have been given (i) on the date of personal delivery to the recipient or an officer of the recipient,
(ii) when sent by telecopy or facsimile machine to the number shown below on the date of such confirmed facsimile or telecopy transmission
(provided that a confirming copy is sent via overnight mail), or (iii) when properly deposited for delivery by a nationally recognized
commercial overnight delivery service, prepaid, or by deposit in the United States mail, certified or registered mail, postage
prepaid, return receipt requested. Such notices, demands and other communications will be sent to each party at the address indicated
for such party below:

 

if to the Executive, to:

 

9 Colgate Lane

Woodbury, New York 11797

 

if to the Company, to:

 

40 Marcus Drive, Suite One

Melville, New York 11747

Facsimile: (631) 760-8414

Attention: Vice President of Operations

 

with a copy, which will not constitute
notice to the Company, to:

 

Certilman Balin Adler & Hyman,
LLP

90 Merrick Avenue

East Meadow, New York 11554

Facsimile: (516) 296-7111

Attention: Fred Skolnik, Esq.

 

or to such other address or to the attention
of such other person as the recipient party has specified by prior written notice to the sending party.

 

(b)          Consent
to Amendments. No modification, amendment or waiver of any provision of this Agreement will be effective against any party
hereto unless such modification, amendment or waiver is approved in writing by such party. No other course of dealing among the
Company, the Subsidiaries, and the Executive or any delay in exercising any rights hereunder will operate as a waiver by any of
the parties hereto of any rights hereunder.

 

    	13

    	 

    

 

(c)          Assignability
and Binding Effect. This Agreement will be binding upon and inure to the benefit of the Executive and his heirs, legal representatives,
executors, administrators or successors, and will be binding upon and inure to the benefit of the Company and its successors and
assigns. The Executive may not assign, transfer, pledge, encumber, hypothecate or otherwise dispose of this Agreement, or any of
his rights or obligations hereunder, and any such attempted assignment or disposition shall be null and void and without effect.

 

(d)          Severability.
Whenever possible, each provision of this Agreement will be interpreted in such manner as to be effective and valid under applicable
law, but if any provision of this Agreement is held to be prohibited by or invalid under applicable law, such provision will be
ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of this Agreement.

 

(e)          Headings
and Sections. The headings in this Agreement are inserted for convenience only and are in no way intended to describe, interpret,
define, or limit the scope, extent or intent of this Agreement or any provision of this Agreement. Unless the context requires
otherwise, all references in this Agreement to Sections, Exhibits or Schedules will be deemed to mean and refer to Sections, Exhibits
or Schedules of or to this Agreement.

 

(f)          Governing
Law. All issues and questions concerning the application, construction, validity, interpretation and enforcement of this Agreement
and any exhibits and schedules to this Agreement shall be governed by, and construed in accordance with, the laws of the State
of New York, without giving effect to any choice of law or conflict of law rules or provisions that would cause the application
of the laws of any jurisdiction other than the State of New York.

 

(g)          Waiver
of Jury Trial. EACH PARTY TO THIS AGREEMENT HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY RIGHT TO TRIAL BY JURY
OF ANY CLAIM, DEMAND, ACTION, OR CAUSE OF ACTION (I) ARISING UNDER THIS AGREEMENT OR (II) IN ANY WAY CONNECTED WITH OR RELATED
OR INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO IN RESPECT OF THIS AGREEMENT, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER
ARISING, AND WHETHER IN CONTRACT, TORT, EQUITY, OR OTHERWISE. EACH PARTY TO THIS AGREEMENT HEREBY AGREES AND CONSENTS THAT ANY
SUCH CLAIM, DEMAND, ACTION, OR CAUSE OF ACTION WILL BE DECIDED BY COURT TRIAL WITHOUT A JURY AND THAT THE PARTIES TO THIS AGREEMENT
MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS AGREEMENT WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE PARTIES HERETO
TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY.

 

(h)          Submission
to Jurisdiction. ANY AND ALL SUITS, LEGAL ACTIONS OR PROCEEDINGS ARISING OUT OF THIS AGREEMENT WILL BE BROUGHT IN THE COURTS
OF THE STATE OF NEW YORK OR THE UNITED STATES DISTRICT COURT IN THE EASTERN DISTRICT OF NEW YORK, AND EACH PARTY HEREBY SUBMITS
TO AND ACCEPTS THE EXCLUSIVE JURISDICTION OF SUCH COURTS FOR THE PURPOSE OF SUCH SUITS, LEGAL ACTIONS OR PROCEEDINGS. TO THE FULLEST
EXTENT PERMITTED BY LAW, EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING
OF VENUE OR ANY SUCH SUIT, LEGAL ACTION OR PROCEEDING IN ANY SUCH COURT AND HEREBY FURTHER WAIVES ANY CLAIM THAT ANY SUIT, LEGAL
ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM.

 

    	14

    	 

    

 

(i)          Service
of Process. WITH RESPECT TO ANY AND ALL SUITS, LEGAL ACTIONS OR PROCEEDINGS ARISING OUT OF THIS AGREEMENT, EACH PARTY WAIVES
PERSONAL SERVICE OF ANY SUMMONS, COMPLAINT OR OTHER PROCESS AND AGREES THAT SERVICE THEREOF MAY BE MADE BY ANY MEANS SPECIFIED
FOR NOTICE PURSUANT TO SECTION 14(a).

 

(j)          Confidentiality.
The parties agree that this Agreement and the Release (if and when executed) are confidential and each party agrees not to disclose
any information regarding the terms of this Agreement or the Release to any Person, except that the Company may disclose information
regarding the terms of this Agreement or the Release to its Affiliates and any lenders or as required by law or regulation or the
rules of any stock exchange or market on which the Company’s securities are listed or traded, and the Executive may disclose
information regarding the terms of this Agreement or the Release to his immediate family. Each party may also disclose this information
to its tax, legal or other counsel. Each party shall instruct each of the foregoing not to disclose the same to anyone.

 

(k)          No
Strict Construction. The parties hereto have participated jointly in the negotiation and drafting of this Agreement. In the
event an ambiguity or question of intent or interpretation arises, this Agreement will be construed as if drafted jointly by the
parties hereto, and no presumption or burden of proof will arise favoring or disfavoring any party by virtue of the authorship
of any of the provisions of this Agreement.

 

(l)          Entire
Agreement. Except as otherwise expressly set forth in this Agreement, this Agreement and the other agreements referred to in
this Agreement embody the complete agreement and understanding among the parties to this Agreement with respect to the subject
matter of this Agreement, and supersede and preempt any prior understandings, agreements, or representations by or among the parties
or their predecessors, written or oral, that may have related to the subject matter of this Agreement in any way, including the
Employment Agreement, dated as of October 4, 2010, between the Company and the Executive, as amended. This Agreement will be deemed
effective on the date hereof upon the execution hereof.

 

(m)          Time.
Whenever the last day for the exercise of any privilege or the discharge or any duty hereunder falls upon a day that is not a business
day, the party having such privilege or duty may exercise such privilege or discharge such duty on the next succeeding day that
is a business day.

 

(n)          Certain
Terms. The use of the word “including” herein means “including without limitation.” Any definitions
used herein defined in the plural will be deemed to include the singular as the context may require and any definitions used herein
defined in the singular will be deemed to include the plural as the context may require. References to “Dollars” or
“$” are references to the lawful currency of the United States of America.

 

[Remainder of page intentionally left blank.
Signature page follows.]

 

    	15

    	 

    

 

IN WITNESS WHEREOF,
the parties hereto have executed this Executive Employment Agreement as of the date first written above.

 

	 	BIORESTORATIVE THERAPIES, INC.
	 	 	 
	 	By:	     
	 	Name:  	Mandy Clyde
	 	Title: 	Vice President of Operations
	 	 	 
	 	 	    
	 	Mark Weinreb

 

    	 

    	 

    

 

SCHEDULE A

 

	Position:	 	President, Chief Executive Officer and Chairman of the Board
	 	 	 
	Per Annum Salary:	 	$400,000
	 	 	 
	Bonus:	 	2015: 50% of Per Annum Salary
	 	 	 
	 	 	2016 and 2017: 50% of Per Annum Salary based upon the satisfaction of certain performance goals.  The performance goals will be established during 2015 by the Compensation Committee of the Board (the “Compensation Committee”) based upon the level of achievement of the Company’s corporate goals and objectives for the calendar year with respect to which the Bonus relates and the Executive’s individual performance (in each case, as reasonably determined by the Compensation Committee).  The Compensation Committee will take into consideration the Executive’s input with respect to the establishment of the Executive’s individual goals and objectives.  The Compensation Committee may, in its discretion, award the Executive a Bonus in an amount greater than 50% of Per Annum Salary depending on the Executive’s level of achievement of the performance targets.
	 	 	 
	Monthly Automobile	 	 
	Allowance:	 	$600
	 	 	 
	Annual Insurance	 	 
	Premium	 	 
	Reimbursement/Payment:	 	$30,000
	 	 	 
	Annual Vacation:	 	4 weeks

 

    	 

    	 

    

 

EXHIBIT A

 

GENERAL RELEASE

 

I, Mark Weinreb, in consideration
of and subject to the performance by BioRestorative Therapies, Inc., a Delaware corporation (the “Company”), of its
obligations under the Executive Employment Agreement by and between the Company and myself, dated as of March 9, 2015 (as amended
from time to time, the “Agreement”), do hereby release and forever discharge as of the date hereof, (i) the Company
and (ii) each of its subsidiaries, affiliates and predecessors (including, without limitation, and to the extent that they could
be liable in respect of their position with any of the foregoing, each of the present and former managers, directors, officers,
direct or indirect equity holders, agents, representatives, employees, subsidiaries, affiliates, predecessors, successors, assigns,
beneficiaries, heirs, executors, insurers, personal representatives, and attorneys of the parties referenced in clauses (i) and
(ii) above) (collectively, the “Released Parties”) to the extent provided below.

 

1.          I
understand that any payments or benefits paid or granted to me under Section 5 of the Agreement represent, in part, consideration
for signing this General Release and are not salary, wages or benefits to which I was already entitled. I understand and agree
that I will not receive the payments and benefits specified in Section 5(b)(i) and (iii) or Section 5(c)(i) and (iii) of the Agreement,
or the COBRA Reimbursement (as such term is defined in the Agreement), unless I execute this General Release and do not revoke
this General Release within the time period permitted hereafter or breach this General Release. I also acknowledge and represent
that I have received all payments and benefits the payment and provision of which were due to me, as of the date hereof, by virtue
of any employment by the Company.

 

2.          Except
as provided in paragraph 4 below, I knowingly and voluntarily (for myself, my heirs, executors, administrators and assigns) release
and forever discharge the Released Parties from any and all claims, suits, controversies, actions, causes of action, cross-claims,
counter-claims, demands, debts, compensatory damages, liquidated damages, punitive or exemplary damages, other damages, claims
for costs and attorneys’ fees, or liabilities of any nature whatsoever in law and in equity, both past and present (through
the date this General Release becomes effective and enforceable) and whether known or unknown, suspected, or claimed against any
of the Released Parties which I, my spouse, or any of my heirs, executors, administrators or assigns, may have, which arise out
of or are connected with my employment with, or my separation or termination from, the Company (including, but not limited to,
any allegation, claim or violation, arising under: Title VII of the Civil Rights Act of 1964, as amended; the Civil Rights Act
of 1991; the Age Discrimination in Employment Act of 1967, as amended (including the Older Workers Benefit Protection Act); the
Equal Pay Act of 1963, as amended; the Americans with Disabilities Act of 1990; the Family and Medical Leave Act of 1993; the Worker
Adjustment Retraining and Notification Act; the Employee Retirement Income Security Act of 1974; any applicable Executive Order
Programs; the Fair Labor Standards Act; or their state or local counterparts; or under any other federal, state or local civil
or human rights law, or under any other federal, state or local law, regulation or ordinance; or under any public policy, contract
or tort, or under common law; or arising under any policies, practices or procedures of the Company or any of its affiliates; or
any claim for wrongful discharge, breach of contract, infliction of emotional distress or defamation; or any claim for costs, fees,
or other expenses, including attorneys’ fees incurred in these matters) (all of the foregoing collectively referred to herein
as the “Claims”). Notwithstanding any other provision of this General Release to the contrary, this General Release
does not encompass, and I do not release, waive or discharge, the obligations of any of the Released Parties (a) to make the payments
and provide the other benefits contemplated by the Agreement, (b) under any restricted stock agreement, option agreement or other
agreement pertaining to my equity ownership, or (c) under any indemnification or similar agreement with me.

 

    	 

    	 

    

 

3.          I
represent that I have made no assignment or transfer of any right, claim, demand, cause of action, or other matter covered by paragraph
2 above.

 

4.          I
agree that this General Release does not waive or release any rights or claims that I may have under the Age Discrimination in
Employment Act of 1967 which arise after the date I execute this General Release. I acknowledge and agree that my separation from
employment with the Company in compliance with the terms of the Agreement shall not serve as the basis for any claim or action
(including, without limitation, any claim under the Age Discrimination in Employment Act of 1967).

 

5.          In
signing this General Release, I acknowledge and intend that it shall be effective as a bar to each and every one of the Claims
hereinabove mentioned or implied. I expressly consent that this General Release shall be given full force and effect according
to each and all of its express terms and provisions, including those relating to unknown and unsuspected Claims (notwithstanding
any state statute that expressly limits the effectiveness of a general release of unknown, unsuspected and unanticipated Claims),
if any, as well as those relating to any other Claims hereinabove mentioned or implied. I acknowledge and agree that this waiver
is an essential and material term of this General Release and that without such waiver the Company would not have agreed to the
terms of the Agreement. I further agree that in the event I should bring a Claim seeking damages against any Released Party, or
in the event I should seek to recover damages against any Released Party in any Claim brought by a governmental agency on my behalf,
this General Release shall serve as a complete defense to such Claims. I further agree that I have not filed and am not aware of
any pending Claim as of the execution of this General Release.

 

6.          I
agree that neither this General Release, nor the furnishing of the consideration for this General Release, shall be deemed or construed
at any time to be an admission by the Company, any Released Party or myself of any improper or unlawful conduct.

 

7.          Nothing
in this Agreement shall be construed to preclude me from participating or cooperating in any investigation or proceeding conducted
by the Equal Employment Opportunity Commission or any other state or federal administrative agency. However, in the event
that a charge or complaint is filed against the Released Parties, or any of them, with any administrative agency or in the event
of an authorized investigation, charge or lawsuit filed against the Released Parties, or any of them, by any administrative
agency, I expressly waive and shall not accept any award or damages therefrom.

 

    	 

    	 

    

 

8.          Notwithstanding
anything in this General Release to the contrary, this General Release shall not relinquish, diminish, or in any way affect any
of my rights or claims arising out of any breach by the Company after the date hereof of the Agreement if and to the extent those
rights, in each case by their specific terms, survive termination of my employment with the Company.

 

9.          Whenever
possible, each provision of this General Release shall be interpreted in such manner as to be effective and valid under applicable
law, but if any provision of this General Release is held to be invalid, illegal or unenforceable in any respect under any applicable
law or rule in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other provision or any other
jurisdiction, but this General Release shall be reformed, construed and enforced in such jurisdiction as if such invalid, illegal
or unenforceable provision had never been contained herein. However, should paragraph 2 of this General Release be declared or
determined by any tribunal, administrative agency or court of competent jurisdiction to be illegal or invalid, and should I thereupon
seek to institute any claims that would have been within the scope of paragraph 2, the Company shall be entitled to immediate repayment,
and I shall immediately return, all of the severance payments that I have received, and the Company shall not be obligated to make
any further severance payments.

 

BY SIGNING THIS GENERAL RELEASE, I REPRESENT
AND AGREE THAT:

 

10.         I
HAVE READ IT CAREFULLY;

 

11.         I
UNDERSTAND ALL OF ITS TERMS AND KNOW THAT I AM GIVING UP IMPORTANT RIGHTS, INCLUDING BUT NOT LIMITED TO, RIGHTS UNDER THE AGE DISCRIMINATION
IN EMPLOYMENT ACT OF 1967, AS AMENDED, TITLE VII OF THE CIVIL RIGHTS ACT OF 1964, AS AMENDED, THE EQUAL PAY ACT OF 1963, THE AMERICANS
WITH DISABILITIES ACT OF 1990, AND THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED;

 

12.         I
VOLUNTARILY CONSENT TO EVERYTHING IN IT;

 

13.         I
HAVE BEEN ADVISED TO CONSULT WITH AN ATTORNEY BEFORE EXECUTING IT AND I HAVE DONE SO OR, AFTER CAREFUL READING AND CONSIDERATION
I HAVE CHOSEN NOT TO DO SO OF MY OWN VOLITION;

 

14.         I
HAVE BEEN ADVISED I HAVE TWENTY-ONE (21) CALENDAR DAYS TO REVIEW THIS GENERAL RELEASE;

 

15.         I
AGREE THAT ANY MODIFICATIONS, MATERIAL OR OTHERWISE, MADE TO THIS GENERAL RELEASE DO NOT RESTART OR AFFECT IN ANY MANNER THE ORIGINAL
TWENTY-ONE (21) CALENDAR DAY CONSIDERATION PERIOD;

 

16.         I
UNDERSTAND THAT I HAVE SEVEN (7) DAYS AFTER THE EXECUTION OF THIS GENERAL RELEASE TO REVOKE IT AND THAT THIS GENERAL RELEASE SHALL
NOT BECOME EFFECTIVE OR ENFORCEABLE UNTIL THE REVOCATION PERIOD HAS EXPIRED;

 

    	 

    	 

    

 

17.         I
HAVE SIGNED THIS GENERAL RELEASE KNOWINGLY AND VOLUNTARILY AND WITH THE ADVICE OF ANY COUNSEL RETAINED TO ADVISE ME WITH RESPECT
TO IT; AND

 

18.         I
AGREE THAT THE PROVISIONS OF THIS GENERAL RELEASE MAY NOT BE AMENDED, WAIVED, CHANGED OR MODIFIED EXCEPT BY AN INSTRUMENT IN WRITING
SIGNED BY AN AUTHORIZED REPRESENTATIVE OF THE COMPANY AND BY ME.

 

	DATE:	 	 
	 	 	 
	 	 	 
	Mark Weinreb

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00242-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00242-of-00352.parquet"}]]