Document:

Exhibit 10.23

 

Clinical Trial Agreement

 

This Clinical Trial Agreement (“Agreement”)
is made as of this 19th day of September, 2016 (“Effective Date”) by and between Creative Medical Technologies,
Inc. with a place of business at 2017 W. Peoria Avenue, Phoenix, AZ, 85029 (“CMT”) and Los Angeles Biomedical
Research Institute at Harbor-UCLA Medical Center, a non-profit biomedical research and education institute located at 1124
W. Carson Street, Building N-14, Torrance, CA 90502 (“Institution”).

 

CMT desires to have Institution conduct
a clinical trial to be supervised by its member Jacob Rajfer, M.D., (“Principal Investigator”) under the CMT patented
intellectual property and protocol entitled, “Feasibility Study of Intra-cavernosal Administration of Non-Expanded Autologous
Bone Marrow Cells in Treatment of Erectile Dysfunction”, (“Study”). CMT wishes to provide certain support
for the Study, as is more fully described in Section 4 of this Agreement.

 

The Institution and CMT are hereinafter
each individually referred to as a “Party” and collectively referred to as the “Parties”.

 

Accordingly, the Parties agree as follows:

 

		1.	Investigators and Re se arch Staff

 

		1.1	Principal Investigator. The Study will
be supervised and completed by Principal Investigator at Institution.

 

		1.2	Obligations. Institution will ensure that Principal Investigator and any other personnel
who participate in the conduct of the Study abide by all applicable terms of this Agreement. Institution is responsible to CMT
for compliance by all personnel, including the Principal Investigator, with the terms of this Agreement.

 

     

     

    

  

		1.3	Delegation of Duties by Principal Investigator. Principal Investigator may delegate
duties and responsibilities to sub-investigators or research staff only to the extent permitted by Food and Drug Administration
(FDA) regulations governing the conduct of clinical investigations.

 

		1.4	Compliance with Institutional Policies. Institution will ensure that Principal Investigator
complies with Institution’s policies and procedures, including applicable financial policies. Institution will notify CMT
promptly of any conflict between the terms of this Agreement and any such policy or procedure, and the parties will attempt to
reach an appropriate accommodation.

 

		2.	Protocol

 

		2.1	Protocol. The Study will be conducted in accordance with a protocol developed by
CMT (“Protocol”).

 

		2.2	Ame ndme nts. If CMT modifies the IRB-approved final Protocol, CMT will inform Principal
Investigator in writing and seek approval from IRB for any such amendments.

 

		3.	Study Conduct

 

		3.1	Sponsorship. This is a sponsored study, CMT has designed the study and CMT is
                                                                                 funding the Study.

 

		3.2	Regulatory. CMT is solely responsible for any and all safety reporting and
                                                                                 regulatory obligations associated with the conduct of the Study.

 

     

     

    

 

		3.3	Standards. Principal Investigator will
conduct the Study in accordance with the Protocol, International Conference on Harmonization Good Clinical Practice (ICHGCP) guidelines,
and all applicable governmental laws, rules, and regulations.

 

		3.4	IRB Approval. If required, Principal Investigator will ensure that the Study is approved
by and subject to continuing oversight by an appropriate Institutional Review Board (IRB). Institution will provide CMT with documentation
of both the initial IRB approval and annual renewals of that approval. Institution will notify CMT promptly of any withdrawal or
suspension of IRB approval during the term of this Agreement.

 

		3.5	Informed Consent. Principal Investigator will obtain informed consent for each Study
subject in accordance with 21 Code of Federal Regulations Part 50 and will Inform Study subjects that CMT is providing support
for the Study. CMT has no obligation to participate in the development of, or to review or comment on, the informed consent form.

 

		3.6	Monitoring and Data Collection. CMT may monitor the
Study and receive any subject-level Study data, excluding the identity of any patients involved with the Study. During and
for a period of at least two years after the completion of the Study, CMT shall promptly report to the Investigator any information
that could directly affect the health or safety of past or current Study subjects or influence the conduct of the study, including
but not limited to the Study results and information in site monitoring reports and data safety monitoring committee reports as
required by the Protocol. In each case, the Investigator and Institution shall be free to communicate these findings to each Study
subject and the IRB.

 

		3.7	Duration of Study. Principal Investigator
expects to complete Study conduct by April 30, 2018. If required, the Study must be approved by CMT should an extension past
April 30, 2018 to complete the Study is needed.

 

     

     

    

 

		3.8	Status Updates. Principal Investigator will provide CMT with an update of Study status
at least once per quarter during the term of this Agreement, or more frequently if mutually agreed by the Parties. Each status
update will include subject enrollment, publication plans, any adjustments in estimated study completion date, and any other information
reasonably requested by CMT.

 

		4.	Research Support. CMT will provide funding
in support of the Study in accordance with the payment schedule and budget in Attachment A. This funding constitutes the CMT Financial
Support for this Study. In addition, CMT shall provide the Institution with all equipment and supplies necessary to conduct the
Study as required hereby, the sufficiency and adequacy of the equipment and supplies to be reasonably determined by the Institution.
The provision of the equipment and supplies so described and the CMT Financial Support constitutes the Research Support for this
Study.

 

		4.1	Basis of Support. This financial support is not conditioned on any pre-existing or
future research or business relationship between the Principal Investigator and CMT or Institution and CMT. It is also not conditioned
on any business, research or other decisions the Principal Investigator or Institution has made, or may make, relating to CMT or
CMT Products.

 

		4.2	Use of Financial Support. The Principal Investigator and Institution will use the
financial support solely for purposes of the Study.

 

		4.3	Study Budget. Institution represents that the Institution-provided study budget upon
which the support is based reflects an informed estimate of all funds required to complete the Study.

 

		4.4	Disclosure by CMT. In the interest of transparency relating to its financial relationships
with investigators and study sites, CMT may publicly disclose the funding associated with this Agreement. Any such report by CMT
will clearly differentiate between payments
made to institutions and payments made to individuals.

 

     

     

    

  

		5.	Study Data. Principal Investigator and
Institution are free to publish the results of the Study, subject to the provisions in Section 7 (Publications), and to use data
generated from the Study for their own research and educational purposes and programs. However, in consideration of the CMT support,
Principal Investigator and Institution shall not use or permit others to use Study data for the commercial benefit of any third
party.

 

		6.	Study Report. No later than ninety (90)
days after the final examination and follow-up review of any patient included within the Study, Principal Investigator will provide
CMT with a written report of the Study results (“Study Report”). The Study Report may take the form of a manuscript
for publication (see Section 7, Publications). If the Agreement is terminated early, the Study Report shall include, at minimum,
the results of the Study up until the date of termination.

 

		7.	Publications. CMT supports the exercise
of academic freedom and encourages Principal Investigator to publish the results of the Study, whether or not the results are
favorable to CMT or any CMT product.

 

		7.1	Pre-Publication Review. Principal Investigator
will provide CMT an opportunity (a minimum of 30 days before submission or other public disclosure) to prospectively review any
proposed publication, abstract, or other type of disclosure that reports the results of the Study (collectively, “Publication”).
CMT further recognizes and accepts that under Institution’s mission as a non-profit, responsible medical center, Institution
and its investigators must have a meaningful right to publish research results without CMT’s approval or editorial control,
regardless of the Study’s outcome; provided, however, that if reasonably requested by CMT, Institution shall not publish
or publicly disclose any confidential information belonging to CMT. If CMT reasonably determines that the proposed publication
or public disclosure contains patentable subject matter which requires protection, CMT may request the delay of publication or
public disclosure for a period of time not to exceed ninety (90) days for the purpose of filing patent applications. If no written
response is received from CMT within the applicable review period, it may be conclusively presumed that publication or public
disclosure may proceed without delay.

 

     

     

    

 

		7.2	Standards. For all Publications, Principal Investigator will comply with recognized
ethical standards concerning publications and authorship, including the Uniform Requirements for Manuscripts Submitted to Biomedical
Journals, established by the International Committee of Medical Journal Editors.

 

		7.3	Disclosure of Support. Principal Investigator will disclose CMT support of the Study
in any Publication of Study results.

 

		8.	Indemnification; Insurance ; Subject Injury.

 

		8.1	CMT will indemnify and hold harmless the County of
Los Angeles, the Institution, Site, Principal Investigator, and Institution and Site’s trustees, directors, officers members
and employees (collectively, “Indemnified Parties”) against any and all liabilities, losses, damages, costs, and expenses
including reasonable attorneys’ fees and costs (collectively, “Losses”) they may suffer in connection with any
claim or lawsuit brought by a third party: (a) for bodily injury, including death, arising out of the conduct of the Study in
accordance with the Protocol and the Agreement, (b) that arises out of CMT’s use of the Study results, or (c) that arises
out of the negligence, recklessness, or willful misconduct of CMT or its directors, officers, employees, or agents. Notwithstanding
the foregoing, CMT will not be obligated to indemnify the Institution Indemnitees to the extent that such Losses arise from (i)
negligence, recklessness, or willful misconduct on the part of any of the Institution Indemnitees or the Study Personnel, or (ii)
a breach of the Institution’s obligations, representations, or certifications under this Agreement.

 

		8.2	Institution agrees to indemnify, defend, and hold harmless
CMT and CMT’s (the “CMT Indemnitees”) from any and all Losses they may suffer in connection with any
claim or lawsuit brought by a third party arising out of: (a) the negligence, recklessness, or willful misconduct on the part
of the Institution or Institution’s officers, employees, agents, and subcontractors (including Study Personnel), or (b)
a breach of the Institution’s obligations, representations, or certifications under this Agreement. Notwithstanding the
foregoing, Institution will not be obligated to indemnify the Sponsor Indemnitees to the extent that such Losses arise from (i)
the negligence, recklessness, or willful misconduct on the part of any of the Sponsor Indemnitees, or (ii) a breach of the Sponsor’s
obligations, representations, or certifications under this Agreement.

 

     

     

    

 

		8.3	Each party’s agreement to indemnify, defend, and
hold the other party and its respective indemnitees harmless is conditioned upon the indemnified party: (a) providing written
notice to the indemnifying party of any claim, demand, or action arising out of the indemnified activities within thirty (30)
days after the indemnified party has knowledge of such claim, demand, or action, provided that any failure on the part of an indemnified
party to notify the indemnifying party of receipt of notice of a claim will relieve the indemnifying party of its obligation to
indemnify the indemnified party for such claim under this Agreement only to the extent that the indemnifying party has been prejudiced
by the lack of timely and adequate notice; (b) permitting the indemnifying party to assume full responsibility and authority to
investigate, prepare for, defend against, and settle any such claim or demand; and (c) assisting the indemnifying party, at the
indemnifying party’s reasonable expense, in the investigation of, preparation for, and defense of any such claim or demand.
If the indemnifying party assumes the defense of a third party claim, the indemnifying party will not be subject to any liability
for any settlement of such claim made by the indemnified party without the indemnifying party’s consent, which consent may
not be unreasonably withheld or delayed.

 

		8.4.	During the term of this Agreement and for at least one
(1) year thereafter, Institution will, at its own expense, carry and maintain medical professional liability insurance with limits
of not less than one million dollars ($1,000,000) per incident and there million dollars ($3,000,000) per aggregate for each person
and entity peforming services under this Agreement, including but not limited to Institution and Investigator. These policies
will provide coverage for incidents, claims, and suits arising from activities performed in connection with this Agreement and
reported during the term of this Agreement, as well as those incidents, claims, and suits arising from such activities but reported
after the expiration or termination of this Agreement.

 

     

     

    

 

		8.5	During the term of this Agreement and for at least one
(1) year thereafter, Sponsor will, at its own expense, carry and maintain in full force insurance coverage to support its obligations
under the indemnification, liability and related provisions of this Agreement, with limits of not less than one million dollars
($1,000,000) per incident and three million dollars ($3,000,000) per aggregate. These policies will provide coverage for incidents,
claims, and suits arising from activities performed in connection with this Agreement and reported during the term of this Agreement,
as well as those incidents, claims, and suits arising from such activities but reported after the expiration or termination of
this Agreement.

 

Either Party will at the request
of other party, have its insurance carrier for such insurance furnish to the requesting party, a certificate that such insurance
is in force, such certificate to indicate any deductible and/or self-insured retention and stipulate that such insurance will not
be canceled while this Agreement is in effect without at least thirty (30) days prior written notice to requesting party.

 

		8.6	CMT will reimburse Institution for reasonable and necessary
medical expenses, including hospitalization, it incurs in providing necessary medical treatment to a Study subjects who are injured
or have adverse reactions directly resulting from any research procedure performed in accordance with the Protocol, provided that
such adverse reactions, or research procedures performed, are in no way attributable to: (a) a failure of the Institution and/or
Investigator to adhere to the Protocol, (b) the negligence or misconduct of any agents, contractors, or employees of Site or Institution
or, (c) the natural progression of a subject’s underlying, re-existing medical condition or disease. For clarity, CMT will
not pay for the treatment of medical complications that are a part of the natural course of the primary disease, but will reimburse
Institution for reasonable and necessary medical expenses incurred for the treatment by Institution of aggravations of existing
conditions that directly result from any research procedures performed in accordance with the Protocol.

 

     

     

    

 

		9.	Adverse Experiences. CMT shall promptly notify
Investigator of any findings of new and unexpected serious adverse events rising from CMT’s monitoring of the Study that
could affect the safety of subjects, and trends or patterns of non-serious or expected adverse events that occur at a specificity
or severity that is inconsistent with prior observations all in accordance with the obligations set forth in 21
C.F.R. 312.32(c), 21 C.F.R. 312.55 (b), 21 C.F.R. 56.108 (b) and FDA’s Guidance on Adverse Event Reporting to Institutional
Review Boards in Clinical Trials (January 2009). In the event that any adverse reactions associated with the Study Drug indicate
the possibility of significant health hazards, Institution and Investigator shall notify Sponsor within twenty-four (24) hours
of making such discovery. Institution and Investigator shall at all times have the right to provide information regarding such
adverse events to Study subjects if it is determined that such adverse events may have an effect on the Study subject’s
health.

 

		10.	Use of Name. The use by any Party of
the name, trademark, trade name, logo or any adaption thereof, of any other Party in any publication, press release, advertisement,
announcement, promotional material, or promotional activity relating to the Study requires the prior written consent of the other
Party, subject, however, to the following:

 

a. CMT may, without
prior consent, identify Institution as the entity conducting the Study, and identify the Principal Investigator as conducting
the Study at the Institute. This paragraph does not apply to information of Sub-investigators or other study personnel.

 

b. Institute and
Principal Investigator may, without prior consent, disclose their participation in the Study (Including the name of CMT, name
of the Study, protocol number, funding amount, and any information available in a public registry) as required by law, court
order, or state regulation; or in (1) C.V.s, (2) their website, (3) industry directories, (4) presentations, (7) grant
applications to non-commercial funding sources, (8) government reports and filings, and (9) conflict-of-interest reports.
This paragraph applies to Sub-investigators and other study personnel.

 

     

     

    

 

c. CMT, as required by
law or regulation, may disclose and make public the terms and conditions of this Agreement, including, but not limited to,
the name of Institution and Principal Investigator and the amount of payments under this Agreement.

 

		11.	Intellectual Property. Intellectual
Property that either Party owned prior to execution of this Agreement, or develops independently of the Study and other Party’s
confidential information is that Party’s separate property. It is not affected by this Agreement. Neither Party has any
claims to or rights in such Intellectual Property of other Party.

 

		11.1	Inventorship. Inventorship shall be determined
under federal patent laws.

 

		11.2	Institution Intellectual Property. All individual or collective inventions, improvements
or discoveries, whether or not patentable or copyrightable which are conceived or made solely by one or more employees or members
of the Institution (“Institution Intellectual Property”) in performance of the Study during the term of this Agreement
shall be considered Institution Intellectual Property. All rights and title to Institution Intellectual Property created pursuant
to the Study shall belong to Institution and shall be subject to the terms and conditions of this Agreement.

 

Notwithstanding
the foregoing, however, Institution acknowledges and agrees that it shall not under any circumstance make commercial use of
Institution Intellectual Property in such a way as to compete with any business of CMT, including any of its productions
whether existing or prospective, or gain commercial advantage over any such business of CMT as a result thereof. In
consideration of CMT's support of Institution in performance of any such clinical testing or other services provided under
this Agreement, Institution hereby grants to CMT an option for an exclusive license to said Institution Intellectual
Property, which shall expire six months after Institution has provided written notice to CMT of any such invention,
improvement or discovery made by Institution ("Option Period"). Upon exercise of the option in writing, the Parties
will meet within thirty (30) days to begin negotiating the terms of the license. The Parties agree to negotiate in good
faith. In the event a license is not executed within six (6) months from the exercise of the option, or the option is not
exercised within the Option Period, the Institution shall be free to license the Institution Intellectual Property to others
at the Institution's sole discretion with no further obligation to the CMT.

 

     

     

    

 

		11.3	CMT Intellectual Property. All individual or collective inventions, improvements
or discoveries, whether or not patentable or copyrightable which are conceived or made solely by one or more employees of CMT (“CMT
Intellectual Property”) in performance of the Study during the term of this Agreement shall be considered CMT Intellectual
Property. All rights and title to CMT Intellectual Property created pursuant to the Study shall belong to CMT and shall be subject
to the terms and conditions of this Agreement.

 

		11.4	Joint Intellectual Property. All individual or collective inventions, improvements
or discoveries, whether or not patentable or copyrightable which are conceived and reduced to practice jointly by one or more employees
or members of each Party (“Joint Intellectual Property”) in performance of the Study during the term of this Agreement
shall be considered Joint Intellectual Property. All rights and title to Joint Intellectual Property created pursuant to the Study
shall belong jointly to Institution and CMT and shall be subject to the terms and conditions of this Agreement.

 

		a.	Each Party will promptly notify the other when Joint
Intellectual Property is created. Inventions made jointly by CMT and Institution will be owned jointly by CMT and Institution
CMT shall accordingly have the right, at its option and expense, and through patent attorneys or agents of its choice, to make
all decisions with respect to, and to otherwise control preparation, filing and prosecution (including any proceedings relating
to reissues, reexaminations, protests, interferences, and requests for patent extensions or supplementary protection certificates)
of any patent application with respect to any Joint Intellectual Property and to maintain any patents issuing therefrom. CMT shall
provide Institution an opportunity to review decisions related to the prosecution of any patent application based upon Joint Intellectual
Property.

 

     

     

    

 

		b.	CMT shall not retain patent attorneys or agents if such representatives pose a conflict of interest
with respect to the Institution’s rights in Institution Intellectual Property and Joint Intellectual Property..

 

		c.	If CMT elects not to exercise its rights in the Joint Intellectual Property or CMT decides to discontinue
or refrain from providing the financial support for the prosecution or maintenance of patents or patent applications claiming Joint
Intellectual Property, then CMT shall be deemed to have irrevocably assigned its rights in such patents and patent applications
to the Institution and, as a result, the Institution shall be free to file or continue prosecution or maintain any such application(s)
and to maintain any protection issuing thereon in the United States of America and in any foreign country at the Institution’s
sole expense and all rights in the applicable patent or patent applications shall thereupon be transferred to the Institution.

 

		12.	Grant of Rights. Institution hereby
grants to CMT, an exclusive option at CMT’s sole election, to negotiate for an exclusive license to Institution’s
interest in any Joint Intellectual Property. Terms and conditions of these licenses are to be negotiated in good faith and agreed
upon between Institution and CMT. CMT shall notify Institution by written notice within ninety (90) days of agreement of the Parties
whether or not CMT elects to exercise the option. If CMT either (i) elects not to exercise its option or (ii) fails to provide
written notice within such ninety (90) day period, then CMT shall automatically be deemed to have relinquished any rights it may
have to any Intellectual Property or license described in this section. If CMT provides Institution written notice of its exercise
of the option, the parties shall exclusively negotiate in good faith, for a period of ninety (90) days, a license to the applicable
Institution Intellectual Property and Joint Intellectual Property on terms consistent with the terms of this paragraph. If, after
good faith negotiations, no agreement is reached by the parties within such ninety (90) day period, Institution shall be free
to enter into a license agreement with any third party for any Institution Intellectual Property and to license its rights in
any Joint Intellectual Property to any third party.

 

     

     

    

 

		13.	Termination.

 

		13.1	Termination Events. Termination of this Agreement will be triggered by the earlier
of any of the following events.

 

		a.	Study Completion. The Agreement will terminate with the Study is complete, which
means the completion of all Protocol-required activities for all enrolled subjects and receipt, by CMT, of a final Study Report.

 

		b.	Early Termination by Institution. If Institution terminates the Study early, for
any reason, Institution may terminate the Agreement on the conditions that (i) thirty (30) days written notice of termination is
provided to CMT, and (ii) in the event that any patients remain enrolled in the Study as of the date of Institution’s decision
to termination, then Institution shall, notwithstanding its termination of the Agreement, continue to comply with the requirements
of both the IRB and federal regulations affecting clinical study patient follow-up examination and care.

 

		c.	Early Termination by CM T. CMT may terminate the Agreement early in any of the following
circumstances:

 

		i.	The Protocol is modified in a way unacceptable to CMT (see section 2.2, Amendments);

 

     

     

    

 

		ii.	Study conduct is not completed within six months after the target date ( see Section 3.7, Duration
of Study);

 

		iii.	The Study does not start within six months of the Effective Date of this Agreement.

 

		iv.	The Study design or objectives are no longer scientifically relevant.

 

		d.	Termination for Cause. Either Party may terminate the Agreement immediately upon
notification for cause, including but not limited to uncured material breach of the terms of this Agreement by the other Party.

 

		e.	Effective Date of Termination. If termination is triggered by events described in
Sections 10.1 a. b. or c above, termination will be effective after completion by both parties of any remaining applicable Agreement
obligations.

 

		f.	Payment upon Termination. If the Agreement is terminated early for any reason other
than an uncured material breach of this Agreement by Principal Investigator or Institution, CMT will pay a pro rata portion of
the total funding, less payments already made.

 

		13.2	Miscellaneous

 

		a.	Debarment and Exclusion. Institution certifies that neither it nor Principal Investigator
is debarred under subsections 306(a) or (b) of the Federal Food, Drug, and Cosmetic Act and that it has not and will not use in
any capacity the services of any person debarred under such law with respect to services to be performed under this Agreement.
Institution also certifies that neither it nor Principal Investigator is excluded from any federal health care program, including
but not limited to Medicare and Medicaid. Institution will notify CMT promptly if either of these certifications needs to be amended
in light of new information.

 

		b.	Warranty. INSTITUTION MAKES NO WARRANTIES
OR REPRESENTATIONS INCLUDING, BUT NOT LIMITED TO, WARRANTIES OF FITNESS FOR A PARTICULAR PURPOSE OR MERCHANTABILITY REGARDING
THE RESULTS OF THE STUDY.

 

     

     

    

 

		c.	Governing Law. This Agreement shall be governed by and construed under the laws of
the State of California, without regard for its conflict of law provisions.

 

		d.	Notice. All notices required under this Agreement will be in writing and be deemed
to have been given when hand delivered, sent by overnight courier or certified mail, as follows, provided that all urgent matters,
such as safety reports, will be promptly communicated via telephone, and confirmed in writing:

 

	If for Institution:	Los Angeles Biomedical Research Institution at
	 	Harbor-UCLA Medical Center 

Grants and Contracts Administration 

1124 W. Carson St.
	 	Torrance, CA 90502
	 	Phone: (424) 571-7631
	 	Attention:  Patrick Rosal
	 	 
	If for CMT:	Creative Medical Health, Inc.
	 	2007 West Peoria Avenue 

Phoenix, Arizona  85029
	 	 
	 	Phone: (480) 789-9939
	 	Attention:  Timothy Warbington,  President & CEO

 

		e.	Entire Agreement. This agreement and its attachments constitute the entire agreement
between the parties with respect to this subject matter. All express or implied representations, agreements and understandings,
either oral or written, heretofore made are expressly superseded by this Agreement. This Agreement may be amended, or any term
hereof modified, only by a written instrument duly executed by both parties.

 

		f.	Independent contractors. Each party
hereby acknowledges that the parties shall be independent contractors and that the relationship between the parties shall not
constitute a partnership, joint venture or agency. Neither party shall have the authority to make any statements, representations
or commitments of any kind, or to take any action, which shall be binding on the other party, without the prior consent of the
other party to do so.

 

     

     

    

 

		g.	Waiver. The waiver by a party of any right hereunder, or of any failure to perform
or breach by the other party hereunder, shall not be deemed a waiver of any other right hereunder or of any other breach or failure
by the other party hereunder whether of a similar nature or otherwise.

 

		h.	Conflict with Attachments. If there is any conflict between this agreement and any
Attachments to it, or between the Agreement and the Protocol, the terms of this Agreement will control.

 

		i.	Counterparts. This Agreement may be executed in separate counterparts, and by facsimile
or electronically as a portable document format (pdf) file or similar electronic file, each of which will be deemed an original,
and when executed separately or together, will constitute a single original instrument, effective in the same manner as if the
parties had executed one and the same instrument.

 

IN WITNESS WHEREOF, the parties have caused
this Agreement to be executed by their duly authorized representatives.

 

	CREATIVE MEDICAL HEALTH, INC.	 	LOS ANGLES BIOMEDICAL
    RESEARCH INSTITUTE AT HARBOR-UCLA MEDICAL CENTER
	 	 	 	 	 
	By:	/s/ Timothy Warbington	 	By: 	/s Allison Weber
	Name:	Timothy Warbington	 	Name:	Allison Weber
	Title:	President & Chief Executive Officer	 	Title: 	Director, Research Administration
	Date:	 	 	Date:	9/20/16
	 	 	 	 	 
	READ AND ACKNOWLEDGED:	 	 	 
	 	 	 	 	 
	By:	/s/ Jacob Rajfer, MD	 	 	 
	Name:	Jacob Rajfer, MD	 	 	 
	Title:	Principal Investor	 	 	 
	Date:	9/19/2016	 	 	 

 

     

     

    

 

Attachment A

 

Payment Schedule

 

Site will send payment requests to:

 

ATTN:

Creative Medical Technologies, Inc. 

C/O
Timothy Warbington

2017 W. Peoria Ave. 

Phoenix, AZ 85029

Email: ceo@creativemedicalhealth.com

 

CMT will send payments to:

 

	Payee:	Los Angeles Biomedical Research Institute  at Harbor-UCLA Medical Center
	 	 
	Institution:	Los Angeles Biomedical Research Institute  at Harbor-UCLA Medical Center 
	 	 
	Address:	PO Box 60637
	 	Terminal  Annex
	 	Los Angeles, CA 90060
	 	 
	C/O:	021760-01-00/J. Rajer, MD
	 	 
	Taxpayer ID:  	95-2138184burl-ex101_271.htm

 

Exhibit 10.1

Burlington Stores, Inc.

2013 Omnibus Incentive Plan

 

Burlington Stores, Inc.

Non-Qualified Stock Option Agreement

 

This agreement evidences a stock option granted by Burlington Stores, Inc. (formerly Burlington Holdings, Inc.), a Delaware corporation (the “Company”), to the undersigned (the “Employee”), pursuant to, and subject to the terms of the Burlington Stores, Inc. 2013 Omnibus Incentive Plan (the “Plan”), which is incorporated herein by reference and of which the Employee hereby acknowledges receipt.  For the purpose of this Agreement, the “Grant Date” shall mean _____________.  Capitalized terms not otherwise defined herein shall have the meanings set forth in the Plan.

 

1.Grant of Option.  This agreement evidences the grant by the Company on the Grant Date to the Employee of an option to purchase (the “Option”), in whole or in part, on the terms provided herein and in the Plan, the following shares of Common Stock of the Company (the “Shares”) as set forth below.

_________ shares of Common Stock (the “Options”), subject to adjustment as provided in the Plan.

Exercise Price: [$____]

The Option evidenced by this agreement is not intended to qualify as an incentive stock option under Section 422 of the Internal Revenue Code (the “Code”).

2.Vesting and Exercisability.

	
 
	
(a)
	
Vesting of Options. Except as otherwise specifically provided herein, the Options shall vest according to the following schedule:

	
 
	
(i)
	
25% on the first anniversary of the Grant Date;

	
 
	
(ii)
	
25% on the second anniversary of the Grant Date; 

	
 
	
(iii)
	
25% on the third anniversary of the Grant Date; and 

	
 
	
(iv)
	
25% on the fourth anniversary of the Grant Date.

All Options shall become exercisable in the event the Employee is terminated by the Company or a Subsidiary without Cause or resigns for Good Reason within the two year period immediately following a Change in Control.  Notwithstanding anything in this agreement or in the Plan to the contrary, for purposes of this agreement, “Cause” and “Good Reason” shall have the meaning provided in the terms of that certain employment agreement between the Company or one of its Subsidiaries and the Employee effective at the time of the Employee’s termination of employment with the Company or its Subsidiary.

 

 
 
 

 

	
 
	
(b)
	
Exercisability of Option.  Subject to the terms of the Plan, Options may be exercised in whole or in part at any time following such time as such Option vests.  The latest date on which an Option may be exercised (the “Final Exercise Date”) is the date which is the tenth anniversary of the Grant Date, subject to earlier termination in accordance with the terms and provisions of the Plan and this Agreement.

3.Exercise of Option. Each election to exercise this Option shall be subject to the terms and conditions of the Plan and shall be in writing, signed by the Employee or by his or her executor or administrator or by the person or persons to whom this Option is transferred by will or the applicable laws of descent and distribution (the “Legal Representative”), and made pursuant to and in accordance with the terms and conditions set forth in the Plan.

4.Cessation of Employment.  Unless the Committee determines otherwise, the following will apply if the Employee’s employment with the Company and its Subsidiaries ceases:

	
 
	
(a)
	
Options that have not vested will terminate immediately; and

	
 
	
(b)
	
The vested Options will remain exercisable for the shorter of (i) a period of 60 days from the date such Employee’s employment ceases, (ii) 365 days from the date such Employee’s employment ceases in the case of cessation of employment as a result of Employee’s death or Disability or (iii) the period ending on the Final Exercise Date, and will thereupon terminate.

	
 
	
(c)
	
Notwithstanding the foregoing, all Options will terminate immediately if the Employee’s employment is terminated for Cause or the Employee breaches any non-competition obligation he or she has to the Company under any agreement.

5.Legends, Retention of Shares, etc.  Shares of Common Stock issued upon exercise of the Option shall bear such legends as may be determined by the Committee prior to issuance.  Unvested Shares purchased by the Employee upon an exercise of the Option may be retained by the Company until such Shares vest.  An Employee shall have no shareholder rights, including the right to vote or receive dividends, until such Shares are issued.

6.Transfer of Option. This Option is not transferable by the Employee other than by the laws of descent and distribution.

7.Effect on Employment.  Neither the grant of this Option, nor the issuance of Shares upon exercise of this Option shall give the Employee any right to be retained in the employ of the Company or its Subsidiaries, affect the right of the Company or its Subsidiaries to discharge or discipline the Employee at any time or affect any right of Employee to terminate his employment at any time.

8.Certain Important Tax Matters.  The Employee expressly acknowledges that the Employee’s rights hereunder, including the right to be issued Shares upon exercise of Options, are subject to the Employee promptly paying to the Company in cash (or by such other means as may be acceptable to the Committee in its discretion) all taxes required to be withheld.  The 

 

 
2
 

 

Employee also authorizes the Company or its Subsidiaries to withhold such amount from any amounts otherwise owed to the Employee.

9.Provisions of the Plan.  This Option is subject in its entirety to the provisions of the Plan, which are incorporated herein by reference.  A copy of the Plan as in effect on the date of the grant of this Option has been furnished to the Employee.  By exercising all or any part of this Option, the Employee agrees to be bound by the terms of the Plan and this Option.  In the event of any conflict between the terms of this Option and the Plan, the terms of this Option shall control.

10.General.  For purposes of this Option and any determinations to be made by the Committee hereunder, the determinations by the Committee shall be binding upon the Employee and any transferee.

11.Governing Law.  All questions concerning the construction, validity and interpretation of this Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware, without regard to the choice of law principles thereof. 

12.Entire Agreement; Amendment.  This Agreement, together with the Plan, contains the entire agreement between the parties hereto with respect to the subject matter contained herein, and supersedes all prior agreements or prior understandings, whether written or oral, between the parties relating to such subject matter.  The Committee shall have the right, in its sole discretion, to modify or amend this Agreement from time to time in accordance with and as provided in the Plan.  This Agreement may also be modified or amended by a writing signed by both the Company and the Employee.  The Company shall give written notice to the Employee of any such modification or amendment of this Agreement as soon as practicable after the adoption thereof. 

13.Compliance with Laws.  The issuance of the Option (and the Shares upon exercise of the Option) pursuant to this Agreement shall be subject to, and shall comply with, any applicable requirements of any foreign and U.S. federal and state securities laws, rules and regulations (including, without limitation, the provisions of the Securities Act, the Exchange Act and in each case any respective rules and regulations promulgated thereunder) and any other law or regulation applicable thereto.  The Company shall not be obligated to issue the Option or any of the Option Shares pursuant to this Agreement if any such issuance would violate any such requirements.

14.Section 409A.  Notwithstanding anything herein or in the Plan to the contrary, the Option is intended to be exempt from the applicable requirements of Section 409A of the Code and shall be limited, construed and interpreted in accordance with such intent.

15.Severability.  The invalidity or unenforceability of any provisions of this Agreement in any jurisdiction shall not affect the validity, legality or enforceability of the remainder of this Agreement in such jurisdiction or the validity, legality or enforceability of any provision of this Agreement in any other jurisdiction, it being intended that all rights and obligations of the parties hereunder shall be enforceable to the fullest extent permitted by law.

 

 
3
 

 

16.18 U.S.C. § 1833(b) states: "An individual shall not be held criminally or civilly liable under any Federal or State trade secret law for the disclosure of a trade secret that-(A) is made-(i) in confidence to a Federal, State, or local government official, either directly or indirectly, or to an attorney; and (ii) solely for the purpose of reporting or investigating a suspected violation of law; or (B) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal." Accordingly, the Employee has the right to disclose in confidence trade secrets to Federal, State, and local government officials, or to an attorney, for the sole purpose of reporting or investigating a suspected violation of law. The Employee also has the right to disclose trade secrets in a document filed in a lawsuit or other proceeding, but only if the filing is made under seal and protected from public disclosure. Nothing in this Agreement is intended to conflict with 18 U.S.C. § 1833(b) or create liability for disclosures of trade secrets that are expressly allowed by 18 U.S.C. § 1833(b).

 

In Witness Whereof, the undersigned Company and Employee each have executed this Non-Qualified Stock Option Agreement as of the date indicated below.

 

	
The Company:
	
BURLINGTON STORES, INC. 

 

 

By: ____________________________

Name:

Title:

Date:

 

The Employee:

________________________________

Name:

Date:

 

 
4

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