Document:

Exhibit 10.20

 

BIORESTORATIVE THERAPIES, INC.

40 Marcus Drive

Melville, New York 11747

 

November
30, 2015

 

Regenerative Sciences, LLC

403 Summit Blvd., Suite 201

Broomfield, Colorado 80021

 

Re:License Agreement

Gentlemen:

 

Reference is made to
the License Agreement, dated as of January 27, 2012, between BioRestorative Therapies, Inc. (“BRT”) and Regenerative
Sciences, LLC (“RSI”), as amended (the “Agreement”). All capitalized terms used but
not defined herein shall have the respective meanings ascribed thereto in the Agreement.

 

The parties acknowledge
and agree that, based upon the decision with respect to the FDA Action, the Licensor does not have the right to utilize the U.S.
Sublicense; however, the parties desire that the Licensee grant to the Licensor a revised U.S. Sublicense upon the terms and conditions
set forth herein.

 

Therefore, the parties
hereby agree as follows:

 

1.                 
The introductory language set forth in Section 2.1(c)(ii) of the Agreement is amended to read as follows:

 

“Subject to the terms and
conditions of this Agreement, effective as of the Effective Date (except as set forth in Section 5.4), Licensee hereby grants to
Licensor a non-exclusive, royalty-bearing, non-sublicenseable (except as set forth in Section 5.4), non-transferable (except in
accordance with Section 12.1) sublicense, under the Hypoxic Culture Method IP and the Non-Core IP, to use but not otherwise Exploit
Procedures and/or Products in the Field”

 

2.                 
Section 5.4 of the Agreement is amended to read as follows:

 

“5.4U.S. Sublicense.
Effective as of the date hereof (the “U.S. Sublicense Effective Date”), Licensor is granted the U.S. Sublicense
under Section 2.1(c)(ii)(B) (but only to the extent provided for in this Section 5.4) and shall be obligated to pay the royalty
amount to Licensee provided for in Section 4.4(c). Pursuant and subject to the terms and conditions set forth in Section 2.1(c)(ii),
effective as of the U.S. Sublicense Effective Date, Licensor shall have the right to sublicense to (a) CSC the right to perform
Regenexx SD intradiscal Procedures, as described in Schedule A annexed hereto (“Disc Procedures”), at the CSC
location in Broomfield, Colorado, and any other U.S. location operated or owned by CSC, Licensor, or any Affiliate thereof, which
locations are identified on Appendix B, which shall be updated from time to time by Licensor as new locations open (collectively,
the “CSC Sites”), and (b) Third Parties the right to perform Disc Procedures at the premises of such Third Parties
located in the United States (together with the C-SC Sites, “U.S. Facilities”). Updates to Appendix B shall
not be considered an amendment to this Agreement that requires the consent of Licensee; however, Licensor shall provide written
notice of such updates to Licensee as needed. Licensor shall have no other rights in the Field with regard to the Hypoxic Culture
Method IP or the Non-Core IP except as provided in this Agreement.”

 

    	 

     

    

 

 

3.                 
Licensor represents and warrants that, to date, (a) it has not granted to CSC or any Affiliate or Third Party any sublicense
or other right with respect to the Intellectual Property Rights that are being sublicensed to Licensor hereby pursuant to the U.S.
Sublicense and (b) it has not received any monies or other consideration with regard to or in connection with Disc Procedures performed
in the United States.

 

4.                 
Section 4.4(c) of the Agreement is hereby amended to read as follows:

 

“(c)U.S. Sublicense.
In consideration for the U.S. Sublicense, Licensor shall pay to Licensee royalties as follows:

 

		(i)	with respect to each Disc Procedure performed by CSC at any CSC Sites, one thousand dollars ($1,000);
and

 

		(ii)	with respect to each Disc Procedure performed by a Third Party (other than CSC), three hundred
dollars ($300).”

 

5.                 
Clause (iii) of Section 4.6(b) of the Agreement is amended to read as follows:

 

“(iii) with respect to
the U.S. Sublicense, (A) the total number of Disc Procedures performed at the CSC Sites, in each case listed by location, (B) the
total number of Disc Procedures performed by Third Parties, in each case listed by Third Party, and (C) the total amount owed.”

 

6.                 
BRT and RSI agree that this writing shall constitute an amendment to, and shall be incorporated in, the Agreement.

 

As amended hereby,
the Agreement shall continue in full force and effect in accordance with its terms. Nothing in this writing shall be deemed to
waive any rights that either Party has under or pursuant to the Agreement.

 

Sincerely,

 

BIORESTORATIVE
THERAPIES, INC.

 

By:  _______________________

Mark
Weinreb

Chief
Executive Officer

 

AGREED:

 

REGENERATIVE SCIENCES, LLC

 

By:  _________________________

Christopher
J. Centeno, M.D.

CEO
and Medical Director

 

    	 

     

    

 

SCHEDULE A

 

Regenexx SD Intradiscal Procedure

 

 

The Regenexx® SD stem cell
procedures involves taking a small bone marrow sample and blood from a patient. These samples are sent to the lab, which is part
of the medical practice.  These cells are processed and then re-injected into the disc area in need of repair using imaging
guidance. The collection, processing and injection are done on the same day (SD).

 

 

    	 

     

    

 

 

SCHEDULE B

 

Additional CSC Sites

 

Seattle

		Address	Possible but not yet in existence

 

Las Vegas

		Address	Possible but not yet in existenceExhibit 10.61

 

December
7, 2015

 

Westbury FCR, Inc.

824 Fifth Avenue South #106

Naples, Florida 34102

 

Gentlemen:

 

Reference is made to
that certain Promissory Note, dated October 9, 2015 (the “Note”), issued by BioRestorative Therapies, Inc. (the “Company”)
to Westbury FCR, Inc. (the “Lender”) in the principal amount of $150,000 (the “Principal Amount”). The
Note provides that the Principal Amount is payable on December 9, 2015 (the “Maturity Date”). The payment of the Note
is secured by the grant by the Company, pursuant to a Security Agreement, dated October 9, 2015, between the Lender and the Company
(the “Security Agreement”) of a security interest in a certain patent issued to the Company.

 

The Lender agrees that
the Company has performed all of its obligations under the Note, and the Lender hereby waives any and all defaults by the Company
under the Note. The parties agree that the Note is hereby amended such that the Maturity Date for the payment of the Principal
Amount shall be extended to March 9, 2016. Interest at the rate of 10% per annum on the Principal Amount shall continue to be payable
as provided for in the Note.

 

In consideration of
the foregoing, the Company hereby agrees that the exercise prices of the warrants dated December 31, 2013, February 20, 2015 and
May 27, 2015 held by the Lender’s affiliate, Westbury (Bermuda) Ltd., for the purchase of an aggregate of 239,182 shares
of common stock (collectively, the “Warrants”) are reduced to $4.00 per share, subject to adjustment as provided for
in the respective Warrants.

 

The Note may only be
amended further by a writing executed by the Company and the Lender. Except as modified herein, the Note shall continue in full
force and effect in accordance with its terms.

 

The Warrants may only
be amended further by a writing executed by the Company and Westbury (Bermuda) Ltd. Except as modified herein, the Warrants shall
continue in full force and effect in accordance with their respective terms.

 

The Security Agreement
shall continue in full force and effect in accordance with its terms with respect to the Note, as amended.

 

This letter may be
executed in counterparts, each of which shall be deemed an original, but all of which taken together shall constitute one and the
same instrument.

 

This letter shall be
governed by, and construed in accordance with, the laws of the State of New York, excluding choice of law principles thereof.

 

Very
truly yours,

 

BIORESTORATIVE
THERAPIES, INC.

 

By:  _____________________________

Name:
Mark Weinreb

Title:
Chief Executive Officer

 

Agreed:

 

WESTBURY FCR, INC.

 

	By:	 	 
	Name:  	 	 
	Title:Exhibit 10.64

 

STOCK OPTION AGREEMENT,
made as of the 1st day of December, 2015, between BIORESTORATIVE THERAPIES, INC., a Delaware corporation (the
“Company”), and JOHN M. DESMARAIS (the “Optionee”).

___________________

 

WHEREAS, the
Optionee serves as a director of the Company; and

 

WHEREAS, the
Company desires to provide to the Optionee an additional incentive to promote the success of the Company.

 

NOW, THEREFORE,
in consideration of the foregoing, the Company hereby grants to the Optionee the right and option to purchase shares of Common
Stock of the Company under and pursuant to the terms and conditions of the Company’s 2010 Equity Participation Plan (the
“Plan”) and upon and subject to the following terms and conditions:

 

1.                 
GRANT OF OPTION. The Company hereby grants to the Optionee the right and option (the “Option”)
to purchase up to Fifteen Thousand (15,000) shares of Common Stock of the Company (the “Option Shares”) during the
following periods:

 

(a)               
All or any part of Five Thousand (5,000) shares of Common Stock may be purchased during the period commencing at 12:01 A.M.
on December 1, 2016 and terminating at 5:00 P.M. on December 1, 2025 (the “Expiration Date”).

 

(b)All or any part
of Five Thousand (5,000) shares of Common Stock may be purchased during the period commencing at 12:01 A.M. on December 1, 2017
and terminating at 5:00 P.M. on the Expiration Date.

 

(c)All or any part
of Five Thousand (5,000) shares of Common Stock may be purchased during the period commencing at 12:01 A.M. on December 1, 2018
and terminating at 5:00 P.M. on the Expiration Date.

 

2.                 
NATURE OF OPTION. The Option is not intended to meet the requirements of Section 422 of the Internal Revenue
Code of 1986, as amended, relating to “incentive stock options”.

 

3.                 
EXERCISE PRICE. The exercise price of each of the Option Shares shall be Four Dollars Forty Cents ($4.40)
(the “Exercise Price”). The Company shall pay all original issue or transfer taxes on the exercise of the Option.

 

    	 

     

    

 

 

4.                 
EXERCISE OF OPTIONS. (a) The Option shall be exercised in accordance with the provisions of the Plan. As soon
as practicable after the receipt of notice of exercise and payment of the Exercise Price as provided for in the Plan, the Company
shall tender to the Optionee a certificate issued in the Optionee’s name evidencing the number of Option Shares covered thereby.

 

(b)              
The Company agrees that, as contemplated in Section 13(b) of the Plan, the Optionee may elect to have the Company reduce
the number of Option Shares otherwise issuable by a number of Option Shares having a Fair Market Value (as defined in the Plan)
equal to the exercise price of the Option being exercised. In the event of such election, the Company shall issue to the Optionee
a number of Option Shares computed using the following formula:

 

		X	=Y (A-B)

A

 

		Where X	=the number of Option Shares to be issued to the
Optionee

 

		Y	=the number of Option Shares subject to this Option
(or the portion thereof being cancelled)

 

		A	=the Fair Market Value of one Option Share

 

		B	=the Exercise Price

 

5.                 
TRANSFERABILITY. The Option shall not be transferable other than by will or the laws of descent and distribution
and, during the Optionee’s lifetime, shall not be exercisable by any person other than the Optionee.

 

6.                 
TERMINATION OF DIRECTORSHIP. To the extent the Option becomes exercisable, the Option shall remain exercisable
until twelve (12) months following any subsequent termination of directorship with the Company or its subsidiaries for any reason
whatsoever but in no event shall the Option be exercisable after the Expiration Date.

 

7.                 
INCORPORATION BY REFERENCE. The terms and conditions of the Plan are hereby incorporated by reference and
made a part hereof.

 

8.                 
NOTICES. Any notice or other communication given hereunder shall be deemed sufficient if in writing and hand
delivered or sent by registered or certified mail, return receipt requested, addressed to the Company, 40 Marcus Drive, Suite One,
Melville, New York 11747, Attention: Chief Executive Officer, and to the Optionee at the address indicated below. Notices shall
be deemed to have been given on the date of hand delivery or mailing, except notices of change of address, which shall be deemed
to have been given when received.

 

    	 

     

    

 

 

9.                 
BINDING EFFECT. This Stock Option Agreement shall be binding upon and inure to the benefit of the parties
hereto and their respective legal representatives, successors and assigns.

 

10.             
ENTIRE AGREEMENT. This Stock Option Agreement, together with the Plan, contains the entire understanding of
the parties hereto with respect to the subject matter hereof and may be modified only by an instrument executed by the party sought
to be charged.

 

11.             
GOVERNING LAW. This Stock Option Agreement shall be governed by, and construed in accordance with, the laws
of the State of Delaware, excluding choice of law rules thereof.

 

12.             
EXECUTION IN COUNTERPARTS. This Stock Option Agreement may be executed in counterparts, each of which shall
be deemed to be an original, but both of which together shall constitute one and the same instrument.

 

13.             
FACSIMILE SIGNATURES. Signatures hereon which are transmitted via facsimile, or other electronic image, shall
be deemed original signatures.

 

14.             
INTERPRETATION; HEADINGS. The provisions of this Stock Option Agreement shall be interpreted in a reasonable
manner to give effect to the intent of the parties hereto. The headings and captions under sections and paragraphs of this Stock
Option Agreement are for convenience of reference only and do not in any way modify, interpret or construe the intent of the parties
or affect any of the provisions of this Stock Option Agreement.

 

[Remainder of page
intentionally left blank; signature page follows]

 

 

    	 

     

    

 

 

IN WITNESS WHEREOF, the
parties have executed this Stock Option Agreement as of the day and year first above written.

 

BIORESTORATIVE
THERAPIES, INC.

 

By:  ___________________________

Name:
Mark Weinreb

Title:
Chief Executive Officer

 

 

___________________________

Signature
of Optionee

 

 

John
M. Desmarais

Name
of Optionee

 

230
Park Avenue

New
York, New York 10169

Address
of Optionee

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