Document:

July
5, 2017

 

John
M. Demarais, Trustee

Tuxis
Trust

26
Deer Creek Lane

Mt.
Kisco, New York 10549

 

Dear
Mr. Desmarais:

 

Reference
is made to that certain Promissory Note, dated June 30, 2016 (the “Note”), issued by BioRestorative Therapies, Inc.
(the “Company”) to Tuxis Trust (the “Lender”) in the principal amount of $500,000 (the “Principal
Amount”). The Note provides that the Principal Amount was payable on July1, 2017 (the “Maturity Date”).

 

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 December 1, 2017. Effective as of July 1,
2017, interest at the rate of 15% per annum on the Principal Amount is payable pursuant to the Note. Such interest, together with
interest through June 30, 2017 at the rate of 10% per annum on the Principal Amount, is payable on the Maturity Date.

 

Except
as modified herein, the Note shall continue in full force and effect in accordance with its terms.

 

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:	/s/
    Mark Weinreb
	 	 	Mark
    Weinreb
	 	 	Chief
    Executive Officer

 

Agreed:

 

TUXIS
TRUST

 

	By:	/s/
    John M. Desmarais	 
	 	John
    M. Desmarais, TrusteeSTOCK
OPTION AGREEMENT, made as of the 12th day of July, 2017, between BIORESTORATIVE THERAPIES, INC., a Delaware
corporation (the “Company”), and _________________________ (the
“Optionee”).

 

 

 

WHEREAS,
the Optionee is an employee 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 __________________________ (______) shares of Common Stock of the Company (the “Option Shares”) during the following
periods:

 

(a)
All or any part of __________________________ (______) shares of Common Stock may be purchased during the period commencing at
12:01 A.M. on June 12, 2018 and terminating at 5:00 P.M. on July 12, 2027 (the “Expiration Date”).

 

(b)
All or any part of __________________________ (______) shares of Common Stock may be purchased during the period commencing at
12:01 A.M. on June 12, 2019 and terminating at 5:00 P.M. on the Expiration Date.

 

(c)
All or any part of __________________________ (______) shares of Common Stock may be purchased during the period commencing at
12:01 A.M. on June 12, 2020 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 Two Dollars and Eighty Cents ($2.80) (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 EMPLOYMENT. To the extent the Option has become exercisable at the time of any termination of employment
with the Company or its subsidiaries for any reason whatsoever, the Option shall remain exercisable until twelve (12) months following
such termination 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.

 

    	2

    	 

    

 

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]

 

    	3

    	 

    

 

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
	 	 	 
	 	 	 
	 	 	Name
    of Optionee
	 	 	 
	 	 	 
	 	 	Address
    of Optionee

 

    	4THIS
PROMISSORY NOTE HAS BEEN ACQUIRED FOR INVESTMENT PURPOSES ONLY AND NOT FOR DISTRIBUTION AND MAY BE TRANSFERRED OR OTHERWISE DISPOSED
OF ONLY IN COMPLIANCE WITH THE SECURITIES ACT OF l933, AS AMENDED (THE “ACT”). 

 

BIORESTORATIVE
THERAPIES, INC.

 

JULY
13, 2017

 

PROMISSORY
NOTE

 

DUE
DECEMBER 1, 2017

 

BIORESTORATIVE
THERAPIES, INC., a Delaware corporation (the “Company”), for value received, hereby promises to pay to JOHN
M. DESMARAIS (the “Holder”) on December 1, 2017 (the “Maturity Date’) at the offices of the Company,
40 Marcus Drive, Suite One, Melville, New York, 11747, the principal sum of ONE HUNDRED SEVENTY-FIVE THOUSAND DOLLARS ($175,000)
in such coin or currency of the United States of America as at the time of payment shall be legal tender for the payment of
public and private debts and to pay interest on said principal sum at the rate of fifteen percent (15%) per annum through the
Maturity Date. Interest on the principal balance of this Promissory Note (“Note”) from the date hereof shall be payable
on the Maturity Date.

 

1.
Registered Owner. The Company may consider and treat the person in whose name this Note shall be registered as the
absolute owner thereof for all purposes whatsoever (whether or not this Note shall be overdue) and the Company shall not be affected
by any notice to the contrary. Subject to the provisions hereof, the registered owner of this Note shall have the right to transfer
it by assignment and the transferee thereof, upon its registration as owner of this Note, shall become vested with all the powers
and rights of the transferor. Registration of any new owner shall take place upon presentation of this Note to the Company at
its offices together with the Note Assignment Form attached hereto duly executed. In case of transfers by operation of law, the
transferee shall notify the Company of such transfer and of its address, and shall submit appropriate evidence regarding the transfer
so that this Note may be registered in the name of the transferee. This Note is transferable only on the books of the Company
by the Holder on the surrender hereof, duly endorsed. Communications sent to any registered owner shall be effective as against
all holders or transferees of this Note not registered at the time of sending the communication.

 

2.
Prepayment Right. The Company may, at its option, at any time and from time to time, prepay all or any part of the
principal balance of this Note, without penalty or premium, provided that, concurrently with each such prepayment, the Company
shall pay accrued and unpaid interest on the principal so prepaid to the date of such prepayment.

 

3.
Prepayment Obligation. (a) In the event that, prior to the Maturity Date, the Company receives net proceeds of ten
million dollars ($10,000,000) from a single equity or debt financing (as opposed to a series of related or unrelated financings),
the Holder shall have the right, upon written notice to the Company, to demand that the principal amount of this Note, together
with accrued interest thereon, be forthwith due and payable whereupon the same shall become forthwith due and payable.

 

    	 	 	 

     

    

 

(b)
Notwithstanding the provisions of paragraph (a) hereof, the Company’s obligation to pay the amounts provided for therein
shall be subject to the written consent of the person or entity, or group of persons and/or entities, that provided the particular
financing.

 

4.
Events of Default. If the Company shall (a) fail to make any payment due hereunder and such failure shall continue
unremedied for a period of fifteen (15) days following receipt of written notice thereof from the Holder; (b) admit in writing
its inability to pay its debts generally as they mature; (c) make a general assignment for the benefit of creditors; (d) be adjudicated
a bankrupt or insolvent; (e) file a voluntary petition in bankruptcy or a petition or an answer seeking an arrangement with creditors;
(f) take advantage of any bankruptcy, insolvency or readjustment of debt law or statute or file an answer admitting the material
allegations of a petition filed against it in any proceeding under any such law; (g) apply for or consent to the appointment of
a receiver, trustee or liquidator for all or substantially all of its assets; or (h) have an involuntary case commenced against
it under the Federal bankruptcy laws, which case is not dismissed or stayed within sixty (60) days (each an “Event of Default”),
then, at any time thereafter and unless such Event of Default shall have been cured or shall have been waived in writing by the
Holder, the Holder may, by written notice to the Company, declare the entire unpaid principal amount of this Note then outstanding,
together with accrued interest thereon, to be forthwith due and payable, whereupon the same shall become forthwith due and payable.

 

5.
Investment Intent. The Holder, by its acceptance hereof, hereby represents and warrants that this Note is being
acquired for investment purposes only and without a view to the distribution thereof, and may be transferred only in compliance
with the Act.

 

6.
Transfer to Comply with the Securities Act of l933. This Note may not be sold or otherwise disposed of except as
follows: (a) to a person or entity to whom this Note may legally be transferred without registration and without the delivery
of a current prospectus under the Act with respect thereto; or (b) to any person or entity upon delivery of a prospectus then
meeting the requirements of the Act relating to such securities and the offering thereof for such sale or disposition, and thereafter
to all successive assignees.

 

7.
Applicable Law. This Note is issued under and shall for all purposes be governed by and construed in accordance
with the laws of the State of New York, excluding choice of law rules thereof.

 

8.
Notices. Any notice required or permitted to be given pursuant to this Note shall be deemed to have been duly given
when delivered by hand or sent by certified or registered mail, return receipt requested and postage prepaid, overnight mail or
courier or telecopier as follows:

 

	 	If
    to the Holder:	 
	 	 	 
	 	26
    Deer Creek Lane	 
	 	Mt.
    Kisco, New York 10549	 
	 	Facsimile
    No.: (212) 351-3401	 

 

    	 	 2	 

     

    

 

	 	If
    to the Company:	 
	 	 	 
	 	40
    Marcus Drive	 
	 	Suite
    One	 
	 	Melville,
    New York 11747	 
	 	Attn:
    Chief Executive Officer	 
	 	Facsimile
    No.: (631) 760-8414	 
	 	 	 
	 	With
    a copy to:	 
	 	 	 
	 	Certilman
    Balin Adler & Hyman, LLP	 
	 	90
    Merrick Avenue	 
	 	East
    Meadow, New York 11554	 
	 	Attn:
    Fred Skolnik, Esq.	 
	 	Facsimile
    No.: (516) 296-7111	 

 

or
at such other address as the Holder or the Company shall designate by notice to the other given in accordance with this Section
8.

 

9.
Miscellaneous. This Note evidences the entire obligation of the Company with respect to the repayment of the principal
amount hereof and the other matters provided for herein. No provision of this Note may be modified except by an instrument in
writing signed by the Company and the Holder. Payment of principal and interest due under this Note prior to the Maturity Date
shall be made to the registered Holder of this Note. Payment of principal and interest due upon maturity shall be made to the
registered Holder of this Note on or after the Maturity Date contemporaneous with and upon presentation of this Note for payment.
No interest shall be due on this Note for such period of time that may elapse between the Maturity Date and its presentation for
payment.

 

[Remainder
of Page Intentionally Left Blank; Signature Page to Follow]

 

    	 	 3	 

     

    

 

IN
WITNESS WHEREOF, the Company has caused this Note to be signed on its behalf, in its corporate name, by its duly authorized
officer, all as of the day and year first above written.

 

	 	BIORESTORATIVE
    THERAPIES, INC.
	 	 	 
	 	By:	/s/
    Mark Weinreb
	 	 	Mark
    Weinreb, Chief Executive Officer

 

    	 	 

     

    

 

BIORESTORATIVE
THERAPIES, INC.

 

PROMISSORY
NOTE

 

DUE
DECEMBER 1, 2017

 

NOTE
ASSIGNMENT FORM

 

FOR
VALUE RECEIVED 

 

The undersigned ________________________________________ (please print or typewrite name of assignor) hereby
sells, assigns and transfers unto_______________________________________________________ _____________________________________________________________________________________________

(please
print or typewrite name, address and social security or taxpayer identification number, if any, of assignee) the within Promissory
Note of BioRestorative Therapies, Inc., dated July 13, 2017, in the original principal amount of $175,000 and hereby authorizes
the Company to transfer this Note on its books.

 

	If
    the Holder is an individual:	 	 	If
    the Holder is not an individual:
	 	 	 	 
	 	 	 	 
	Name(s)
    of Holder 	 	 	Name
    of Holder
	 	 		 
	 	 	By:	 
	Signature
    of Holder	 	 	Signature
    of Authorized Representative
	 	 	 	 
	 	 	 	 
	Signature,
    if jointly held	 	 	Name
    and Title of Authorized
	 	 	 	Representative
	 	 	 	 
	 	 	 	 
	Date	 	 	Date

 

	 	 	 
	 	(Signature(s)
    guaranteed)

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