Document:

CONSULTING AGREEMENT
(the “Agreement”), dated as of February ___, 2014, by and between BIORESTORATIVE THERAPIES, INC., a Nevada corporation
(the “Company”), and GREGORY E. LUTZ (the “Consultant”).

 

WHEREAS,
the Consultant has represented to the Company that he has expertise with regard to spine medicine.

 

WHEREAS, the
Company desires to engage the Consultant to provide certain consulting services to the Company.

 

NOW, THEREFORE,
in consideration of the foregoing and the mutual covenants hereinafter set forth, the parties hereto have agreed, and do hereby
agree, as follows:

 

1.           Retention;
Duties. Subject to the terms and conditions set forth herein, the Company hereby retains the Consultant, and the Consultant
hereby accepts such retention, to act as a consultant and serve as Chief Medical Advisor for Spine Medicine. The Consultant shall
provide the services set forth on Schedule A to and on behalf of the Company (the “Services”).

 

2.           Term.
The term of this Agreement shall commence as of the date hereof (the “Effective Date”) and shall continue for a period
of two (2) years (the “Initial Term”), subject to extension or earlier termination as hereinafter provided. The term
of this Agreement shall automatically renew for successive one (1) year periods following the Initial Term. Notwithstanding the
foregoing, (a) the Company may, at any time, whether prior to, upon or following the Initial Term, upon thirty (30) days prior
written notice to the Consultant, terminate this Agreement for any reason and (b) the Consultant may, at any time, whether prior
to, upon or following the Initial Term, upon sixty (60) days prior written notice to the Company, terminate this Agreement for
any reason. The term of this Agreement, as may be extended beyond the Initial Term and subject to termination as provided for above,
is hereinafter referred to as the “Term”.

 

3.           Compensation.

 

(a)          In
consideration of the Consultant providing the Services, during the Term, the Company shall pay to the Consultant a fee of ten thousand
dollars ($10,000) per month of Services (the “Fee”). In the event, during the Term, the Food and Drug Administration
(the “FDA”) approves the Company’s Investigational New Drug or Investigational Device Exemption (“IND/IDE”)
application with regard to the Company’s brtxDISCTM Program (the “Program”), then, effective as of such
approval date, and during the remainder of the Term, the Fee shall be twenty thousand dollars ($20,000) per month. The parties
acknowledge and agree that it is contemplated that the Consultant will provide approximately twenty (20) hours of service per monthly
period during the Term in the performance of the Services.

 

(b)          The
Fee shall be payable with fifteen (15) days following receipt by the Company of an invoice from the Consultant that sets forth
in reasonable detail the Services performed.

 

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(c)          Upon
execution of this Agreement, the Company shall grant to the Consultant, pursuant and subject to the terms and conditions of the
Company’s 2010 Equity Participation Plan (the “Plan”) and a Stock Option Agreement of even date, a stock option
for the purchase of three hundred thousand (300,000) shares of common stock of the Company at an exercise price of [____________
($___)] per share, such option to be exercisable for a period of five (5) years to the extent of one hundred thousand (100,000)
shares on the first anniversary of the Effective Date, one hundred thousand (100,000) shares on the second anniversary of the Effective
Date and one hundred thousand (100,000) shares on the third anniversary of the Effective Date.

 

(d)          In
the event, during the Term, the Company commences Phase III clinical trials with regard to the Program, then the Company shall
grant to the Consultant, pursuant and subject to the terms and conditions of the Plan and a Stock Option Agreement, a stock option
for the purchase of an additional seventy-five thousand (75,000) shares of common stock of the Company, which option shall be exercisable
immediately for a period of five (5) years from the date of grant. The exercise price of the option shall be equal to the Fair
Market Value (as defined in the Plan) of the common stock of the Company at the time of grant.

 

(e)          In
the event, during the Term, the Company receives final FDA approval with respect to the Program, then the Company shall grant to
the Consultant, pursuant and subject to the terms and conditions of the Plan and a Stock Option Agreement, a stock option for the
purchase of an additional one hundred twenty-five thousand (125,000) shares of common stock of the Company, which option shall
be exercisable immediately for a period of five (5) years from the date of grant. The exercise price of the option shall be equal
to the Fair Market Value of the common stock of the Company at the time of grant.

 

(f)          All
references to number of shares of common stock are subject to adjustment in the event of stock splits, reverse stock splits and
the like.

 

4.           Reimbursement
of Expenses.

 

(a)          The
Company will reimburse the Consultant for all reasonable expenses incurred by the Consultant in the performance of his duties during
the Term. In no event shall the Consultant incur expenses during the Term in excess of five hundred dollars ($500) in the aggregate
without the prior written consent of the Chief Executive Officer of the Company.

 

(b)          The
Consultant shall submit to the Company, not less than once in each calendar month, reports of such expenses in form normally used
by the Company and receipts with respect thereto and the Company's obligations under this Section 4 shall be subject to compliance
therewith.

 

(c)          Subject
to the Consultant’s compliance with the foregoing, the Company shall reimburse the Consultant for his incurred expenses within
thirty (30) days of its receipt of invoices therefor.

 

5.           Confidentiality;
Proprietary Rights. Concurrently herewith, the Consultant is executing and delivering to the Company a Confidentiality,
Proprietary Rights and Inventions Agreement.

 

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6.           No
Participation in Employee Benefit Plans. The Consultant acknowledges and agrees that, since he is a consultant, he will
not be accorded the right to participate in or receive benefits under any pension, profit sharing, medical insurance or other plan
or program of the Company either in existence as of the Effective Date or thereafter adopted for the benefit of its employees.

 

7.           Independent
Contractor. The relationship created hereunder is that of the Consultant acting as an independent contractor. It is expressly
acknowledged and agreed that the Consultant shall not have any authority to bind the Company to any agreement or obligation with
any third party. The Consultant acknowledges and agrees further that, since he is not an employee of the Company, the Company shall
not be responsible for the withholding or payment of any taxes.

 

8.           No
Restrictions. The Consultant hereby represents that neither the execution of this Agreement by him nor his performance
hereunder will (a) violate, conflict with or result in a breach of any provision of, or constitute a default (or an event which,
with notice or lapse of time or both, would constitute a default) under the terms, conditions or provisions of any contract, agreement
or other instrument or obligation to which the Consultant is a party, or by which he may be bound, or (b) violate any order, judgment,
writ, injunction, decree, statute, rule or regulation applicable to the Consultant. In the event of a breach hereof, in addition
to the Company's right to terminate this Agreement, the Consultant shall indemnify the Company and hold it harmless from and against
any and all claims, losses, liabilities, costs and expenses (including reasonable attorneys' fees) incurred or suffered in connection
with or as a result of the Company's entering into this Agreement or engaging the Consultant hereunder.

 

9.           Nondisparagement.
The Consultant agrees that he will not in any way disparage the Company, or make or solicit any comments, statements or the like,
that may be considered to be derogatory or detrimental to the good name or business reputation of the Company. The Consultant similarly
agrees not to otherwise take or condone any action which is intended, or would reasonably be expected, to harm the Company, to
impair the Company’s reputation, or to lead to unwanted or unfavorable publicity to the Company.

 

10.         Assignment.
This Agreement, as it relates to the retention of the Consultant as a consultant, is a personal contract and the rights and interests
of the Consultant hereunder may not be sold, transferred, assigned, pledged or hypothecated.

 

11.         Notices.
Any notice required or permitted to be given pursuant to this Agreement 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 telecopier as
follows:

 

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If to the Company:

 

555 Heritage Drive, Suite 130

Jupiter, Florida 33458

Attention: Mark Weinreb, Chief
Executive Officer

Telecopier Number: (954) 827-0644

 

With a copy to:

 

Certilman Balin Adler &
Hyman, LLP

90 Merrick Avenue

East Meadow, New York 11554

Attention: Fred Skolnik, Esq.

Telecopier Number: (516) 296-7111

 

If to the Consultant:

 

6 Haslet Avenue

Princeton, New Jersey 08540

 

or at such other address as either party
shall designate by notice to the other party given in accordance with this Section 11.

 

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

 

13.         Waiver
of Breach; Partial Invalidity. The waiver by either party of a breach of any provision of this Agreement shall not operate
or be construed as a waiver of any subsequent breach. If any provision, or part thereof, of this Agreement shall be held to be
invalid or unenforceable, such invalidity or unenforceability shall attach only to such provision and not in any way affect or
render invalid or unenforceable any other provisions of this Agreement, and this Agreement shall be carried out as if such invalid
or unenforceable provision, or part thereof, had been reformed, and any court of competent jurisdiction is authorized to so reform
such invalid or unenforceable provision, or part thereof, so that it would be valid, legal and enforceable to the fullest extent
permitted by applicable law.

 

14.         Entire
Agreement. This Agreement constitutes the entire agreement between the parties with respect to the subject matter hereof
and there are no representations, warranties or commitments except as set forth herein. This Agreement supersedes all prior agreements,
understandings, negotiations and discussions, whether written or oral, of the parties hereto relating to the subject matter hereof.
This Agreement may be amended only by a writing executed by the parties hereto.

 

15.         Execution
in Counterparts. This 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.

 

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16.         Facsimile
and Email Signatures. Signatures hereon which are transmitted via facsimile or email shall be deemed original signatures.

 

17.         Construction.
As used in this Agreement, the word “including” and its variants shall mean “including, without limitation.”

 

18.         Representation
by Counsel. The Consultant acknowledges that he has been represented by counsel, or has been afforded the opportunity to
be represented by counsel, in connection with this Agreement. Accordingly, any rule or law or any legal decision that would require
the interpretation of any claimed ambiguities in this Agreement against the party that drafted it has no application and is expressly
waived by the Consultant. The provisions of this Agreement shall be interpreted in a reasonable manner to give effect to the intent
of the Consultant and the Company.

 

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

 

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IN WITNESS WHEREOF,
the Consultant and the Company have executed, or have caused to be duly executed, this Agreement as of the day and year above
written. 

 

	 	BIORESTORATIVE THERAPIES, INC.
	 	 	 
	 	By:	 
	 	 	Mark Weinreb, Chief Executive Officer
	 	 	 
	 	 	 
	 	Gregory E. Lutz

  

    	 

    	 

    

 

SCHEDULE A

 

SERVICES

 

In acting as the Chief
Medical Advisor for Spine Medicine, the Consultant shall have overall medical responsibility for the clinical aspects of the Company’s
brtxDISCTM Program. The Services to be rendered by the Consultant in such capacity include, but shall not be limited to, the
following:

 

		1.	Assistance with regard to the completion of the Company’s IND/IDE application to the FDA

 

		2.	Coordination with the Company’s contract research organization (CRO) and other Company consultants

 

		3.	Identification of trial-related inclusion/exclusion and
endpoint data

 

		4.	Assistance in the identification of clinical trial sites

 

		5.	Provision of clinical support during trials

 

		6.	Presentations to, and interaction with, the FDA and the
investment communitySTOCK OPTION AGREEMENT,
made as of the 12th day of March, 2014, between BIORESTORATIVE THERAPIES, INC., a Nevada corporation (the “Company”),
and Francisco Silva (the “Optionee”).

 

 

 

WHEREAS, the
Optionee is an employee of the Company or a parent or subsidiary thereof;

 

WHEREAS, pursuant
to the Amended and Restated Executive Employment Agreement, dated as of May 10, 2011, as amended, between the Company and the Optionee,
the Optionee is entitled to the grant of an option for the purchase of shares of Common Stock of the Company in the event that,
as a direct result of the Optionee’s efforts, the Company has a scientific article published by a peer-reviewed publication.

 

WHEREAS, as
a direct result of the Optionee’s efforts, the Company had a scientific article published by a peer-reviewed publication.

 

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
Forty Thousand (40,000) shares of Common Stock of the Company (the “Option Shares”) during the period commencing on
March 12, 2014 and terminating at 11:59 P.M. on March 11, 2024.

 

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

Fifty-Three Cents ($0.53) (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.

 

(a)          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 becomes exercisable, the Option shall remain exercisable until the Expiration Date
notwithstanding any subsequent termination of employment with the Company or its subsidiaries for any reason whatsoever.

 

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, 555 Heritage Drive, Suite 130, Jupiter, Florida 33458, 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 Nevada,
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.

 

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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]

 

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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
	 	 	 
	 	 	Francisco Silva
	 	 	Name of Optionee 
	 	 	 
	 	 	 
	 	 	Address of Optionee

 

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