Document:

Helius Medical Technologies, Inc.: Exhibit 10.1 - Filed by newsfilecorp.com

Exhibit 10.1 

CONVERTIBLE PROMISSORY NOTE 

PRINCIPAL USD$2,000,000 

(THIS NOTE REPRESENTS THE FIRST TRANCHE OF USD$2,000,000
DRAWN 
DOWN FROM THE USD$7,000,000 CREDIT FACILITY PROVIDED BY THE
LENDER 
TO THE BORROWER SIGNED BETWEEN THE LENDER AND THE BORROWER.)

October 9, 2015 

	1. 	
      PROMISE TO PAY

For value received, the undersigned HELIUS MEDICAL
TECHNOLOGIES, INC. (the “Borrower”) promises to pay to A&B
(HK) Company Limited (the “Lender”) at Unite 2106, 21/F Island
Place Tower No. 510 King’s Road North Point, Hong Kong, or at such other place
as the Lender may direct in writing, the aggregate principal sum of Two Million
Dollars (USD$2,000,000) in lawful money of the United States of America (the
“Principal Amount”) in the manner hereinafter provided, together
with interest in the same currency which may from time to time be owing
hereunder or pursuant hereto. 

	2. 	
      DUE DATE

The Principal Amount then outstanding under this Note together
with all accrued interest shall be due and payable six (6) months from the date
of signing (the “Maturity Date”): 

	3. 	
      SENIORITY

This Note shall rank pari passu to all other present and future
unsubordinated and unsecured senior indebtedness of the Borrower. 

	4. 	
      INTEREST

The Borrower shall pay the Lender interest (the
“Interest”) on the Principal Amount outstanding from time to time
at a rate of 6.0% per annum. Interest shall be calculated on the basis of the
actual number of days elapsed, payable in arrears not in advance, on the basis
of a 365-day year. The Borrower shall pay the Lender accrued and unpaid interest
in cash of the Borrower at the Maturity Date unless such Note has been converted
into common shares according to this document prior to the Maturity Date. 

	5. 	
      PREPAYMENT

	(a) 	
      Mandatory Prepayment.

In the event of a change in control prior to the conversion of
the Note, the outstanding principal amount of this Note, plus all accrued and
unpaid interest, in each case that has not otherwise been converted into common
shares pursuant to this document, shall be due and payable immediately prior to
the closing of such change in control. 

1 

	(b) 	
      Voluntary Prepayment. Except as provided in
      Section 5(a) above, the principal amount or interest accrued on this Note
      may not be prepaid prior to the Maturity Date without the written consent
      of the Lender.

	6. 	
      CONVERSION OF NOTE

Both parties agree, upon the signature of this document, the
Borrower shall undertake best efforts to convert all of the Principal Amount and
accompanying accrued Interest then outstanding under this Note into common
shares (“Shares”) of the Borrower at a conversion price equal to USD$0.96 (the
“Conversion Price”) as soon as possible. 

Both parties further agree, upon the conversion of the Note,
the Borrower shall issue another warrant certificate to the Lender, according to
which, the Borrower issue the common share purchase warrants at the quantity of
half of the Shares issued to the Lender (“Warrant”). Each Warrant shall entitle
the holder to purchase one (1) additional Share from the Borrower at a price of
USD $1.44 per Share for a period of three (3) years from the date of issuance of
the Shares and Warrants (the “Issuance Date”). 

Conversion Procedures. To convert this Note, the Lender
must surrender this Note to the Borrower with the form of conversion notice
attached hereto as Schedule “A” (the “Conversion Notice”),
executed by the Lender evidencing the Lender’s agreement to convert this
Note. The Lender shall be deemed to be the holder of the Shares and Warrants as
of the Issuance Date. As soon as practicable but no later within one (1) month
after the Lender surrenders this Note to the Borrower for conversion, the
Borrower shall issue and deliver to the Lender the certificates respectively
representing the Shares and the Warrants, to which the Lender shall be entitled
upon such conversion, including a check payable to the Lender for any cash
amounts payable as described below. The Conversion Shares will (i) have been
duly authorized, validly issued, fully paid and nonassessable and (ii) be of the
same type and class of securities as those existing common shares of the
Borrower. Upon the conversion and registration of the Lender in the register of
members of the Borrower in accordance with the applicable laws and regulations
as well as the terms and conditions of this document, the Lender will acquire
good and valid title to the Shares, free and clear of any lien. Subject to
hereinafter section 10, upon receipt of the Conversion Notice, the Borrower
covenants and agrees to take all actions as shall be necessary to properly
authorize the Shares and Warrants as shall be necessary to give full effect to
the conversion privileges of the Lender. 

Fractional Shares; Interest; Effect of Conversion. No
fractional shares shall be issued upon conversion of this Note. In lieu of the
Borrower issuing any fractional shares to the Lender upon the conversion of this
Note, the Borrower shall pay to the Lender an amount equal to the result
obtained by multiplying the Conversion Price by the fraction of a share not
issued pursuant to the previous sentence. Upon conversion of this Note in full
and the payment of the amounts specified in this paragraph, the Borrower shall
be forever released from all its obligations and liabilities under this Note and
this Note shall be deemed of no further force or effect, whether or not the
original of this Note has been delivered to the Borrower for cancellation. 

Reservation of Shares Issuable Upon Conversion. The
Borrower shall reserve and keep available out of its authorized but unissued
Shares and Warrants solely for the purpose of effecting the conversion of this Note such number of the Shares
and Warrants as shall be sufficient to effect the conversion of this Note. 

2 

	7. 	
      EVENTS OF DEFAULT

The occurrence of any of the following shall constitute an
“Event of Default” under this Note: 

	(a) 	
      Failure to Pay. The Borrower shall fail to pay (i)
      when due any principal payment on the due date hereunder or (ii) any
      interest payment or other payment required under the terms of this Note on
      the date due and such payment shall not have been made within three (3)
      Business Days of the Borrower’s receipt of written notice to the Borrower
      of such failure to pay;

	 	 
	(b) 	
      Breaches of Covenants. The Borrower shall fail to
      observe or perform any other covenant, obligation, condition or agreement
      contained in this Note (other than those specified in Section 7(a) above)
      and such failure shall continue for five (5) Business Days after the
      Borrower’s receipt of written notice by the Lender of such
  failure;

	 	 
	(c) 	
      Representations and Warranties. Any
      representation, warranty, certificate, or other statement (financial or
      otherwise) made or furnished by or on behalf of the Borrower to the Lender
      in writing in connection with this Note, or as an inducement to the Lender
      to enter into this Note, shall be false, incorrect, incomplete or
      misleading in any material respect when made or furnished;

	 	 
	(d) 	
      Other Payment Obligations. Defaults shall exist
      under any financing agreements of the Borrower with any third party or
      parties which consists of the failure to pay any indebtedness for borrowed
      money at maturity or which results in a right by such third party or
      parties, whether or not exercised, to accelerate the maturity of such
      indebtedness for borrowed money of the Borrower, in each case, in an
      aggregate amount in excess of US$2 million;

	 	 
	(e) 	
      Voluntary Bankruptcy or Insolvency Proceedings.
      The Borrower shall (i) apply for or consent to the appointment of a
      receiver, trustee, liquidator or custodian of itself or of all or a
      substantial part of its property, (ii) admit in writing its inability to
      pay its debts generally as they mature, (iii) make a general assignment
      for the benefit of its or any of its creditors, (iv) be dissolved or
      liquidated, (v) commence a voluntary case or other proceeding seeking
      liquidation, reorganization or other relief with respect to itself or its
      debts under any bankruptcy, insolvency or other similar law now or
      hereafter in effect or consent to any such relief or to the appointment of
      or taking possession of its property by any official in an involuntary
      case or other proceeding commenced against it, or (vi) take any action for
      the purpose of effecting any of the foregoing;

	 	 
	(f) 	
      Involuntary Bankruptcy or Insolvency Proceedings.
      Proceedings for the appointment of a receiver, trustee, liquidator or
      custodian of the Borrower, or of all or a substantial part of the property
      thereof, or an involuntary case or other proceedings seeking liquidation,
      reorganization or other relief with respect to the Borrower, or the debts
      thereof under any bankruptcy, insolvency or other similar law now or
      hereafter in effect shall be commenced and an order for relief entered or such proceeding
shall not be dismissed or discharged within 45 days of commencement; 

3 

	(g) 	
      Judgments. A final non-appealable judgment,
      verdict or government order from any Governmental Authority (including
      without limitation, the Ministry of Finance) for the payment of money in
      excess of US$2 million shall be rendered against the Borrower and the same
      shall remain undischarged for a period of 30 days during which execution
      shall not be effectively stayed, or any judgment, writ, assessment,
      warrant of attachment, or execution or similar process shall be issued or
      levied against a substantial part of the property of the Group Companies,
      and such judgment, writ, or similar process shall not be released, stayed,
      vacated or otherwise dismissed within 30 days after issue or levy;
    and

	 	 
	(h) 	
      Breach of the Asset Purchase Agreement between the
      Lender and NeuroHabilitation Corporation (“NHC”). The Borrower with
      its affiliate NHC breach the Asset Purchase Agreement in material respect
      will constitute the Event of Default under this
Section.

	8. 	
      RIGHTS OF THE LENDER UPON
DEFAULT.

Upon the occurrence of any Event of Default (other than an
Event of Default described in Sections 7(e) or 7(f)) and at any time thereafter
during the continuance of such Event of Default, the Lender may, by written
notice to the Borrower, declare all outstanding obligations payable by the
Borrower hereunder to be immediately due and payable without presentment,
demand, protest or any other notice of any kind, all of which are hereby
expressly waived. Upon the occurrence of any Event of Default described in
Sections 7(e) and 7(f), immediately and without notice, all outstanding
obligations payable by the Borrower hereunder shall automatically become
immediately due and payable, without presentment, demand, protest or any other
notice of any kind, all of which are hereby expressly waived. In addition to the
foregoing remedies, upon the occurrence and during the continuance of any Event
of Default, the Lender may exercise any other right, power or remedy granted to
it by the Asset Purchase Agreement or other agreements between both parties or
otherwise permitted to it by law, either by suit in equity or by action at law,
or both. 

	9. 	PRICING SCENARIOS FOR THE REMAINING
      USD$5,000,000 DRAWN DOWN FROM THE FACILITY 

Both the Lender and the Borrower hereby agree that, for a
period of six (6) months (the “Draw Down Period”) from the date of the Issuance
Date (as defined above), the Borrower shall have the right to draw down part or
all of the remaining USD$5.0 million from the Facility based on the following
three pricing scenarios: 

	(a) 	
      At any time during the 6-month Draw Down Period when the
      volume weighted average closing price (“VWAP”) of the Shares of the
      Borrower for any period of 30 consecutive trading days is above USD$0.96
      and below USD$2.00, the Borrower can elect to draw down part or all of the
      remaining USD$5.0 million by way of issuing new common shares (the “New
      Shares”) with the aggregate amount of up to USD$5.0 million at a price of
      USD$0.96 per New Share. Upon the issuance of the New Shares, the Borrower
      shall issue another warrant certificate to the Lender, according to which,
      the Borrower issue the common share purchase warrants at the quantity of
      half of the New Shares issued to the Lender (“New Warrant”). Each whole New Warrant entitles the
holder to purchase one (1) additional Share from the Borrower for a period of
three (3) years at a price of USD$1.44 per Share. 

4 

	(b) 	
      At any time during the 6-month Draw Down Period when the
      VWAP of the Shares of the Borrower for any period of 15 consecutive
      trading days is above USD$2.00, the Borrower can elect to draw down part
      or all of the remaining USD$5.0 million by way of issuing the New Shares
      with the aggregate amount of up to USD$5.0 million at a price of USD$1.5
      per New Share. Upon the issuance of the New Shares, the Borrower shall
      issue another warrant certificate to the Lender, according to which, the
      Borrower issue the common share purchase warrants at the quantity of half
      of the New Shares issued to the Lender (“New Warrant”). Each whole New
      Warrant entitles the holder to purchase one (1) additional Share from the
      Borrower for a period of three (3) years at a price of USD$2.25 per
      Share.

	 	 
	(c) 	
      At any time during the 6-month Draw Down Period when the
      VWAP of the Shares of the Borrower for any period of 30 consecutive
      trading days is below USD$0.96, the Borrower can elect to draw down part
      or all of the remaining USD$5.0 million by way of issuing new common
      shares (the “New Shares”) with the aggregate amount of up to USD$5.0
      million at a price equals to the VWAP for such period of 30 consecutive
      trading days. Upon the issuance of the New Shares, the Borrower shall
      issue another warrant certificate to the Lender, according to which, the
      Borrower issue the common share purchase warrants at the quantity of half
      of the New Shares issued to the Lender (“New Warrant”). Each whole New
      Warrant entitles the holder to purchase one (1) additional Share from the
      Borrower for a period of three (3) years at a price of the Price of New
      Share multiplied by a 50% premium.

	 	 
	(d) 	
      In the event that scenarios in Section (a) and/or Section
      (b) and/or Section (c) can be applied simultaneously, for example, the
      VWAP of the Shares of the Borrower for any period of 15 consecutive
      trading days is above USD$2.00, but for any period of 30 consecutive
      trading days including such 15 consecutive trading days is above USD$0.96
      and below USD$2.00, or is below USD$0.96, the scenario with a lower
      Conversion Price shall be applied.

	 	 
	(e) 	
      No matter according to which Scenario the Borrower draws
      down part or whole of the remaining USD$5.0 million and issues the New
      Shares and New Warrants to the Lender, the Borrower undertakes to provide
      a board seat to the Lender.

	 	 
	(f) 	
      The calculation of the VWAP shall be based on the
      aggregate trading volume of the Shares trading in the US market and
      Canadian market, with the trading price to be converted into
  USD$.

	 	 
	(g) 	
      The Borrower hereby acknowledge and warrant that, to its
      knowledge, the pricing schemes as described in the three pricing scenarios
      above are compliant to the Canadian Securities Exchange Policies and
      Procedures and all other applicable rules and regulations in Canada and
      the United States. In the event that the Canadian Securities Exchange
      Policies and Procedures have any restriction on the trading price of
      shares, the Borrower shall undertake every effort to provide share price
      protection mechanism and any other measures to ensure the benefits and interests of the
Lender under the above scenarios. 

5 

	(h) 	
      The Borrower is not obliged to draw from the credit
      facility within this period, and A&B cannot force the Borrower to draw
      from the remaining USD$5.0 million facility.

	 	 
	(i) 	
      Notwithstanding the foregoing, the Lender can withdraw
      such USD$5.0 million facility during the Draw Down Period through written
      notice to the Borrower under the following circumstances: (i) any Event of
      Default under this document occurs; (ii) the development including the
      clinical trials and the registration of the PoNS Device encounters
      material obstacle according to the opinion of general pharmaceutical
      investor familiar with relevant field.

	 	 
	(j) 	
      Within the Draw Down Period, in the event the Borrower
      intends to draw down from the remaining USD$5.0 million facility, the
      Borrower shall give a written notice of its intention as well as its
      intended date (“Draw Down Date”) and concrete amount for drawing down
      (“Draw Down Notice”) at least five (5) trading days prior to the Draw Down
      Date. After receiving the Draw Down Notice, the Lender shall respond to
      the Borrower within three (3) trading days, after receiving the response
      the Borrower shall prepare relevant documents as well as complete relevant
      procedures necessary for the above issuance of New Shares and New
      Warrants.

	10. 	
      LEGEND

The Borrower is a U.S. “domestic issuer” under applicable U.S.
securities laws and, as such, upon the original issuance therefore and until
such time as the same is no longer required under applicable requirements of the
1933 Act or applicable state securities laws. The Lender also acknowledges that
any resale of the Shares and the Warrants (collectively referred to as the
“Underlying Securities”) will be subject to resale restrictions
required by the applicable Securities Laws. The certificates representing the
Underlying Securities and all certificates issued in exchange therefore or in
substitution thereof, shall bear one of the following legends: 

The certificates representing the Underlying Securities issued
outside the United States to non-U.S. Persons shall bear the following legend:

“THE SECURITIES REPRESENTED BY THIS
CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF
1933, AS AMENDED (THE “U.S. SECURITIES ACT”) OR APPLICABLE STATE SECURITIES
LAWS. THEY MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR OTHERWISE TRANSFERRED
EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE U.S. SECURITIES
ACT AND IN ACCORDANCE WITH ANY APPLICABLE STATE SECURITIES LAWS, OR PURSUANT TO
AN EXEMPTION OR EXCLUSION FROM REGISTRATION UNDER THE U.S. SECURITIES ACT AND
ANY APPLICABLE STATE SECURITIES LAWS. THE SECURITIES REPRESENTED BY THE
CERTIFICATE CANNOT BE THE SUBJECT OF HEDGING TRANSACTIONS UNLESS SUCH
TRANSACTIONS ARE CONDUCTED IN COMPLIANCE WITH THE U.S. SECURITIES ACT.” 

6 

All of the certificates representing the Underlying Securities
issued shall bear the following legend: 

“UNLESS PERMITTED UNDER SECURITIES
LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE
[FOUR MONTHS PLUS ONE DAY FROM THE ISSUANCE DATE].” 

	11. 	
      REPRESENTATIONS AND WARRANTIES OF THE
  BORROWER

	(a) 	
      Due Incorporation, Qualification, etc. The
      Borrower is a company duly organized and validly existing in good standing
      under the laws of its place of incorporation and has full requisite
      corporate power and authority to own, lease and operate its properties and
      assets it now owns, leases and operates, and to carry on its business as
      presently conducted.

	 	 
	(b) 	
      Authority. The execution, delivery and performance
      by the Borrower of the Note, and the consummation of the transactions
      contemplated hereby (i) are within the power of the Borrower and (ii) have
      been duly authorized by all necessary actions on the part of the
      Borrower.

	 	 
	(c) 	
      Enforceability. Each document executed by the
      Borrower has been duly executed and delivered by the Borrower and
      constitutes a legal, valid and binding obligation of the Borrower,
      enforceable against the Borrower in accordance with its terms, except as
      limited by bankruptcy, insolvency or other laws of general application
      relating to or affecting the enforcement of creditors’ rights generally
      and general principles of equity.

	 	 
	(d) 	
      Non-Contravention. The execution, delivery and
      performance of and compliance with the Note by the Borrower do not and
      will not result in any violation of or conflict with the Corporate
      Constitution, or result in a material breach of, or constitute a material
      default under any material agreement to which the Borrower is a party or
      under which the Borrower’s properties or assets may be bound.

	 	 
	(e) 	
      Approvals. No consent, approval, qualification,
      order or authorization of, or designation, declaration or filing with, any
      Governmental Authority on the part of the Borrower is required in
      connection with the valid execution and delivery of this Agreement, or the
      consummation of the transactions contemplated hereunder.

	 	 
	(f) 	
      Litigation and Compliance. Other than as disclosed
      appropriately to the Lender, there is no action, suit or proceeding by any
      Person pending or threatened, against the Borrower or, to the best
      knowledge of the Borrower, against any of their directors or officers in
      connection with the Borrower, before any Governmental Authority, except
      those, if determined adversely to the Borrower or any of their directors
      and executive officers, would not result in, individually or in the
      aggregate, a Material Adverse Effect. The Borrower is in compliance with
      all applicable laws in all material respects.

	 	 
	(g) 	
      Absence of Changes. Since the date hereof, the
      Borrower with its affiliates has conducted its business in all material
      respects only in the ordinary course consistent with past practice and
      there has not been any event, occurrence, change, violation, inaccuracy,
      circumstance or effect (regardless of whether or not such events,
      occurrences, changes, violations, inaccuracies, circumstances or effects are
inconsistent with the representations or warranties made by the Borrower in this
Agreement) that is, or could reasonably be expected to be materially adverse to
the business, operations, condition (financial or otherwise), assets (tangible
or intangible), liabilities, properties, or results of operations of the
Borrower and its affiliates taken as a whole (“Material Adverse Effect”). 

7 

	(h) 	
      Existing Indebtedness. The Borrower has no more
      than US$1.5 million of outstanding indebtedness, obligations and other
      liabilities, whether absolute, accrued, contingent, fixed or
    otherwise.

	 	 
	(i) 	
      The Borrower covenants and agrees that: (a) it will at
      all times have authorized and reserved, free from pre-emptive rights, the
      Shares to provide for the exercise in full of the Lender’s Conversion
      Right; and,(b) the Shares that may be issued upon the exercise of the
      Conversion Right will, upon issuance, be validly issued, fully paid and
      non- assessable, and free from all transfer taxes, liens and charges with
      respect to the issue thereof.

	12. 	
      REPRESENTATIONS AND WARRANTIES OF THE
  LENDER

The Lender represents and warrants to the Borrower as follows:

	(a) 	
      the Lender has good and sufficient right and authority to
      enter into this Note on the terms and conditions set forth
  herein;

	 	 
	(b) 	
      the Lender is not classified as an “insider” or an
      “associate” of an insider, as such terms are defined by the Securities
      Act (British Columbia);

	 	 
	(c) 	
      the Lender is not registered under Canadian provincial or
      territorial securities legislation and is not engaged in the business of
      trading in securities or exchange contracts as a principal or agent, and
      does not hold himself out as engaging in the business of trading in
      securities or exchange contracts as a principal or
agent.

	13. 	
      NEGATIVE COVENANTS

So long as the Note remains outstanding, the Borrower shall
not, or shall cause any of its affiliates to, without the prior written consent
of the Lender: 

	(a) 	
      Indebtedness. Be indebted, for borrowed money or
      otherwise, or become liable for the obligation of any other party, except
      for the indebtedness of its affiliates under this Agreement or incurred
      during the ordinary course of business.

	 	 
	(b) 	
      Liens. Create, incur, assume or permit to exist
      any Lien on any Borrower’s material assets or property,

	 	 
	(c) 	
      Share Dividends, Splits. If the Borrower or any of
      its affiliates, at any time (A) shall pay a dividend or otherwise make a
      distribution or distributions on any securities (including instruments or
      securities convertible into or exchangeable for such shares) in shares of
      Common Stock, (B) subdivide outstanding common shares into a larger number
      of shares, (C) take any other activities such as consolidation of the
      Borrower or reclassification of its shares, which impact, or is likely to
impact the interests of the Lender hereunder ,then, and in each such case, the
Conversion Price in effect immediately prior to such event shall be adjusted so
that the Lender shall be entitled to receive the number of common shares or
other securities of the Lender which such Lender would have owned or have been
entitled to receive after the occurrence of any of the events described above.
Besides, if any such case occurs before the issuance of New Shares and New
Warrants set forth in Section 9, the Lender can withdraw such USD$5.0 million
facility during the Draw Down Period through written notice to the Borrower.

8 

	(d) 	
      Loans/Investments. Make any loans or investments
      in excess of US$5 million, except accounts receivables, temporary advances
      to cover incidental expenses or otherwise in the ordinary course of
      business.

	 	 
	(e) 	
      Equity Financing. In the event that the Borrower
      intends to make any equity financing prior to the potential USD$5.0
      million facility as set forth in Section 9, the Borrower shall notify the
      Lender and both Parties shall negotiate in good
faith.

	14. 	
      AFFIRMATIVE COVENANTS.

	(a) 	
      Notice of Litigation. So long as the Note remains
      outstanding, the Borrower shall provide to the Lender promptly after the
      commencement thereof, notice of all actions, suits, and proceedings before
      any Governmental Authority against any of its affiliates that has an
      amount in controversy that exceeds US$400,000.

	 	 
	(b) 	
      Registration of Shares. The Borrower undertakes to
      register the common shares it issued hereunder upon the request of the
      Lender as soon as possible within a timeline subject to the applicable
      laws and regulations.

	 	 
	(c) 	
      Notice of Events of Defaults. So long as the Note
      remains outstanding, the Borrower shall provide to the Lender, as soon as
      possible and in any event within seven (7) Business Days after the
      occurrence thereof, with written notice of each event which either (i) is
      an Event of Default (as defined in the Note), or (ii) with the giving of
      notice or lapse of time or both would constitute an Event of Default, in
      each case setting forth the details of such event and the action which is
      proposed to be taken by any of its affiliates with respect
  thereto.

	 	 
	(d) 	
      Use of proceeds. The Borrower agrees and
      undertakes that proceeds from the issuance of the Note shall be used for
      working capital purposes.

	15. 	
      REPLACEMENT OF THE NOTE.

Upon receipt by the Borrower of evidence reasonably
satisfactory to it of the ownership of and the loss, theft, destruction or
mutilation of the Note, the Borrower, at the expense of the Lender requesting
such replacement, will execute and deliver a new Note executed in the same
manner as the Note being replaced, in the same principal amount as the unpaid
principal amount of such Note and dated the date to which interest shall have
been paid on such Note or, if no interest shall have yet been so paid, dated the
date of such Note. 

9 

	16. 	
      GOVERNING LAW

This Note is and will be deemed to be made in the State of New
York and for all purposes be governed exclusively by and construed and enforced
in accordance with the laws of New York applicable therein. 

	17. 	
      CHARGES, TAXES AND EXPENSES

Issuance of certificates for Shares and Warrants (including New
Shares and New Warrants, if applicable) upon the conversion of this Note shall
be made without charge to the Lender hereof for any issue or transfer tax or
other incidental expense in respect of the issuance of such certificate, all of
which taxes and expenses shall be paid by the Borrower. 

	18. 	
      AMENDMENT

This Note may not be amended except in writing executed by each
of the parties hereto. 

	19. 	
      WAIVERS

The Borrower hereby waives presentment for payment, notice of
dishonour, protest and notice of payment and all other notices of any kind in
connection with the enforcement of this Note. 

	20. 	
      SEVERABILITY

If a provision of this Note is at any time unenforceable or
invalid for any reason it will be severable from the remainder of this Note and,
in its application at that time, this Note will be construed as if it had been
executed without the unenforceable or invalid provision. 

	21. 	
      ASSIGNMENT

The Borrower may not assign, delegate or otherwise transfer any
of its obligations under this Note, whether by merger, consolidation or other
business combination, without the prior written consent of the Lender. The
Lender may assign all or any part of this Note without the consent of the
Borrower. 

	22. 	
      BINDING EFFECT

The Borrower represents and warrants that the execution and
delivery by the Borrower of this Note are within the Borrower’s corporate power
and authority and have been duly authorized by all necessary corporate actions.
This Note will enure to the benefit of and be binding upon the respective legal
representatives, successors and permitted assigns of the parties. 

	23. 	
      LEGAL INDEPENDENCE FROM THE ASSET PURCHASE
    AGREEMENT

Both Parties agree that even this document is signed in
conjunction with the Asset Purchase Agreement simultaneously; this document is
totally independent from the Asset Purchase Agreement. It should not be
construed as the performance of this document relies on the performance of the
Asset Purchase Agreement, unless otherwise expressly stipulated in such
document. Vice Versa, 

10 

IN WITNESS WHEREOF, the Borrower has made, executed and
delivered this Note effective as of the day first above written. 

HELIUS MEDICAL TECHNOLOGIES, INC. 

	Per: 	/s/
      Philippe Deschamps 
	  	Authorized Signatory 

A&B (HK) Company Limited 

	Per: 	/s/
      Lam Kong 
	  	Authorized Signatory 

11 

SCHEDULE A 
CONVERSION FORM 

TO: HELIUS MEDICAL TECHNOLOGIES, INC. 

All terms used herein but not defined shall have the meanings
ascribed thereto in the Note. 

Pursuant to Section 6 of the Note, the undersigned hereby
irrevocably elects to convert the Principal Amount of $ ____________________
into ____________________ Shares at the Conversion Price, and additionally issue
____________________ Warrants in accordance with the terms of the Note, and
directs that the Shares and Warrants issuable and deliverable upon the
conversion be issued and delivered to the person indicated below. 

Shares and Warrants issued on conversion are to be issued,
registered and delivered as follows: 

	Name: 	 

 

	(Address) 	(City,
      Province, Postal Code, and Country) 

DATED this ____ day of __________________________, 20
__. 

	By: 	 
	 	 
	 	 
	                     	   Per:Exhibit 4.1

 

WARRANT AGENCY AGREEMENT

 

WARRANT AGENCY AGREEMENT
(this “Warrant Agreement”) made as of [·], 2015 (the “Issuance Date”),
between BioRestorative Therapies, Inc., a Delaware corporation (the “Company”), and Island Capital Management,
LLC (doing business as Island Stock Transfer), the Company’s transfer agent, with offices at 15500 Roosevelt Blvd, Suite
301, Clearwater, FL 33760 (“Warrant Agent”). Capitalized terms used but not defined herein shall have
the meanings ascribed to them in the Class A Warrant Certificate (as defined in Section 2.1).

 

WHEREAS, the
Company is engaged in a public offering (the “Offering”) of common stock, Class A Warrants, and Class
B warrants and, in connection therewith, has determined to issue and deliver up to [ · ] Class A warrants (the “Warrants”)
to the public investors, with each such Warrant evidencing the right of the holder thereof to purchase one share of the Company’s
common stock, par value $0.001 per share (the “Common Stock”), for $[·], subject to adjustment
as described in the Class A Warrant Certificate; and

 

WHEREAS, the
Company has filed with the U.S. Securities and Exchange Commission (the “Commission”) a Registration
Statement, No. 333-204672 on Form S-1 originally filed with the Commission on June 3, 2015 (as the same may be amended from time
to time, the “Registration Statement”) for the registration, under the Securities Act of 1933, as amended
(the “Securities Act”), of, among other securities, the Warrants and the Common Stock issuable upon exercise
of the Warrants (the “Warrant Shares”), and such Registration Statement was declared effective on [ ·
], 2015; and

 

WHEREAS, the
Company desires the Warrant Agent to act on behalf of the Company, and the Warrant Agent is willing to so act, in connection with
the issuance, registration, transfer, exchange and exercise of the Warrants; and

 

WHEREAS, the
Company desires to provide for the form and provisions of the Warrants, the terms upon which they shall be issued and exercised,
and the respective rights, limitation of rights, and immunities of the Company, the Warrant Agent, and the holders of the Warrants
(each, a “Holder”); and

 

WHEREAS, all
acts and things have been done and performed which are necessary to make the Warrants, when executed on behalf of the Company and
countersigned by or on behalf of the Warrant Agent, as provided herein, the valid and binding obligations of the Company, and to
authorize the execution and delivery of this Warrant Agreement.

 

NOW, THEREFORE,
in consideration of the mutual agreements herein contained, the parties hereto agree as follows:

 

		1.	Appointment of Warrant Agent. The Company hereby appoints the Warrant Agent to act as agent
for the Company for the Warrants, and the Warrant Agent hereby accepts such appointment and agrees to perform the same in accordance
with the terms and conditions set forth in this Warrant Agreement.

 

		2.	Warrants.

 

		2.1.	Form of Warrant. Each Warrant shall be issued in registered form only, shall be in
                                                                  substantially the form of Exhibit A hereto (the “Class A Warrant Certificate”), the
                                                                  provisions of which are incorporated herein, and shall be signed by, or bear the facsimile signature of, (i) the Chief
                                                                  Executive Officer, President, Chief Financial Officer or Treasurer, Secretary or Assistant Secretary of the Company and (ii)
                                                                  the Warrant Agent. In the event the person whose facsimile signature has been placed upon any Warrant shall have ceased to
                                                                  serve in the capacity in which such person signed the Warrant before such Warrant is issued, it may be issued with the same
                                                                  effect as if he or she had not ceased to be such at the date of issuance. All of the Warrants shall initially be represented
                                                                  by one or more book-entry certificates (each a “Book-Entry Warrant Certificate”).

  

     

     

    

 

		2.2.	Effect of Countersignature. Unless and until countersigned by the Warrant Agent pursuant
to this Warrant Agreement, a Warrant shall be invalid and of no effect and may not be exercised by a Holder.

 

		2.3.	Registration.

 

2.3.1.             Warrant
Register. The Warrant Agent shall maintain books (“Warrant Register”) for the registration of the
original issuance and the registration of any transfer of the Warrants. Upon the initial issuance of the Warrants, the Warrant
Agent shall issue and register the Warrants in the names of the respective Holders in such denominations and otherwise in accordance
with instructions delivered to the Warrant Agent by the Company. To the extent the Warrants are “Fast Automated Securities
Transfer eligible” as of the Issuance Date, and the Warrant Agent receives a properly executed Deposit and Withdrawal at
Custodian (DWAC)/Direct Registration System (DRS) request relating to such Warrants, all of the Warrants shall be represented by
one or more Book-Entry Warrant Certificates deposited with the Depository Trust Company (the “Depository”)
and registered in the name of Cede & Co., a nominee of the Depository. Ownership of beneficial interests in the Book-Entry
Warrant Certificates shall be shown on, and the transfer of such ownership shall be effected through, records maintained (i) by
the Depository or its nominee for each Book-Entry Warrant Certificate, with respect to which the Warrant Agent shall have no obligation
or control; (ii) by institutions that have accounts with the Depository (such institution, with respect to a Warrant in its account,
a “Participant”), with respect to which the Warrant Agent shall have no obligation or control; or (iii)
directly on the book-entry records of the Warrant Agent with respect only to owners of beneficial interests that represent such
direct registration.

 

If
the Warrants are not “DTC eligible” as of the Issuance Date or the Depository subsequently ceases to make its
book-entry settlement system available for the Warrants, the Company may instruct the Warrant Agent to make other
arrangements for book-entry settlement within ten (10) Business Days after the Depository ceases to make its book-entry
settlement available. In the event that the Company does not make alternative arrangements for book-entry settlement within
ten (10) Business Days or the Warrants are not eligible for, or it is no longer necessary to have the Warrants available in,
book-entry form, the Warrant Agent shall provide written instructions to the Depository to deliver to the Warrant Agent for
cancellation each Book-Entry Warrant Certificate, and the Company shall instruct the Warrant Agent to deliver to the
Depository definitive  Class A Warrant Certificates in physical form evidencing such Warrants. Such definitive Class A Warrant
Certificates shall be in substantially the form annexed hereto as Exhibit A.

 

2.3.2.             Registered
Holder; Beneficial Owner. Prior to due presentment for registration of transfer of any Warrant, the Company and the Warrant
Agent may deem and treat the person in whose name such Warrant shall be registered upon the Warrant Register (“registered
holder”), as the absolute owner of such Warrant and of each Warrant represented thereby (notwithstanding any notation
of ownership or other writing on the  Class A Warrant Certificate made by anyone other than the Company or the Warrant Agent), for the purpose
of any exercise thereof, and for all other purposes, and neither the Company nor the Warrant Agent shall be affected by any notice
to the contrary. Any person in whose name ownership of a beneficial interest in the Warrants evidenced by a Book-Entry Warrant
Certificate is recorded in the records maintained by the Depository or its nominee shall be deemed the “beneficial
owner” thereof; provided, that all such beneficial interests shall be held through a Participant which shall
be the registered holder of such Warrants. As used herein, the term “Holder” refers only to a registered holder of
the Warrants.

 

		2.4.	Uncertificated Warrants. Notwithstanding the foregoing and anything else herein to the contrary,
the Warrants may be issued in uncertificated form.

 

		3.	Terms and Exercise of Warrants.

 

		3.1.	Exercise Price. Each  Class A Warrant Certificate shall, when countersigned by the Warrant Agent,
entitle the Holder, subject to the provisions of the  Class A Warrant Certificate and this Warrant Agreement, to purchase from the Company
the number of shares of Common Stock stated therein, at the Exercise Price.

 

    	 	2	 

     

    

 

		3.2.	Duration of Warrants. A Warrant may be exercised only during the period (“Exercise
Period”) commencing on the Issuance Date and terminating at 5:00 P.M., New York City time on [ · ], 2020 (the
“Expiration Date”). Each Warrant not exercised on or before the Expiration Date shall become void, and
all rights thereunder and all rights in respect thereof under the  Class A Warrant Certificate and this Warrant Agreement shall cease at
the close of business on the Expiration Date.

 

		3.3.	Exercise of Warrants.

 

3.3.1.             Exercise
and Payment. A Holder may exercise a Warrant, in whole or in part, by delivering, not later than 5:00 P.M., New York City time,
on any Business Day during the Exercise Period (the “Exercise Date”) (i) to the Warrant Agent at its
corporate trust department, (A) the  Class A Warrant Certificate evidencing the Warrants to be exercised, or, in the case of a Book-Entry
Warrant Certificate, the Warrants to be exercised (the “Book-Entry Warrants”) shown on the records of
the Depository to an account of the Warrant Agent at the Depository designated for such purpose in writing by the Warrant Agent
to the Depository from time to time, and (B) an election to purchase the Warrant Shares underlying the Warrants to be exercised,
in the form attached to the  Class A Warrant Certificate (an “Election to Purchase”), properly completed and executed
by the Holder on the reverse of the  Class A Warrant Certificate or, in the case of a Book-Entry Warrant Certificate, properly delivered
by the Participant in accordance with the Depository’s procedures, and (ii) unless cashless exercise is permitted under the
 Class A Warrant Certificate, to the Company, the Exercise Price for each Warrant to be exercised in lawful money of the United States of
America by certified or official bank check or by bank wire transfer in immediately available funds, in each case, payable to the
order of the Company.

 

If any
of (i) the  Class A Warrant Certificate or the Book-Entry Warrants, (ii) the Election to Purchase, or (iii) the Exercise Price therefor,
is received by the Warrant Agent or the Company, as the case may be, after 5:00 P.M., New York City time, on the specified Exercise
Date, the Warrants will be deemed to be received and exercised on the Business Day next succeeding the Exercise Date. If the date
specified as the Exercise Date is not a Business Day, the Warrants will be deemed to be received and exercised on the next succeeding
day that is a Business Day. If the Warrants are received or deemed to be received after the Expiration Date, the exercise thereof
will be null and void and any funds delivered to the Company will be returned to the Holder. In no event will interest accrue on
funds deposited with the Company in respect of an exercise or attempted exercise of Warrants. The validity of any exercise of Warrants
shall be determined by the Company, in its sole discretion, and such determination shall be final and binding upon the Holder and
the Warrant Agent. Neither the Company nor the Warrant Agent shall have any obligation to inform a Holder of the invalidity of
any exercise of any Warrants.

 

3.3.2.             Issuance
of Certificates. The Warrant Agent shall, within twenty-four (24) hours of its receipt of the items specified in Section 3.3.1(i),
advise the Company in respect of (a) the number of Warrant Shares issuable upon such exercise in accordance with the terms and
conditions of this Warrant Agreement, (b) the instructions of each Holder with respect to delivery of the Warrant Shares issuable
upon such exercise, and the delivery of definitive  Class A Warrant Certificates, as appropriate, evidencing the balance, if any, of the
Warrants remaining after such exercise, (c) in case of a Book-Entry Warrant Certificate, the notation that shall be made to the
records maintained by the Depository, its nominee for each Book-Entry Warrant Certificate, or a Participant, as appropriate, evidencing
the balance, if any, of the Warrants remaining after such exercise and (d) such other information as the Company shall reasonably
require.

 

The Company
shall, by 5:00 P.M., New York City time, on the third Business Day next succeeding the Exercise Date of any Warrant and the clearance
of the funds in payment of the aggregate Exercise Price, execute, issue and deliver to the Warrant Agent, the Warrant Shares to
which such Holder is entitled, in fully registered form, registered in such name or names as may be directed by such Holder. The
Warrant Agent shall, by 5:00 P.M., New York City time, on the third Business Day following its receipt of such Warrant Shares,
transmit such Warrant Shares to, or upon the order of, such Holder.

 

    	 	3	 

     

    

 

In lieu
of delivering physical certificates representing the Warrant Shares issuable upon exercise of any Warrants, provided the Company’s
transfer agent is participating in the Fast Automated Securities Transfer program of the Depository, the Company shall use its
commercially reasonable efforts to cause its transfer agent to electronically transmit the Warrant Shares issuable upon exercise
to the Depository by crediting the account of the Depository or of the Participant, as the case may be, through its Deposit Withdrawal
Agent Commission system, subject to the Warrant Agent’s receipt of a properly executed Deposit and Withdrawal at Custodian
(DWAC)/Direct Registration System (DRS) request relating to such Warrant Shares from the applicable broker. The time periods for
the delivery described in the immediately preceding paragraph shall apply to the electronic transmittals described herein.

 

3.3.3.             Valid
Issuance. All Warrant Shares issued upon the proper exercise of a Warrant in conformity with this Warrant Agreement shall be
validly issued, fully paid and nonassessable.

 

3.3.4.             No
Fractional Exercise. Warrants may be exercised only in whole numbers of Warrant Shares. No fractional Warrant Shares are to
be issued upon the exercise of a Warrant, but rather the number of Warrant Shares to be issued shall be rounded up or down, as
applicable, to the nearest whole number. If fewer than all of the Warrants evidenced by a  Class A Warrant Certificate are exercised, a
new  Class A Warrant Certificate for the number of unexercised Warrants remaining shall be executed by the Company and countersigned by
the Warrant Agent and delivered to the Holder at the address specified on the books of the Warrant Agent or as otherwise specified
by such Holder. If fewer than all of the Warrants evidenced by a Book-Entry Warrant Certificate are exercised, a notation shall
be made to the records maintained by the Depository, its nominee for each Book-Entry Warrant Certificate, or a Participant, as
appropriate, evidencing the balance of the Warrants remaining after such exercise.

 

3.3.5.             Cashless
Exercise. Upon receipt of an Election to Purchase for a cashless exercise in accordance with Section 1.5 of the  Class A Warrant Certificate,
the Warrant Agent shall promptly deliver a copy of the Election to Purchase to the Company to confirm the number of Warrant Shares
issuable in connection with the cashless exercise. The Company shall calculate and transmit to the Warrant Agent, and the Warrant
Agent shall have no obligation to calculate the number of Warrant Shares issuable in connection with the cashless exercise.

 

		4.	Transfer and Exchange of Warrants.

 

		4.1.	Registration of Transfer. The Warrant Agent shall register the transfer, from time to time,
of any outstanding Warrant upon the Warrant Register, upon surrender of such Warrant for transfer, properly endorsed with signatures
medallion signature guaranteed and accompanied by appropriate instructions and payment for transfer. Upon any such transfer, a
new Warrant representing an equal aggregate number of Warrants shall be issued and the old Warrant shall be cancelled by the Warrant
Agent. Notice of any such cancellation shall be delivered by the Warrant Agent to the Company.

 

		4.2.	Procedure for Surrender of Warrants. Warrants may be surrendered to the Warrant Agent, together
with a written request for exchange or transfer reasonably acceptable to the Warrant Agent, duly executed by the Holder thereof,
or by a duly authorized attorney, and thereupon the Warrant Agent shall issue in exchange therefor one or more new Warrants as
requested by the Holder of the Warrants so surrendered, representing an equal aggregate number of Warrants; provided, however,
that except as otherwise provided herein or in any Book-Entry Warrant Certificate, each Book-Entry Warrant Certificate may be transferred
only to the Depository, to another nominee of the Depository, to a successor depository, or to a nominee of a successor depository;
provided further, however, that in the event that a Warrant surrendered for transfer bears a restrictive legend, the Warrant Agent
shall not cancel such Warrant and issue new Warrants in exchange therefor until the Warrant Agent has received an opinion of counsel
for the Company stating that such transfer may be made and indicating whether the new Warrants must also bear a restrictive legend.
Upon any such registration of transfer, the Company shall execute, and the Warrant Agent shall countersign and deliver, in the
name of the designated transferee a new  Class A Warrant Certificate or  Class A Warrant Certificates of any authorized denomination evidencing in
the aggregate a like number of unexercised Warrants.

 

    	 	4	 

     

    

 

		4.3.	Fractional Warrants. The Warrant Agent shall not be required to effect any registration
of transfer or exchange which will result in the issuance of a  Class A Warrant Certificate for a fraction of a Warrant.

 

		4.4.	Service Charges. A service charge shall be made for any exchange or registration of transfer
of Warrants, as provided for with regard to the Common Stock in the Transfer Agency Agreement, dated as of [_______], between the
Company and the Warrant Agent (the “Transfer Agency Agreement”).

 

		4.5.	Warrant Execution and Countersignature. The Warrant Agent is hereby authorized to countersign
and to deliver, in accordance with the terms of this Warrant Agreement, the Warrants required to be issued pursuant to the provisions
of this Section 4, and the Company, whenever required by the Warrant Agent, will supply the Warrant Agent with Warrants duly executed
on behalf of the Company for such purpose.

 

		5.	Other Provisions Relating to Rights of Holders of Warrants.

 

		5.1.	Lost, Stolen, Mutilated, or Destroyed Warrants. If any  Class A Warrant Certificate is lost, stolen,
mutilated, or destroyed, the Company (upon receipt of evidence reasonably satisfactory to the Company of the loss, theft, mutilation
or destruction of the  Class A Warrant Certificate, and in case of mutilation, upon surrender of such  Class A Warrant Certificate to the Company
for cancellation) will either, in its sole discretion (i) authorize the Warrant Agent to instruct the Holder to file documents
with the Warrant Agent’s insurance company as reasonably required to obtain an open penalty bond necessary for the replacement
of the  Class A Warrant Certificate or (ii) upon the Company’s receipt of an indemnity from the Holder reasonably satisfactory to
the Company and the Warrant Agent, indemnify the Company and the Warrant Agent and provide instructions to the Warrant Agent to
replace such  Class A Warrant Certificate. Thereafter, the Warrant Agent shall issue a new Warrant of like denomination, tenor, and date
as the Warrant so lost, stolen, mutilated, or destroyed. Any such new Warrant shall constitute a substitute contractual obligation
of the Company, whether or not the allegedly lost, stolen, mutilated, or destroyed Warrant shall be at any time enforceable by
anyone.

 

		6.	Concerning the Warrant Agent and Other Matters.

 

		6.1.	Concerning the Warrant Agent. The Warrant Agent:

 

a) shall have no duties
or obligations with respect to this Warrant Agreement other than those set forth herein and no duties or obligations shall be inferred
or implied;

 

b) may rely on and
shall be held harmless by the Company in acting upon any certificate, statement, instrument, opinion, notice, letter, facsimile
transmission, telegram or other document, or any security delivered to it by the Company, and reasonably believed by it to be genuine
and to have been made or signed by the proper party or parties;

 

c) may rely on and
shall be held harmless by the Company in acting upon written or oral instructions or statements from the Company with respect to
any matter relating to its acting as Warrant Agent;

 

d) may consult with
counsel satisfactory to it (including counsel for the Company);

 

e) solely shall make
the final determination as to whether or not a Warrant received by the Warrant Agent is duly, completely and correctly executed,
and the Warrant Agent shall be held harmless by the Company in respect of any action taken, suffered or omitted by the Warrant
Agent hereunder in good faith and in accordance with its determination;

 

f) shall not be obligated
to take any legal or other action hereunder which might, in its reasonable judgment, subject or expose it to any expense or liability
unless it shall have been furnished with an indemnity reasonably satisfactory to it;

 

    	 	5	 

     

    

 

g) shall not be liable
or responsible for any failure of the Company to comply with any of the Company’s obligations relating to the Registration
Statement or this Warrant Agreement, including without limitation obligations under applicable regulation or law; and

 

h) shall not be required
to take any action, including as set forth in this Warrant Agreement (i) in violation of any of the terms or conditions contained
in the Transfer Agency Agreement, (ii) in violation of any law, rule, statute or regulation applicable to the Warrant Agent, or
(iii) to the extent any issuance or transfer is prohibited pursuant to court order.

 

		6.2.	Resignation, Consolidation, or Merger of Warrant Agent.

 

		6.2.1.	Appointment of Successor Warrant Agent. The Warrant Agent, or any successor to it hereafter
appointed, may resign its duties and be discharged from all further duties and liabilities hereunder after giving 30 days’
prior written notice to the Company. The Warrant Agent may be removed by the Company for any reason at any time upon 30 days written
notice to (i) the Warrant Agent and (ii) the holders of the Warrants.

 

		6.2.2.	Notice of Successor Warrant Agent. In the event a successor Warrant Agent shall be appointed,
the Company shall give notice thereof to the predecessor Warrant Agent not later than the effective date of any such appointment.

 

		6.2.3.	Merger or Consolidation of Warrant Agent. Any corporation or entity into which the Warrant
Agent may be merged or with which it may be consolidated or any corporation or entity resulting from any merger or consolidation
to which the Warrant Agent shall be a party shall be the successor Warrant Agent under this Warrant Agreement without any further
act.

 

		6.3.	Fees and Expenses of Warrant Agent.

 

		6.3.1.	Remuneration. The Company agrees to pay the Warrant Agent reasonable remuneration in an
amount separately agreed to between the Company and the Warrant Agent for its services as Warrant Agent hereunder and will reimburse
the Warrant Agent for all expenditures that the Warrant Agent may reasonably incur in the execution of its duties hereunder as
agreed to between the Company and the Warrant Agent.

 

		6.3.2.	Further Assurances. The Company and the Warrant Agent agree to perform, execute, acknowledge,
and deliver or cause to be performed, executed, acknowledged, and delivered all such further and other acts, instruments, and assurances
as may reasonably be required by the other party for the carrying out or performing of the provisions of this Warrant Agreement.

 

		6.4.	Liability of Warrant Agent.

 

		6.4.1.	Reliance on Company Statement. Whenever in the performance of its duties under this Warrant
Agreement, the Warrant Agent shall deem it necessary or desirable that any fact or matter be proved or established by the Company
prior to taking or suffering any action hereunder, such fact or matter (unless other evidence in respect thereof be herein specifically
prescribed) may be deemed to be conclusively proved and established by a statement signed by the President, Chief Executive Officer
or Chief Financial Officer of the Company and delivered to the Warrant Agent. The Warrant Agent may rely upon such statement for
any action taken or suffered in good faith by it pursuant to the provisions of this Warrant Agreement.

 

		6.4.2.	Indemnity. The Warrant Agent shall be liable hereunder only for its own gross negligence,
willful misconduct or bad faith and shall indemnify the Company and save it harmless against any and all liabilities, including
judgments, claims, losses, damages, costs and reasonable counsel fees, in connection therewith. The Company agrees to indemnify
the Warrant Agent and save it harmless against any and all liabilities, including judgments, claims, losses, damages, costs and
reasonable counsel fees, for anything done or omitted by the Warrant Agent in the execution of this Warrant Agreement except as
a result of the Warrant Agent’s gross negligence, willful misconduct, or bad faith.

 

    	 	6	 

     

    

 

		6.4.3.	Exclusions. The Warrant Agent shall have no responsibility with respect to the validity
of this Warrant Agreement or with respect to the validity or execution of any Warrant (except its countersignature hereof and thereof);
nor shall it be responsible for any breach by the Company of any covenant or condition contained in this Warrant Agreement or in
any Warrant; nor shall it be responsible to make any adjustments required under the provisions of Section 2 of the  Class A Warrant Certificate
or responsible for the manner, method, or amount of any such adjustment or the ascertaining of the existence of facts that would
require any such adjustment; nor shall it by any act hereunder be deemed to make any representation or warranty as to the authorization
or reservation of any Warrant Shares to be issued pursuant to this Warrant Agreement or any Warrant or as to whether any Warrant
Shares will, when issued, be validly issued and fully paid and nonassessable.

 

		6.5.	Acceptance of Agency. The Warrant Agent hereby accepts the agency established by this Warrant
Agreement and agrees to perform the same upon the terms and conditions herein set forth.

 

		7.	Miscellaneous Provisions.

 

		7.1.	Successors. All the covenants and provisions of this Warrant Agreement by or for the benefit
of the Company or the Warrant Agent shall bind and inure to the benefit of their respective successors and assigns.

 

		7.2.	Notices. Any notice, statement or demand authorized by this Warrant Agreement to be given
or made by the Warrant Agent or by a Holder to or on the Company shall be sufficiently given when so delivered if by hand or overnight
delivery or if sent by certified mail or private courier service within five (5) Business Days after deposit of such notice, postage
prepaid, addressed (until another address is filed in writing by the Company with the Warrant Agent), as follows:

 

BioRestorative Therapies, Inc.

40 Marcus Drive, Suite One

Melville, New York 11747

Attention: Mark Weinreb,
President and Chief Executive Officer

 

with a copy to:

 

Certilman Balin Adler &
Hyman, LLP

90 Merrick Avenue

East Meadow, New York 11554

Attention: Fred Skolnik,
Esq.

 

Any notice, statement or demand
authorized by this Warrant Agreement to be given or made by a Holder or by the Company to or on the Warrant Agent shall be sufficiently
given when so delivered if by hand or overnight delivery or if sent by certified mail or private courier service within five (5)
Business Days after deposit of such notice, postage prepaid, addressed (until another address is filed in writing by the Warrant
Agent with the Company), as follows:

 

Island Stock Transfer

15500 Roosevelt Blvd,

Suite 301

Clearwater, FL 33760

 

    	 	7	 

     

    

 

		7.3.	Applicable Law. This Warrant Agreement and the terms and conditions set forth herein, shall
be governed by and construed solely and exclusively in accordance with the internal laws of the State of New York without regard
to the conflicts of laws principles thereof. The parties hereto hereby expressly and irrevocably agree that any suit or proceeding
arising directly and/or indirectly pursuant to or under this Warrant Agreement shall be brought solely in a federal or state court
located in the City, County and State of New York. By its execution hereof, the parties hereto covenant and irrevocably submit
to the in personam jurisdiction of the federal and state courts located in the City, County and State of New York and agree that
any process in any such action may be served upon any of them personally, or by certified mail or registered mail upon them or
their agent at the address set forth in Section 7.2, return receipt requested, with the same full force and effect as if personally
served upon them in New York, New York. The parties hereto expressly and irrevocably waive any claim that any such jurisdiction
is not a convenient forum for any such suit or proceeding and any defense or lack of in personam jurisdiction with respect thereto.
In the event of any such action or proceeding, the party prevailing therein shall be entitled to payment from the other parties
hereto of all of its reasonable counsel fees and disbursements.

 

		7.4.	Persons Having Rights under this Warrant Agreement. Nothing in this Warrant Agreement expressed
and nothing that may be implied from any of the provisions hereof is intended, or shall be construed, to confer upon, or give to,
any person or corporation other than the parties hereto and the Holders of the Warrants and, for purposes of Sections 3.3, 7.3
and 7.8, Aegis Capital Corp. (the “Underwriter”), any right, remedy, or claim under or by reason of this
Warrant Agreement or of any covenant, condition, stipulation, promise, or agreement hereof. The Underwriter shall be deemed to
be an express third-party beneficiary of this Warrant Agreement with respect to Sections 3.3, 7.3 and 7.8 hereof. All covenants,
conditions, stipulations, promises, and agreements contained in this Warrant Agreement shall be for the sole and exclusive benefit
of the parties hereto (and the Underwriter with respect to the Sections 3.3, 7.3 and 7.8 hereof) and their successors and assigns
and of the Holders.

 

		7.5.	Examination of this Warrant Agreement. A copy of this Warrant Agreement shall be available
at all reasonable times at the office of the Warrant Agent in Clearwater, Florida for inspection by any Holder. The Warrant Agent
may require any such Holder to submit his Warrant for inspection by it.

 

		7.6.	Counterparts. This Warrant Agreement may be executed in any number of original or facsimile
counterparts and each of such counterparts shall for all purposes be deemed to be an original, and all such counterparts shall
together constitute but one and the same instrument.

 

		7.7.	Effect of Headings. The Section headings herein are for convenience only and are not part
of this Warrant Agreement and shall not affect the interpretation thereof.

 

		7.8.	Amendments. This Warrant Agreement may be amended by the parties hereto without the consent
of any Holder for the purpose of curing any ambiguity, or of curing, correcting or supplementing any defective provision contained
herein or adding or changing any other provisions with respect to matters or questions arising under this Warrant Agreement as
the parties may deem necessary or desirable and that the parties deem shall not adversely affect the interest of the Holders. All
other modifications or amendments, including any amendment to increase the Exercise Price or shorten the Exercise Period, shall
require the written consent of the Underwriter and the Holders of a majority of the then outstanding Warrants.

 

		7.9.	Severability. This Warrant Agreement shall be deemed severable, and the invalidity or unenforceability
of any term or provision hereof shall not affect the validity or enforceability of this Warrant Agreement or of any other term
or provision hereof. Furthermore, in lieu of any such invalid or unenforceable term or provision, the parties hereto intend that
there shall be added as a part of this Warrant Agreement a provision as similar in terms to such invalid or unenforceable provision
as may be possible and be valid and enforceable.

 

		7.10.	Force Majeure. In the event either party is unable to perform its obligations under the
terms of this Warrant Agreement because of acts of God, strikes, failure of carrier or utilities, equipment or transmission failure
or damage that is reasonably beyond its control, or any other cause that is reasonably beyond its control, such party shall not
be liable for damages to the other resulting from such failure to perform or otherwise from such causes. Performance under this
Warrant Agreement shall resume when the affected party or parties are able to perform substantially that party’s duties.

 

[Signature Page Follows]

 

    	 	8	 

     

    

 

IN WITNESS WHEREOF, this Warrant Agency
Agreement has been duly executed by the parties hereto as of the day and year first above written.

 

	 	BIORESTORATIVE THERAPIES, INC.
	 	 	 
	 	By:	                   
	 	Name:
	 	Title:
	 	 
	 	ISLAND CAPITAL MANAGEMENT, LLC, D/B/A ISLAND STOCK TRANSFER
	 	 	 
	 	By:	 
	 	Name:
	 	Title:

 

[Signature Page to Warrant Agency Agreement]

 

     

     

    

 

EXHIBIT A

 

[FORM OF CLASS A WARRANT
CERTIFICATE]

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