Document:

Exhibit
10.37

 

BioRestorative
Therapies, Inc.

40
Marcus Drive, Suite One

Melville,
New York 11747

 

	 	March
    1, 2017

 

Mr.
Edward L. Field

3706
St. Marks Road

Durham,
North Carolina 27707

 

Dear
Mr. Field:

 

Reference
is made to the Executive Employment Agreement, dated as of February 9, 2015, between BioRestorative Therapies, Inc. (the “Company”)
and you (the “Executive”), as amended (the “Employment Agreement”). All capitalized terms used and not
defined herein shall have the meanings ascribed to them in the Employment Agreement.

 

Pursuant
to the Employment Agreement, the Executive is entitled to receive an annual bonus of up to 30% of his Per Annum Salary based upon
the satisfaction of certain performance goals. The parties agree that, for the year ended December 31, 2016, the Executive instead
is entitled to receive an annual bonus of up to 24% of his Per Annum Salary based upon the satisfaction of the revised performance
goals set forth on Schedule A attached hereto. The Company acknowledges and agrees that, as of the date hereof, the initial two
(2) performance goals set forth on Schedule A have been satisfied.

 

The
parties agree further that the performance goals for the year ending December 31, 2017, and the bonus amount payable with respect
thereto, are as set forth on Schedule B attached hereto.

 

Except
as amended hereby, the Employment Agreement shall continue in full force and effect in accordance with its terms.

 

	 	Very
    truly yours,
	 	 	 
	 	BioRestorative
    Therapies, Inc. 
	 	 	 
	 	By:	 
	 	 	Mark
    Weinreb, Chief Executive Officer

 

	Agreed:	 
	 	 
	

                                                         Edward L. Field
	 

 

    	 

    	 

    

 

SCHEDULE
A

 

2016
Bonus Milestones:

 

	●	$36,000
    in the event the Company files an IND application with regard to the commencement of a clinical trial for the Company’s
    BRTX-100 product (the “Clinical Trial”) (the “IND Application”) with the Food and Drug Administration
    (the “FDA”);
	 	 
	●	$18,000
    in the event the FDA clears the IND Application; 
	 	 
	●	$18,000
    upon testing and receipt of certification that the Company’s fully equipped cleanroom has attained an ISO Class 7 cleanliness
    level.

 

It
is understood and agreed that (i) the filing of the IND Application with the FDA had to be achieved by December 31, 2016 in order
for the Executive to be entitled to receive the Bonus amount; and (ii) the other milestones may occur by July 31, 2017. In addition,
the Executive must have remained continuously employed with the Company through the date on which a particular milestone is satisfied
in order for the Executive to be entitled to receive the particular Bonus amount. Any issue as to whether any of the foregoing
milestones have been satisfied shall be determined by the Company in its sole discretion.

 

    	 

    	 

    

 

SCHEDULE
B

 

2017
Bonus Milestones:

 

	●	$18,000
    in the event of IRB approval at one site to commence the Clinical Trial;
	 	 
	●	$36,000
    in the event a patient in the Clinical Trial receives a dose of BRTX-100;
	 	 
	●	$18,000
    in the event at least six patients enroll in the Clinical Trial;
	 	 
	●	$18,000
    in the event the Company completes two mock production runs of BRTX-100 in its cleanroom in which BRTX-100 meets all specified
    product release requirements

 

It
is understood and agreed that each of the foregoing milestones must be achieved by December 31, 2017 in order for the Executive
to be entitled to receive the Bonus amount. In addition, the Executive must have remained continuously employed with the Company
through the date on which a particular milestone is satisfied in order for the Executive to be entitled to receive the particular
Bonus amount. Any issue as to whether any of the foregoing milestones have been satisfied shall be determined by the Company in
its sole discretion.Exhibit 10.58

 

STOCK
OPTION AGREEMENT, made as of the 10th day of June, 2016, between BIORESTORATIVE THERAPIES, INC., a Delaware
corporation (the “Company”), and _____________________ (the “Optionee”).

 

 

 

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

 

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

 

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

 

1. GRANT
OF OPTION. The Company hereby grants to the Optionee the right and option (the “Option”) to purchase up
to ______________________ (_____) 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 on
the date hereof and terminating at 5:00 P.M. on June 10, 2026 (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 10, 2017 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 10, 2018 and terminating at 5:00 P.M. on the Expiration Date.

 

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

 

3. EXERCISE
PRICE. The exercise price of each of the Option Shares shall be Three Dollars and Seventy-Three Cents ($3.73) (the
“Exercise Price”). The Company shall pay all original issue or transfer taxes on the exercise of the
Option.

 

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

 

    	 	 	 

    	 

    

 

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

 

	X	 	=	Y
        (A-B)

             A

	 	 	 	 
	Where
    X	 	=	the
    number of Option Shares to be issued to the Optionee
	 	 	 	 
	Y	 	=	the
    number of Option Shares subject to this Option (or the portion
	 	 	 	thereof
    being cancelled)
	 	 	 	 
	A	 	=	the
    Fair Market Value of one Option Share
	 	 	 	 
	B	 	=	the
    Exercise Price

 

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

 

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

 

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

 

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

 

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

 

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

 

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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

 

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