Document:

Exhibit 10.65

 

STOCK OPTION AGREEMENT,
made as of the 19th day of February, 2016, between BIORESTORATIVE THERAPIES, INC., a Delaware corporation (the
“Company”), and ROBERT B. CATELL (the “Optionee”).

___________________

 

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

 

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

 

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

 

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

 

(a)               
All or any part of Five Thousand (5,000) shares of Common Stock may be purchased during the period commencing at 12:01 A.M.
on February 19, 2017 and terminating at 5:00 P.M. on February 19, 2026 (the “Expiration Date”).

 

(b)All or any part
of Five Thousand (5,000) shares of Common Stock may be purchased during the period commencing at 12:01 A.M. on February 19, 2018
and terminating at 5:00 P.M. on the Expiration Date.

 

(c)All or any part
of Five Thousand (5,000) shares of Common Stock may be purchased during the period commencing at 12:01 A.M. on February 19, 2019
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 Seventy Cents ($3.70)
(the “Exercise Price”). The Company shall pay all original issue or transfer taxes on the exercise of the Option.

 

    	 

     

    

 

 

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

 

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

 

		X	=Y (A-B)

A

 

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

 

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

 

		A	=the Fair Market Value of one Option Share

 

		B	=the Exercise Price

 

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

 

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

 

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

 

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

 

    	 

     

    

 

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

 

    	 

     

    

 

 

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

 

BIORESTORATIVE
THERAPIES, INC.

 

 

By:  _________________________________

Name:
Mark Weinreb

Title:
Chief Executive Officer

 

 

___________________________

Signature
of Optionee

 

 

Robert
B. Catell

Name
of Optionee

 

62
Osborne Road

Garden
City, New York 11530

Address
of OptioneeExhibit 10.66

 

VOID AFTER 5:00 P.M., EASTERN TIME, ON
FEBRUARY 29, 2021

 

NEITHER THIS WARRANT NOR THE WARRANT
STOCK (AS HEREINAFTER DEFINED) HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR THE
SECURITIES LAWS OF ANY STATE. THIS WARRANT AND THE WARRANT STOCK MAY BE TRANSFERRED ONLY IN COMPLIANCE WITH THE ACT AND SUCH LAWS.
THIS LEGEND SHALL BE ENDORSED UPON ANY WARRANT ISSUED IN EXCHANGE FOR THIS WARRANT.

 

______________________________________________________________________________

 

BIORESTORATIVE THERAPIES, INC.

 

(Incorporated under the laws of the State
of Delaware)

 

Warrant

 

	37,500 Shares	February 29, 2016

FOR VALUE RECEIVED,
BIORESTORATIVE THERAPIES, INC., a Delaware corporation (the “Company”), hereby certifies that ROBERT
B. CATELL (the “Holder”) is entitled, subject to the provisions of this Warrant, to purchase from the Company up
to THIRTY SEVEN THOUSAND FIVE HUNDRED (37,500) SHARES OF COMMON STOCK, $.001 par value per share, of the Company
(“Common Shares”) at a price of FIVE DOLLARS ($5.00) per share (the “Exercise Price”) during the
period commencing on the date hereof and terminating at 5:00 P.M. on the fifth anniversary of the date hereof.

 

The number of Common
Shares to be received upon the exercise of this Warrant may be adjusted from time to time as hereinafter set forth. The Common
Shares deliverable upon such exercise, and as adjusted from time to time, are hereinafter sometimes referred to as “Warrant
Stock.”

 

The Holder agrees with
the Company that this Warrant is issued, and all the rights hereunder shall be held subject to, all of the conditions, limitations
and provisions set forth herein.

 

1.                 
Exercise of Warrants.

 

1.1 Exercise.
Exercise of this Warrant shall be made upon surrender of this Warrant with the Warrant Exercise Form attached hereto duly completed
and signed and delivered to the Company, at its address 40 Marcus Drive, Suite One, Melville, New York 11747 (or such office or
agency of the Company as it may designate in writing to the Holder hereof). Payment upon exercise shall be made at the written
option of the Holder either (i) in cash, wire transfer or by certified or official bank check payable to the order of the Company
equal to the applicable aggregate Exercise Price, (ii) by the withholding of shares of Warrant Stock otherwise issuable upon exercise
of this Warrant, in accordance with Section 1.2 or (iii) by a combination of either of the foregoing methods, for the number of
shares of Warrant Stock specified in such form (as such number shall be adjusted to reflect any adjustment in the total number
of shares of Warrant Stock issuable to the Holder pursuant to the terms of this Warrant) and the Holder shall thereupon be entitled
to receive the number of duly authorized, validly issued, fully-paid and non-assessable shares of Warrant Stock determined as provided
herein. The Company shall promptly (but in no event later than five (5) business days after the date on which the Company receives
this Warrant, the executed Warrant Exercise Form and payment of the Exercise Price, if any (the “Exercise Date”)),
issue or cause to be issued and cause to be delivered to or upon the written order of the Holder and in such name or names as the
Holder may designate (subject to the restrictions on transfer described in the legend set forth on the face of this Warrant), a
certificate for the shares of Warrant Stock issuable upon such exercise, with such restrictive legend as required by the Act, as
applicable. Subject to the delivery of this Warrant, the executed Warrant Exercise Form and payment of the Exercise Price, if any,
any person so designated by the Holder to receive Warrant Stock shall be deemed to have become the holder of record of such shares
of Warrant Stock as of the Exercise Date. If this Warrant is exercised in part only, the Company shall, upon surrender of this
Warrant for cancellation, execute and deliver a new Warrant evidencing the rights of the Holder hereof to purchase the balance
of the shares purchasable hereunder.

 

    	 

     

    

 

 

1.2Net Exercise.
If the Fair Market Value (as hereinafter defined) of one Common Share is greater than the Exercise Price of one share of Warrant
Stock (at the date of calculation as set forth below), in lieu of exercising this Warrant for cash, the Holder may elect to receive
shares of Warrant Stock equal to the number of Common Shares computed using the following formula:

 

		X	= Y*(A-B)/A

 

		WhereX	= the number of Common Shares to be issued to the Holder

 

		Y	=the number of Common Shares purchasable under this
Warrant or, if only a portion of this Warrant is being exercised, the portion of this Warrant being exercised (at the date of
such calculation)

 

		A	=the Fair Market Value of one Common Share

 

		B	=the Exercise Price (as adjusted to the date of such
calculation).

 

1.3 Fair Market
Value. For purposes hereof, “Fair Market Value” shall be determined as follows:

 

(a)if the Common
Shares of the Company are listed on any established stock exchange or a national market system, including, without limitation,
The Nasdaq Stock Market, or quoted on any other market for which closing sales prices are available, including, without limitation,
the OTCQB, Fair Market Value shall be the average of the closing sales prices for the Common Shares, as quoted on such exchange,
system or other market, on the five (5) trading days immediately preceding the Exercise Date;

 

(b)if the Common
Shares of the Company are quoted but closing sales prices are not reported, then Fair Market Value shall be the average of the
mean between the high bid and low asked prices for the Common Shares on the five (5) trading days immediately preceding the Exercise
Date; or

 

    	 	2	 

     

    

 

 

(c)in the absence
of any quotations for the Common Shares of the Company during the five (5) trading days immediately preceding the Exercise Date,
Fair Market Value shall be determined in good faith by the Board of Directors of the Company.

 

2.                 
Registered Owner. The Company may consider and treat the person in whose name this Warrant shall be registered
as the absolute owner thereof for all purposes whatsoever and the Company shall not be affected by any notice to the contrary.
Subject to the provisions hereof, the registered owner of this Warrant shall have the right to transfer it by assignment and the
transferee thereof, upon his registration as owner of this Warrant, shall become vested with all the powers and rights of the transferor.
Registration of any new owner shall take place upon presentation of this Warrant to the Company at its offices together with the
Warrant Assignment Form attached hereto duly executed. In case of transfers by operation of law, the transferee shall notify the
Company of such transfer and of his address, and shall submit appropriate evidence regarding the transfer so that this Warrant
may be registered in the name of the transferee. This Warrant is transferable only on the books of the Company by the Holder on
the surrender hereof, duly endorsed. Communications sent to any registered owner shall be effective as against all holders or transferees
of this Warrant not registered at the time of sending the communication.

 

3.                 
Reservation of Shares. During the period within which the rights represented by this Warrant may be exercised,
the Company shall, at all times, reserve and keep available out of its authorized capital stock, solely for the purposes of issuance
upon exercise of this Warrant, such number of its Common Shares as shall be issuable upon the exercise of this Warrant; and if
at any time the number of authorized Common Shares shall not be sufficient to effect the exercise of this Warrant, the Company
will take such corporate action as may be necessary to increase its authorized but unissued Common Shares to such number of shares
as shall be sufficient for such purpose; the Company shall have analogous obligations with respect to any other securities or property
issuable upon exercise of this Warrant.

 

4.                 
Fractional Shares. The Company shall not be required to issue certificates representing fractions of Common
Shares, nor shall it be required to issue scrip or pay cash in lieu of fractional interests, it being the intent of the Company
and the Holder that all fractional interests shall be eliminated.

 

5.                 
Rights of the Holder. The Holder shall not, by virtue hereof, be entitled to any voting or other rights of
a stockholder of the Company, either at law or in equity, and the rights of the Holder are limited to those expressed in this Warrant.

 

6.                 
Anti-Dilution Provisions.

 

6.1              
Adjustments for Stock Dividends; Combinations, Etc. (a) In case the Company shall do any of the following
(an “Event”):

 

(i)           
declare a dividend or other distribution on its Common Shares payable in Common Shares of the Company,

 

    	 	3	 

     

    

 

 

(ii)         
subdivide the outstanding Common Shares pursuant to a stock split or otherwise,

 

(iii)       
combine the outstanding Common Shares into a smaller number of shares pursuant to a reverse split or otherwise, or

 

(iv)       
reclassify its Common Shares,

 

then the Exercise Price in effect at the
time of the record date for such dividend or other distribution or of the effective date of such subdivision, combination or reclassification
shall be changed to a price determined by dividing (a) the product of the number of Common Shares outstanding immediately prior
to such Event, multiplied by the Exercise Price in effect immediately prior to such Event by (b) the number of Common Shares outstanding
immediately after such Event. Each such adjustment of the Exercise Price shall be calculated to the nearest one-hundredth of a
cent. Such adjustment shall be made successively whenever any Event listed above shall occur.

 

(b)Whenever the
Exercise Price is adjusted as set forth in Section 6.1 (whether or not the Company then or thereafter elects to issue additional
Warrants in substitution for an adjustment in the number of shares of Warrant Stock), the number of shares of Warrant Stock specified
in each Warrant which the Holder may purchase shall be adjusted, to the nearest full share, by multiplying such number of shares
of Warrant Stock immediately prior to such adjustment by a fraction, of which the numerator shall be the Exercise Price immediately
prior to such adjustment and the denominator shall be the Exercise Price immediately thereafter.

 

6.2              
Adjustment for Reorganization, Consolidation or Merger. In case of any reorganization of the Company (or any
other entity, the securities of which are at the time receivable on the exercise of this Warrant) after the date hereof or in case
after such date the Company (or any such other entity) shall consolidate with or merge with or into another entity, then, and in
each such case, the Holder of this Warrant upon the exercise thereof as provided in Section l at any time after the consummation
of such reorganization, consolidation or merger, shall be entitled to receive, in lieu of the securities and property receivable
upon the exercise of this Warrant prior to such consummation, the securities or property to which such Holder would have been entitled
upon such consummation if such Holder had exercised this Warrant immediately prior thereto, all subject to further adjustment as
provided in Section 6.l; in each such case, the terms of this Warrant shall be applicable to the securities or property receivable
upon the exercise of this Warrant after such consummation.

 

7.                 
Investment Intent. Unless, prior to the exercise of this Warrant, the issuance of the Warrant Stock has been
registered with the Securities and Exchange Commission pursuant to the Act, the Warrant Exercise Form shall be accompanied by the
Investment Representation Letter attached hereto, duly executed by the Holder.

 

8.                 
Restrictions on Transfer.

 

8.1              
Transfer to Comply with the Securities Act of 1933. Neither this Warrant nor any Warrant Stock may be sold,
assigned, transferred or otherwise disposed of except as follows: (1) to a person who, in the opinion of counsel, is a person to
whom this Warrant or the Warrant Stock may legally be transferred without registration and without the delivery of a current prospectus
under the Act with respect thereto and then only against receipt of an agreement of such person to comply with the provisions of
this Section 8 with respect to any resale, assignment, transfer or other disposition of such securities; or (2) to any person upon
delivery of a prospectus then meeting the requirements of the Act relating to such securities and the offering thereof for such
sale, assignment, transfer or disposition.

 

    	 	4	 

     

    

 

 

8.2              
Legend. Subject to the terms hereof, upon exercise of this Warrant and the issuance of the Warrant Stock,
all certificates representing such Warrant Stock shall bear on the face or reverse thereof substantially the following legend:

 

“The securities which are represented
by this certificate have not been registered under the Securities Act of 1933, and may not be sold, transferred, hypothecated or
otherwise disposed of until a registration statement with respect thereto is declared effective under such act, or the Company
receives an opinion of counsel for the Company that an exemption from the registration requirements of such act is available.”

 

9.                 
Lost, Stolen or Destroyed Warrant. In the event that the Holder notifies the Company that this Warrant has
been lost, stolen or destroyed and provides (a) a letter, in form satisfactory to the Company, to the effect that it will indemnify
the Company from any loss incurred by it in connection therewith, and/or (b) an indemnity bond in such amount as is reasonably
required by the Company, the Company having the option of electing either (a) or (b) or both, the Company may, in its sole discretion,
accept such letter and/or indemnity bond in lieu of the surrender of this Warrant as required by Section 1 hereof.

 

10.             
Notices. All notices required hereunder shall be given by first-class mail, postage prepaid, or overnight
mail or courier and, if given by the Holder addressed to the Company at 40 Marcus Drive, Suite One, Melville, New York 11747, Attention:
Chief Executive Officer, or such other address as the Company may designate in writing to the Holder; and if given by the Company,
addressed to the Holder at the address of the Holder shown on the books of the Company.

 

11.             
Applicable Law; Jurisdiction. This Warrant is issued under, and shall for all purposes be governed by and
construed in accordance with, the laws of the State of Delaware, excluding choice of law principles thereof. The Company and, by
its acceptance of this Warrant, the Holder hereby irrevocably consent and submit to the exclusive jurisdiction of any federal or
state court located within Nassau or Suffolk County, New York over any dispute arising out of or relating to this Warrant and each
party hereby irrevocably agrees that all claims in respect of such dispute or any legal action related thereto may be heard and
determined in such courts. Each of the Company and the Holder hereby irrevocably waives, to the fullest extent permitted by applicable
law, any objection that it or he may now or hereafter have to the laying of venue of any such dispute brought in such court or
any defense of inconvenient forum for the maintenance of such dispute.

 

 

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

 

    	 	5	 

     

    

 

 

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

 

BIORESTORATIVE
THERAPIES, INC.

 

 

By:  _____________________

Mark
Weinreb

Chief
Executive Officer

 

 

    	 

     

    

 

BIORESTORATIVE THERAPIES, INC.

WARRANT EXERCISE FORM

 

To: BIORESTORATIVE THERAPIES, INC.

 

The undersigned, pursuant
to the provisions set forth in the attached Warrant, dated February 29, 2016, hereby irrevocably elects to purchase (check applicable
box):

 

	___	
        ________ shares of the Common Stock covered
        by such Warrant; or

         

	___	the maximum number of shares of Common Stock covered by such Warrant pursuant to the cashless exercise procedure set forth therein.

 

The undersigned herewith
makes payment of the full purchase price for such shares of $_______ at the price per share provided for in such Warrant. Such
payment takes the form of (check applicable box or boxes):

 

	___	
        $__________ in lawful money of the United
        States; and/or

         

	___	the cancellation of such portion of the attached Warrant as is exercisable for a total of _______ shares of Common Stock (using a Fair Market Value of $_______ per share, or an aggregate Fair Market Value of $__________, for purposes of this calculation);

 

 

	TO BE COMPLETED BY INDIVIDUAL HOLDER, 
JOINT TENANTS, TENANTS IN COMMON
    OR 
AS HOLDERS OF COMMUNITY PROPERTY	TO BE COMPLETED BY CORPORATE, 
PARTNERSHIP, LIMITED LIABILITY 
COMPANY
    OR TRUST HOLDER
	
        ____________________________

        Name(s) of Holder(s) [Please Print]

         

        ____________________________

        

        Signature of Holder

         

        ____________________________

        Signature of Holder, if jointly held

         

         ____________________________ 

        Address(es) of Holder(s)

         

        ____________________________

        Social Security Number(s) of Holder(s)

         

        ____________________________

        Date
	
        

        ____________________________

        Name of Holder [Please Print]

         

        By:  ______________________

        Authorized Signatory

         

        ____________________________

        Name and Title of Authorized Signatory

        [Please Print]

         

        ____________________________

        

        Address of Holder

         

        ____________________________

        

        Tax Identification Number of Holder

         

        ____________________________

        Date

         

 

Signature(s) must conform in all respects
to the

name of the Holder on the face of the attached
Warrant.

 

    	 

     

    

 

 

BIORESTORATIVE THERAPIES, INC.

 

WARRANT ASSIGNMENT FORM

 

 

FOR VALUE RECEIVED,
_________________________ hereby sells, assigns and transfers unto _____________________________ (please type or print name of
assignee) with an address at ______________________________________________________________ the right to purchase shares of Common
Stock of BIORESTORATIVE THERAPIES, INC. (the “Company”) represented by this Warrant dated as of February 29,
2016 to the extent of ___________ shares and does hereby irrevocably constitute and appoint ___________________ attorney to transfer
the same on the books of the Company with full power of substitution in the premises.

 

	TO BE COMPLETED BY INDIVIDUAL HOLDER, 
JOINT TENANTS, TENANTS
    IN COMMON OR 
AS HOLDERS OF COMMUNITY PROPERTY	TO BE COMPLETED BY CORPORATE, 
PARTNERSHIP, LIMITED LIABILITY
    
COMPANY OR TRUST HOLDER
	
        ____________________________

        Name(s) of Holder(s) [Please Print]

         

        ____________________________

        

        Signature of Holder

         

        ____________________________

        Signature of Holder, if jointly held

         

        ____________________________ 

        Date
	
        ____________________________

        Name of Holder [Please Print]

         

        By:  ________________________

        Authorized Signatory

         

        ____________________________

        

        Name and Title of Authorized Signatory

        [Please Print]

         

        ____________________________

        Date

 

 

Signature(s) Guaranteed:

 

    	 

     

    

 

 

BIORESTORATIVE THERAPIES, INC.

 

FORM OF INVESTMENT REPRESENTATION
LETTER

 

 

BioRestorative Therapies,
Inc.

40 Marcus Drive

Suite One

Melville, New York 11747

 

Gentlemen:

 

In connection with
the acquisition of _______________ shares of Common Stock (the “Shares”) of BIORESTORATIVE THERAPIES, INC.,
a Delaware corporation (the “Company”), by the undersigned from the Company pursuant to the exercise of a Warrant,
dated as of February 29, 2016, the undersigned does hereby represent and warrant to the Company as follows:

 

		(a)	The undersigned represents and warrants that the Shares acquired by it are being acquired for its
own account, for investment purposes and not with a view to any distribution within the meaning of the Securities Act of 1933,
as amended (the “Securities Act”). The undersigned will not sell, assign, mortgage, pledge, hypothecate, transfer or
otherwise dispose of any of the Shares unless (i) a registration statement under the Securities Act with respect thereto is in
effect and the prospectus included therein meets the requirements of Section 10 of the Securities Act, or (ii) the Company has
received a written opinion of its counsel that, after an investigation of the relevant facts, such counsel is of the opinion that
such proposed sale, assignment, mortgage, pledge, hypothecation, transfer or disposition does not require registration under the
Securities Act or any state securities law.

 

		(b)	The undersigned understands that the resale of the Shares is not, and is not being, registered
under the Securities Act and the Shares must be held indefinitely unless they are subsequently registered thereunder or an exemption
from such registration is available.

 

		(c)	The undersigned recognizes that the acquisition of the Shares involves a high degree of risk and
is suitable only for persons of adequate financial means who have no need for liquidity with respect to the Shares in that (a)
it may not be able to liquidate the Shares in the event of emergency; (b) transferability is extremely limited; and (c) it could
sustain a complete loss of its investment.

 

		(d)	The undersigned represents and warrants that it (a) is competent to understand and does understand
the nature of its investment; and (b) is able to bear the economic risk of an acquisition of the Shares.

 

 

    	 

     

    

 

 

		(e)	The undersigned represents and warrants that it is an “accredited investor,” as such
term is defined in Rule 501 of Regulation D promulgated under the Securities Act. The undersigned meets the requirements of at
least one of the suitability standards for an “accredited investor” as set forth on the Accredited Investor Certification
attached hereto.

 

		(f)	The undersigned has reviewed the Company’s filings with the Securities and Exchange Commission,
including the risk factors set forth therein, and has been afforded the opportunity to obtain such information regarding the Company
as it has reasonably requested to evaluate the merits and risks of the undersigned’s investment in the Shares. No oral or
written representations have been made or oral information furnished to the undersigned or its advisers in connection with the
investment in the Shares.

 

		(g)	The undersigned confirms that the representations and warranties set forth in the Subscription
Agreement pursuant to which the Warrant was issued are true and correct as of the date hereof as if made on and as of the date
hereof with respect to the purchase of the Shares.

 

		(h)	The undersigned acknowledges that counsel to the Company will be relying, and may rely, upon the
foregoing in connection with any opinion of counsel it may give with regard to the issuance of the Shares by the Company to the
undersigned, and any subsequent transfer of the Shares by the undersigned, and agrees to advise the Company and its counsel in
writing in the event of any change in any of the foregoing.

 

Very truly
yours,

 

 

	TO BE COMPLETED BY INDIVIDUAL HOLDER, 
JOINT TENANTS, TENANTS
    IN COMMON OR 
AS HOLDERS OF COMMUNITY PROPERTY	TO BE COMPLETED BY CORPORATE, 
PARTNERSHIP, LIMITED LIABILITY
    
COMPANY OR TRUST HOLDER
	
        ____________________________

        Name(s) of Holder(s) [Please Print]

         

        ____________________________

        Signature of Holder

         

        ____________________________

        Signature of Holder, if jointly held

         

        ____________________________ 

        Date
	
        

        ____________________________

        Name of Holder [Please Print]

         

         

        By:  _________________________

        Authorized Signatory

         

        ____________________________

        Name and Title of Authorized Signatory

        [Please Print]

         

        ____________________________

        Date

 

 

    	 

     

    

 

 

BIORESTORATIVE THERAPIES, INC.

 

WARRANT EXERCISE

 

Accredited Investor Certification

(Initial the appropriate box(es))

 

 

The undersigned represents
and warrants that it, he or she is an “accredited investor” based upon the satisfaction of one or more of the following
criteria:

 

		_____	(1) he or she is a natural person who has a net worth or joint net worth with his or her spouse
in excess of $1,000,000 at the time of his or her purchase1; or

 

		_____	(2) he or she is a natural person who had an individual income in excess of $200,000 in each of
the two most recent years or a joint income with his or her spouse in excess of $300,000 in each of those years and has a reasonable
expectation of reaching the same income level in the current year; or

 

		_____	(3) he or she is a director or executive officer of the Company; or

 

		_____	(4) it is either (a) a bank as defined in Section 3(a)(2) of the Securities Act or a savings and
loan association or other institution as defined in Section 3(a)(5)(A) of the Securities Act, whether acting in its individual
or fiduciary capacity, (b) a broker or dealer registered pursuant to Section 15 of the Securities Exchange Act of 1934, (c) an
insurance company as defined in Section 2(13) of the Securities Act, (d) an investment company registered under the Investment
Company Act of 1940 or a business development company as defined in Section 2(a)(48) of such act, (e) a small business investment
company licensed by the United States Small Business Administration under Section 301(c) or (d) of the Small Business Investment
Act of 1958, (f) a plan established and maintained by a state or its political subdivisions, or any agency or instrumentality of
a state or its political subdivisions, for the benefit of its employees, if such plan has total assets in excess of $5,000,000
or (g) an employee benefit plan within the meaning of Title I of the Employee Retirement Income Security Act of 1974, if the investment
decision is made by a plan fiduciary, as defined in Section 3(21) of such act, which plan fiduciary is a bank, savings and loan
association, an insurance company or a registered investment advisor, or if the employee benefit plan has total assets in excess
of $5,000,000 or, if a self-directed plan, with investment decisions made solely by persons who otherwise meet these suitability
standards; or

 

 

___________________________

		1	For purposes of calculating net worth:

		(i)	The undersigned’s primary residence shall not be
included as an asset;

		(ii)	Indebtedness that is secured by the undersigned’s
primary residence, up to the estimated fair market value of the primary residence at the date hereof, shall not be included as
a liability (except that if the amount of such indebtedness outstanding at the date hereof exceeds the amount outstanding 60 days
before the date hereof, other than as a result of the acquisition of the primary residence, the amount of such excess shall be
included as a liability); and

		(iii)	Indebtedness that is secured by the undersigned’s
primary residence in excess of the estimated fair market value of the primary residence at the date hereof shall be included as
a liability.

3205548.1

 

 

    	 

     

    

 

 

		_____	(5) it is a private business development company as defined in Section 202(a)(22) of the Investment
Advisers Act of 1940; or

 

		_____	(6) it is an organization described in Section 501(c)(3) of the Internal Revenue Code of 1986,
as amended, a corporation, a Massachusetts or similar business trust or a partnership not formed for the specific purpose of acquiring
the Shares offered hereby, with total assets in excess of $5,000,000; or

 

		_____	(7) it is a trust, with total assets in excess of $5,000,000, not formed for the specific purpose
of acquiring the Shares, whose purchase is directed by a sophisticated person who has such knowledge and experience in financial
and business matters that he or she is capable of evaluating the merits and risks of the prospective investment; or

 

		_____	(8) it is a corporation, partnership or other entity, and each and every equity owner of such entity
initials a separate Accredited Investor Certification pursuant to which it, he or she certifies that it, he or she meets the qualifications
set forth in either (1), (2), (3), (4), (5), (6) or (7) above.

 

 

 

	
        If the Warrant Holder is an INDIVIDUAL, or if the Shares
        are being acquired as JOINT TENANTS, as TENANTS IN COMMON, or as COMMUNITY PROPERTY:

         

        ____________________________

        

        Name(s) of Warrant Holder

         

        ____________________________  

        Signature of Warrant Holder

         

        ____________________________

        Signature, if jointly held

         

        ____________________________  

        Date
	
        If the Warrant Holder is a PARTNERSHIP, CORPORATION, LIMITED
        LIABILITY COMPANY or TRUST:

         

        ____________________________

        

        Name of Warrant Holder

         

         

        By:  __________________________

        Signature of Authorized Representative

         

        ____________________________  

        

        Name and Title of Authorized Representative

         

        ____________________________

        

        Date

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00256-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00256-of-00352.parquet"}]]