Document:

Exhibit 10.70

 

STOCK OPTION AGREEMENT,
made as of the 23rd day of October, 2014, between BIORESTORATIVE THERAPIES, INC., a Nevada corporation (the “Company”),
and PAUL JUDE TONNA (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
Five Hundred Thousand (500,000) shares of Common Stock of the Company (the “Option Shares”) during the following periods:

 

(a)          All
or any part of One Hundred Sixty-Six Thousand Six Hundred Sixty-Seven (166,667) shares of Common Stock may be purchased during
the period commencing at 12:01 A.M. on October 23, 2015 and terminating at 5:00 P.M. on October 23, 2024 (the “Expiration
Date”).

 

(b)          All
or any part of One Hundred Sixty-Six Thousand Six Hundred Sixty-Seven (166,667) shares of Common Stock may be purchased during
the period commencing at 12:01 A.M on October 23, 2016 and terminating at 5:00 P.M. on the Expiration Date.

 

(c)          All
or any part of One Hundred Sixty-Six Thousand Six Hundred Sixty-Six (166,666) shares of Common Stock may be purchased during the
period commencing at 12:01 A.M on October 23, 2017 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 Thirty-Three Cents ($0.33) (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, 555 Heritage Drive, Suite 132, Jupiter, Florida 33458, Attention:
Chief Executive Officer, and to the Optionee at the address indicated below. Notices shall be deemed to have been given on the
date of hand delivery or mailing, except notices of change of address, which shall be deemed to have been given when received.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

	 	BIORESTORATIVE THERAPIES, INC.
	 	 	 
	 	By:	 
	 	 	Name: Mark Weinreb
	 	 	Title: Chief Executive Officer
	 	 	 
	 	 	 
	 	 	Signature of Optionee
	 	 	 
	 	 	Paul Jude Tonna
	 	 	Name of Optionee
	 	 	 
	 	 	 
	 	 	Address of Optionee

 

    	4Exhibit 10.71

 

December 31, 2014

 

Stem Cell Cayman Ltd.

c/o Campbells

4th Floor, Scotia Centre

Albert Panton Street

George Town, Grand Cayman

Cayman Islands

 

Gentlemen:

 

Reference is made to the Subscription
Agreements, dated February 10, 2011, November 4, 2011, March 30, 2012 and March 26, 2013 (the “Agreements”), by and
among Stem Cell Cayman Ltd. (“Cayman”), BioRestorative Therapies, Inc. (formerly Stem Cell Assurance, Inc.) (“BioRestorative”)
and Westbury (Bermuda) Ltd. (the “Lender”) with respect to loans made by the Lender to Cayman in the amounts of $1,050,000,
$1,000,000, $1,500,000 and $450,000, respectively (the “Principal Amounts”), evidenced by Promissory Notes, dated February
10, 2011, November 4, 2011, March 30, 2012 and March 27, 2013, as amended, in the respective Principal Amounts (the “Notes”),
which provide, as amended, that the respective Principal Amounts are payable on December 31, 2014 (the “Maturity Date”).

 

The Lender agrees that Cayman and BioRestorative
have performed all of their obligations under the Agreements and the Notes, and the Lender waives any and all defaults by Cayman
and BioRestorative thereunder.

 

The parties agree that the Notes are
hereby amended such that the Maturity Date for the payment of the respective Principal Amounts shall be June 30, 2015. No interest
shall be payable on the Notes.

 

In consideration of the
foregoing, BioRestorative hereby agrees to issue to the Lender four hundred fifty thousand (450,000) shares of common stock of
BioRestorative (the “BioRestorative Shares”). The Lender hereby confirms that the representations and warranties made
by it in the Agreements shall apply with equal force and effect to the BioRestorative Shares.

 

Each Note may only be amended further
by a writing executed by Cayman and the Lender.

 

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

 

	 	Very truly yours,
	 	 	 
	 	WESTBURY (BERMUDA) LTD.
	 	 	 
	 	By:	       	 
	 	Name:	 	 
	 	Title:	 	 

 

    	 

    	 

    

 

	Agreed:	 
	 	 
	STEM CELL CAYMAN LTD.	 
	 	 	 
	By:	                    	 
	Name:	 	 
	Title:	 	 
	 	 	 
	BIORESTORATIVE THERAPIES, INC.	 
	 	 	 
	By:	 	 
	Name:	 	 
	Title:kblb_ex41.htm

Exhibit 4.1

 

THIS WARRANT AND THE SECURITIES ISSUABLE UPON EXERCISE OF THIS WARRANT HAVE NOT BEEN REGISTERED FOR RESALE UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"), OR ANY STATE SECURITIES LAWS AND MAY NOT BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT AS TO SUCH SECURITIES AND SUCH DISPOSITION FILED UNDER THE ACT, OR AN EXEMPTION FROM REGISTRATION, AND COMPLIANCE WITH APPLICABLE STATE SECURITIES LAWS. THE ISSUER MAY REQUIRE AN OPINION OF COUNSEL SATISFACTORY TO THE ISSUER HEREOF THAT SUCH REGISTRATION IS NOT REQUIRED AND THAT SUCH LAWS ARE COMPLIED WITH.

KRAIG BIOCRAFT LABORATORIES, INC

 

COMES NOW,  Kraig Biocraft Laboratories, Inc. (“KBLB”) who hereby grants Jon Rice (“Warrant Holder”) a Warrant to Purchase TWO MILLION (2,000,000.) shares of its Common Stock with a cashless provision and an exercise price of $0.001 with a term expiring on January 19, 2018 and subject to the terms and conditions set forth below:

	
1.  

	
Number of Shares. Warrant Holder shall be entitled to Exercise the Warrant for a total amount of 2,000,000 shares of Common Stock Pursuant to the terms and conditions herein.

	
2.  

	
Exercise Price. The Exercise price shall be set at $0.001.

	
3.  

	
Date: This Warrant is dated January 23, 2015 and is fully vested as of such date.

	
4.  

	
Term and Exercise.  The warrant shall be exercisable on February 2, 2016, and for a period expiring on January 19, 2018. The term of this Warrant shall expire at the end of the day on January 19, 2018.

	
5.  

	
Cashless Provision.

 

	
(a)  

	
Cashless Exercise. The Warrants, as provided herein, may be exercisable in whole or in part for cash or through as cashless exercise as set forth below.

 

	
(b)  

	
Shares of KBLB Common Stock upon exercise hereof thereunder, this Warrant may be exercisable in whole or in part for cash or through as cashless exercise as set forth below.  Payment upon exercise may be made at the option of Warrant Holder  either in (i) cash or by certified or official bank check payable to the order of the KBLB equal to the applicable aggregate Strike Price, (ii) by delivery of Common Stock issuable upon exercise of the Warrants in accordance with Section (a) ABOVE or (iii) by a combination of any of the foregoing methods, for the number of Common Shares specified in such form (as such exercise number shall be adjusted to reflect any adjustment in the total number of shares of Common Stock issuable to the holder per 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 Common Stock (or Other Securities) determined as provided herein.

 

	
(c)  

	
Notwithstanding any provisions herein to the contrary, if the Fair Market Value or Market Value of one share of Common Stock is greater than the Strike Price (at the date of calculation as set forth below), in lieu of exercising this Warrant for cash, the holder may elect to receive shares equal to the value (as determined below) of this Warrant (or the portion thereof being cancelled) by surrender of this Warrant at the principal office of the Company together with the properly endorsed Notice of Exercise in which event the Company shall issue to the holder a number of shares of Common Stock computed using the following formula:

 

	
(d)  

	
X=Y (A-B)

          A

Where           X=           the number of shares of Common Stock to be issued to the holder

	
  

	
Y=

	
the number of shares of Common Stock purchasable under the Warrant or, if only a portion of the Warrant is being exercised, the portion of the Warrant being exercised (at the date of such calculation)

 

	
  

	
A=

	
the Fair Market Value of one share of the Company’s Common Stock (at the date of such calculation)

 

	
  

	
B=

	
Purchase Price (as adjusted to the date of such calculation)

 

  

1

  

 

	
6.  

	
Covenants of Warrant Holder. Pursuant to the terms and Conditions of the Consulting Agreement and as a condition to receiving this Warrant, the Warrant Holder represents, warrants and covenants to the KBLB that:

 

	
(a)  

	
it has not and will not knowingly take any action, directly or indirectly that would cause the Transaction to violate the provisions of the Act, the Securities Exchange Act of 1934 (the “1934 Act”), the respective rules and regulations promulgated there under (the “Rules and Regulations”) or applicable “blue sky” laws of any state or jurisdiction and it will, insofar as is under its control, conduct the Transaction in a manner prescribed by Rule 506 of Regulation D;

it has not taken and will not knowingly take any action, directly or indirectly, that may cause the Transaction to fail to be entitled to exemption from registration under United States federal securities laws, or applicable state securities or “blue sky” laws, or the applicable laws of the foreign countries in which the securities may be offered or sold by it. (Warrant Holder will not offer or sell securities to investors)

 

	
(b)  

	
 Purchase Entirely for Own Account. This Agreement is made in reliance upon Warrant Holder’s representation to Company, which by Warrant Holder’s execution of this Agreement, KBLB hereby confirms, that the Warrants to purchase Company's Common Stock are being acquired for investment purposes for the Warrant Holder’s own account and not with a view for resale or distribution of any part thereof except in accordance with applicable federal and state securities laws.

 

	
(c)  

	
Receipt of information. Warrant Holder has received all information set forth and referenced to in Company’s press releases and business plan. Furthermore, Warrant Holder has received all information necessary for it to make an informed investment decision.

 

	
(d)  

	
 Investment Experience. Warrant Holder represents that it is experienced in evaluating and investing in restricted securities and in companies similar to Company and acknowledges that it can fend for itself, can bear the economic risk of its investment, and has such knowledge and experience in financial and business matters that it is capable of evaluating the merits and risks of the investment. Warrant Holder further represents that it has not been organized solely for the purchase of the Company’s Common Stock.

 

	
(e)  

	
 Accredited Investor. Warrant Holder represents that it is an "accredited investor" as that term is defined in SEC rule 501(a) of Regulation D, 17 C.F.R.501(a).

 

	
(f)  

	
Restricted Securities. Warrant Holder understands that the Warrants to purchase the Company's Common Stock issued hereunder may not be sold, transferred, or otherwise disposed of without registration under the Securities Act or an exemption therefrom, and that in the absence of an effective registration statement covering the Company's Common Stock, or an available exemption from registration under the Securities Act, the Common Stock must be held indefinitely. In particular, Warrant Holder is aware that the Common Stock may not be sold under Rule 144 unless all of the conditions of that rule have been met.

 

	
(g)  

	
No Trading Market. The Warrants issued hereunder are not traded or listed on any exchange including but not limited to the electronic pink sheets and the over the counter bulletin board. There is no secondary market or trading for said Warrants.

 

	
(h)  

	
 Legends. To the extent applicable, each certificate or other document evidencing the Company's Common Stock shall be endorsed with the following restrictive legend.

 

  

2

  

THIS WARRANT AND THE SECURITIES ISSUABLE UPON EXERCISE OF THIS WARRANT HAVE NOT BEEN REGISTERED FOR RESALE UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"), OR ANY STATE SECURITIES LAWS AND MAY NOT BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT AS TO SUCH SECURITIES AND SUCH DISPOSITION FILED UNDER THE ACT, OR AN EXEMPTION FROM REGISTRATION, AND COMPLIANCE WITH APPLICABLE STATE SECURITIES LAWS. THE ISSUER MAY REQUIRE AN OPINION OF COUNSEL SATISFACTORY TO THE ISSUER HEREOF THAT SUCH REGISTRATION IS NOT REQUIRED AND THAT SUCH LAWS ARE COMPLIED WITH.

	
7.  

	
Manner of Exercise. The Warrant Holder may Exercise this Warrant in whole or in part by presenting a Notice of Exercise to KBLB (Kraig Labs) at its main offices.

 

	
8.  

	
Maximum Exercise.  The Warrant Holder shall not be entitled to exercise this Warrant on an exercise date, in connection with that number of shares of Common Stock which would be in excess of the sum of (i) the number of shares of Common Stock beneficially owned by the Consultant and its affiliates on an exercise date, and (ii) the number of shares of Common Stock issuable upon the exercise of this Warrant with respect to which the determination of this limitation is being made on an exercise date, which would result in beneficial ownership by the Warrant Holder and its affiliates of more than 4.99% of the outstanding shares of Common Stock of the Company on such date.  For the purposes of the immediately preceding sentence, beneficial ownership shall be determined in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended, and Regulation 13d-3 thereunder.  Subject to the foregoing, the Consultant shall not be limited to aggregate exercises which would result in the issuance of more than 4.99%.  The restriction described in this paragraph may be revoked upon seventy-five (75) days prior notice from the Warrant Holder to KBLB.  The Warrant Holder may allocate which of the equity of the Company deemed beneficially owned by the Warrant Holder shall be included in the 4.99% amount described above and which shall be allocated to the excess above 4.99%.

 

	
9.  

	
Assignment. The Warrant Holder may assign this Warrant in whole or in part subject only to the applicable Securities Laws.

 

	
10.  

	
 Stock Splits.  In the event of any stock split (whether forward or reverse) all references to the number of shares described in this Agreement shall be adjusted in proportion and in accordance with such split.

 

	
11.  

	
Investment Representations.                                                      KBLB represents and warrants that it has provided Consultant with access to all information available to the Company concerning its condition, financial and otherwise, its management, its business and its prospects.  The Company represents that it has provided to Consultant access to the Company’s SEC filings, financials, merger documents, press releases for the prior twelve (12) months, if any, (the “Disclosure Documents”) made under the rules and regulations promulgated under the Act, as amended, or the Exchange Act, as amended including but its SEC filings and all other documents relating to its trading on the Over the Counter Bulletin Board.  Warrant Holder acknowledges that Warrant Holder has been provided with the documents, or access to the documents described above, including without limitation, SEC filings and audited financials for the past three years, that the acquisition of the securities to be issued to Warrant Holder involves a high degree of risk.  Warrant Holder represents that it and its advisors have been afforded the opportunity to discuss KBLB with its management and that KBLB and its management have made no verbal representations of any kind relating to this warrant or to KBLB’s past, present of future prospects or performance.  The Company represents that it will promptly notify Warrant Holder upon the filing of any registration statement or other periodic reporting documents filed pursuant to the Act or the Exchange Act.

 

	
12.  

	
Acceptance and Consulting Agreement. This Warrant is attached hereto as an Exhibit to the Consulting Agreement as if contained word for word in said Agreement. By executed the Consulting Agreement the parties agree to be bound hereto to this Exhibit and Warrant.

 

THIS PORTION OF THE PAGE HAS BEEN INTENTIONALLY LEFT BLANK

  

3

  

 

 

This Warrant is executed on this 23rd day of January, 2015, by:

________________________

Kim Thompson

CEO and President

Kraig Biocraft Laboratories, Inc.

________________________

Jon Rice

4

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