Amendment to Consulting Agreement between BioRestorative Therapies, Inc. and TDA Consulting Services, Inc. (April 18, 2012)
BioRestorative Therapies, Inc. and TDA Consulting Services, Inc. have agreed to extend their existing consulting agreement for an additional nine months, until December 31, 2012. During this period, TDA Consulting Services will receive a monthly fee of $10,000, paid in advance, and a $20,000 bonus split between August and December 2012. Additionally, TDA Consulting Services is granted a warrant to purchase 15 million shares of BioRestorative’s common stock at $0.03 per share, exercisable from January 1, 2013, for five years. All other terms of the original agreement remain unchanged.
Exhibit 10.10
BioRestorative Therapies, Inc.
555 Heritage Drive, Suite 130
Jupiter, Florida 33458
April 18, 2012
TDA Consulting Services, Inc.
200 Glades Road
Boca Raton, Florida 33432
Attention: Todd Adler, President
Gentlemen:
Reference is made to the Consulting Agreement, dated as of February 17, 2011, between BioRestorative Therapies, Inc. (formerly Stem Cell Assurance, Inc.) (the “Company”) and TDA Consulting Services, Inc. (the “Consultant”) (the “Consulting Agreement”).
The parties hereby agree that the term of the Consulting Agreement is extended for an additional period of nine (9) months until December 31, 2012 and that, during such additional nine (9) month period, the Consultant shall be entitled to a fee of ten thousand dollars ($10,000) per month (an aggregate of $90,000) payable in advance on the first day of each month commencing as of April 1, 2012 and through December 1, 2012. As additional compensation for the Services (as defined in the Consulting Agreement), (a) the Consultant shall be entitled to a bonus of twenty thousand dollars ($20,000), payable to the extent of fifty percent (50%) thereof on August 31, 2012 and fifty percent (50%) thereof on December 31, 2012, and (b) concurrently with the execution of this letter, the Consultant is being granted a warrant for the purchase of fifteen million (15,000,000) shares of the Company’s common stock, $.001 par value, which warrant shall be exercisable during the period commencing on January 1, 2013 and terminating on the fifth anniversary of the date hereof, at an exercise price of three cents ($.03) per share.
Except as amended hereby, the Consulting Agreement shall continue in full force and effect in accordance with its terms.
Very truly yours, | |||
BIORESTORATIVE THERAPIES, INC. | |||
By: | /s/ | ||
Mark Weinreb | |||
Chief Executive Officer |
Agreed: | |||
TDA CONSULTING SERVICES, INC. | |||
By: | /s/ | ||
Todd Adler | |||
President |