FIRST
Amendment


to


CONVERTIBLE
SECURED TERM NOTE


 


This
First Amendment to Convertible Secured Term Note (this “Amendment”) is entered into this 11th day of June,
2018, by Bone Biologics Corporation, a Delaware corporation (“Maker”), and Hankey Capital, LLC, a California limited
liability company (“Payee”).


 


Recitals


 


A.
         The Maker issued that certain Convertible Secured Term Note, dated as
of February 24, 2016 (the “Note”) in the aggregate principal amount of $2,000,000 to the Payee.


 


B.
         The Maker and the Payee desire to extend the Maturity Date of the Note
and amend the Conversion Price of the Note as set forth herein.


 


Agreement


 


Now,
Therefore, in consideration of the foregoing
recitals and other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, and intending to
be legally bound, the parties hereto agree as follows:


 


1.
         Definitions.
Capitalized terms used but not defined in this Amendment shall
have the meanings given to them in the Note.


 


2.
         Amendments
to Note.


 


2.1
Section 3.2 Maturity Date. Section 3.2 is amended in its entirety and replaced with the following:


 


“3.2
Maturity Date. The entire unpaid principal amount of this Note, together with all accrued and unpaid interest thereon and
all other amounts payable hereunder or under any of the other Loan Documents, shall be due and payable, if not sooner paid, on
December 31, 2019 or an earlier date as a result of a maturity, whether by acceleration or otherwise, pursuant to the terms of
the Loan Documents (the “Maturity Date”).”


 




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2.2
Section 3.5 Conversion. Section 3.5 is amended in its entirety and replaced with the following:


 


“3.5
Conversion. Prior to the Maturity Date, Payee shall have the option to convert all or a portion of the outstanding principal
under this Note into common stock of Maker (each a “Conversion”) at a price per share equal to One Dollar ($1.00)
(the “Conversion Price”). The Conversion Price and the number of shares issuable upon a Conversion shall be subject
to appropriate adjustment for stock splits, stock dividends, recapitalizations and etc. Upon Payee’s election to make a
Conversion, Payee shall credit the principal amount of the Note which is converted against the outstanding principal balance of
the Loan dollar-for-dollar. Upon any Conversion, Payee shall return Securities Collateral to Maker in the amount necessary, if
any, to cause the LTV Ratio as of the date of such Conversion to be not less than the Maximum Ratio. Upon Maker’s receipt
of any such returned Securities Collateral, Maker shall cause all such Securities Collateral to be cancelled. Maker and Payee
acknowledge and agree that any reduction of the outstanding principal under this Note pursuant to any Conversion shall be a dollar-for-dollar
repayment of such principal indebtedness for value given and shall not be a cancellation, forgiveness, or other termination of
such principal indebtedness, in whole or in part.”


 





2.3
Section 9.3 Securities Collateral and LTV Ratio. Section 9.3 is amended by deleting the date of the Reconciliation Day and
replacing it with the date that this Amendment becomes effective for all purposes thereunder.







 





3.
         Effective
Date. This Amendment shall become effective on the closing
of the offering described in that certain Private Placement Memorandum relating to the issuance and sale of approximately $3,869,979
in common stock and $2,000,000 in convertible notes.


 


4.
         No
Other Amendments. No other amendments are made to the Note.


 


5.
         Counterparts.
This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together
shall constitute one and the same instrument.


 


6.
         Headings.
The headings and captions in this Amendment are for convenience only and in no way define or describe the scope of content of
any provision of this Amendment.


 


7.         
Governing Law.
This Amendment shall be governed by and construed in accordance with the laws of the State of Delaware.


 


[Signature
page follows.]


 




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In
Witness Whereof, the parties hereto have caused
this Amendment to be duly executed and delivered as of the date first written above.


 


	 	Maker:
	 	 
	 	BONE
    BIOLOGICS CORPORATION
	 	 
	 	By:
    	          
	 	Name:	 
	 	Title:	 
	 	 
	 	HANKEY
    CAPITAL, LLC
	 	 
	 	By:
    	 
	 	Name:	 
	 	Title: