Document:

PRESIDENT
AND CHIEF TECHNOLOGY OFFICER EMPLOYMENT AGREEMENT

 

This
President and Chief Technology Officer Employment Agreement (this “Agreement”) is made effective as of September
19, 2014 (the “Effective Date”), by and between Bone Biologics, Corp., a Delaware corporation (“Company”),
and William Jay Treat (“Executive”).

 

The
parties agree as follows:

 

1.
Employment. Commencing on the Effective Date, Company hereby employs Executive, and Executive hereby accepts such employment,
upon the terms and conditions set forth herein.

 

2.
Duties.

 

2.1
Position. Executive is employed as Company’s President and Chief Technology Officer and shall have the authority,
duties and responsibilities assigned by Company’s Chief Executive Officer (“CEO”) both upon initial hire
and as may be reasonably assigned from time to time. Executive shall perform faithfully and diligently all duties assigned to
Executive. Subject to the terms and conditions set forth herein (including, but not limited to, the terms and conditions set forth
in subsection 7.2 below) Company reserves the right to modify Executive’s position and duties at any time in its sole and
absolute discretion.

 

2.2
Best Efforts/Full-time. Executive will expend Executive’s best efforts on behalf of Company, and will abide by all
written policies of Company and directions of Company’s Board of Directors (the “Board of Directors”),
as well as all applicable federal, state and local laws, regulations or ordinances. Executive will act in the best interest of
Company at all times. Executive shall devote substantially all of Executive’s full business time and efforts to the performance
of Executive’s assigned duties for Company, unless Executive notifies the Board of Directors in advance of Executive’s
intent to engage in other paid work and receives the Board of Directors’ express written consent to do so. Executive has
listed on Exhibit A other paid work that is currently ongoing, and agrees to make a good faith effort not to let that other paid
work interfere with his work for Company.

 

2.3
Work Location. Executive’s principal place of work shall be located at an office location to be mutually selected
by Executive and Company within 20 miles of Executive’s current residence (“Primary Workplace”), or such
other location as the parties may agree upon from time to time. However, Executive’s principal place of work shall not be
moved more than 30 miles without Executive’s prior written consent.

 

    	 

    	 

    

  

3.
At-Will Employment.

 

3.1
Initial Term. The employment relationship pursuant to this Agreement shall be for an initial term commencing on the Effective
Date set forth above and continuing for a period of two (2) years following such date (the "Initial Term"), unless
sooner terminated in accordance with section 7 below.

 

3.2
Renewal. On completion of the Initial Term specified in subsection 3.1 above, this Agreement will automatically renew for
subsequent one year terms unless either party provides thirty (30) days’ advance written notice to the other that Company/Executive
does not wish to renew the Agreement for a subsequent one year period. In the event either party gives notice of nonrenewal pursuant
to this subsection 3.2, this Agreement will expire at the end of the current term.

 

4.
Compensation.

 

4.1
Base Salary. As compensation for Executive’s performance of Executive’s duties hereunder, Company shall pay
to Executive an initial base salary of $300,000.00 per year, less required deductions for state and federal withholding tax, social
security and all other employment taxes and payroll deductions, payable in accordance with Company’s normal payroll practices
(but in any event Executive shall receive pro-rata payments of base salary at least once each calendar month). In the event Executive’s
employment under this Agreement is terminated by either party, for any reason, Executive will earn the base salary as then in-effect
prorated to the date of termination.

 

4.2
Incentive Compensation. During each calendar year beginning in 2014, Executive shall be eligible to earn an annual target
bonus of thirty-five percent (35%) of Executive’s base salary (“Target Bonus”) as in-effect for the applicable
calendar year (the “Annual Bonus”), subject to the achievement of personal and corporate objectives or milestones
to be established by the Board of Directors, or any Compensation Committee thereof, (after considering any input or recommendations
from Executive) within sixty (60) days following the beginning of each calendar year during Executive’s employment. In order
to earn the Annual Bonus under this provision, the applicable objectives must be achieved and Executive must be employed by Company
at the time the Annual Bonus is distributed by Company. The Annual Bonus, if any, shall be paid on or before March 15th of the
calendar year following the year in which it is considered earned. The actual Annual Bonus paid may be more or less than the Target
Bonus.

 

4.3
Performance and Salary Review. The Board of Directors will periodically review Executive’s performance on no less
than an annual basis. Upward adjustments to salary or other compensation, if any, will be made by the Board of Directors, in its
sole and absolute discretion.

 

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4.4
Stock Option. In addition, subject to the approval of the Board of Directors, Executive will be granted an option (the
“Option”) to purchase 2.5% of the Company’s issued and outstanding shares of $0.001 par value per share
Common Stock outstanding as of the date of closing of that certain merger of Bone Biologics Acquisition Corp. with and into Bone
Biologics, Inc. pursuant to which Bone Biologics, Inc. will survive and become a wholly-owned subsidiary of Company. The Option
will be granted under Company’s stock plan (as amended from time to time, the “Plan”) and related stock
option documents. The Option is intended to be an “incentive stock option” (within the meaning of Section 422 of the
Internal Revenue Code of 1986, as amended (the “Code”)) to the greatest extent permitted under the Code. The
Option will have an exercise price per share equal to the fair market value of one share of Company’s common stock on the
date of grant, as determined by the Board of Directors. As a condition of receipt of the Option, Executive will be required to
sign Company’s standard form of stock option agreement (the “Option Agreement”) and the Option will be
subject to the terms and conditions of the Plan, the Option Agreement and this Agreement. The Option will vest over a two-year
period from the Effective Date subject to Executive’s continued Service (as defined in the Plan), with 33.33% of the shares
subject to the Option becoming vested and exercisable on the date that this Agreement is executed, 33.33% of the shares subject
to the Option becoming vested and exercisable on the date that is twelve (12) months after the Effective Date, and 33.34% of the
shares subject to the Option vesting and becoming exercisable on the date that is twenty four (24) months after the Effective
Date; provided, however, that all unvested shares subject to the Option (and any additional equity awards hereafter issued by
Company to Executive pursuant to the Plan) shall fully vest and be exercisable if Executive’s Service ceases as a result
of a Qualifying Termination (as defined below) occurring on or within twelve (12) months after a Change in Control (as defined
in the Plan).

 

4.5
280G. If, due to the benefits provided under Section 4.4 above, Executive is subject to any excise tax due to characterization
of any amounts payable under Section 4.4 as excess parachute payments pursuant to Section 4999 of the Internal Revenue Code of
1986, as amended, and the regulations promulgated thereunder (collectively, the “Code”), the amounts payable
under Section 4.4 will be reduced (to the least extent possible) in order to avoid any “excess parachute payment”
under section 280G(b)(1) of the Code.

 

5.
Customary Fringe Benefits. Executive will be eligible to participate in any employee benefit plans, including paid life
insurance policy and disability insurance, fringe benefits, perquisites or other arrangements maintained by Company on no less
favorable terms than for other Company executives subject to the terms and conditions of Company’s benefit plan documents.
Company reserves the right to change or eliminate the fringe benefits on a prospective basis, at any time, effective upon notice
to Executive. If Company does not have an employee benefit plan then Executive will be reimbursed for customary fringe benefits
expenses he actually incurs. To obtain reimbursement, expenses must be submitted promptly with supporting documentation and will
be reimbursed in accordance with Company’s policy. Commencing on the Effective Date, Executive shall annually accrue and
use four (4) weeks of paid vacation days subject to the terms and conditions of Company’s vacation policy as in effect from
time to time. Any unused accrued vacation days shall be paid out to Executive in cash upon Executive’s termination of employment
for any reason applying Executive’s rate of base salary as in-effect at such time.

 

6.
Business Expenses. Executive will be promptly reimbursed for all reasonable, out-of-pocket business expenses incurred in
the performance of Executive’s duties on behalf of Company. To obtain reimbursement, expenses must be submitted promptly
with appropriate supporting documentation and will be reimbursed in accordance with Company’s policies. Any reimbursement
Executive is entitled to receive shall (a) be paid no later than the last day of Executive’s tax year following the tax
year in which the expense was incurred, (b) not be affected by any other expenses that are eligible for reimbursement in any tax
year, and (c) not be subject to liquidation or exchange for another benefit.

 

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7.
Termination of Executive’s Employment.

 

7.1
Termination for Cause by Company. Although Company anticipates a mutually rewarding employment relationship with Executive,
Company may terminate Executive’s employment immediately at any time for Cause subject to the terms of this Agreement. For
purposes of this Agreement, “Cause” is defined as: (a) acts or omissions constituting gross negligence, recklessness
or willful misconduct on the part of Executive with respect to Executive’s obligations or otherwise relating to the business
of Company; (b) any acts or conduct by Executive that are materially adverse to Company’s interests; (c) Executive’s
material breach of this Agreement; (d) Executive’s material breach of Company’s Employee Proprietary Information and
Inventions Agreement; (e) Executive’s conviction or entry of a plea of nolo contendere for fraud, misappropriation or embezzlement,
or any felony or crime of moral turpitude or that otherwise materially negatively impacts Executive’s ability to effectively
perform Executive’s duties hereunder; (f) Executive’s willful neglect of duties as determined in the good faith discretion
of the Board of Directors (provided that poor performance and/or subpar results by themselves do not constitute Cause); or (g)
the winding down of Company’s business and/or dissolution or liquidation of Company (other than in connection with a change
in control). In the event of termination of Executive’s employment based on clauses (a), (b) or (f) above, Executive will
have fifteen (15) days following receipt of notice from Company to cure the issue, if curable. In the event Executive’s
employment is terminated in accordance with this subsection 7.1, Executive shall be entitled to receive only Executive’s
base salary then in effect, prorated to the date of termination plus all vacation days, and benefits accrued through the date
of termination plus any earned (as determined by the Board of Directors) but unpaid bonus for a prior completed calendar year
(collectively, “Standard Entitlements”). In addition, Executive shall be entitled to receive reimbursement
of any business expenses, to the extent not previously reimbursed, in accordance with Section 6 above. Except for any terms and
conditions of this Agreement that by their terms survive termination of Executive’s employment, all other Company obligations
to Executive pursuant to this Agreement will become automatically terminated and completely extinguished. Executive will not be
entitled to receive the Severance Package or other amounts described in subsection 7.2 below. For clarification, the foregoing
is an exclusive list of the acts or omissions that shall be considered “Cause” for the termination of Executive’s
employment by Company.

 

7.2
Qualifying Termination/Severance. Company may terminate Executive’s employment under this Agreement without Cause
at any time on written notice to Executive and Executive may resign his employment for Good Reason as defined below (either of
such terminations is a “Qualifying Termination”). As used in this Agreement, “Good Reason"
shall mean that any one or more of the following events have occurred without Executive’s express prior written consent:

 

(i)
A material adverse change in Executive’s authority, duties and/or responsibilities such that Executive’s authority,
duties and/or responsibilities are no longer commensurate with Executive being Company’s President or most senior technology
officer;

 

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(ii)
The relocation of the Primary Workplace to a location that increases Executive’s daily commute by more than thirty (30)
miles from its location specified in subsection 2.3 above;

 

(iii)
Any material breach by Company of any material term of this Agreement; or

 

(iv)
Any material reduction by Company (or its successor) of (A) Executive’s base salary or (B) Executive’s Target Bonus,
unless any such reduction is made as part of, and is generally consistent with, a general reduction of senior executive base salaries
or target bonuses, respectively, in which case such a reduction shall not constitute Good Reason.

 

In
order to resign Executive’s employment for Good Reason, Executive must within 60 days of Executive’s awareness of
the applicable Good Reason event(s) provide Company with written notice informing Company about Executive’s intention to
resign Executive’s employment for Good Reason unless such event(s) is cured or remedied by Company (“Good Reason
Notice“). Company will have 30 days after its receipt of such Good Reason Notice to cure or remedy the Good Reason event(s).
If Company does not timely cure or remedy the Good Reason event(s), then Executive can resign Executive’s employment for
Good Reason at any time within 30 days following the expiration of the 30 day cure/remedy period. This “Good Reason”
definition and process is intended to constitute an involuntary separation from service as provided under Treasury Regulations
Section 1.409A-1(n) and shall be interpreted accordingly.

 

In
the event of a Qualifying Termination, Executive will receive the Standard Entitlements and shall be entitled to receive reimbursement
of any business expenses, to the extent not previously reimbursed, in accordance with Section 6 above. In addition, Executive
will receive (a) a “Severance Payment” in an amount which is equivalent to the greater of the remaining number
of months left in the Initial Term or twelve (12) months of Executive’s base salary then in effect on the date of termination,
payable in equal installments (but no less frequently than once per calendar month) for a duration equal to the greater of the
remaining number of months left in the Initial Term or twelve (12) months (the “Severance Period”), in accordance
with Company’s regular payroll cycle, beginning on the first payroll date following the date on which the general release
referenced below has become effective and (b) payment (or reimbursement) of monthly premiums for Executive and Executive’s
dependents’ group health care coverage continuation pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1986,
for the Severance Period, provided Executive elects to continue and remains eligible for such benefits and does not become eligible
for health coverage through another employer during the Severance Period (together with the Severance Payment, the “Severance
Package”). Executive will only receive the Severance Package and other severance benefits and payments described if
Executive: (i) complies with all surviving provisions of this Agreement as specified in subsection 15.8 below; and (ii) executes
a separation agreement and release of claims agreement and such release has become effective in accordance with its terms prior
to the 60th day following the termination date. Except for any terms and conditions of this Agreement that by their terms survive
termination of Executive’s employment, all other Company obligations to Executive pursuant to this Agreement will become
automatically terminated and completely extinguished.

 

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7.3
Voluntary Resignation by Executive. Executive may voluntarily resign Executive’s position with Company at any time
without Good Reason. In the event of Executive’s resignation without Good Reason, Executive will be entitled to receive
the Standard Entitlements. In addition, Executive shall be entitled to receive reimbursement of any business expenses, to the
extent not previously reimbursed, in accordance with Section 6 above. Except for any terms and conditions of this Agreement that
by their terms survive termination of Executive’s employment, all other Company obligations to Executive pursuant to this
Agreement will become automatically terminated and completely extinguished. In addition, Executive will not be entitled to receive
the Severance Package or other amounts described in subsection 7.2 above.

 

7.4
Termination upon Death or Disability. If Company terminates Executive’s employment as a result of Executive’s
Disability (as defined below), or if Executive’s employment is terminated due to the death of Executive, then Executive
shall become entitled to the Standard Entitlements. Except as provided below, Executive shall not be entitled to receive severance
or other benefits except those (if any) as may then be established under Company’s then existing severance and benefit plans
and policies and applicable to all employees at the time of Executive’s death or such Disability. Notwithstanding the foregoing,
if Executive’s employment is terminated due to the death or Disability of Executive, then Executive shall be entitled to
receive a Severance Payment in an amount which is equivalent to (i) the greater of the remaining number of months left in the
Initial Term or twelve (12) months of Executive’s base salary then in effect on the date of termination, minus (ii) the
aggregate amount that Employee is entitled to receive under Company’s paid life insurance policy or disability insurance
policy, such remaining amount to be payable to Executive in equal installments (but no less frequently than once per calendar
month) for the duration of the Severance Period, in accordance with Company’s regular payroll cycle, beginning on the first
payroll date following the date on which the general release referenced in Section 7.2 has become effective. In the event of Executive’s
death, all such payments contemplated in this Section 7.4 shall be made to such person as Executive will designate in a notice
filed with Company or, if no such person is designated, to Executive’s estate. In addition, upon the Disability or death
of Executive, Company shall pay (or reimburse) the monthly premiums for the continued benefit of Executive or Executive’s
immediate family, as applicable, of group health care coverage continuation pursuant to the Consolidated Omnibus Budget Reconciliation
Act of 1986, for the Severance Period (in addition to the “Severance Payment” contemplated hereunder, the “Severance
Package”). As used herein, the term “Disability” shall mean that Executive has been unable to perform
Executive’s duties under this Agreement as the result of Executive’s incapacity due to physical or mental illness,
and such inability, at least 26 weeks after its commencement, is determined to be total and permanent by a physician selected
by Company or its insurers and reasonably acceptable to Executive or Executive’s legal representative (such Agreement as
to acceptability not to be unreasonably withheld.). Termination resulting from Disability may only be effected after at least
30 days’ written notice by Company of its intention to terminate Executive’s employment. In the event that Executive
resumes the performance of substantially all of Executive’s duties hereunder before the termination of Executive’s
employment becomes effective, the notice of intent to terminate shall automatically be deemed to have been revoked.

 

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7.5
Resignation of Other Positions. Should Executive’s employment terminate for any reason, Executive agrees to immediately
resign all other positions Executive may hold with or on behalf of Company.

 

7.6
Application of Section 409A.

 

(a)
Notwithstanding anything set forth in this Agreement to the contrary, no amount payable pursuant to this Agreement which constitutes
a “deferral of compensation” within the meaning of the Treasury Regulations issued pursuant to Section 409A of the
Code (the “Section 409A Regulations”) that is to be paid based upon Executive’s termination of employment
shall be paid unless and until Executive has incurred a “separation from service” within the meaning of the Section
409A Regulations. Furthermore, to the extent that Executive is a “specified employee” within the meaning of the Section
409A Regulations as of the date of Executive’s separation from service, no amount that constitutes a deferral of compensation
which is payable on account of Executive’s separation from service shall be paid to Executive before the date (the “Delayed
Payment Date”) which is the first day of the seventh month after the date of Executive’s separation from service
or, if earlier, the date of Executive’s death following such separation from service. All such amounts that would, but for
this Section, become payable prior to the Delayed Payment Date will be accumulated and paid on the Delayed Payment Date.

 

(b)
Company intends that income provided to Executive pursuant to this Agreement or otherwise will not be subject to taxation under
Section 409A of the Code and Company shall utilize commercially reasonable efforts in administering this Agreement and any payments
or benefits to be provided to Executive to ensure that Executive is not subject to any such taxation. The provisions of this Agreement
shall be interpreted and construed in favor of satisfying any applicable requirements of Section 409A of the Code. However,
Company does not guarantee any particular tax effect for income provided to Executive pursuant to this Agreement. In any event,
except for Company’s responsibility to withhold applicable income and employment taxes from compensation paid or provided
to Executive, Company shall not be responsible for the payment of any applicable taxes on compensation paid or provided to Executive
pursuant to this Agreement.

 

(c)
Notwithstanding anything herein to the contrary, the reimbursement of expenses or in-kind benefits provided pursuant to this Agreement
shall be subject to the following conditions: (1) the expenses eligible for reimbursement or in-kind benefits in one taxable year
shall not affect the expenses eligible for reimbursement or in-kind benefits in any other taxable year; (2) the reimbursement
of eligible expenses or in-kind benefits shall be made promptly, subject to Company’s applicable policies, but in no event
later than the end of the year after the year in which such expense was incurred; and (3) the right to reimbursement or in-kind
benefits shall not be subject to liquidation or exchange for another benefit.

 

(d)
For purposes of Section 409A of the Code, the right to a series of installment payments under this Agreement shall be treated
as a right to a series of separate payments.

 

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8.
No Conflict of Interest. During the term of Executive’s employment with Company, Executive must not engage in any
work, paid or unpaid, or other activities that create a conflict of interest. Such work and/or activities shall include, but is
not limited to, directly or indirectly competing with Company in any way, or acting as an officer, director, employee, consultant,
advisor, stockholder, volunteer, lender, or agent of any business enterprise of the same nature as, or which is in direct competition
with, the business in which Company is now engaged or in which Company becomes engaged during the term of Executive’s employment
with Company, as may be determined by the Board of Directors in its sole discretion. If the Board of Directors believes such a
conflict exists during the term of this Agreement, the Board of Directors may ask Executive to choose to discontinue the other
work and/or activities or resign employment with Company (if Executive elects to not discontinue such other work or activities).

 

9.
Nondisparagement. Executive agrees that during and after Executive’s employment with Company, Executive will not
make any voluntary statements, written or oral, or cause or encourage others to make any such statements that defame, disparage
or in any way criticize the personal and/or business reputations, practices or conduct of Company or any of its officers or directors
and Company’s Board of Directors and majority shareholders will not make any voluntary statements, written or oral, or cause
or encourage others to make any such statements that defame, disparage or in any way criticize the personal and/or business reputations,
practices or conduct of Executive.

 

10.
Confidential Information.

 

10.1
Confidentiality. In the course of Executive’s employment by Company, Executive will have access to Confidential Information
(as defined below) of Company and its affiliates, subsidiaries, chapters, and members. Executive agrees to maintain the strict
confidentiality of all Confidential Information during the term of this Agreement and thereafter. For purposes of this Agreement,
"Confidential Information" shall mean all information and materials of Company, and all information and materials
received by Company from third parties (including but not limited to affiliates, subsidiaries, chapters, and members of Company),
which are not generally publicly available and all other information and materials which are of a proprietary or confidential
nature, and are deemed by Company as such.

 

10.2
Intellectual Property. Executive recognizes and agrees that all copyrights, trademarks, patents, and other intellectual
property rights to works or marks arising in, from or in connection with Executive's employment by Company, and that are within
the scope of Executive's employment by Company, are the sole and exclusive property of Company. Executive agrees not to assert
any such rights against Company or any third party. Executive agrees to assign, and hereby does assign, to Company all rights,
if any, in or to such works or marks that may accrue to the Executive during the term of this Agreement.

 

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11.
Agreement Not to Solicit Employees. During the term of this Agreement and for a period of twelve (12) months immediately
following the termination of this Agreement, Executive shall not, either directly or indirectly, on his own behalf or in the service
or on behalf of others, solicit or recruit (or attempt to solicit or recruit) any person employed by Company to or for any business,
organization, program, or activity that competes with any program, activity or operation of Company.

 

12.
Agreement Not to Compete. During the term of Executive's employment under this Agreement and for a period of twelve (12)
months immediately following the termination of this Agreement, Executive shall not (except on behalf of or with the prior written
consent of Company), either directly or indirectly, perform the same or substantially the same services that Executive performed
for Company, whether as an employee or in any other capacity, on behalf of any trade or professional association, franchise company,
nonprofit organization or business, which has the same or substantially the same membership or purposes as Company.

 

13.
Injunctive Relief. Executive acknowledges that Executive’s breach of the covenants contained in Sections 8-12 (collectively
“Covenants”) would cause irreparable injury to Company and agrees that in the event of any such breach, Company
shall be entitled to seek temporary, and preliminary injunctive relief pursuant to the California Arbitration Act, without the
necessity of proving actual damages or posting any bond or other security.

 

14.
Arbitration. In the event of any dispute or claim relating to or arising out of the employment relationship between Executive
and Company or the termination of that relationship (including, but not limited to, any claims of breach of contract, wrongful
termination or age, sex, race, disability or other discrimination), Executive and Company agree that all such disputes shall be
resolved by binding arbitration conducted before a single neutral arbitrator in Ventura County, California, pursuant to the rules
for arbitration of employment disputes by the American Arbitration Association (available at www.adr.org) and the rules set forth
in the California Arbitration Act, Code of Civil Procedure Section 1280, et seq. (available at www.leginfo.ca.gov/calaw.html).
The arbitrator shall permit adequate discovery, including discovery pursuant to Section 1283.05 of the California Code of Civil
Procedure. In addition, the arbitrator is empowered to award all remedies otherwise available in a court of competent jurisdiction;
however Executive and Company each retain the right under Section 1281.8 of the California Code of Civil Procedure to seek provisional
remedies. Any judgment rendered by the arbitrator may be entered by any court of competent jurisdiction. The arbitrator shall
issue an award in writing and state the essential findings and conclusions on which the award is based. By executing this Agreement,
Executive and Company are both waiving the right to a jury trial with respect to any such disputes. Company shall bear the costs
of the arbitrator, forum and filing fees. Each party shall bear its own respective attorneys’ fees and all other costs,
unless otherwise provided by law and awarded by the arbitrator. This arbitration agreement does not include claims that, by law,
may not be subject to mandatory arbitration.

 

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15.
General Provisions.

 

15.1
Successors and Assigns. The rights and obligations of Company under this Agreement shall inure to the benefit of and shall
be binding upon the successors and assigns of Company. Executive shall not be entitled to assign any of Executive’s rights
or obligations under this Agreement (except by will or the laws of descent and distribution). For avoidance of doubt, any payments
or obligations that Company owes to Executive shall be paid to Executive’s heirs or estate in the event of Executive’s
death.

 

15.2
Waiver. Either party’s failure to enforce any provision of this Agreement shall not in any way be construed as a
waiver of any such provision, or prevent that party thereafter from enforcing each and every other provision of this Agreement.

 

15.3
Attorneys’ Fees. Each side will bear its own attorneys’ fees in any dispute unless a statutory section at issue,
if any, authorizes the award of attorneys’ fees to the prevailing party.

 

15.4
Severability. In the event any provision of this Agreement is found to be unenforceable by an arbitrator or court of competent
jurisdiction, such provision shall be deemed modified to the extent necessary to allow enforceability of the provision as so limited,
it being intended that the parties shall receive the benefit contemplated herein to the fullest extent permitted by law. If a
deemed modification is not satisfactory in the judgment of such arbitrator or court, the unenforceable provision shall be deemed
deleted, and the validity and enforceability of the remaining provisions shall not be affected thereby.

 

15.5
Interpretation; Construction. The headings set forth in this Agreement are for convenience only and shall not be used in
interpreting this Agreement. This Agreement has been drafted by legal counsel representing Company, but Executive has participated
in the negotiation of its terms. Furthermore, Executive acknowledges that Executive has had an opportunity to review and revise
the Agreement and have it reviewed by legal counsel, if desired, and, therefore, the normal rule of construction to the effect
that any ambiguities are to be resolved against the drafting party shall not be employed in the interpretation of this Agreement.

 

15.6
Governing Law. This Agreement will be governed by and construed in accordance with the laws of the United States and the
State of California. Each party consents to the jurisdiction and venue of the state courts in Ventura County, California, or the
federal courts in Los Angeles County, California, if applicable, in any action, suit, or proceeding arising out of or relating
to this Agreement.

 

15.7
Notices. Any notice required or permitted by this Agreement shall be in writing and shall be delivered as follows with
notice deemed given as indicated: (a) by personal delivery when delivered personally; (b) by overnight courier upon written verification
of receipt; (c) by telecopy or facsimile transmission upon acknowledgment of receipt of electronic transmission; or (d) by certified
or registered mail, return receipt requested, upon verification of receipt. Notice shall be sent to the addresses set forth below,
or such other address as either party may specify in writing:

 

If to Company:

 

Bone Biologics,
Corp.

175 May
Street, Suite 400,

Edison,
NJ 08837

 

If to Executive:

 

William
Jay Treat

7
Dellwood

Dove
Canyon, CA 92679

 

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15.8
Survival. Sections 7, 8, 9, 10, 11, 12, 13, 14, 15 and 16 of this Agreement shall survive Executive’s employment
by Company.

 

16.
Entire Agreement. This Agreement constitutes the entire agreement between the parties relating to this subject matter and
supersedes all prior or simultaneous representations, discussions, negotiations, and agreements, whether written or oral. This
agreement may be amended or modified only with the written consent of Executive and the Board. No oral waiver, amendment or modification
will be effective under any circumstances whatsoever. In the event of any conflict in terms between this Agreement and the Plan
or any Company policy, the terms of this Agreement shall prevail and govern.

 

[Remainder
of Page Intentionally Left Blank; Signature Page Follows]

 

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THE
PARTIES TO THIS AGREEMENT HAVE READ THE FOREGOING AGREEMENT AND FULLY UNDERSTAND EACH AND EVERY PROVISION CONTAINED HEREIN. WHEREFORE,
THE PARTIES HAVE EXECUTED THIS AGREEMENT ON THE DATES SHOWN BELOW.

 

	 	 	William
    Jay Treat:
	 	 	 	 
	Dated:	September
    19, 2014	/s/ William Jay Treat
	 	 	(Signature)
	 	 	 	 
	 	 	BONE
    BIOLOGICS, CORP.:
	 	 	 	 
	Dated:	September
    19, 2014	By:	/s/
    Bruce Stroever
	 	 	Name:	Bruce
    Stroever
	 	 	Title:	Chairman
    of the Board

 

[Signature
Page to President and Chief Technology Officer Employment Agreement]

 

    	 

    	 

    

 

Exhibit
A

 

William
Jay Treat is currently serving in the capacity of VP Manufacturing and CMC for Targazyme, a Carlsbad, California company involved
in developing a product to enhance various stems cells in homing and engrafting. He is one of the original co-founders with an
equity stake in the company. The company is preparing to enter a Phase IIb/III clinical trial. The anticipated activity required
by Dr. Treat will not interfere with his duties at Bone Biologics. If the requirements of Targazyme were to expand and impact
his duties at Bone Biologics, he would resign from Targazyme providing them with appropriate lead time.EXHIBIT 10.12

 

MANAGEMENT CONSULTING AGREEMENT

 

This
Management Consulting Agreement (this “Agreement”) is entered into as of July 1, 2014 with
an effective date of July 1, 2014 (the “Effective Date”), by and between Bone
Biologics, Inc., a California corporation (the “Company”), and
The Gilson Group LLC (“Consultant”).

 

1. Scope
of Services.

 

1.1 Services. Consultant
agrees to provide the services of Catherine Doll (“Doll”) to serve as the Company’s Interim
Chief Financial Officer (“CFO”) reporting directly to the President and Chief Technology
Officer. To the extent determined by mutual agreement of the Company, Consultant, and Doll, Doll will provide services to the
Company as listed on Exhibit A attached hereto (the “Services”). Such services, as
outlined in Exhibit A, are subject to change as mutually agreed to between the Parties. The manner and means by which Doll
chooses to provide the Services under this Agreement are in Doll’s sole discretion and control, subject to direction
from Consultant. Doll agrees to exercise the highest degree of professionalism in providing the Services under this
Agreement. Consultant agrees to use its best efforts to perform the Services such that the results are satisfactory to the
Company. Consultant may not subcontract or otherwise delegate its obligations under this Agreement without the
Company’s prior written consent.

 

2. Fees;
Expenses. In consideration for the Services to be provided hereunder, the Company shall provide to Consultant the
fees set forth under Exhibit B attached hereto. As a condition to receipt of reimbursement, Consultant shall be
required to submit to the Company reasonable evidence that the amount involved was expended and related to the Services
provided under this Agreement.

 

3. Directors
& Officers Insurance Coverage. Company shall provide proof of Directors & Officers insurance coverage
from a responsible company. Company shall name Consultant and Doll as additional insureds on said policy to the extent
they provide Services to Company and provide Consultant with an insurance certificate indicating the same. Independent
Contractor Relationship.  Consultant, and any of Consultant’s employees, including
Doll’s, relationship with the Company will be that of an independent contractor and nothing in this Agreement should be
construed to create a partnership, joint venture, or employer-employee relationship. As part of the Services, Doll may be
engaged to act on behalf of the Company in negotiations with investors, vendors, and other interested parties. In the event
that Doll participates in these negotiations, the representations made and the positions advanced will be those of the
Company and, not Consultant. Consultant shall not be authorized to incur on behalf of the Company any potential liability in
excess of $5,000 without the prior consent of the President and Chief Technology Officer, which consent shall be
evidenced in writing. Because Consultant and any of Consultant’s employees, including Doll, are independent
contractors, the Company will not withhold or make payments for social security; make unemployment insurance or disability
insurance contributions; or obtain worker’s compensation insurance on Consultant’s behalf. Consultant agrees to
accept exclusive liability for complying with all applicable state and federal laws, including obligations such as payment of
taxes, social security, disability and other contributions based on fees paid to Consultant, its agents or employees under
this Agreement. Consultant further agrees to make all necessary withholdings or payments for social security, make
unemployment insurance and/or disability insurance contributions, and provide worker’s compensation insurance for Doll
during the term of the Agreement.

 

 4. Confidential Information.

 

4.1 Confidential
Information. Consultant agrees during the term of this Agreement and thereafter that it will (and will cause all of its
agents, principals and employees to) take all steps reasonably necessary to hold the Company’s Confidential Information
(as defined below) in trust and confidence, and not use the Confidential Information in any manner or for any purpose not
expressly set forth in this Agreement, and not disclose any such Confidential Information to any third party without first
obtaining the Company’s express written consent on a case-by-case basis. “Confidential
Information” means any information disclosed by the Company to Consultant, or created by or on behalf of
Consultant during the course of providing the Services hereunder, and includes, without limitation, any: (a) trade secrets,
inventions, antibodies and other biological materials, cell lines, samples of assay components, mask works, ideas, processes,
procedures, formulations, formulas, source and object codes, data, programs, other works of authorship, know-how,
improvements, discoveries, developments, designs and techniques; (b) information regarding plans for research,
developmental or experimental work, new products, clinical data, test data, marketing and selling, business plans, budgets
and unpublished financial statements, licenses, prices and costs, suppliers and customers; and (c) information regarding
the skills and compensation of the employees and other services providers of the Company. Notwithstanding the
other provisions of this Agreement, nothing received by Consultant will be considered to be Confidential Information if
(1) it has been previously published or is otherwise readily available to the public other than by a breach of any
obligation of confidentiality or (2) it has been rightfully received by Consultant from a third party without any
obligation of confidentiality.

 

    	 

    	 

    

 

4.2 Third
Party Information. Consultant understands that the Company has received and will in the future receive from third
parties confidential or proprietary information (“Third Party Information”) subject to a duty on
the Company’s part to maintain the confidentiality of such information and use it only for certain limited purposes.
Consultant agrees to hold Third Party Information in confidence and not to disclose to anyone (other than Company personnel)
or to use, except in connection with performing the Services, Third Party Information unless expressly authorized in writing
by an officer of the Company.

 

4.3 No
Conflict of Interest. Consultant agrees and represents that it is not aware of any conflicts of interests or additional
relationships that would preclude Doll from performing the Services. Consultant and Doll will provide written notice to the
Company if any conflicts of interest arise. The Company will determine in its sole discretion if a conflict of interest
arises.

 

4.4 Confidential
Information of Others. Consultant represents and warrants that, as of the Effective Date, Consultant’s act of
entering into this Agreement, acquiring any equity or other interest in the Company (if any), and providing the Services to
the Company do not violate any outstanding agreement or obligation, of Consultant’s. Consultant further agrees that it
will not perform any Services for the Company which would conflict with any agreement or obligation of Consultant or which
would cause or result in any other person or entity having any ownership interest in any intellectual property of the
Company, and will promptly notify the Company in writing in the event that any proposed Services may conflict with any such
agreement or obligation, or result in such person or entity having any ownership interest. If the Company determines, in its
sole discretion, that any of the foregoing has occurred or is likely to occur, the Company may terminate this Agreement
immediately upon written notice.

 

 5. Work Product and Intellectual Property Rights.

 

5.1 Disclosure
of Work Product. As used in this Agreement, the term “Work Product” means any trade secrets,
ideas, inventions (whether patentable or unpatentable), antibodies and other biological materials, cell lines, samples of
assay components, mask works, processes, procedures, formulations, formulas, software source and object codes, data,
programs, other works of authorship, know-how, improvements, discoveries, developments, designs and techniques, trademarks,
manufacturing techniques, or other copyrightable or patentable works. Consultant agrees to disclose promptly in writing to
the Company, or any person designated by the Company, all Work Product which is solely or jointly conceived, made, reduced to
practice, or learned by Consultant in the course of any work performed for the Company (“Company Work
Product”).

 

5.2 Assignment
of Company Work Product. Consultant irrevocably assigns to the Company all right, title and interest worldwide in and to
the Company Work Product and all applicable intellectual property rights related to the Company Work Product, including
without limitation, copyrights, trademarks, trade secrets, patents, moral rights, contract and licensing rights (the “Proprietary
Rights”). If Consultant has any rights to the Company Work Product that cannot be assigned to the Company,
Consultant unconditionally and irrevocably waives the enforcement of such rights, and all claims and causes of action of any
kind against the Company with respect to such rights, and agrees, at the Company’s request and expense, to consent to
and join in any action to enforce such rights. If Consultant has any right to the Company Work Product that cannot be
assigned to the Company or waived by Consultant, Consultant unconditionally and irrevocably grants to the Company during the
term of such rights, an exclusive, irrevocable, perpetual, worldwide, fully paid and royalty-free license, with rights to
sublicense through multiple levels of sublicensees, to reproduce, create derivative works of, distribute, publicly perform
and publicly display by all means now known or later developed, such rights.

 

5.3 Enforcement
of Proprietary Rights. Consultant will assist the Company in every proper way to obtain, and from time to time enforce,
United States and foreign Proprietary Rights relating to Company Work Product in any and all countries. To that end
Consultant will execute, verify and deliver such documents and perform such other acts (including appearances as a witness)
as the Company may reasonably request for use in applying for, obtaining, perfecting, evidencing, sustaining and enforcing
such Proprietary Rights and the assignment thereof. In addition, Consultant will execute, verify and deliver assignments of
such Proprietary Rights to the Company or its designee. Consultant’s obligation to assist the Company with respect to
Proprietary Rights relating to such Company Work Product in any and all countries shall continue beyond the termination of
this Agreement, but the Company shall compensate Consultant at a reasonable rate after such termination for the time actually
spent by Consultant at the Company’s request on such assistance. In the event the Company is unable for any reason,
after reasonable effort, to secure Consultant’s signature on any document needed in connection with the actions
specified above, Consultant hereby irrevocably designates and appoints the Company and its duly authorized officers and
agents as its agent and attorney in fact, which appointment is coupled with an interest, to act for and in its behalf to
execute, verify and file any such documents and to do all other lawfully permitted acts to further the purposes of the
preceding paragraph with the same legal force and effect as if executed by Consultant.

 

    	2

    	 

    

 

6. Consultant
Representations and Warranties. Consultant hereby represents and warrants that (a) no portion of the Services nor
any element thereof will infringe the Proprietary Rights of any third party; (b) Consultant will, and will cause its
employees and agents (including but not limited to Doll) to comply with all applicable laws and regulations in connection
with the performance of the Services and its other obligations hereunder; and (c) Consultant has full right and power to
enter into and perform this Agreement without the consent of any third party or breach of any third party obligation.

 

 7. Term and Termination

 

7.1 Term. This
Agreement shall be effective as of the Effective Date and shall continue in effect until 90 days after the Effective Date of
agreement unless terminated earlier as provided herein. Thereafter, this Agreement shall automatically renew for
successive one (1) month periods unless either party provides written notice to the other party at least 10 days in advance
of the renewal term of its decision not to renew the term. This Agreement is intended to be temporary in nature, and will
cease once the Company retains a permanent Chief Financial Officer.

 

(a) This
Agreement is intended by the Parties to be assigned to Bone Biologics, Corp. when AFH
Acquisition X, Inc. and its wholly-owned subsidiary, Bone Biologics Acquisition Corp., a Delaware corporation (“Merger
Sub”), enter into an Agreement and Plan of Merger, by and among (i) AFX Acquisition X, Inc, (ii) the Company, and (iii)
Merger Sub. This Agreement is intended to continue to be binding, in full, on all Parties after this assignment of rights and
responsibilities by the Company to Bone Biologics, Corp.

 

7.2 Termination. Either
Party may terminate this Agreement in the event of the other party’s material breach of this Agreement, if such breach
is not cured within ten (10) days’ of written notice thereof from the non-breaching party. The Company may
terminate this Agreement (a) immediately without notice in the event of Consultant’s breach of (or as provided in)
Sections 4 through 6 hereof; or (b) for its convenience if the Company finds a replacement Chief Financial Officer, upon at
least ten (10) days’ prior written notice to Consultant. Consultant may terminate this Agreement for its convenience
upon at least thirty (30) days’ prior written notice to the Company.

 

7.3 Return
of Company Property; Noninterference. Upon termination of the Agreement or earlier as requested by the Company,
Consultant will deliver to the Company any and all drawings, notes, memoranda, specifications, devices, formulas, and
documents, together with all copies thereof, and any other material containing or disclosing any Company Work Product, Third
Party Information or Confidential Information of the Company. Consultant further agrees that any property situated on the
Company’s premises and owned by the Company, including disks and other storage media, filing cabinets or other work
areas, is subject to inspection by the Company personnel at any time with or without notice. During the term, and for a
period of two (2) years immediately following the termination, of this Agreement, Consultant agrees not to solicit or induce
any employee or other service provider of the Company to terminate or breach an employment, contractual or other relationship
with the Company.

 

7.4 Survival. Sections
2 and 4 through 8 shall survive any termination or expiration of this Agreement.

 

 8. General Provisions.

 

8.1 Severability. In
case any one or more of the provisions contained in this Agreement shall, for any reason, be held to be invalid, illegal or
unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect the other provisions of
this Agreement, and this Agreement shall be construed as if such invalid, illegal or unenforceable provision had never been
contained herein. If moreover, any one or more of the provisions contained in this Agreement shall for any reason be held to
be excessively broad as to duration, geographical scope, activity or subject, it shall be construed by limiting and reducing
it, so as to be enforceable to the extent compatible with the applicable law as it shall then appear.

 

    	3

    	 

    

 

8.2 Governing
Law. This Agreement will be governed and construed in accordance with the laws of the State of California, without
reference to its conflicts of laws principles. Each party hereby expressly consents to the personal jurisdiction of the state
and federal courts located in Los Angeles County, California, with respect to any dispute arising out of or relating to this
Agreement or the subject matter hereof.

 

8.3 No
Assignment. This Agreement may not be assigned by Consultant without the Company’s consent, and any such attempted
assignment shall be void and of no effect. The Company may assign this Agreement to any affiliate, successor or acquiror,
whether by operation of law or otherwise.

 

8.4 Notices. All
notices, requests and other communications under this Agreement must be in writing, and must be sent by registered
or certified mail, postage prepaid and return receipt requested, overnight delivery, or facsimile.

 

8.5 Injunctive
Relief. A breach of any of the promises or agreements contained in this Agreement may result in irreparable and
continuing damage to the Company for which there may be no adequate remedy at law, and the Company is therefore entitled to
seek injunctive relief as well as such other and further relief as may be appropriate.

 

8.6 Waiver. No
waiver by the Company of any breach of this Agreement shall be a waiver of any preceding or succeeding breach. No waiver by
the Company of any right under this Agreement shall be construed as a waiver of any other right. The Company shall not be
required to give notice to enforce strict adherence to all terms of this Agreement.

 

8.7 Entire
Agreement. This Agreement is the final, complete and exclusive agreement of the parties with respect to the subject
matter hereof and supersedes and merges all prior discussions between the Company and Consultant. No modification of or
amendment to this Agreement, nor any waiver of any rights under this Agreement, will be effective unless in writing and
signed by the party to be charged.

 

[Remainder
of Page Intentionally Left Blank; Signature Page Follows]

 

    	4

    	 

    

 

In
Witness Whereof, the parties have caused this Agreement to be executed by their duly authorized representative.

 

	Company:	 
	 	 
	Bone Biologics, Inc.	 
	 	 
	By:	/s/
    William Jay Treat	 
	Name:	William Jay Treat	 
	Title:	President and Chief Technology Officer	 
	Address:	175 May Street, Suite 400	 
	 	Edison, NJ  08837	 
	 	 	 
	Consultant:	 
	 	 
	The Gilson Group LLC	 
	 	 	 
	By:	/s/
    Catherine Doll	 
	Name:	Catherine Doll	 
	Title:	Chief Executive Officer	 
	Address:	The Gilson Group, LLC.	 
	 	2967 Michelson Drive, Suite G102 	 
	 	Irvine, CA 92612 	 

 

[Signature Page to Consulting Agreement]

    	 

    	 

    

 

Exhibit
A

 

DESCRIPTION OF SERVICES

 

The Services shall include the following (without limitation): those
services customarily associated with a company’s most senior financial officer and those services otherwise assigned to Consultant
by the President and Chief Technology Officer. Doll will continue to be an employee of Consultant, and will divide her efforts
between Consultant and the Company consistent with industry best practices and her personal experience, consistent with direction
from her employer, Consultant. In no event will Doll devote more than 50% of her time to the Company.

 

It is understood that Consultant and Doll are not being requested
to perform an audit, review or compilation. Consultant and Doll are reasonably entitled to rely on the accuracy and validity of
the data disclosed or supplied to them by representatives and employees of the Company, and with respect to Doll, such reliance
shall be consistent with her duties and obligations as an executive officer of the Company.

 

    	 

    	 

    

 

Exhibit
B

 

FEES

 

Assuming Consultant’s material compliance with the terms of
this Agreement, compensation for Consultant’s services to the Company shall be as described in this section.

 

Cash Fees:

 

Consultant shall be paid a retainer of $10,000 for the first 66
hours of services provided by Doll. Any services provided in excess of 66 hours will be paid at a rate of $150/hour. Consultant
agrees to provide itemized invoices consistent with industry best practices within 30 days of services being provided by Doll.
Cash fees shall be paid within 30 days of receipt of invoice from Consultant.

 

Common Stock

 

Consultant shall receive 1 warrant for Company Common Stock for
each dollar that is paid by Company for services provided by Doll. The first issuance of such warrants will be made at the completion
of the initial 90 day term of the Agreement. Any additional warranties to be provided for dollars paid for services rendered after
the initial 90 day term of the Agreement will be paid at the end of each 30 day period thereafter.

 

Reimbursement for Reasonable Expenses

 

Consultant shall be reimbursed for reasonable expenses incurred
by Doll in connection with the performance of Consultant’s Services. Such reasonable expenses will be billed by Consultant,
and include but are not limited to travel expenses for in-person meetings. Reasonable expenses shall be paid within 30 days of
receipt of invoice from Consultant.

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