Document:

EXHIBIT 10.2

 

THE
SECURITIES REPRESENTED BY THIS WARRANT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AND HAVE BEEN ACQUIRED FOR INVESTMENT
AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF. NO SUCH SALE OR DISTRIBUTION MAY BE EFFECTED
WITHOUT AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN OPINION OF COUNSEL IN A FORM SATISFACTORY TO THE COMPANY THAT
SUCH REGISTRATION IS NOT REQUIRED UNDER THE SECURITIES ACT OF 1933.

 

	Warrant
    No. 1	Number
    of Shares: 3,955,697
	Date of Issuance:
    October 24, 2014	(subject to adjustment)

 

BONE
BIOLOGICS, CORP.

 

Common
Stock Purchase Warrant

 

Bone
Biologics, Corp., a Delaware corporation (the “Company”), for value received, hereby certifies that Hankey
Capital, LLC, or its registered assigns (the “Registered Holder”), is entitled, subject to the terms set forth
below, to purchase from the Company, at any time after the date hereof and on or before the Expiration Date (as defined in Section
6 below), up to 3,955,697 shares (as adjusted from time to time pursuant to the provisions of this Warrant) of $0.001 par value
per share common stock of the Company (the “Common Stock”), at an exercise price of $1.58 per share. The shares
issuable upon exercise of this Warrant and the exercise price per share, as adjusted from time to time pursuant to the provisions
of this Warrant, are sometimes hereinafter referred to as the “Warrant Stock” and the “Exercise Price,”
respectively.

 

1.
Exercise.

 

(a)
Manner of Exercise. This Warrant may be exercised by the Registered Holder, at any time and from time to time on
or before the Expiration Date, in whole or in part, by surrendering this Warrant, with the purchase/exercise form appended hereto
as Exhibit A duly executed by such Registered Holder or by such Registered Holder’s duly authorized attorney, at the principal
office of the Company, or at such other office or agency as the Company may designate, accompanied by payment in full of the aggregate
Exercise Price payable in respect of the number of shares of Warrant Stock purchased upon such exercise (the “Purchase
Price”), unless the Registered Holder exercises its net issue rights as set forth in Section 1(c) below. The Purchase
Price may be paid by cash, check, wire transfer or by the surrender of promissory notes or other instruments representing indebtedness
of the Company to the Registered Holder.

 

(b)
Effective Time of Exercise. Each exercise of this Warrant shall be deemed to have been effected immediately prior
to the close of business on the day on which this Warrant shall have been surrendered to the Company as provided in Section 1(a)
above. At such time, the person or persons in whose name or names any certificates for Warrant Stock shall be issuable upon such
exercise as provided in Section 1(d) below shall be deemed to have become the holder or holders of record of the Warrant Stock
to be represented by such certificates.

 

    	1

    	 

    

 

(c)
Net Issue Exercise.

 

(i)
In lieu of exercising this Warrant in the manner provided above in Section 1(a), the Registered Holder may elect to receive shares
equal to the value of this Warrant (or the portion thereof being canceled) by surrender of this Warrant at the principal office
of the Company together with notice of such election on the purchase/exercise form appended hereto as Exhibit A duly executed
by such Registered Holder or such Registered Holder’s duly authorized attorney, in which event the Company shall issue to
such Registered Holder a number of shares of Common Stock computed using the following formula:

 

	X
    =	Y
    (A - B)	 
	 	A	 

 

	 	Where	X
    =	The
    number of shares of Common Stock to be issued to the Registered Holder.
	 	 	 	 
	 		Y
    =	The
    number of shares of Common Stock purchasable under this Warrant (at the date of such calculation).
	 	 	 	 
	 	 	A
    =	The
    fair market value of one share of Common Stock (at the date of such calculation).
	 	 	 	 
	 	 	B
    =	The
    Exercise Price (as adjusted to the date of such calculation).

 

(ii)
For purposes of this Section 1(c), the fair market value of one share of Common Stock on the date of calculation shall mean:

 

(A)
if the exercise is in connection with an initial public offering of the Company’s Common Stock, and if the Company’s
Registration Statement relating to such public offering has been declared effective by the Securities and Exchange Commission,
then the fair market value of Common Stock shall be the initial “Price to Public” per share specified in the final
prospectus with respect to the offering;

 

(B)
if this Warrant is exercised after, and not in connection with, the Company’s initial public offering, and if the Company’s
Common Stock is traded on a securities exchange or The Nasdaq Stock Market or actively traded over-the-counter:

 

(1)
if the Company’s Common Stock is traded on a securities exchange or The Nasdaq Stock Market, the fair market value shall
be deemed to be the average of the closing prices over a 60 day period ending three days before the date of calculation; or

 

(2)
if the Company’s Common Stock is actively traded over-the-counter, the fair market value shall be deemed to be the average
of the closing bid or sales price (whichever is applicable) over the 60 day period ending three days before the date of calculation;
or

 

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(C)
if neither (A) nor (B) is applicable, the fair market value shall be at the highest price per share which the Company could obtain
on the date of calculation from a willing buyer (not a current employee or director) for shares of the Common Stock sold by the
Company, from authorized but unissued shares, as determined in good faith by the Board of Directors, unless the Company is at
such time subject to a Significant Transaction as described in Section 6(b) below, in which case the fair market value per share
of the Common Stock shall be deemed to be the value of the consideration per share received by the holders of such stock pursuant
to such acquisition.

 

(d)
Delivery to Registered Holder. As soon as practicable after the exercise of this Warrant in whole or in part, and
in any event within three business days thereafter, the Company at its expense will cause to be issued in the name of, and delivered
to, the Registered Holder, or as such Registered Holder (upon payment by such Registered Holder of any applicable transfer taxes)
may direct:

 

	 	i.	a
    certificate or certificates for the number of shares of Warrant Stock to which such Registered Holder shall be entitled, and
	 	 	 
	 	ii.	in
    case such exercise is in part only, a new warrant or warrants (dated the date hereof) of like tenor and with the same date,
    calling in the aggregate on the face or faces thereof for the number of shares of Warrant Stock equal (without giving effect
    to any adjustment thereof) to the number of such shares called for on the face of this Warrant minus the number of such shares
    purchased by the Registered Holder upon such exercise as provided in Section 1(a) above (without giving effect to any adjustment
    thereof).

 

2.
Adjustments.

 

(a)
Stock Splits and Dividends. If outstanding shares of the Company’s Common Stock shall be subdivided into a
greater number of shares or a dividend in Common Stock shall be paid in respect of the Common Stock, the Exercise Price in effect
immediately prior to such subdivision or at the record date of such dividend shall simultaneously with the effectiveness of such
subdivision or immediately after the record date of such dividend be proportionately reduced. If outstanding shares of the Common
Stock shall be combined into a smaller number of shares, the Exercise Price in effect immediately prior to such combination shall,
simultaneously with the effectiveness of such combination, be proportionately increased. When any adjustment is required to be
made in the Exercise Price, the number of shares of Warrant Stock purchasable upon the exercise of this Warrant shall be changed
to the number determined by dividing (i) an amount equal to the number of shares issuable upon the exercise of this Warrant immediately
prior to such adjustment, multiplied by the Exercise Price in effect immediately prior to such adjustment, by (ii) the Exercise
Price in effect immediately after such adjustment.

 

(b)
Reclassification, Etc. In case of any reclassification or change of the outstanding securities of the Company (or
any other corporation the stock or securities of which are at the time receivable upon the exercise of this Warrant) or any similar
corporate reorganization on or after the date hereof, then and in each such case the holder of this Warrant, upon the exercise
hereof at any time after the consummation of such reclassification, change, reorganization, merger or conveyance, shall be entitled
to receive, in lieu of the stock or other securities and property receivable upon the exercise hereof prior to such consummation,
the stock or other 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 2(a); and in each
such case, the terms of this Section 2 shall be applicable to the shares of stock or other securities properly receivable upon
the exercise of this Warrant after such consummation.

 

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(c)
Adjustment Certificate. When any adjustment is required to be made in the Warrant Stock or the Exercise Price pursuant
to this Section 2, the Company shall promptly mail to the Registered Holder a certificate setting forth (i) a brief statement
of the facts requiring such adjustment, (ii) the Exercise Price after such adjustment and (iii) the kind and amount of stock or
other securities or property into which this Warrant shall be exercisable after such adjustment.

 

3.
Transfers.

 

(a)
Unregistered Security. Each holder of this Warrant acknowledges that this Warrant and the Warrant Stock have not
been registered under the Securities Act of 1933, as amended (the “Securities Act”), and agrees not to sell,
pledge, distribute, offer for sale, transfer or otherwise dispose of this Warrant or any Warrant Stock issued upon its exercise
in the absence of (i) an effective registration statement under the Securities Act as to this Warrant or such Warrant Stock and
registration or qualification of this Warrant or such Warrant Stock under any applicable U.S. federal or state securities law
then in effect or (ii) an opinion of counsel, satisfactory to the Company, that such registration and qualification are not required.
Each certificate or other instrument for Warrant Stock issued upon the exercise of this Warrant shall bear a legend substantially
to the foregoing effect.

 

(b)
Transferability. Subject to the provisions of Section 3(a) hereof, this Warrant and all rights hereunder are transferable,
in whole or in part, upon surrender of the Warrant with a properly executed assignment (in the form of Exhibit B hereto) at the
principal office of the Company.

 

(c)
Warrant Register. The Company will maintain a register containing the names and addresses of the Registered Holders
of this Warrant. Until any transfer of this Warrant is made in the warrant register, the Company may treat the Registered Holder
of this Warrant as the absolute owner hereof for all purposes; provided, however, that if this Warrant is properly
assigned in blank, the Company may (but shall not be required to) treat the bearer hereof as the absolute owner hereof for all
purposes, notwithstanding any notice to the contrary. Any Registered Holder may change such Registered Holder’s address
as shown on the warrant register by written notice to the Company requesting such change.

 

4.
No Impairment. The Company will not, by amendment of its charter or through reorganization, consolidation, merger,
dissolution, sale of assets or any other voluntary action, avoid or seek to avoid the observance or performance of any of the
terms of this Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all
such action as may be necessary or appropriate in order to protect the rights of the holder of this Warrant against impairment.

 

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5.
Representations and Warranties of the Registered Holder. The Registered Holder hereby represents and warrants to
the Company as follows:

 

(a)
Purchase Entirely for Own Account. The Registered Holder acknowledges that this Warrant is given to the Registered
Holder in reliance upon the Registered Holder’s representation to the Company, which by its acceptance of this Warrant the
Registered Holder hereby confirms, that the Warrant, and the Warrant Stock (collectively, the “Securities”)
being acquired by the Registered Holder are being acquired for investment for the Registered Holder’s own account, not as
a nominee or agent, and not with a view to the resale or distribution of any part thereof, and that the Registered Holder has
no present intention of selling, granting any participation in, or otherwise distributing the same except under circumstances
that will not result in a violation of the Securities Act or any other federal or state securities laws. By executing this Warrant,
the Registered Holder further represents that the Registered Holder does not presently have any contract, undertaking, agreement
or arrangement with any person to sell, transfer or grant participations to such person or to any third person, with respect to
any of the Securities. The Registered Holder represents that it has full power and authority to execute this Warrant. The Registered
Holder has not been formed for the specific purpose of acquiring any of the Securities.

 

(b)
Disclosure of Information. The Registered Holder has had an opportunity to discuss the Company’s business,
management, financial affairs and the terms and conditions of the offering of the Securities with the Company’s management.
The Registered Holder understands that such discussions, as well as any written information issued by the Company, were intended
to describe the aspects of the Company’s business which it believes to be material.

 

(c)
Restricted Securities. The Registered Holder understands that the Securities have not been registered under the
Securities Act, by reason of a specific exemption from the registration provisions of the Securities Act which depends upon, among
other things, the bona fide nature of the investment intent and the accuracy of the Registered Holder’s representations
as expressed herein. The Registered Holder understands that the Securities are “restricted securities” under applicable
U.S. federal and state securities laws and that, pursuant to these laws, the Registered Holder must hold the Securities indefinitely
unless they are registered with the Securities and Exchange Commission and qualified by state authorities, or an exemption from
such registration and qualification requirements is available. The Registered Holder further acknowledges that if an exemption
from registration or qualification is available, it may be conditioned on various requirements including, but not limited to,
the time and manner of sale, the holding period for the Securities, and on requirements relating to the Company which are outside
of the Registered Holder’s control, and which the Company may not be able to satisfy.

 

(d)
No Public Market. The Registered Holder understands that no public market now exists for any of the securities issued
by the Company and that the Company has made no assurances that a public market will ever exist for the Securities.

 

(e)
Legends. The Registered Holder understands that the Securities, and any securities issued in respect of or exchanged
for the Securities, may bear one or all of the following legends:

 

(i)
“THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AND HAVE BEEN
ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF. NO SUCH SALE OR DISTRIBUTION
MAY BE EFFECTED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN OPINION OF COUNSEL IN A FORM SATISFACTORY TO
THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE SECURITIES ACT OF 1933.”

 

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(ii)
Any legend required by the Blue Sky laws of any state to the extent such laws are applicable to the shares represented by the
certificate so legended.

 

(f)
Accredited Investor. The Registered Holder is either an accredited investor as defined in Rule 501(a) of Regulation
D promulgated under the Securities Act or has such knowledge and experience (or is relying on a purchaser representative who has
such knowledge and experience) in financial and business matters that the Registered Holder is capable of evaluating the merits
and risks of acquiring the Securities.

 

6.
Termination. This Warrant (and the right to purchase Warrant Stock upon exercise hereof) shall terminate upon the
earliest to occur of the following (the “Expiration Date”): (a) the date that is three (3) years after the
Date of Issuance (b) the sale, conveyance or disposal of all or substantially all of the Company’s property or business
or the Company’s merger with or into or consolidation with any other corporation (other than a wholly-owned subsidiary of
the Company) or any other transaction or series of related transactions in which more than 50% of the voting power of the Company
is disposed of (each a “Significant Transaction”), provided that this Section 6(b) shall not apply to
a merger effected exclusively for the purpose of changing the domicile of the Company or to an equity financing in which the Company
is the surviving corporation, or (c) the closing of a firm commitment underwritten public offering pursuant to a registration
statement under the Securities Act. In the event of a Significant Transaction, the Registered Holder shall thereafter be entitled
to purchase the kind and amount of shares of stock and other securities and property (including cash) which the Registered Holder
would have been entitled to receive had this Warrant been exercised immediately prior to the effective date of such Significant
Transaction.

 

7.
Limitations on Conversions. Notwithstanding anything to the contrary contained herein, at any time that any of
Company’s equity securities are registered under Section 12 of the Securities and Exchange Act of 1934, as amended (the
“Exchange Act”), the number of Common Stock shares that may be acquired by the Registered Holder upon any exercise
of this Warrant, or otherwise in respect hereof, shall be limited to the extent necessary to insure that, following such exercise,
or other acquisition, the total number of Common Stock shares then beneficially owned by Payee and its Affiliates (as defined
in Section 13(d) of the Exchange Act) and any other persons whose beneficial ownership of the common stock shares would be aggregated
with Payee’s for purposes of Section 13(d) of the Exchange Act, does not exceed 4.999% (the “5% Maximum Percentage”)
of the total number of issued and outstanding Common Stock shares (including for such purpose the Common Stock shares issuable
upon such exercise or other acquisition). For such purposes, beneficial ownership shall be determined in accordance with Section
13(d) of the Exchange Act and the rules and regulations promulgated thereunder. Company shall, instead of issuing or transferring
Common Stock shares in excess of the limitation referred to herein, suspend its obligation to issue Common Stock shares in excess
of the foregoing limitation until such time, if any, as such Common Stock shares may be issued in compliance with such limitation;
provided, that, by written notice to Company, Payee may waive the provisions of this section or increase or decrease the 5% Maximum
Percentage to any other percentage specified in such notice; provided further that any such waiver or increase or decrease will
not be effective until the 61st day after such notice is received by Company.

 

8.
Reservation of Stock. The Company will at all times reserve and keep available, solely for the issuance and delivery
upon the exercise of this Warrant, such shares of Warrant Stock and other stock, securities and property, as from time to time
shall be issuable upon the exercise of this Warrant.

 

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9.
Exchange of Warrants. Upon the surrender by the Registered Holder of any Warrant or Warrants, properly endorsed,
to the Company at the principal office of the Company, the Company will, subject to the provisions of Section 3 hereof, issue
and deliver to or upon the order of such Registered Holder, at the Company’s expense, a new Warrant or Warrants of like
tenor, in the name of such Registered Holder or as such Registered Holder (upon payment by such Registered Holder of any applicable
transfer taxes) may direct, calling in the aggregate on the face or faces thereof for the number of shares of the Common Stock
called for on the face or faces of the Warrant or Warrants so surrendered.

 

10.
Replacement of Warrants. Upon receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction
or mutilation of this Warrant and (in the case of loss, theft or destruction) upon delivery of an indemnity agreement (with surety
if reasonably required) in an amount reasonably satisfactory to the Company, or (in the case of mutilation) upon surrender and
cancellation of this Warrant, the Company will issue, in lieu thereof, a new Warrant of like tenor.

 

11.
No Rights as Stockholder. Until the exercise of this Warrant, the Registered Holder of this Warrant shall not have
or exercise any rights by virtue hereof as a stockholder of the Company.

 

12.
No Fractional Shares. No fractional shares of Common Stock will be issued in connection with any exercise hereunder.
In lieu of any fractional shares which would otherwise be issuable, the Company shall pay cash equal to the product of such fraction
multiplied by the fair market value of one share of Common Stock on the date of exercise, as determined in good faith by the Company’s
Board of Directors.

 

13.
Amendment or Waiver. Any term of this Warrant may be amended or waived only by an instrument in writing signed by
the party against which enforcement of the amendment or waiver is sought.

 

14.
Headings. The headings in this Warrant are used for convenience only and are not to be considered in construing
or interpreting any provision of this Warrant.

 

15.
Governing Law. This Warrant shall be governed, construed and interpreted in accordance with the laws of the State
of Delaware, without giving effect to principles of conflicts of law.

 

16.
Successors and Assigns. Unless otherwise provided in this Warrant, the terms and conditions of this Warrant shall
inure to the benefit of and be binding upon the permitted successors and assigns of the parties. Nothing in this Warrant, express
or implied, is intended to confer upon any party other than the parties hereto or their respective successors and assigns any
rights, remedies, obligations, or liabilities under or by reason of this Warrant, except as expressly provided in this Warrant.

 

17.
Counterparts. This Warrant may be executed in two or more counterparts, each of which shall be deemed an original
and all of which together shall constitute one instrument.

 

18.
Severability. If one or more provisions of this Warrant are held to be unenforceable under applicable law, such
provision or provisions shall be excluded from this Warrant, and the balance of this Warrant shall be interpreted as if such provision
or provisions were so excluded and shall be enforceable in accordance with its terms.

 

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19.
Delays or Omissions. No delay or omission to exercise any right, power or remedy accruing to any party under this
Warrant, upon any breach or default of any other party under this Warrant, shall impair any such right, power or remedy of such
non-breaching or non-defaulting party nor shall it be construed to be a waiver of any such breach or default, or an acquiescence
therein, or of or in any similar breach or default thereafter occurring; nor shall any waiver of any single breach or default
be deemed a waiver of any other breach or default theretofore or thereafter occurring. Any waiver, permit, consent or approval
of any kind or character on the part of any party of any breach or default under this Warrant, or any waiver on the part of any
party of any provisions or conditions of this Warrant, must be in writing and shall be effective only to the extent specifically
set forth in such writing. All remedies, either under this Warrant or by law or otherwise afforded to any party, shall be cumulative
and not alternative.

 

20.
Notices. Unless otherwise provided herein, any notice required or permitted by this Warrant shall be in writing
and shall be deemed sufficient upon delivery, when delivered personally or by overnight courier or sent by facsimile, or 48 hours
after being deposited in the U.S. mail, as certified or registered mail, with postage prepaid, addressed to the party to be notified
at such party’s address as set forth on the signature page, or as subsequently modified by written notice.

 

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

 

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IN
WITNESS WHEREOF, the parties have executed this Common Stock Purchase Warrant as of the date first forth above.

 

	 	BONE
    BIOLOGICS, CORP.:
	 	 
	 	By:	/s/
    Michael Schuler
	 	Name:	Michael Schuler
	 	Title:	Chief Executive
    Officer
	 	Address:	175
                                         May Street, Suite 400

        

	 	 	Edison,
        NJ 08837
	 	 	 
	 	HANKEY
    CAPITAL, LLC
	 	 
	 	By:	/s/
    W. Scott Dobbins
	 	Name:	W. Scott Dobbins
	 	Title:	President
	 	Address:	4751 Wilshire
    Blvd #110
	 	 	Los Angeles, CA
    90010

 

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EXHIBIT
A

 

PURCHASE/EXERCISE
FORM

 

	To:	Bone
    Biologics, Corp.	Dated:

 

The
undersigned, pursuant to the provisions set forth in the attached Warrant No. 1 (the “Warrant”), hereby irrevocably
elects to (a) purchase _____ shares of the Common Stock covered by the Warrant and herewith makes payment of $ ________, representing
the full purchase price for such shares at the price per share provided for in the Warrant, or (b) exercise the Warrant for ________
shares purchasable under the Warrant pursuant to the Net Issue Exercise provisions of Section 1(c) of the Warrant.

 

The
undersigned acknowledges that it has reviewed the representations and warranties contained in Section 5 of the Warrant and by
its signature below hereby makes such representations and warranties to the Company. Defined terms used but not defined in this
Purchase/Exercise Form shall have the meanings assigned to them in the Warrant.

 

	 	Signature:	 
	 	Name (print):	 
	 	Title (if applic.):	 
	 	Company (if applic.):	 

 

    	A-1

    	 

    

 

EXHIBIT
B

 

ASSIGNMENT
FORM

 

FOR
VALUE RECEIVED, ____________________________________ hereby sells, assigns and transfers all of the rights of the undersigned
under the attached Warrant with respect to the number of shares of Common Stock covered thereby set forth below, to:

 

	Name
    of Assignee	Address/Fax
    Number	No.
    of Shares

 

 

 

 

 

 

	Dated:	 	 	Signature:	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	Witness:	 

 

    	B-1EXHIBIT 10.3

 

REGISTRATION
RIGHTS AGREEMENT

 

This
Registration Rights Agreement (this “Agreement”) is made as of October 24, 2014 by and among BONE BIOLOGICS,
CORP., a Delaware corporation (the “Company”) and HANKEY CAPITAL, LLC, a California limited liability company
(the “Stockholder”).

 

RECITALS

 

A.The
Company and Stockholder has entered into that certain Convertible Secured Term Note, dated October 24, 2014 (the “Note”)
and that certain Common Stock Purchase Warrant, dated October 24, 2014 (the “Warrant”).

 

B.
Under the terms of the Note, the Stockholder has the option to convert all or a portion of the outstanding principal under the
Note into shares of $0.001 par value common stock of the Company (the “Common Stock”) (each such share of Common
Stock, a “Conversion Share”).

 

C.
Under the terms of the Warrant, the Stockholder has the option at any time on or before the expiration date of the Warrant, to
exercise the Warrant and purchase Common Stock of Company (each a “Warrant Share” and together with the Conversion
Shares, the “Shares”).

 

D.
In order to induce the Stockholder to enter into the Note and Warrant, the Company has agreed to provide the registration rights
for the Shares as set forth in this Agreement.

 

AGREEMENTS

 

In
consideration of the premises and the mutual covenants herein contained and other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

 

1.Definitions.
In addition to terms defined elsewhere herein, as used in this Agreement, the terms:

 

“Affiliate”
of any particular person or entity means any other person or entity controlling, controlled by or under common control with such
particular person or entity and, for any person that is a partnership, will also include any general or limited partner of such
partnership.

 

“Business
Day” means any day other than Saturday, Sunday, or a day on which commercial banks in California or New York are obligated
by any legal requirement to close.

 

“Commission”
means the Securities and Exchange Commission.

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended.

 

    	 

    	 

    

 

“Initial
Public Offering” means the Company’s first underwritten Public Offering.

 

“Public
Offering” means any offering by the Company of its equity securities to the public pursuant to an effective registration
statement under the Securities Act or any comparable statement under any comparable federal statute then in effect.

 

“Registrable
Shares” means at any time (i) any Shares beneficially held, directly or indirectly, by Stockholder; and (ii) any shares
of Common Stock then issuable directly or indirectly upon the conversion or exercise of other securities or which were issued
as a dividend or other distribution with respect to or in replacement of such Shares referred to in (i); provided, however, that
Registrable Shares shall not include any shares which have been sold pursuant to an effective registration statement under the
Securities Act or which have been sold to the public pursuant to Rule 144 under the Securities Act or any other available exemption
to the Securities Act. For purposes of this Agreement, a person will be deemed to be a holder of Registrable Shares whenever such
person has the then existing right to acquire such Registrable Shares (by conversion or otherwise), whether or not such acquisition
actually has been effected (it being understood, however, that any Registrable Shares which are not shares of Common Stock shall
be converted into or exercised for shares of Common Stock immediately prior to the filing of any registration pursuant to which
such Common Stock is to be registered).

 

“Securities
Act” means the Securities Act of 1933, as amended.

 

2.Demand
Registration.

 

2.1Requests
for Registration. Subject to the terms of this Agreement, Stockholder may, at any time, request registration under the Securities
Act of all or part of their Registrable Shares on Form S-1 or any similar long-form registration (“Long-Form Registration”)
or, if available, on Form S-2 or S-3 or any similar short-form registration (“Short-Form Registration”) (either
of such registrations, a “Demand Registration”). Within thirty (30) days after receipt of any request pursuant
to this Section 2.1, subject to Section 2.2 below, give written notice of its intent to make a Demand Registration to all other
holders of Registrable Shares and will include in such registration all Registrable Shares with respect to which the Company has
received written requests for inclusion within twenty-five (25) days after delivery of the Company’s notice. Stockholder
will be entitled to request three (3) Long-Form Registrations or Short-Form Registrations, in which the Company will pay, in each
case, all Registration Expenses (as defined in Section 6 below). A registration will not constitute one of the permitted Demand
Registrations until it has become effective and the holder of the Registrable Shares, as applicable, have been able to register
and sell at least fifty percent (50%) of its Registrable Shares, respectively, requested to be included in such registration.
The Company shall be entitled to include in any Demand Registration shares to be sold by the Company for its own account, provided
that in the event that the number of shares included by the Company exceeds fifty percent (50%) of the shares registered in such
registration, such registration will not count as a Demand Registration hereunder.

 

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2.2Priority.
The Company will include in any Demand Registration any Registrable Shares, or any other securities; provided, however, if the
Demand Registration is an underwritten offering and the managing underwriter(s) advise the Company in writing that in their opinion
the number of securities requested to be included exceeds the number of securities which can reasonably be sold in such offering,
the Company will include in such registration, first, the Registrable Shares requested to be included in such Demand Registration
pro rata among the holders of such Registrable Shares on the basis of the number of shares which such holders requested
to be included in such registration, and second, the other securities to be included in such Demand Registration pro
rata among the holders of such shares on the basis of the number of shares which such holders requested to be included in
such registration.

 

2.3Selection
of Underwriters. In connection with any Demand Registration in which Stockholder elected to include Registrable Shares, the
Company shall have the right to select the managing underwriters. 

 

3.1Right
to Piggyback. Whenever the Company proposes to register any of its securities under the Securities Act (other than pursuant
to a Demand Registration hereunder) and the registration form to be used may be used for the registration of any Registrable Shares
(a “Piggyback Registration”), the Company will give prompt written notice to all holders of the Registrable
Shares of its intention to effect such a registration and will include in such registration all Registrable Shares (in accordance
with the priorities set forth in Sections 3.2 and 3.3 below) with respect to which the Company has received written requests
for inclusion within fifteen (15) days after the delivery of the Company’s notice.

 

3.2Priority
on Primary Registrations. If a Piggyback Registration is an underwritten primary registration on behalf of the Company and
the managing underwriters advise the Company in writing that in their opinion the number of securities requested to be included
in such registration exceeds the number which can reasonably be sold in such offering, the Company will include in such registration
first, the securities that the Company proposes to sell, second, the Registrable Shares requested to be included
in such registration, pro rata among the holders of such Registrable Shares on the basis of the number of shares
which such holders requested to be included in such registration, and third, other securities requested to be included
in such registration.

 

3.3Priority
on Secondary Registrations. If a Piggyback Registration is an underwritten secondary registration on behalf of holders of
the Company’s securities other than a Demand Registration and the managing underwriters advise the Company in writing that
in their opinion the number of securities requested to be included in such registration exceeds the number which can reasonably
be sold in such offering, the Company will include in such registration first, the securities requested to be included
therein by the holders requesting such registration, the Registrable Shares requested to be included in such registration, pro
rata among the holders of such securities on the basis of the number of shares which by such holders requested to be included
in such registration, and, second, other securities requested to be included in such registration.

 

    	3

    	 

    

 

3.4Selection
of Underwriters. In connection with any Piggyback Registration in which Stockholder elected to include Registrable Shares,
the Company shall have the right to select the managing underwriters.

 

4.Holdback
Agreements.

 

4.1Holders’
Agreements. Each holder of Registrable Shares agrees not to effect any public sale or distribution of equity securities of
the Company, or any securities convertible into or exchangeable or exercisable for such securities, during the six (6) months
following, the effective date of the Merger Agreement; provided, however, that the Board of Directors of the Company will work
in collaboration with Spartan Securities, the company designated to act as the Company’s market maker, to determine the
appropriate number of shares of the Company which shall be authorized to be released for sale by the Company’s shareholders
during such six (6) month period and will allow such aggregate number of shares to be sold by the Company’s shareholders
on a pro rata basis.

 

5.Registration
Procedures. Whenever the holders of Registrable Shares have requested that any Registrable Shares be registered pursuant to
this Agreement, the Company will use its commercially reasonable best efforts to effect the registration of such Registrable Shares
in accordance with the terms of this Agreement.

 

(a)prepare
and file with the Commission a registration statement with respect to such Registrable Shares and use its best efforts to cause
such registration statement to become effective (provided that before filing a registration statement or prospectus, or any amendments
or supplements thereto, the Company will furnish copies of all such documents proposed to be filed to the counsel or counsels
for the sellers of the Registrable Shares covered by such registration statement);

 

(b)prepare
and file with the Commission such amendments and supplements to such registration statement and the prospectus(es) used in connection
therewith as may be necessary to keep such registration statement effective for a period of not less than twelve months or until
all Registrable Securities registered pursuant to such registration statement have been sold.

 

(c)notify
each seller of such Registrable Shares, at any time when a prospectus relating thereto is required to be delivered under the Securities
Act, of the happening of any event as a result of which the prospectus included in such registration statement contains an untrue
statement of a material fact or omits any fact necessary to make the statements therein not misleading and, at the request of
any such seller, the Company will use commercially reasonable efforts to prepare a supplement or amendment to such prospectus
so that, as thereafter delivered to the sellers of such Registrable Shares, such prospectus will not contain any untrue statement
of a material fact or omit to state any fact necessary to make the statements therein not misleading.

 

    	4

    	 

    

 

(d)use
commercially reasonable efforts to cause all such Registrable Shares to be listed on each securities exchange or national quotation
system on which similar securities issued by the Company are then listed or quoted;

 

(e)enter
into an underwriting agreement in customary form if requested by the holders of a majority of the Registrable Shares being sold
or the underwriters, if any, reasonably request in order to facilitate the disposition of such Registrable Shares;

 

(f)advise
each stockholder of such Registrable Shares, promptly after it shall receive notice or obtain knowledge thereof, of the issuance
of any stop order by the Commission suspending the effectiveness of such registration statement or preventing the use of any related
prospectus or suspending the qualification of any Common Stock included in such registration statement for sale in any jurisdiction
or the initiation or threatening of any proceeding for such purpose and promptly use all reasonable efforts to prevent the issuance
of any stop order or to obtain its withdrawal if such stop order should be issued;

 

(g)at
least forty eight (48) hours prior to the filing of any registration statement or prospectus, or any amendment or supplement to
such registration statement or prospectus, furnish a copy thereof to each seller of such Registrable Shares; and

 

(h)at
the request of any seller of such Registrable Shares in connection with an underwritten offering, furnish on the date or dates
provided for in the underwriting agreement: (i) an opinion of counsel, addressed to the underwriters and the sellers of Registrable
Shares, covering such matters as such underwriters and sellers may reasonably request, including such matters as are customarily
furnished in connection with an underwritten offering; (ii) a letter or letters from the independent certified public accountants
of the Company addressed to the underwriters and the sellers of Registrable Shares, covering such matters as such underwriters
and sellers may reasonably request, in which letter(s) such accountants shall state, without limiting the generality of the foregoing,
that they are independent certified public accountants within the meaning of the Securities Act and that in their opinion the
financial statements and other financial data of the Company included in the registration statement, the prospectus(es), or any
amendment or supplement thereto, comply in all material respects with the applicable accounting requirements of the Securities
Act; and (iii) officers or employees for participation in the “road shows” for such underwritten offering provided
that the Stockholder shall be required to pay the costs of such items.

 

    	5

    	 

    

 

6.Registration
Expenses.

 

6.1Company’s
Expenses. All expenses incident to the Company’s performance of or compliance with this Agreement, including without
limitation all registration and filing fees, fees and expenses of compliance with securities laws, printing expenses, messenger
and delivery expenses, and fees and disbursements of counsel for the Company and all independent certified public accountants
(including all special audit and financial statement costs), and other persons retained by the Company (all such expenses being
herein called “Registration Expenses”), will be borne by the Company.

 

6.2Holder’s
Expenses. Notwithstanding anything to the contrary contained herein, each holder of Registrable Shares will pay all discounts
and commissions attributable to their respective shares and all attorney fees and disbursements for counsel they retain in connection
with the registration of Registrable Shares, as the case may be.

 

7.Indemnification.

 

7.1By
the Company. The Company agrees to indemnify, to the extent permitted by law, each holder of Registrable Shares, its officers,
directors and trustees and each person who controls such holder (within the meaning of the Securities Act) against all losses,
claims, damages, liabilities and expenses (including without limitation, attorney’s fees) caused by or relating to any action
or proceeding arising out of or based upon any untrue or alleged untrue statement of material fact contained in any registration
statement, prospectus or preliminary prospectus, or any amendment thereof or supplement thereto, or any omission or alleged omission
of a material fact required to be stated therein or necessary to make the statements therein not misleading, except such indemnification
shall not be available to a holder, its officers and directors or controlling person insofar as the same are caused by or contained
in any information furnished in writing to the Company by such holder expressly for use therein or by such holder’s failure
to deliver a copy of the registration statement or prospectus or any amendments or supplements thereto. In connection with an
underwritten offering, the Company will indemnify such underwriters, their officers and directors and each person who controls
such underwriters (within the meaning of the Securities Act) to the same extent as provided above with respect to the indemnification
of the holders of Registrable Shares. The payments required by this Section 7.1 will be made periodically during the course of
the investigation or defense, as and when bills are received or expenses incurred.

 

7.2By
Each Holder. In connection with any registration statement in which a holder of Registrable Shares is participating, each
such holder will furnish to the Company in writing such information and affidavits as the Company reasonably requests for use
in connection with any such registration statement or prospectus and, to the extent permitted by law, will indemnify the Company,
its directors and officers and each person who controls the Company (within the meaning of the Securities Act) against any losses,
claims, damages, liabilities and expenses resulting from any untrue or alleged untrue statement of material fact contained in
the registration statement, prospectus or preliminary prospectus, or any amendment thereof or supplement thereto, or any omission
or alleged omission of a material fact required to be stated therein or necessary to make the statements therein not misleading,
but only to the extent that such untrue statement or omission is contained in any information or affidavit so furnished in writing
by such holder; provided that the obligation to indemnify will be several, not joint and several, among such holders of Registrable
Shares and the liability of each such holder of Registrable Shares will be limited to and in proportion to the net amount received
by such holder from the sale of Registrable Shares, as the case may be, pursuant to such registration statement.

 

    	6

    	 

    

 

7.3Procedure.
Any person entitled to indemnification hereunder will (a) give prompt written notice to the indemnifying party of any claim with
respect to which it seeks indemnification (failure of any indemnified party to give notice as provided herein shall not relieve
the indemnifying party of its obligations hereunder, except to the extent that the indemnifying party is prejudiced by the failure
to give such notice), and (b) unless in such indemnified party’s reasonable judgment a conflict of interest between such
indemnified and indemnifying parties may exist with respect to such claim, permit such indemnifying party to assume the defense
of such claim with counsel reasonably satisfactory to the indemnified party. After notice from the indemnifying party to such
indemnified party of its election so to assume the defense thereof, the indemnifying party will not be subject to any liability
for any settlement made by the indemnified party without its consent (but such consent will not be unreasonably withheld). An
indemnifying party who is not entitled to, or elects not to, assume the defense of a claim will not be obligated to pay the fees
and expenses of more than one counsel for all parties indemnified by such indemnifying party with respect to such claim, unless
in the reasonable judgment of any indemnified party a conflict of interest may exist between such indemnified party and any other
of such indemnified parties with respect to such claim. No indemnifying party shall, without the consent of the indemnified party,
consent to the entry of any judgment or enter into any settlement which cannot be settled in all respects by the payment of money
(and such money is so paid by the indemnifying party pursuant to the terms of such settlement) and which settlement does not include
as an unconditional term thereof the giving by the claimant or plaintiff to such indemnified party of a release from all liability
in respect to such claim or litigation.

 

7.4 Contribution.
If the indemnification provided for in this Section 7 from the indemnifying party is unavailable to an indemnified
party hereunder in respect of any losses, claims, damages, liabilities or expenses to which such indemnified party would be
otherwise entitled under Section 7, then the indemnifying party, in lieu of indemnifying such indemnified party, shall
contribute to the amount paid or payable by such indemnified party as a result of such losses, claims, damages, liabilities
or expenses in such proportion as is appropriate to reflect the relative fault of the indemnifying party and indemnified
parties in connection with the actions which resulted in such losses, claims, damages, liabilities or expenses, as well as
any other relevant equitable considerations. The relative fault of such indemnifying party and indemnified parties shall be
determined by reference to, among other things, whether any action in question, including any untrue or alleged untrue
statement of a material fact or omission or alleged omission to state a material fact, has been made by, or relates to
information supplied by, such indemnifying party or indemnified parties, and the parties’ relative intent, knowledge,
access to information and opportunity to correct or prevent such action. The amount paid or payable by a party as a result of
the losses, claims, damages, liabilities and expenses referred to above shall be deemed to include any legal or other fees or
expenses reasonably incurred by such party in connection with any investigation or proceeding. In no event shall any person
be required to contribute an amount greater than the dollar amount of the proceeds received by such person with respect to
the sale of any Registrable Shares.

 

    	7

    	 

    

 

The
parties hereto agree that it would not be just and equitable if contribution pursuant to this Section 7.4 were determined by pro
rata allocation or by any other method of allocation which does not take account of the equitable considerations referred to in
the immediately preceding paragraph. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f)
of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation.
The contribution provided for in this Section 7.4 shall remain in full force and effect regardless of any investigation made by
or on behalf of any indemnified party.

 

7.5Survival.
The indemnification provided for under this Agreement will remain in full force and effect regardless of any investigation made
by or on behalf of the indemnified party or any officer, director, trustee or controlling person of such indemnified party and
will survive the transfer of securities. The Company also agrees to make such provisions as are reasonably requested by any indemnified
party for contribution to such party in the event the Company’s indemnification is unavailable for any reason.

 

8.Compliance
with Rule 144. In the event that the Company (a) registers a class of securities under Section 12 of the Exchange Act, (b)
issues an offering circular meeting the requirements of Regulation A under the Securities Act or (c) commences to file reports
under Section 13 or 15(d) of the Exchange Act, then at the request of any holder who proposes to sell securities in compliance
with Rule 144 of the Commission, the Company will (i) forthwith furnish to such holder a written statement of compliance with
the filing requirements of the Commission as set forth in Rule 144, as such rule may be amended from time to time and (ii) make
available to the public and such holders such information as will enable the holders to make sales pursuant to Rule 144.

 

9.Participation
in Underwritten Registrations. No person may participate in any registration hereunder which is underwritten unless such person
(a) agrees to sell its securities on the basis provided in any underwriting arrangements approved by such person or persons entitled
hereunder to approve such arrangements, (b) completes and executes all customary questionnaires, powers of attorney, custody agreements,
indemnities, underwriting agreements and other documents reasonably required under the terms of such underwriting arrangements,
(c) provides all customary information reasonably requested by the Company or underwriter in connection with such registration,
including copies of customary documents, instruments and agreements and (d) complies with all applicable federal and state securities
laws in connection with such registration.

 

    	8

    	 

    

 

10.Miscellaneous.

 

10.1Successors
and Assigns. This Agreement is not assignable by any Stockholder without the express written consent of the Company. Except
as otherwise expressly provided herein, all covenants and agreements contained in this Agreement by or on behalf of any of the
parties hereto will bind and inure to the benefit of the respective successors and assigns of the parties hereto, whether so expressed
or not. In addition, and whether or not any express assignment has been made, the provisions of this Agreement which are for the
benefit of holders of Registrable Shares are also for the benefit of, and enforceable by, any subsequent holders of such Shares.

 

10.2Severability.
Whenever possible, each provision of this Agreement will be interpreted in such manner as to be effective and valid under applicable
law, but if any provision of this Agreement is held to be prohibited by or invalid under applicable law, such provision will be
ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of this Agreement.

 

10.3Descriptive
Headings. The descriptive headings of this Agreement are inserted for convenience of reference only and do not constitute
a part of and shall not be utilized in interpreting this Agreement.

 

10.4Notices.
Any notices and other communications hereunder shall be in writing and shall be deemed given and received (i) on the date of delivery
if delivered personally, (ii) on the date of confirmation of receipt (or, the first Business Day following such receipt if the
date is not a Business Day) if delivered by a nationally recognized overnight courier service (providing written proof of delivery),
such as Federal Express, (iii) on the date of confirmation of receipt (or, the first Business Day following receipt if the date
is not a Business Day) if sent via facsimile to the parties hereto at the following address, or at such other address for a party
as shall be specified by like notice, provided that a notice of change in address shall not be deemed to have been given until
received by the addressee:

 

If
to the Company, to:

 

Bone
Biologics, Corp.

175 May Street, Suite 400

Edison,
NJ 08837

Attention: Michael Schuler

Facsimile No.: (732) 661-2152

Telephone No.: (732) 661-2589

 

with
a copy (which shall not constitute notice) to:

 

Reed
Smith LLP

599 Lexington Avenue

New York, N.Y. 10022

Attention: Bill Haddad

Facsimile No.: (212) 521-5450

Telephone No.: (212) 549-0379

 

If
to the Hankey Capital, to:

 

Hankey
Capital, LLC

4751
Wilshire Blvd., Suite 110

Los
Angeles, CA 90010

Attention:
Eugene M. Leydiker

Facsimile
No.: (323) 692-4126

Telephone
No.: (323) 692-4026

 

    	9

    	 

    

 

10.5Governing
Law. All questions concerning the construction, validity and interpretation of this Agreement, and the performance of the
obligations imposed by this Agreement, shall be governed by the laws of the State of Delaware applicable to contracts made and
wholly to be performed in that state.

 

10.6Final
Agreement. This Agreement, together with the Note and Warrant and all other agreements entered into by the parties hereto,
constitutes the complete and final agreement of the parties concerning the matters referred to herein, and supersedes all prior
agreements and understandings.

 

10.7Execution
in Counterparts. This Agreement may be executed in any number of counterparts, each of which when so executed and delivered
shall be deemed an original, and such counterparts together shall constitute one instrument.

 

10.8No
Strict Construction. The language used in this Agreement will be deemed to be the language chosen by the parties hereto to
express their mutual intent, regardless of which party drafted this Agreement.

 

10.9Amendment.
Except as otherwise expressly provided herein, the provisions of this Agreement may be amended or waived at any time only by the
written agreement of the Company and Stockholder. Any waiver, permit, consent or approval of any kind or character on the part
of any such holder of any provisions or conditions of this Agreement must be made in writing and shall be effective only to the
extent specifically set forth in such writing.

 

10.10Waiver
of Jury Trial. Each of the parties hereto hereby irrevocably waives any and all right to trial by jury of any claim or cause
of action in any legal proceeding arising out of or related to this Agreement or the transactions or events contemplated hereby
or any course of conduct, course of dealing, statements (whether verbal or written) or actions of any party hereto. The parties
hereto each agree that any and all such claims and causes of action shall be tried by a court trial without a jury. Each of the
parties hereto further waives any right to seek to consolidate any such legal proceeding in which a jury trial has been waived
with any other legal proceeding in which a jury trial cannot or has not been waived.

 

[The
Rest of this Page Intentionally Left Blank]

 

    	10

    	 

    

 

IN
WITNESS WHEREOF, the parties hereto have executed this Registration Rights Agreement on the date first set forth above.

 

	 	BONE BIOLOGICS, CORP.
	 	 	 
	 	By:	/s/ Michael Schuler 
	 	Name:	Michael Schuler
	 	Its:	Chief Executive Officer and Director
	 	 	 
	 	HANKEY
    CAPITAL, LLC
	 	 	 
	 	By:	/s/ W. Scott Dobbins 
	 	Name:	W. Scott Dobbins
	 	Its:	President

 

    	11

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