Document:

EXHIBIT
10.1

 

AMENDED
AND RESTATED EXCLUSIVE LICENSE AGREEMENT

 

THIS
AMENDED AND RESTATED EXCLUSIVE LICENSE AGREEMENT (the “Agreement”) is made as of June 19, 2017, and
effective as of March 15, 2006 (the “Effective Date”), and is entered into between THE REGENTS OF
THE UNIVERSITY OF CALIFORNIA (“The Regents”), a California corporation having its corporate offices located
at 1111 Franklin Street, Oakland, California 94607-5200, acting through its offices located at 10920 Wilshire Blvd, Suite 1200,
Los Angeles, California, 90024-1406, and BONE BIOLOGICS CORPORATION (“Licensee”), a Delaware corporation
having a principal place of business at 2 Burlington Woods Drive, Suite 100, Massachusetts, 01803.

 

RECITALS

 

WHEREAS,
The Regents and Licensee are parties to that certain Exclusive License Agreement, effective as of the Effective Date (UC Agreement
Control Number 2006-03-0536), as amended by the First Amendment dated September 1, 2007 (UC Control Number 2006-03-0536F), as
further amended by the Second Amendment dated May 29, 2008 (UC Control Number 2006-03-0536I), as further amended by the Third
Amendment dated December 4, 2008 (UC Control Number 2006-03-0536K), as further amended by the Fourth Amendment dated August 19,
2009 (UC Control Number 2006-03-0536M), as further amended by the Fifth Amendment dated January 11, 2011 (UC Control Number 2006-03-0536T),
as further amended by the Sixth Amendment dated August 18, 2011 (UC Control Number 2006-03-0536V), as further amended by the Seventh
Amendment dated August 7, 2012 (UC Control Number 2006-03-0536W), as further amended by the Eighth Amendment dated October 22,
2013 (UC Control Number 2006-03-0536Y), as further amended by the Ninth Amendment dated December 22, 2015 (UC Control Number 2006-03-0356
R-29), and as further amended by the Tenth Amendment dated June 3, 2016 (UC Control Number 2006-03-0536) (as amended, the “Original
License”);

 

WHEREAS,
The Regents and Licensee desire to, and do hereby, further amend and restate the Original License with this Agreement;

 

WHEREAS,
certain invention (the “Inventions”), generally characterized as

 

	 	1)	UCLA
    Case No. 1999-560: “NELL-1 Enhanced Bone Mineralization”; 
	 	 	 
	 	2)	UCLA
    Case No. 2004-331: “NELL1 Expression Systems and Neuroprotective Activity of NELL2”;
	 	 	 
	 	3)	UCLA
    Case No. 2006-369: “Recombinant NELL-1 & 2 Protein Production”; 
	 	 	 
	 	4)	UCLA
    Case Number: 2009-271: “Recombinant NELL Protein Production”;
	 	 	 
	 	5)	UCLA
    Case No. 2009-569: “NELL-1 Isoform”, and 
	 	 	 
	 	6)	UCLA
    Case No. 2011-416: “Using NELL-1 to Inhibit Osteoclasts and to Prevent, Treat Osteoporosis”

 

made
in the course of research at the University of California, Los Angeles by Drs. Kang Ting, Shunichi Kuroda, Chia Soo and Ben Wu,
and claimed in Regents' Patent Rights as defined below;

 

    	 

    	 

    

 

WHEREAS,
Drs. Ting, Wu and Soo are employees of The Regents and as such are obligated to assign their right, title and interest in and
to the Inventions to The Regents;

 

WHEREAS,
Dr. Shunichi Kuroda is an employee of Osaka University and Osaka University has not asserted their rights; therefore Dr. Kuroda
as an individual assigned his rights to The Regents.

 

WHEREAS,
the Inventions were developed with United States Government funds, and The Regents has elected title thereto and granted a royalty-free
nonexclusive license to the United States Government on March 15, 2004, as required under 35 U.S.C. §200-212;

 

WHEREAS,
Licensee is a “small business concern” as defined in 15 U.S.C. §632; and

 

WHEREAS,
The Regents wishes that Regents' Patent Rights be developed and utilized to the fullest extent so that the benefits can be enjoyed
by the general public.

 

NOW,
THEREFORE, in consideration of the mutual covenants set forth herein and other good and valuable consideration, the receipt of
which is hereby acknowledged, the parties agree to amend and restate the Original License as follows:

 

1.
DEFINITIONS

 

	1.1	“Regents'
    Patent Rights” means The Regents interest in any of the patent applications listed in Appendix A attached to this
    Agreement and assigned to The Regents (UCLA Case Nos. 1999-560, 2004-331, 2006-369, 2009-271, 2009-569, and 2011-416); any
    continuing applications thereof including divisions; but excluding continuations-in-part except to the extent of claims entirely
    supported in the specification and entitled to the priority date of the parent application; any patents issuing on these applications
    including reissues and reexaminations; and any corresponding foreign patents or patent applications; all of which will be
    automatically incorporated in and added to Appendix A and made a part of this Agreement.
	 	 
	1.2	“Licensed
    Product” means any article, composition, apparatus, substance, chemical, or any other material whose manufacture,
    use or sale would constitute an infringement of any Valid Claim within Regents' Patent Rights, or any service, article, composition,
    apparatus, chemical, substance, or any other material made, used, or sold by or utilizing or practicing a Licensed Method.
    This definition of Licensed Product also includes a service either used by Licensee, an Affiliate, or Sublicensee or provided
    by Licensee, an Affiliate or Sublicensee to its customers when such service requires the use of Licensed Product or performance
    of Licensed Method. 
	 	 
	1.3	“Licensed
    Method” means any process or method whose use or practice would constitute an infringement of any Valid Claim within
    Regents' Patent Rights.
	 	 
	1.4	“Field
    of Use” means use in spinal fusion by local administration, Osteoporosis, and long bones/extremities (trauma), and
    excludes use in cartilage and all other indications.
	 	 
	1.5	“Affiliate”
    means any corporation or other business entity in which Licensee owns or controls, directly or indirectly, at least fifty
    percent (50%) of the outstanding stock or other voting rights entitled to elect directors. In any country where the local
    law does not permit foreign equity participation of at least fifty percent (50%), then “Affiliate” means any company
    in which Licensee owns or controls, directly or indirectly, the maximum percentage of outstanding stock or voting rights that
    is permitted by local law. 

 

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	1.6	“First
    Commercial Sale” means the first sale of any Licensed Product by Licensee or any Affiliate or Sublicensee, following
    marketing approval by the appropriate governmental agency for the country in which the sale is to be made. When governmental
    marketing approval is not required, “First Commercial Sale” means the first sale in that country.
	 	 
	1.7	“Final
    Sale” means any sale, transfer, lease, exchange or other disposition or provision of a Licensed Product and/or a
    Licensed Method to a Customer. A Final Sale shall be deemed to have occurred upon the earliest to occur of the following (as
    applicable): (a) the transfer of title to such Licensed Product and/or Licensed Method to a Customer, (b) the shipment of
    such Licensed Product to a Customer, (c) the provision of a Licensed Method to a Customer, (d) the provision of an invoice
    for such Licensed Product or Licensed Method to a Customer, or (e) payment by the Customer for Licensed Products or Licensed
    Methods.
	 	 
	1.8	“Net
    Sales” means the total of the gross amount invoiced or otherwise charged (whether consisting of cash or any other
    forms of consideration) for the Final Sale of Licensed Products or Licensed Methods by Licensee, or by any Affiliate, joint
    venture or Sublicensee to Customers, less the following deductions (to the extent included in and not already deducted from
    the gross amount invoiced or otherwise charged) to the extent reasonable and customary: cash, trade or quantity discounts,
    retroactive price reductions or rebates actually granted to Customers and charge-back payments and rebates granted to managed
    health care organizations or to any governmental entity (and its agencies, purchasers or reimbursers); sales, use, tariff,
    import/export duties or other excise taxes imposed on particular sales (excepting value added taxes or income taxes); transportation
    and delivery charges, including insurance to the extent actually paid by the Customer; and allowances or credits to Customers
    because of rejections or returns and amounts written off as uncollectible by Licensee. Where Licensee or any Affiliate, joint
    venture or Sublicensee is the Customer, then Net Sales shall be based on the average Net Sales received from other Customers
    in an arm’s length transaction for such Licensed Products or Licensed Methods during the same calendar quarter, less
    the deductions described above. If a Licensed Product is sold in combination with another product, component or service not
    covered by a Valid Claim in the country in which the combination product is sold, the Net Sales for such combination product
    shall be calculated by multiplying the net selling price of the combination by the fraction A/(A + B), where A is the average
    gross selling price of the Licensed Product sold separately in that country, and B is the average gross selling price of the
    other product, component or service sold separately in that country. If all such items are not sold separately, any item not
    sold separately shall have a price attributed to it for purposes of this definition consistent with pricing of similar products
    or their functional equivalents sold separately. If a price for either or both items cannot be determined pursuant to the
    foregoing, the Net Sales for purposes of determining royalties on the combination product shall be reasonably determined by
    Licensee based on the relative value contributed by each item to the combination product.
	 	 
	1.9	“Series
    A Financing” means an investment of at least Two Million Dollars ($2,000,000.00) from a venture capital firm
    through the sale of equity securities of Licensee or documentation that sufficient funds have been raised from any source
    to meet all the development milestones set forth up to Paragraph 6.3(e).
	 	 
	1.10	“Sublicensee”
    means any third party sublicensed by Licensee under the Regents’ Patent Rights to make, have made, use, sell, offer
    for sale or import any Licensed Product or to practice any Licensed Method.

 

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	1.11	“Sublicensing
    Income” means income received by Licensee from a Sublicense of the Regents’ Patent Rights, including income
    received by way of license issue fees, milestone payments, and the like but specifically excludes payment or prepayment of
    royalties for the sale or distribution of Licensed Products or the practice of Licensed Methods. Not included in the definition
    of Sublicensing Income is income received by Licensee as payment or reimbursement for (i) equity or debt financing, (ii) past
    or future research and development costs conducted by or for Licensee, including costs associated with materials, equipment
    or clinical testing; (iii) amounts paid for third party technology (provided that Licensee shall make a good faith allocation
    of Sublicensing Income between the Regents' Patent Rights and such third party technology, in accordance with generally accepted
    accounting principles); and patent and patent related expenses
	 	 
	1.12	“Customer”
    means any individual or entity that receives Licensed Products or Licensed Methods, provided however, that Licensee or
    any Affiliate, joint venture or Sublicensee shall be deemed a Customer only if it receives Licensed Products or Licensed Services
    for its own end-use and not resale.
	 	 
	1.13	“Valid
    Claim” means a patent claim contained in (a) a pending application included within the Regents' Patent Rights, unless
    such application has been pending for more than five (5) years from its U.S. filing date for domestic patents and seven (7)
    years from the date of the PCT filing for foreign; or (b) an issued and unexpired patent included within the Regents' Patent
    Rights which claim has not been held unenforceable, unpatentable or invalid by a final decision of a court or other governmental
    agency of competent jurisdiction, unappealable or unappealed within the time allowed for appeal, and which has not been admitted
    to be invalid or unenforceable through abandonment, reissue, disclaimer or otherwise.
	 	 
	1.15	“Feasibility
    Study” means a clinical investigation used to capture preliminary safety and effectiveness information on a near-final
    or final device design to adequately plan an appropriate Pivotal Study.
	 	 
	1.16	“Pivotal
    Study” means a clinical investigation designed to collect definitive evidence of the safety and effectiveness of
    a device for a specific intended use, in a statistically justified number of subjects.
	 	 
	1.17	“PMA”
    means Pre-Market Approval given by the US Food and Drug Administration to equipment manufacturers to sell their devices
    to the medical profession.
	 	 
	1.18	“Osteoporosis”
    means thinning of the bones, with reduction in bone mass, due to depletion of calcium and bone protein.

 

2.
GRANT

 

	2.1	Subject
    to the limitations set forth in this Agreement, The Regents hereby grants to Licensee an exclusive license (the “License”)
    under Regents' Patent Rights, in jurisdictions where Regents' Patent Rights exist, to make, have made, use, sell, offer for
    sale and import Licensed Products and to practice Licensed Methods in the Field of Use to the extent permitted by law.

 

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	2.2	The
    License is subject to all the applicable provisions of any license to the United States Government executed by The Regents
    and is subject to any overriding obligations to the United States Federal Government under 35 U.S.C. §200-212 and applicable
    governmental implementing regulations.
	 	 
	2.3	The
    Regents expressly reserves the right to use Regents' Patent Rights and associated technology for educational and research
    purposes including publication of research results and sharing research results with other non-profit institutions, and allowing
    other non-profit research institutions to use Regents' Patent Rights and associated technology for the same purpose.

 

3.
SUBLICENSES

 

	3.1	The
    Regents also grants to Licensee the right to issue exclusive or nonexclusive sublicenses (“Sublicenses”)
    to third parties to make, have made, use sell, offer for sale or import Licensed Products and to practice Licensed Methods
    in any jurisdiction in which Licensee has exclusive rights under this Agreement. To the extent applicable, sublicenses must
    include all of the rights of and obligations due to The Regents (and, if applicable, the U.S. Government under 35 U.S. C.
    §200-212) contained in this Agreement.
	 	 
	3.2	Licensee
    must pay to The Regents a percentage of all Sublicensing Income as follows:

 

	 	3.2a	Twenty
    percent (20%) of any Sublicensing Income received prior to the initiation of a Feasibility Study.
	 	 	 
	 	3.2b	Ten
    percent (10%) of any Sublicensing Income received after initiation of a Feasibility Study.

 

	3.3	On
    Net Sales of Licensed Products sold or disposed of by a Sublicensee, Licensee must pay to The Regents an earned royalty in
    accordance with Article 5 (ROYALTIES) as if these were Licensee's Net Sales. Any royalties received by Licensee in excess
    of royalties due to The Regents under this Paragraph 3.3 belong to Licensee.
	 	 
	3.4	Licensee
    must provide to The Regents a copy of each Sublicense within thirty (30) days of execution, and a copy of all information
    submitted to Licensee by Sublicensees relevant to the computation of the payments due to The Regents under this Article 3
    (SUBLICENSES).
	 	 
	3.5	If
    this Agreement is terminated for any reason, all outstanding Sublicenses, not in default, will be assigned by Licensee to
    The Regents, at the option of The Regents. The Sublicenses will remain in full force and effect with The Regents as the licensor
    or sublicensor instead of Licensee, but the duties of The Regents under the assigned Sublicenses will not be greater than
    the duties of The Regents under this Agreement, and the rights of The Regents under the assigned Sublicenses will not be less
    than the rights of The Regents under this Agreement, including all financial consideration and other rights of The Regents.
    

 

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4.
FEES

 

	4.1	In
    partial consideration for the License, Licensee will pay to The Regents a license issue fee of Twenty Thousand One Hundred
    Dollars and Fifty Cents ($20,100.50), of which Ten Thousand One Hundred Dollars and Fifty Cents ($10,100.50) will
    be paid within thirty (30) days of the Effective Date and the remainder within six (6) months after the Effective Date. This
    fee is nonrefundable and is not an advance against royalties.

 

	4.2	For
    each Licensed Product or Licensed Method reaching the milestones indicated below, Licensee must make the following payments
    (“Milestone Payments”) to The Regents within thirty (30) days of reaching such milestone. For purposes
    of clarity such Milestone Payments are due from Licensee irrespective of whether the associated milestone listed below was
    reached by Licensee itself or a third party acting on Licensee’s behalf or by a Sublicensee, Joint Venture or Affiliate.

 

	 	4.2a	Enrollment
    of the first subject in a Feasibility Study: One Hundred Thousand Dollars ($100,000);
	 	 	 
	 	4.2b	Enrollment
    of the first subject in a Pivotal Study: Two Hundred Fifty Thousand Dollars ($250,000.00);
	 	 	 
	 	4.2c	PMA
    (or foreign equivalent) approval by the FDA (or foreign equivalent) for a Licensed Product or Licensed Method: Five Hundred
    Thousand Dollars ($500,000.00);
	 	 	 
	 	4.2d	First
    Commercial Sale of a Licensed Product or Licensed Method: One Million Dollars ($1,000,000.00).

 

	4.3	Licensee
    must pay to The Regents a license maintenance fee of Ten Thousand Dollars ($10,000.00) beginning on the one (1) year
    anniversary date of the Effective Date of this Agreement and continuing annually on each anniversary date of the Effective
    Date. The maintenance fee will not be due and payable on any anniversary date of the Effective Date if prior to that date
    Licensee has made the First Commercial Sale of a Licensed Product. The license maintenance fees are non-refundable and are
    not an advance against royalties.
	 	 
	4.4	Within
    thirty (30) days after the Effective Date, and subject to The Regents’ execution of Licensee’s standard common
    stock purchase agreement in the form attached as Appendix B. Licensee will issue to the Regents shares of Licensee’s
    Common Stock equal to two percent (2%) of the total outstanding and issued Common Stock as of the Effective Date.
	 	 
	4.5	Licensee
    must pay The Regents a milestone fee of Ten Thousand Dollars ($10,000.00) upon issuance of the first U.S. Patent claiming
    priority to provisional filing 60/983,903.
	 	 
	4.6
    	Licensee
    shall pay The Regents a cash milestone payment in US Dollars within thirty (30) days of the earlier to occur of (a) the closing
    of any Change of Control Transaction, and (b) The Regents making a Payment Election (each of (a) and (b) are “Liquidity
    Events” for purposes of this License Agreement). Such milestone payment shall be a cash payment equal to the greater
    of (i) and (ii):

 

	 	(i)	Five
    Hundred Thousand Dollars ($500,000.00) (payable in a single lump sum amount in priority and preference to payment to any
    holders of equity securities of the Licensee; provided, the Licensee shall apply all of its assets to any such distribution,
    and to no other corporate or organizational purpose, except to the extent prohibited by Delaware law governing distributions
    to stockholders, and in the event Delaware law governing distributions to stockholders prevents the Licensee from making the
    full amount of such distribution, the Licensee shall pay the maximum amount it can consistent with such law, and shall pay
    the remaining amount as soon as it may lawfully do so under such law); and

  

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	 	(ii)	Two
    percent (2%) times P, where:

 

“P”
is equal to either:

 

	 	●	in
    the case of a Merger or Stock Sale, the sum of (a) all cash, and the fair market value of all securities and other property
    transferred to the security holders of the Licensee (or subsidiary, as the case may be) in return for their securities in
    the Licensee (or subsidiary, as the case may be) at the time of the transaction, and (b) all cash, and the fair market value
    of all securities and other property transferred to the security holders of the Licensee (or subsidiary, as the case may be)
    for Trailing Consideration payable to the holders of Licensee’s (or subsidiary’s, as the case may be) securities,
    when and if actually paid, or
	 	 	 
	 	●	in
    the case of an Asset Sale, the sum of (a) all cash, and the fair market value of all securities or other property transferred
    to the Licensee (or subsidiary, as the case may be) at the time of the transaction, and (b) all cash, and the fair market
    value of all securities and other property for Trailing Consideration payable to the Licensee, when and if, actually paid;
    or
	 	 	 
	 	●	in
    the case of a Payment Election, the product of (a) all of Licensee's capital stock, membership units or similar securities
    or interests as of the Payment Election effective date (calculated on a fully diluted and as converted basis, assuming conversion
    of all outstanding convertible securities including without limitation convertible debt, warrants and options; all unissued
    shares reserved for issuance pursuant to equity incentive or similar incentive plans for employees, consultants, directors
    and so forth are deemed to be issued and outstanding times (b) the fair market value of a share of common stock, membership
    unit or other similar equity security of Licensee determined in accordance with the terms set forth below. Notwithstanding
    anything to the contrary set forth herein, the parties agree that any payment required pursuant to a Payment Election will
    occur in three (3) equal annual installments commencing not more than sixty (60) days after receipt by the Licensee of a payment
    request from The Regents. Upon receipt of a payment request, the Licensee shall apply all of its assets to any such redemption,
    and to no other corporate or organizational purpose, except to the extent prohibited by Delaware law governing distributions;
    and in the event Delaware law governing distributions to stockholders prevents the Licensee from making the full amount of
    such distribution, the Licensee shall pay the maximum amount it can consistent with such law, and shall pay the remaining
    amount as soon as it may lawfully do so under such law.

 

“Trailing
Consideration” means any payments due for any deferred or contingent consideration payable to Licensee or its security
holders including, without limitation, any post-closing milestone payment, escrow amount or holdback of consideration. Any Trailing
Consideration shall be payable within thirty (30) days after the actual receipt of such Trailing Consideration by the Licensee
or its security holders.

 

For
purposes of clarification, payment of the Merger, Stock Sale or Asset Sale milestone payment shall be in priority and preference
to payment to any holders of equity securities of the Licensee.

 

The
fair market value of any securities or other property shall be determined by reference to the operative transaction agreement
for a respective Merger, Stock Sale or Asset Sale, provided that, if no such valuation is readily determinable from such operative
transaction agreement or in the event of a Payment Election, then for securities for which there is an active public market:

 

	 	(a)
    	if
    traded on a securities exchange or the NASDAQ Stock Market, the value shall be deemed to be the average of the closing prices
    of the securities on such exchange or market over the 30-day period ending three days prior to the closing of such transaction;
    or
	 	 	 
	 	(b)
    	if
    actively traded over-the-counter, the value shall be deemed to be the average of the closing bid prices over the 30-day period
    ending three (3) days prior to the closing of such transaction. The method of valuation of securities subject to investment
    letters or other similar restrictions on free marketability shall take into account an appropriate discount from the market
    value as determined pursuant to clause (a) or (b) above so as to reflect the approximate fair market value thereof.

 

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For
determination of fair market value of any security in the event there is no active public market, the value shall be the fair
market value thereof as either (i) determined in good faith by the Board of Directors of Licensee and as approved by The Regents,
such approval not to be unreasonably withheld, or (ii) determined by a third party appraiser appointed and paid for by Licensee,
if Licensee and The Regents cannot mutually agree on such fair market value.

 

For
purposes of this Paragraph 4.6, “Change of Control Transaction” means the earlier to occur of:

 

	 	(a)
    	any
    acquisition, consolidation, merger, reverse merger, share exchange, reorganization or other transaction or series of transactions
    in which (A) Licensee is a constituent party or (B) a subsidiary of Licensee is a constituent party and the Licensee issues
    shares of its securities pursuant to such transaction, and pursuant to which greater than fifty percent (50%) of the voting
    power of Licensee or subsidiary of Licensee is transferred to a third party (“Merger”),
	 	 	 
	 	(b)
    	the
    sale by one or more security holders of a majority of the voting power of the Licensee (“Stock Sale”),
    or
	 	 	 
	 	(c)
    	a
    sale, lease, transfer, exclusive license or other disposition, in a single transaction or series of related transactions,
    by the Licensee or any subsidiary of the Licensee of all or substantially all of the assets of the Licensee and its subsidiaries,
    taken as a whole, or the sale or disposition (whether by merger, consolidation or otherwise) of one or more subsidiaries of
    the Licensee if substantially all of the assets of the Licensee and its subsidiaries taken as a whole are held by such subsidiary
    or subsidiaries, except where such sale, lease, transfer, exclusive license or other disposition is to a wholly owned subsidiary
    of the Licensee (“Asset Sale”).

 

For
purposes of this Paragraph 4.6, “Payment Election” means the date The Regents submits a payment request to
Licensee, which may occur at The Regents sole and absolute discretion any time on or after December 22, 2022.

 

The
payment required pursuant to this Paragraph 4.6 shall be a one-time payment obligation (provided, any Trailing Consideration may
occur pursuant to one or more payments in accordance with the terms of this Paragraph 4.6). The Licensee’s obligation to
pay any of the above payments will survive termination, expiration or assignment or transfer of this License; provided Licensee
closes a financing of at least Five Million Dollars ($5,000,000.00) before February 29, 2016.

 

5.
ROYALTIES

 

	5.1	Licensee
    must pay to The Regents for sales by Licensee or its Affiliates an earned royalty of three percent (3%) of Net Sales of Licensed
    Products or Licensed Methods.
	 	 
	5.2	Licensee
    must pay to The Regents the following minimum annual royalties (referred to below as “Minimum Annual Royalty”)
    during each of the following calendar years (measured relative to the calendar year in which there was a First Commercial
    Sale, and referred to below as “Calendar Years after FCS”) for the life of this License Agreement:

 

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	Calendar
    Years after FCS	 	Minimum
    Annual Royalty
	First
    and Second	 	Fifty
    Thousand Dollars ($50,000.00);
	Third
    and Fourth ($100,000.00);	 	One
    Hundred Thousand Dollars 
	Fifth
    and Each Subsequent Year of the term of the License Agreement	 	Two
    Hundred Fifty Thousand Dollars($250,000.00).

 

Licensee
must pay the Minimum Annual Royalty for a given Calendar Year after FCS to The Regents on or before February 28 of such Calendar
Year after FCS. The Minimum Annual Royalty for a given Calendar Year after FCS will be credited against the Earned Royalty due
and owing with respect to Net Sales made during the calendar year in which such Minimum Annual Royalty was paid. By way of example,
if FCS took place on February 1, 2008, the first Calendar Year after FCS would be 2009 and the Minimum Annual Royalty would be
due on or before February 28, 2009.

 

	5.3	Paragraphs
    1.1, 1.2, 1.3 and 1.4 define Regents' Patent Rights, Licensed Product, Licensed Method and the Field of Use so that royalties
    are payable on products covered by pending patent applications and issued patents. Royalties accrue for the duration of this
    Agreement.
	 	 
	5.4	Licensee
    must pay royalties owed to The Regents on a quarterly basis. Licensee must pay the royalties within two (2) months of the
    end of the calendar quarter in which the royalties accrued.
	 	 
	5.5	All
    monies due The Regents must be paid in United States funds. When Licensed Products are sold for monies other than United States
    dollars, the royalties will first be determined in the foreign currency of the country in which those Licensed Products were
    sold and, second, converted into equivalent United States funds. Licensee must use the exchange rate established by the Bank
    of America in San Francisco, California on the last day of the calendar quarter.
	 	 
	5.6	Any
    tax for the account of The Regents required to be withheld by Licensee under the laws of any foreign country must be promptly
    paid by Licensee for and on behalf of The Regents to the appropriate governmental authority. Licensee will use its best efforts
    to furnish The Regents with proof of payment of any tax. Licensee is responsible for all bank transfer charges. All payments
    made by Licensee in fulfillment of The Regents' tax liability in any particular country will be credited against fees or royalties
    due The Regents for that country.
	 	 
	5.7	If
    at any time legal restrictions prevent the acquisition or prompt remittance of United States Dollars by Licensee with respect
    to any country where a Licensed Product is sold, the Licensee shall pay royalties due to The Regents from Licensee’s
    other sources of United States Dollars.
	 	 
	5.8	If
    any patent or any claim included in Regents' Patent Rights is held invalid or unenforceable in a final decision by a court
    of competent jurisdiction from which no appeal has or can be taken, all obligation to pay royalties based on that patent or
    claim or any claim patentably indistinct from it will cease as of the date of that final decision. Licensee will not, however,
    be relieved from paying any royalties that accrued before that decision or that is based on another patent or claim not involved
    in that decision.
	 	 
	5.9	No
    royalties will be collected or paid on Licensed Products sold to the United States Federal Government, or any agency of the
    United States Government. The Licensee and its Sublicensees will reduce the amount charged for Licensed Products distributed
    to the United States Government by the amount of the royalty.

 

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	5.10	No
multiple royalties will be due even if a Licensed Product or Licensed Method is covered by more than one of the Regents’
Patent Rights.
	 	 
	5.11	If
Licensee pays a third party royalties in consideration for patent rights which are necessary in order to practice Regents’
Patent Rights then Licensee or Sublicensee, as the case may be may deduct one third of one percent (0.333%) from the royalty rate
due to The Regents under this Agreement for every percentage point paid to third party in royalties, provided that in no event
shall royalties or other amounts due to The Regents in any reporting period be reduced to less than fifty percent (50%) of what
would otherwise be due to The Regents.

 

6.
DILIGENCE

 

	6.1	Upon
    the execution of this Agreement, Licensee must diligently proceed with the development, manufacture and sale (“Commercialization”)
    of Licensed Products and must earnestly and diligently endeavor to market them within a reasonable time after execution of
    this Agreement and in quantities sufficient to meet the market demands for them.
	 	 
	6.2	Licensee
    must endeavor to obtain all necessary governmental approvals for the Commercialization of Licensed Products.
	 	 
	6.3	The
    Regents has the right and option to either terminate this License Agreement or reduce Licensee’s exclusive license to
    a nonexclusive license if Licensee fails to perform any of the terms in Paragraph 6.1 or this Paragraph 6.3. This right, if
    exercised by The Regents, supersedes the rights granted in Article 2 (GRANT).

 

	 	6.3a	Select
    preferred NELL-1-producing cell line for use in connection with a Licensed Product or Licensed Method on or before December
    31, 2016;
	 	 	 
	 	6.3b	Initiate
    pre-clinical animal studies (e.g. toxicity) of a Licensed Product or Licensed Method on or before June 30, 2017;
	 	 	 
	 	6.3c	Initiate
    pre-clinical GLP study (as described in 21 CFR 58) of a Licensed Product or Licensed Method on or before June 30, 2018;
	 	 	 
	 	6.3d	Submit
    a Licensed Product or Licensed Method investigational device exemption (IDE) (or foreign equivalent) to the FDA (or foreign
    equivalent) on or before December 31, 2018;
	 	 	 
	 	6.3e	Initiate
    a Licensed Product or Licensed Method Pivotal Study on or before December 31, 2019;
	 	 	 
	 	6.3f	Submit
    a Licensed Product or Licensed Method PMA application (or foreign equivalent) on or before December 31, 2023;
	 	 	 
	 	6.3g	Secure
    a Licensed Product or Licensed Method FDA (or foreign equivalent) PMA approval (market approval) (or foreign equivalent) on
    or before December 31, 2024; and
	 	 	 
	 	6.3h	Achieve
    First Commercial Sale of a Licensed Product or Licensed Method on or before March 31, 2025

 

	6.4	Licensee
    has the sole discretion for making all decisions as to how to commercialize any Licensed Product.

 

    	10

    	 

    

 

7.
PATENT FILING, PROSECUTION AND MAINTENANCE

 

	7.1	Patent
Prosecution

 

 7.1a As long as Licensee has complied with its obligations to reimburse or pre-pay The Regents for patent prosecution costs as set forth in this Article 7 (PATENT FILING, PROSECUTION AND MAINTENANCE), The Regents will file, prosecute and maintain the patents and applications comprising Regents’ Patent Rights. These patents will be held in the name of The Regents and will be obtained with counsel of The Regents’ choice. The Regents must provide Licensee with copies of each patent application, office action, response to office action, request for terminal disclaimer, and request for reissue or reexamination of any patent or patent application under Regents’ Patent Rights. The Regents will consider any comments or suggestions by Licensee and will use reasonable efforts to amend patent applications to include claims reasonably requested by Licensee to protect the products and services contemplated under this Agreement. The Regents is entitled to take action to preserve rights and minimize costs whether or not Licensee has commented, and will use reasonable efforts to not allow any Regents’ Patent Rights for which Licensee is licensed and is underwriting the costs of to lapse or become abandoned without Licensee’s written authorization under Paragraph 7.4, except for the filing of continuations, divisionals, or the like that substitute for the lapsed application.

 

 7.1b Licensee has the right to request patent filings on the Invention in the United States and any foreign territories where Regents’ Patent Rights are available (“National Phase Filing”) by providing a written request to The Regents identifying which territories Licensee has selected for patent prosecution no later than ninety (90) days prior to the deadline for filing any such National Phase Filing (“Patent Prosecution Request”). All other requests and instructions for patent prosecution (for example Chapter Two Demands, responses to office actions, utility filings, provisional patent filings, etc.) shall be provided in writing by Licensee to The Regents no later than ninety (90) days prior to the deadline set by the patent office in the territory such patent action is to take place in (also a “Patent Prosecution Request” for purposes of this Agreement). The absence of this Patent Prosecution Request by the deadline specified in this Paragraph 7.1 will be considered an election not to secure the patent rights associated with the specific phase of patent prosecution in such territory, and such patent application(s) and patent(s) will not be part of Regents’ Patent Rights and therefore not subject to this Agreement, and Licensee will have no further rights or license to them.

 

 7.1c Ninety (90) days before the deadline for filing a Chapter Two Demand and ninety (90) days before the deadline for filing a National Phase Filing, but not sooner, The Regents will have the right to file patent applications at its own expense in any territory which Licensee has not identified in written notice pursuant to this Paragraph 7.1 and such patent application(s) and patent(s) will not be part of Regents’ Patent Rights and therefore not subject to this Agreement, and Licensee will have no further rights or license to them.

 

	7.2	Past
                                         Patent Costs

 

Licensee
will bear all costs incurred prior to the term of this Agreement in the preparation, filing, prosecution and maintenance of patent
applications and patents in Regents’ Patent Rights (“Past Patent Costs”). Prosecution includes, but is
not limited to, interferences, oppositions and any other inter partes matters originating in a patent office. Licensee must send
payment for such Past Patent Costs to The Regents within thirty (30) days of Licensee’s receipt of an invoice for these
costs.

 

    	11

    	 

    

 

	7.3	Ongoing
                                         Patent Costs

 

	 	7.3a	Licensee
    will bear all costs incurred during the term of this Agreement in the preparation, filing, prosecution and maintenance of
    patent applications and patents in Regents’ Patent Rights (“Ongoing Patent Costs”). Prosecution includes,
    but is not limited to, interferences, oppositions and any inter partes matters originating in a patent office. Licensee’s
    obligation to underwrite and to pay all United States and foreign patent costs will continue for as long as this Agreement
    remains in effect. Licensee may request a cost estimate for patent filings, chapter two demands and office actions (“Cost
    Estimate”). Fees and expenses that are due to incidentals (for example photocopy charges or long distance phone
    charges) are not included within such Cost Estimate unless expressly so stated, nor is Licensee’s direct interaction
    with Regents’ counsel such as by phone calls, e-mails, in person meetings and the like. 
	 	 	 
	 	7.3b	With
    each Patent Prosecution Request, Licensee must pay in advance to The Regents The Regents’ patent counsel’s estimated
    costs for undertaking any utility patent filing, National Phase Filing or office action filing before The Regents authorizes
    its patent counsel to proceed with such patent action (“Advanced Payment”). The absence of this Advanced
    Payment will be considered an election not to secure the patent rights associated with the specific phase of patent prosecution
    in such territory, and such patent application(s) and patent(s) will not be part of Regents’ Patent Rights and therefore
    not subject to this Agreement, and Licensee will have no further rights or license to them.

 

	7.4	Termination
of Patent Prosecution by Licensee

 

Licensee
may terminate its obligations with respect to any given patent application or patent within Regents’ Patent Rights by providing
written notice to The Regents (“Patent Termination Notice”), and termination of Licensee’s obligations
with respect to such patent application or patent will be effective three (3) months after receipt of such Patent Termination
Notice by The Regents. The Regents will use its best efforts to curtail patent costs chargeable to Licensee under this Agreement
after this Patent Termination Notice is received by The Regents from Licensee. The Regents may continue prosecution or maintenance
of these application(s) or patent(s) at its sole discretion and expense, and such application(s) and patent(s) will not be part
of Regents’ Patent Rights and therefore not subject to this Agreement, and Licensee will have no further rights or license
to them.

 

8.
PATENT INFRINGEMENT

 

	8.1	In
the event that The Regents (to the extent of the actual knowledge of the licensing professional responsible for the administration
of this Agreement) or the Licensee learns of infringement of potential commercial significance of any patent licensed under this
Agreement, the knowledgeable party will provide the other (i) with written notice of such infringement and (ii) with any evidence
of such infringement available to it (the “Infringement Notice”). During the period in which, and in the jurisdiction
where, the Licensee has exclusive rights under this Agreement, neither The Regents nor the Licensee will notify a third party
(including the infringer) of infringement or put such third party on notice of the existence of any Patent Rights without first
obtaining consent of the other. If the Licensee puts such infringer on notice of the existence of any Patent Rights with respect
to such infringement without first obtaining the written consent of The Regents and if a declaratory judgement action is filed
by such infringer against The Regents, then Licensee’s right to initiate a suit against such infringer for infringement
under Paragraph 8.2 below will terminate immediately without the obligation of The Regents to provide notice to the Licensee.
Both The Regents and the Licensee will use their diligent efforts to cooperate with each other to terminate such infringement
without litigation; provided, however, that Licensee shall not be required to sublicense the infringer.

 

    	12

    	 

    

 

	8.2	If
    infringing activity of potential commercial significance by the infringer has not been abated within ninety (90) days following
    the date the Infringement Notice takes effect, then the Licensee will have the initial right, but not the obligation, at its
    expense, to institute suit for patent infringement against the infringer. The Regents may voluntarily join such suit at its
    own expense, but may not thereafter commence suit against the infringer for the acts of infringement that are the subject
    of the Licensee’s suit or any judgment rendered in the suit. If, in a suit initiated by the Licensee, The Regents is
    involuntarily joined other than by the Licensee, then the Licensee will pay any costs incurred by The Regents arising out
    of such suit, including but not limited to, any legal fees of counsel that The Regents selects and retains to represent it
    in the suit. In the event that (1) Licensee is unable to proceed with an infringement actions because The Regents is deemed
    to be a necessary party and The Regents declines to be joined in the Licensee’s infringement action; (2) The Regents
    does not pursue an infringement action in its own name; and (3) Licensee is unable to reach a mutually acceptable business
    solution with the alleged infringer (e.g. sublicense from Licensee), The Regents agrees to reduce by fifty percent (50%) the
    royalty rates payable by Licensee under the Agreement to account for the impact of the alleged infringement on Licensee.
	 	 
	8.3	If,
    within a hundred and eighty (180) days following the date the Infringement Notice takes effect, infringing activity of potential
    commercial significance by the infringer has not been abated and if the Licensee has not brought suit against the infringer,
    then The Regents may institute such suit for patent infringement against the infringer. If The Regents institutes such suit,
    then the Licensee may not join such suit without The Regents consent and may not thereafter commence suit against the infringer
    for acts of infringement that are subject to The Regents suit or any judgment rendered in that suit. 
	 	 
	8.4	Any
    recovery or settlement received in connection with any suit will first be shared by The Regents and the Licensee equally to
    cover any litigation costs each incurred and next shall be paid to The Regents or the Licensee to cover any litigation costs
    it incurred in excess of the litigation costs of the other. In any suit initiated by the Licensee, any recovery in excess
    of litigation costs will be shared between Licensee and The Regents as follows: (a) for any recovery other than amounts paid
    for willful infringement: (i) The Regents will receive fifteen percent (15%) of the recovery if The Regents was not a party
    in the litigation or was involuntarily joined but did not actively participate in the litigation, (ii) The Regents will receive
    forty percent (40%) if The Regents was party in the litigation, and actively participated in the litigation (and incurred
    litigation costs); and (b) for any recovery for willful infringement, The Regents will receive fifty percent (50%) of the
    recovery. The Regents and the Licensee agree to be bound by all determinations of patent infringement, validity and enforceability
    (but no other issue) resolved by any adjudicated judgment in a suit brought in compliance with this Article 8 (Patent Infringement).
	 	 
	8.5	Any
    agreement made by the Licensee for purposes of settling litigation or other dispute shall comply with the requirements of
    Article 3 (SUBLICENSES) of this Agreement.
	 	 
	8.6	Each
    party will cooperate with the other in litigation proceedings instituted hereunder but at the expense of the party who initiated
    the suit (unless such suit is being jointly prosecuted by the parties).
	 	 
	8.7	Any
    litigation proceedings will be controlled by the party bringing the suit, except that The Regents may be represented by counsel
    of its choice in any suit brought by the Licensee.

 

    	13

    	 

    

 

9.
PROGRESS AND ROYALTY REPORTS

 

	9.1	Beginning
    April 30, 2016, and for the term of this License Agreement, Licensee must submit to The Regents progress reports on or before
    the dates indicated according to the following schedule:

 

	 	9.1a	Until
    submission to the FDA (or foreign equivalent) by Licensee (and any Affiliates, Joint Ventures and Sublicensees) of a PMA application
    (or foreign equivalent) for a Licensed Product or Licensed Method, every four (4) months by April 30, September 30 and December
    31;
	 	 	 
	 	9.1b	After
    submission to the FDA (or foreign equivalent) by Licensee (and any Affiliates, Joint Ventures and Sublicensees) of a PMA application
    (or foreign equivalent) for a Licensed Product or Licensed Method, semi-annually by January 31 and July 31.

 

	9.2	The
    progress reports submitted under Paragraph 9.1 must include the following topics:

 

	 	9.2a	Summary
    of work completed.
	 	9.2b	Key
    scientific discoveries.
	 	9.2c	Summary
    of work in progress.
	 	9.2d	Current
    schedule of anticipated events or milestones.
	 	9.2e	Market
    plans for introduction of Licensed Products.
	 	9.2f	A
    summary of resources (dollar value) spent in the reporting period.

 

	9.3.	Licensee
    must notify The Regents if Licensee or any of its Sublicensees or Affiliates ceases to be a small entity (as defined by the
    United States Patent and Trademark Office) under the provisions of 35 U.S.C. §41(h).
	 	 
	9.4	Licensee
    must report the date of the First Commercial Sale in the royalty report immediately following that Sale.
	 	 
	9.5	After
    the First Commercial Sale of each Licensed Product, Licensee must make quarterly royalty reports to The Regents by February
    28, May 31, August 31 and November 30 of each year (i.e., within two (2) months from the end of each calendar quarter). Each
    royalty report must cover Licensee’s most recently completed calendar quarter and must show:

 

	 	9.5a	Gross
    sales and Net Sales of any Licensed Product.
	 	9.5b	Number
    of each type of Licensed Product sold.
	 	9.5c	Royalties
    payable to The Regents.

 

	9.6	Licensee
    must state in its royalty report if it had no sales of any Licensed Product.

 

    	14

    	 

    

 

10.
BOOKS AND RECORDS

 

	10.1	Licensee
    must keep accurate books and records of all Licensed Products manufactured, used or sold. Licensee must preserve these books
    and records for at least five (5) years from the date of the royalty payment to which they pertain.
	 	 
	10.2	The
    Regents’ are entitled to have an independent auditor with a national accounting firm reasonably acceptable to Licensee
    inspect these books and records solely to confirm the royalty and other payments made hereunder and compliance with other
    provisions in this Agreement at reasonable times and upon reasonable prior notice to Licensee, and not more than once during
    any twelve (12) month period. The Regents will pay the fees and expenses of these inspections. If an error favoring Licensee
    of more than five percent (5%) of the total annual royalties is discovered, for the period being audited, then Licensee will
    pay the fees and expenses of these inspections. Any auditor shall enter into a confidentiality agreement with Licensee, reasonably
    acceptable to Licensee, prior to conducting any inspection and shall not disclose any Licensee Confidential Information except
    to the extent necessary to verify the accuracy of the payments made by Licensee hereunder and compliance with other provisions
    in this agreement. 

 

11.
LIFE OF THE AGREEMENT

 

	11.1	Unless
    otherwise terminated by operation of law or by acts of the parties in accordance with the terms of this Agreement, this Agreement
    is in force from the Effective Date recited on page one and remains in effect for the life of the last-to-expire patent in
    Regents’ Patent Rights, or until the last patent application licensed under this Agreement is abandoned and no patent
    in Regents’ Patent Rights ever issues- (the later of these dates, the “Expiration Date”).
	 	 
	11.2	Upon
    termination of this Agreement, prior to Expiration Date,Licensee will have no further right to make, have made, use or sell
    any Licensed Product except as provided in Article 14 (Disposition of Licensed Products on Hand Upon Termination).
	 	 
	11.3	Any
    expiration or termination of this Agreement will not affect the rights and obligations set forth in the following Articles:

 

	 	Article
    10	BOOKS
    AND RECORDS
	 	Article
    14	DISPOSITION
    OF LICENSED PRODUCTS ON HAND UPON TERMINATION
	 	Article
    16	USE
    OF NAMES AND TRADEMARKS
	 	Article
    17	LIMITED
    WARRANTY
	 	Article
    18	INDEMNIFICATION
	 	Article
    23	FAILURE
    TO PERFORM
	 	Article
    24	GOVERNING
    LAW

 

12.
TERMINATION BY THE REGENTS

 

	12.1	If
    Licensee violates or fails to perform any material term or covenant of this Agreement, then The Regents may give written notice
    of the default (“Notice of Default”) to Licensee. If Licensee does not repair the default within sixty
    (60) days after the effective date of the Notice of Default, then The Regents has the right to terminate this Agreement and
    the License by a second written notice (“Notice of Termination”) to Licensee. If The Regents sends a Notice
    of Termination to Licensee, then this Agreement automatically terminates on the effective date of this notice. Termination
    does not relieve Licensee of its obligation to pay any royalty or fees owing at the time of termination and does not impair
    any accrued right of The Regents. 

 

    	15

    	 

    

 

13.
TERMINATION BY LICENSEE

 

	13.1	Licensee
    has the right at any time to terminate this Agreement in whole or with respect to any portion of Regents’ Patent Rights
    by giving written notice to The Regents. This notice of termination will be subject to Article 19 (NOTICES) and will be effective
    ninety (90) days after the effective date of the notice.
	 	 
	13.2	Any
    termination in accordance with Paragraph 13.1 does not relieve Licensee of any obligation or liability accrued prior to termination.
    Nor does termination rescind anything done by Licensee or any payments made to The Regents prior to the effective date of
    termination. Termination does not affect in any manner any rights of The Regents arising under this Agreement prior to termination.

 

 14. DISPOSITION OF LICENSED PRODUCTS

ON
HAND UPON TERMINATION

 

	14.1	Upon
    termination of this Agreement, Licensee will have the right to dispose of all previously made or partially made Licensed Products,
    but no more, within a period of six (6) months. But Licensee must submit royalty reports on the sale of these Licensed Products
    and must pay royalties at the rate and at the time provided in this Agreement.

 

15.
PATENT MARKING

 

	15.1	Licensee
    must mark all Licensed Products made, used or sold under the terms of this Agreement, or their containers, in accordance with
    the applicable patent marking laws.

 

16.
USE OF NAMES AND TRADEMARKS

 

	16.1	Neither
    party is permitted to use any name, trade name, trademark or other designation of the other party or its employees (including
    contraction, abbreviation or simulation of any of the foregoing) in advertising, publicity or other promotional activity.
    Unless required by law, Licensee is expressly prohibited from using the name “The Regents of the University of California”
    or the name of any campus of the University of California.

 

 

17.
LIMITED WARRANTY

 

	17.1	The
    Regents warrants that it has the lawful right to grant this license to Licensee. 
	 	 
	17.2	This
    License and the associated Invention are provided WITHOUT WARRANTY OF MERCHANTABILITY
    OR FITNESS FOR A PARTICULAR PURPOSE OR ANY OTHER WARRANTY, EXPRESS OR IMPLIED. THE REGENTS MAKE NO REPRESENTATION OR WARRANTY
    THAT ANY LICENSED PRODUCT WILL NOT INFRINGE ANY PATENT OR OTHER PROPRIETARY RIGHT.
	 	 
	17.3	SUBJECT
    TO ARTICLE 18 (INDEMNIFICATION), IN NO EVENT WILL Either party BE LIABLE FOR ANY INCIDENTAL,
    SPECIAL OR CONSEQUENTIAL DAMAGES RESULTING FROM EXERCISE OF THIS LICENSE OR THE USE OF THE INVENTION OR LICENSED PRODUCTS
    OR THE USE OR THE PRACTICE OF LICENSED METHODS.

  

    	16

    	 

    

 

	17.4	Nothing
    in this Agreement will be construed as:

 

	 	17.4a	A
    warranty or representation by The Regents as to the validity or scope of any Regents’ Patent Rights.
	 	17.4b	A
    warranty or representation that anything made, used, sold or otherwise disposed of under any license granted in this Agreement
    is or will be free from infringement of patents of third parties.
	 	17.4c	Obligate
    The Regents to bring or prosecute actions or suits against third parties for patent infringement except as provided in Article
    8 (Patent Infringement).
	 	17.4d	Conferring
    by implication, estoppel or otherwise any license or rights under any patents of The Regents other than Regents’ Patent
    Rights as defined herein, regardless of whether such patents are dominant or subordinate to Regents’ Patent Rights.
	 	17.4e	Obligate
    The Regents to furnish any know-how not provided in Regents’ Patent Rights.

 

18.
INDEMNIFICATION

 

	18.1	Licensee
    will, and will require its Sublicensees to, indemnify, hold harmless and defend The Regents, its officers, employees, and
    agents, the sponsors of the research that led to the invention, the inventors of the patents and patent applications in Regents’
    Patent Rights and their respective employers from and against any and all liability, claims, suits, losses, damages, costs,
    fees and expenses resulting from or arising out of exercise of this license or any sublicense. Indemnification includes but
    is not limited to products liability. If The Regents, in its sole discretion, believes that there will be a conflict of interest
    or it will not otherwise be adequately represented by counsel chosen by Licensee to defend The Regents in accordance with
    this Paragraph 18.1, then The Regents may retain counsel of its choice to represent it, and Licensee will pay all expenses
    for such representation.
	 	 
	18.2	Licensee,
    at its sole cost and expense, must insure its activities in connection with the work under this Agreement and obtain, keep
    in force and maintain Comprehensive or Commercial Form General Liability Insurance (contractual liability included) with limits
    as follows:

 

	 	18.2a	Each
    occurrence	 	Five
    Million Dollars ($5,000,000.00)
	 	18.2b	Products/completed
    operations aggregate	 	Ten
    Million Dollars ($10,000,000.00)
	 	18.2c	Personal
    and advertising injury	 	Five
    Million Dollars ($5,000,000.00)
	 	18.2d	General
    aggregate (commercial form only)	 	Ten
    Million Dollars ($10,000,000.00)

 

	18.3	Licensee
    expressly understands, however, that the coverages and limits in Paragraph 18.2 do not in any way limit the Licensee’s
    liability. Licensee must furnish The Regents with certificates of insurance evidencing compliance with all requirements. Licensee’s
    insurance must:

 

	 	18.3a	Provide
    for thirty (30) day advance written notice to The Regents of any modification.
	 	18.3b	Indicate
    that The Regents of the University of California is endorsed as an Insured under the coverages listed in Paragraph 18.2.
	 	18.3c	Include
    a provision that the coverages will be primary and will not participate with nor will be excess over any valid and collective
    insurance or program of self-insurance carried or maintained by The Regents.

 

    	17

    	 

    

 

	18.4	The
    Regents shall notify Licensee in writing of any claim or suit brought against The Regents in respect of which The Regents
    intends to invoke the provisions of this Article 18 (INDEMNIFICATION). Licensee shall keep The Regents informed on a current
    basis of its defense of any claims under this Article 18 (INDEMNIFICATION).

 

19.
NOTICES

 

	19.1	Any
    notice or payment required to be given to either party must be sent to the respective address given below and is effective:
    (a) on the date of delivery if delivered in person, (b) five (5) days after mailing if mailed by first-class certified mail,
    postage paid, or (c) on the next business day if sent by overnight delivery. Either party may change its designated address
    by written notice.

 

	 	For
    Licensee:	Bone
    Biologics Corporation
	 	 	2
    Burlington Woods Drive, Suite 100
	 	 	Burlington,
    MA 01803
	 	 	Attention:
    Chief Executive Officer

 

 

	 	For
    The Regents:	The
    Regents of the University of California
	 	 	University
    of California, Los Angeles 
	 	 	Technology
    Development Group
	 	 	10889
    Wilshire Blvd, Suite 920
	 	 	Los
    Angeles, CA 90095-7191
	 	 	 
	 	 	Attention:
    Sr. Director of Licensing

 

20.
ASSIGNABILITY

 

	20.1	This
    Agreement is binding upon and inures to the benefit of The Regents, its successors and assigns. But it is personal to Licensee
    and assignable by Licensee only with the written consent of The Regents. The consent of The Regents will not be required if
    the assignment is in conjunction with the transfer of all or substantially all of the business of Licensee to which this license
    relates.

 

Conditions
of Assignment

 

No
later than thirty (30) days prior to any assignment of this Agreement all of the following terms and conditions shall be met and
if they are not then this Agreement and any assignment thereof will be considered null and void with no further notice from The
Regents.

 

	 	(i)	Licensee
    shall inform The Regents in writing of the identity of the proposed acquirer or successor entity and shall provide updated
    contact information in writing to The Regents for such acquirer or successor entity by updating and submitting in writing
    to The Regents Appendix C (LICENSEE CONTACT INFORMATION) of this Agreement; 
	 	(ii)	The
    proposed acquirer or successor entity shall agree in writing to be bound by all the terms and conditions of this Agreement
    as if such acquirer or successor entity were the original Licensee and a copy of such written agreement shall be provided
    to The Regents by Licensee or the proposed acquirer or successor entity; 
	 	(iii)	The
    proposed acquirer or successor entity shall provide a written statement to The Regents that they assume responsibility for
    any and all liabilities that arose under this Agreement prior to the effective date of the proposed assignment of this Agreement;
    and
	 	(iv)	Licensee
    shall pay to The Regents an assignment fee of One Hundred Thousand Dollars ($100,000.00).

 

    	18

    	 

    

 

21.
LATE PAYMENTS

 

	21.1	For each
royalty payment or fee not received by The Regents when due, Licensee must pay to The Regents a simple interest charge of ten
percent (10%) per annum to be calculated from the date payment was due until it was actually received by The Regents.

 

22.
WAIVER

 

	22.1	The waiver
of any breach of any term of this Agreement does not waive any other breach of that or any other term.

 

23.
FAILURE TO PERFORM

 

	23.1	If either
party takes legal action against the other because of a failure of performance due under this Agreement, then the prevailing party
is entitled to reasonable attorney’s fees in addition to costs and necessary disbursements.

 

24.
GOVERNING LAW

 

	24.1	THIS
    AGREEMENT IS TO BE INTERPRETED AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF CALIFORNIA,
    but the scope and validity of any patent or patent application will be governed by the applicable laws of the country of the
    patent or patent application.

 

25.
GOVERNMENT APPROVAL OR REGISTRATION

 

	25.1	If this
Agreement or any associated transaction is required by the law of any nation to be either approved or registered with any governmental
agency, Licensee will assume all legal obligations to do so. Licensee will notify The Regents if it becomes aware that this Agreement
is subject to a United States or foreign government reporting or approval requirement. Licensee will make all necessary filings
and pay all costs including fees, penalties, and all other out-of-pocket costs associated with such reporting or approval process.

 

    	19

    	 

    

 

26.
EXPORT CONTROL LAWS

 

	26.1	Licensee
must observe all applicable United States and foreign laws with respect to the transfer of Licensed Products and related technical
data to foreign countries, including the International Traffic in Arms Regulations (“ITAR”) and the Export
Administration Regulations.

 

27.
PREFERENCE FOR UNITED STATES INDUSTRY

 

	27.1	Because
this Agreement grants an exclusive right to a particular use of the Invention, Licensee must manufacture in the United States
any products embodying this Invention or produced through the Invention’s use to the extent required by 35 U.S.C. §200-212.
The Regents agree that, if requested by Licensee, The Regents will use reasonable and good faith efforts to cooperate with Licensee
to seek a waiver or exception form the foregoing requirement on reasonable showing thereof by Licensee of a basis for such a waiver.

 

28.
FORCE MAJEURE

 

	28.1	The parties
will be excused from any performance required under this Agreement if performance is impossible or unfeasible due to any catastrophe
or other major event beyond their reasonable control, including war, riot, or insurrection; lockouts or other serious labor disputes;
and floods, fires, explosions, or other natural disasters. When such events abate, and in any event within one (1) year, the parties’
respective obligations will resume.

 

29.
CONFIDENTIALITY

 

	29.1	If
    either party discloses confidential information to the other party, the disclosing party will designate this information as
    confidential by appropriate legend or instruction, and the receiving party will:

 

	 	29.1a
    	Use
    the same degree of care to maintain the secrecy of the confidential information as it uses to maintain the secrecy of its
    own information of like kind.
	 	 	 
	 	29.1b	Use
    the confidential information only to accomplish the purposes of this Agreement.

 

	29.2	Neither
party will disclose confidential information received from the other party except to its employees, customers, distributors and
other agents who are bound to it by similar obligations of confidence and only as required to accomplish the purposes of this
Agreement.

 

	29.3	Neither
    party will have any confidentiality obligation with respect to the confidential information belonging to or disclosed by the
    other party that:

 

	 	29.3a	The
    receiving party can demonstrate by written records was previously known to it.
	 	 	 
	 	29.3b	The
    receiving party lawfully obtained from sources under no obligation of confidentiality.
	 	 	 
	 	29.3c	Is
    or becomes publicly available other than through an act or omission of the receiving party or any of its employees.
	 	 	 
	 	29.3d	Is
    required to be disclosed under the California Public Records Act, governmental audit requirement or other requirement of law.

 

    	20

    	 

    

 

	29.4	The
    provisions of this Article 29 (CONFIDENTIALITY) will continue in effect for five (5) years after expiration or termination
    of this Agreement.
	 	 
	29.5	The
    Regents is free to release to the inventors and senior administrators employed by The Regents the terms and conditions of
    this Agreement. If such release is made, then The Regents shall give notice of the confidential nature and shall request that
    the recipient not disclose such terms and conditions to others. If a third party inquires whether a license to Regents’
    Patent Rights is available, then The Regents may disclose the existence of this Agreement and the extent of the grant in Article
    2 (GRANT) to such third party, but will not disclose the name of Licensee or any other terms or conditions of this Agreement,
    except where The Regents is required to release information under the California Public Records Act, a governmental audit
    requirement, or other applicable law.

 

30.
MISCELLANEOUS

 

	30.1	The headings
of the several sections are inserted for convenience of reference only and are not intended to be a part of, or to affect the
meaning or interpretation of, this Agreement.

 

	30.2	This
    Agreement is not binding upon the parties until it has been signed below on behalf of each party, in which event it becomes
    effective as of the date recited on page one.
	 	 
	30.3	No
    amendment or modification of this Agreement will be valid or binding upon the parties unless made in writing and signed by
    each party.
	 	 
	30.4	This
    Agreement embodies the entire understanding of the parties and supersedes all previous communications, representations or
    understandings, either oral or written, between the parties relating to the subject matter hereof,.
	 	 
	30.5	If
    any part of this Agreement is for any reason found to be unenforceable, all other parts nevertheless remain enforceable as
    long as a party’s rights under this Agreement are not materially affected. In lieu of the unenforceable provision, the
    parties will substitute or add as part of this Agreement a provision that will be as similar as possible in economic and business
    objectives as was intended by the unenforceable provision.

 

Both
The Regents and Licensee have executed this Agreement in duplicate originals by their authorized officers on the dates written
below:

 

	BONE
    BIOLOGICS CORPORATION	 	THE
    REGENTS OF THE UNIVERSITY OF CALIFORNIA
	 	 	 	 	 
	By	 	 	By	 
	 	Signature	 	 	Signature
	Name:	Steve
    R. La Neve	 	Name	Emily
    Loughran
	Title:	President
    and CEO	 	Title:	Sr.
    Director of Licensing
	Date	 	 	Date	 

 

	 	THE
    REGENTS OF THE UNIVERSITY OF CALIFORNIA
	 	 	 
	 	By	 
	 	 	Signature
	 	Name:	Amir
    Naiberg
	 	Title:	Assoc.
    Vice Chancellor and President & CEO
	 	Date:	 

 

    	21

    	 

    

 

APPENDIX
A

 

REGENTS’
PATENT RIGHTS

 

	1999-560-1	NELL-1
    Enhanced Bone Mineralization	 	United
    States Of America	 	09/412,297
	1999-560-2	NELL
    -1 Enhanced Bone Mineralization	 	United
    States Of America	 	11/392,294
	1999-560-3	Composition
    for Promoting Cartilage Formation or Repair Comprising a NELL Gene Product and Method of Treating ...	 	United
    States Of America	 	11/594,510
	1999-560-3	Composition
    for Promoting Cartilage Formation or Repair Comprising a NELL Gene Product and Method of Treating ...	 	European
    Patent Office	 	7871373.2
	1999-560-3	Composition
    for Promoting Cartilage Formation or Repair Comprising a NELL Gene Product and Method of Treating ...	 	Canada	 	2668375
	1999-560-4	NELL-1
    Enhanced Bone Mineralization	 	United
    States Of America	 	11/713,366
	1999-560-4	NELL-1
    Enhanced Bone Mineralization	 	Canada	 	2679723
	1999-560-6	Composition
    for Promoting Cartilage Formation or Repair Comprising a NELL Gene Product and Method of Treating ...	 	United
    States Of America	 	12/700,644
	1999-560-8	NELL-1
    Enhanced Bone Mineralization	 	United
    States Of America	 	13/011,736
	2004-331-2	NELL
    Peptide Expression Systems And Bone Formation Activity Of Nell Peptide	 	United
    States Of America	 	10/544,553
	2004-331-2	NELL
    Peptide Expression Systems and Bone Formation Activity of Nell Peptide	 	United
    Kingdom	 	4709500.5
	2004-331-2	NELL
    Peptide Expression Systems and Bone Formation Activity of Nell Peptide	 	Spain	 	4709500.5
	2004-331-2	NELL
    Peptide Expression Systems and Bone Formation Activity of NELL Peptide	 	Germany	 	4709500.5
	2004-331-3	Expression
    System of NELL Peptide	 	United
    States Of America	 	11/601,529
	2004-331-3	Expression
    System of NELL Peptide	 	European
    Patent Office	 	7868700.1
	2004-331-7	Expression
    System of NELL Peptide	 	United
    States Of America	 	12/700,630
	2006-369-2	Pharmaceutical
    Compositions for Treating or Preventing Bone Conditions	 	United
    States Of America	 	11/884,525
	2006-369-3	Pharmaceutical
    Compositions for Treating or Preventing Bone Conditions	 	United
    States Of America	 	12/897,397
	2009-271-2	Recombinant
    NELL Protein Production	 	United
    States Of America	 	13/121,394
	2009-271-2	Recombinant
    NELL Protein Production	 	United
    Kingdom	 	9819839.3
	2009-271-2	Recombinant
    NELL Protein Production	 	Spain	 	9819839.3
	2009-271-2	Recombinant
    NELL Protein Production	 	Germany	 	9819839.3
	2009-271-2	Recombinant
    NELL Protein Production	 	France	 	9819839.3
	2009-569-2	Isoform
    NELL-1 Peptide	 	United
    States Of America	 	13/256,931
	2009-569-2	Isoform
    NELL-1 Peptide	 	European
    Patent Office	 	10756811.5
	2009-569-2	Isoform
    NELL-1 Peptide	 	Canada	 	2756168
	2009-569-3	Isoform
    NELL-1 Peptide	 	United
    States Of America	 	15/265,680

 

    	22amer_ex101.htm

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