Document:

CERTIFIED
TRUE COPY

 

	BANK
    OF AMERICA – CONFIDENTIAL	PAGE:  1

 

DATE: JULY
25, 2014

 

IRREVOCABLE
                                         STANDBY LETTER OF CREDIT NUMBER: 68105133

 

	 	ISSUING
                                         BANK

        BANK
        OF AMERICA, N.A.

        ONE
        FLEET WAY

        PA6-580-02-30

        SCRANTON,
PA 18507-1999 

	 	 
	BENEFICIARY

        AFH
        HOLDING & ADVISORY, LLC

        AMIR
        F HESHMATPOUR

        CHAIRMAN
        & MANAGING DIRECTOR

        9595
WILSHIRE BLVD SUITE 700 
	APPLICANT

        MUSCULOSKELETAL
        TRANSPLANT

        FOUNDATION,
        INC.

        125
        MAY STREET

        EDISON,
        NJ 08837

	 	 
	BEVERLY
HILLS, CA 90212 
	 

 

AMOUNT

NOT EXCEEDING
USD 340,000.00

NOT EXCEEDING
THREE HUNDRED FORTY THOUSAND AND 00/100’S US DOLLARS

 

EXPIRATION

JULY 25,
2015 AT OUR COUNTERS

 

GENTLEMEN:

 

WE HEREBY
OPEN OUR IRREVOCABLE STANDBY LETTER OF CREDIT NUMBER 68105133 IN YOUR FAVOR.

 

THIS CREDIT
IS AVAILABLE WITH BANK OF AMERICA BY PAYMENT AGAINST PRESENTATION OF BENEFICIARY’S DRAFT(S) AT SIGHT DRAWN ON BANK OF AMERICA
N.A.

 

DRAFT(S)
MUST BE ACCOMPANIED BY:

 

1.THE
ORIGINAL LETTER OF CREDIT AND ALL AMENDMENTS, IF ANY.

 

2.AN
AFFIDAVIT SIGNED BY AFH HOLDING AND ADVISORY LLC, CERTIFYING ONE OF THE FOLLOWING:

 

QUOTE

 

A.
BONE BIOLOGICS HAS FAILED TO RECEIVE EXTERNAL FUNDING TO EXTINGUISH THE FULL AMOUNT OF $340,000 OR A PORTION THEREOF STILL
OWED UNDER THE PURCHASE AGREEMENT TO ACQUIRE AFH ACQUISITION X, OR HAS NOT PAID AMOUNTS DUE AND OUTSTANDING. AS OF THE DATE
OF THIS DRAWING SUCH PAYMENT HAS NOT BEEN RECEIVED, AND THEREFORE WE DRAW IN THE AMOUNT OF $___________ OWED BY
BONE BILOGICS.

 

    	 

    	 

    

  

 

 

CERTIFIED TRUE COPY

 

	BANK
    OF AMERICA – CONFIDENTIAL	PAGE:  2

 

UNQUOTE

 

QUOTE

 

B. BONE
BIOLOGICS HAS RECEIVED EXTERNAL FUNDING TO EXTINGUISH THE FULL AMOUNT OF $340,000 OR A PORTION THEREOF STILL OWED UNDER THE PURCHASE
AGREEMENT TO ACQUIRE AFH ACQUISITION X, BUT HAS NOT PAID AMOUNTS DUE AND OUTSTANDING. AS OF THE DATE OF THIS DRAWING SUCH PAYMENT
HAS NOT BEEN RECEIVED, AND THEREFORE WE DRAW IN THE AMOUNT OF $ OWED BY BONE BILOGICS.

 

UNQUOTE

 

PARTIAL
DRAWINGS AND MULTIPLE DRAWINGS ARE ALLOWED.

 

DRAFT(S)
MUST STATE “DRAWN UNDER BANK OF AMERICA N.A., STANDBY LETTER OF CREDIT NUMBER 68105133 DATED JULY 22, 2015.”

 

DRAFT(S)
AND DOCUMENTS SHALL BE PRESENTED AT OUR OFFICES AT BANK OF AMERICA, N.A. ONE FLEET WAY, PA6-580 - 02-30, SCRANTON, PA 18507-1999,
ATTN: GLOBAL TRADE OPERATIONS, STANDBY UNIT.

 

THIS LETTER
OF CREDIT IS TRANSFERABLE IN FULL AND NOT IN PART. ANY TRANSFER MADE HEREUNDER MUST CONFORM STRICTLY TO THE TERMS HEREOF AND TO
THE CONDITIONS OF RULE 6 OF THE INTERNATIONAL STANDBY PRACTICES (ISP98) FIXED BY THE INTERNATIONAL CHAMBER OF COMMERCE, PUBLICATION
NO. 590. SHOULD YOU WISH TO EFFECT A TRANSFER UNDER THIS CREDIT, SUCH TRANSFER WILL BE SUBJECT TO THE RETURN TO US OF THE ORIGINAL
CREDIT INSTRUMENT, ACCOMPANIED BY OUR FORM OF TRANSFER, PROPERLY COMPLETED AND SIGNED BY AN AUTHORIZED SIGNATORY OF YOUR FIRM,
BEARING YOUR BANKERS STAMP AND SIGNATURE AUTHENTICATION AND PAYMENT OF OUR TRANSFER FEE. SUCH TRANSFER FORM TRANSFER FORM IS AVAILABLE
UPON REQUEST.

 

COMMUNICATIONS
WITH RESPECT TO THIS LETTER OF CREDIT SHALL BE IN WRITING AND SHALL BE ADDRESSED TO US AT ONE FLEET WAY, PA6-580 - 02 - 30, SCRANTON,
PA 18507-1999, ATTN: GLOBAL TRADE OPERATIONS, STANDBY UNIT, PHONE: 1-800-370-7519, SPECIFICALLY REFERRING TO THE NUMBER OF THIS
LETTER OF CREDIT.

 

EXCEPT AS
OTHERWISE EXPRESSLY STATED HEREIN, THIS CREDIT IS ISSUED SUBJECT TO THE INTERNATIONAL STANDBY PRACTICES (ISP98), INTERNATIONAL
CHAMBER OF COMMERCE PUBLICATION NO. 590.

 

IF YOU REQUIRE
ANY ASSISTANCE OR HAVE ANY QUESTIONS REGARDING THIS TRANSACTION, PLEASE CALL 800-370-7519 OPT 1 .

 

    	 

    	 

    

 

 

 

CERTIFIED
TRUE COPY

 

	BANK
    OF AMERICA – CONFIDENTIAL	PAGE:  3

 

THIS IS
AN INTEGRAL PART OF LETTER OF CREDIT NUMBER: 68105133

 

 

 

AUTHORIZED
SIGNATURE

THIS
DOCUMENT CONSISTS OF 3 PAGE(S).

 

    	 

    	 

    

 

 

 

	BANK
OF AMERICA – CONFIDENTIAL 
	PAGE:  1

 

	DATE:
JULY 28, 2014 

	 
	AMENDMENT
TO IRREVOCABLE STANDBY LETTER OF CREDIT NUMBER: 68105133 

	 
	AMENDMENT
NUMBER 1 

 

	 	ISSUING
                                         BANK

        BANK
        OF AMERICA, N.A.

        ONE
        FLEET WAY

        PA6-580-02-30

        SCRANTON,
PA 18507-1999 

	 	 
	BENEFICIARY

        AFH
        HOLDING & ADVISORY, LLC

        AMIR
        F HESHMATPOUR

        CHAIRMAN
        & MANAGING DIRECTOR

        10830
        MASSACHUSETTS AVE
	APPLICANT

        MUSCULOSKELETAL
        TRANSPLANT

        FOUNDATION,
        INC.

        125
        MAY STREET

        EDISON,
NJ 08837 

 

PENTHOUSE SUITE

LOS
        ANGELES, CA 90 024

 

 THIS AMENDMENT
IS TO BE CONSIDERED AN INTEGRAL PART OF THE ABOVE CRED: AND MUST BE ATTACHED THERETO.

 

THE ABOVE
MENTIONED CREDIT IS AMENDED AS FOLLOWS:

 

THE BENEFICIARY
HAS BEEN AMENDED TO:

AFH HOLDING
& ADVISORY, LLC

AMIR F HESHMATPOUR

CHAIRMAN
& MANAGING DIRECTOR

10830 MASSACHUSETTS
AVE

 

PENTHOUSE
SUITE

LOS ANGELES,
CA 90024

 

ALL OTHER
TERMS AND CONDITIONS REMAIN UNCHANGED.

 

IF YOU REQUIRE
ANY ASSISTANCE OR HAVE ANY QUESTIONS REGARDING THIS AMENDMENT, PLEASE CALL 800-370-7519 OPT 1 .

 

    	 

    	 

    

 

 

 

	BANK
OF AMERICA – CONFIDENTIAL 
	PAGE:  2

 

 

 

AUTHORIZED
SIGNATURE

THIS
DOCUMENT CONSISTS OF 2  PAGE(S).RETURN
TO TREASURY AGREEMENT

 

THIS
AGREEMENT is made as of the 19th day of September, 2014.

 

BETWEEN:

 

AFH
Acquisition X, Inc., a company incorporated under the laws of the State of Delaware and having an address at 269 S. Beverly
Drive, Suite 1600, Beverly Hills, California 90212

 

(the
“Company”)

 

AND:

 

AFH
Holding & Advisory, LLC, a limited liability company formed under the laws of the state of Delaware and having an address
of 10830 Massachusetts Ave., Penthouse, Los Angeles, CA 90024

 

(the
“Shareholder”)

 

WHEREAS:

 

A.
The Shareholder is the registered and beneficial owner of 4,400,000 shares of the Company’s common stock and has agreed
to return 1,146,400 shares held by the Shareholder (the “Shares”) to the treasury of the Company; and

 

B.
In connection with and in order to facilitate the acquisition (the “Acquisition”) of Bone Biologics, Inc. by
the Company, the Shareholder has agreed to return the Shares to the treasury of the Company for the sole purpose of the Company
retiring the Shares without any consideration.

 

NOW
THEREFORE THIS AGREEMENT WITNESSETH THAT in consideration of the premises and other good and valuable consideration, the receipt
and sufficiency of which is hereby acknowledged, the parties hereto hereby agree as follows:

 

Surrender
of Shares

 

1.
Subject only to the closing of the Acquisition, the Shareholder hereby surrenders to the Company the Shares and delivers to the
Company herewith share certificates representing the Shares, duly endorsed for transfer in blank, signatures guaranteed. The Company
hereby acknowledges receipt from the Shareholder of the certificate(s) for the sole purpose of retiring the Shares pursuant to
this Agreement. To the extent that the certificate surrendered represents an amount of shares in excess of the Shares, a new stock
certificate will be issued to the Shareholder equal to such excess amount of shares of common stock.

 

Retirement
of Shares

 

2.
Concurrent with or immediately following the closing of the Acquisition, the Company shall forthwith retire the Shares pursuant
to Section 243 of the Delaware General Corporation Law.

 

Representations
and Warranties

 

3.
The Shareholder represents and warrants to the Company that he is the owner of the Shares and that he has good and marketable
title to the Shares and that the Shares are free and clear of all liens, security interests or pledges of any kind whatsoever.

 

    	 

    	- 2 -

    

 

Release

 

4.
The Shareholder, together with the Shareholder’s heirs, executors, administrators, and assigns, does hereby remise, release
and forever discharge the Company, its directors, officers, shareholders, employees and agents, and their respective successors
and assigns, of and from all claims, causes of action, suits and demands whatsoever which the Shareholder ever had, now has or
may have, howsoever arising out of the original grant and the retirement of the Shares.

 

General

 

5.
Each of the parties will execute and deliver such further and other documents and do and perform such further and other acts as
any other party may reasonably require to carry out and give effect to the terms and intention of this Agreement.

 

6.
Time is expressly declared to be the essence of this Agreement.

 

7.
The provisions contained herein constitute the entire agreement among the Company and the Shareholder respecting the subject matter
hereof and supersede all previous communications, representations and agreements, whether verbal or written, among the Company
and the Shareholder with respect to the subject matter hereof.

 

8.
This Agreement will enure to the benefit of and be binding upon the parties hereto and their respective heirs, executors, administrators,
successors and permitted assigns.

 

9.
This Agreement is not assignable without the prior written consent of the parties hereto.

 

10.
This Agreement may be executed in counterparts, each of which when executed by any party will be deemed to be an original and
all of which counterparts will together constitute one and the same Agreement. Delivery of executed copies of this Agreement by
telecopier will constitute proper delivery, provided that originally executed counterparts are delivered to the parties within
a reasonable time thereafter.

 

11.
The Company has obtained legal advice concerning this Agreement and has requested that the Shareholder obtain independent legal
advice with respect to same before executing it. In executing this Agreement, the Shareholder represents and warrants to the Company
that he has been advised to obtain independent legal advice, and that prior to the execution of this Agreement he has obtained
independent legal advice or has, in his discretion, knowingly and willingly elected not to do so.

 

[THE
REMAINDER OF THIS PAGE HAS BEEN INTESTINALLY LEFT BLANK.]

 

    	 

    	- 3 -

    

 

IN
WITNESS WHEREOF the parties have executed this Agreement effective as of the day and year first above written.

 

AFH ACQUISITION
X, INC.

 

	Per:	/s/
    Amir Heshmatpour	 
	 	Authorized
    Signatory – AFH Holding & Advisory, LLC

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