Document:

EX-10.4

 Exhibit 10.4 
  

 
 RESTRICTED STOCK UNIT PROGRAM 

– Terms and Conditions – 

 TABLE OF CONTENT 

 

					
	 TABLE OF CONTENT
	  	 	2	 
	 DEFINITIONS
	  	 	3	 
	 RECITALS
	  	 	4	 
	 § 1 ELIGIBILITY
	  	 	5	 
	 § 2 PLAN VOLUME AND GRANT OF RSUs
	  	 	5	 
	 § 3 VESTING
	  	 	7	 
	 § 4 CONSEQUENCES OF A TERMINATION OF EMPLOYMENT
	  	 	8	 
	 § 5 CASH PAYMENT CLAIM RESULTING FROM RSUs AND SETTLEMENT OF RSUs, CASHLESS EXERCISE
OPTION
	  	 	10	 
	 § 6 TRANSFERABILlTY
	  	 	13	 
	 § 7 ADJUSTMENT IN CASE OF SPECIFIC CAPITAL AND OTHER STRUCTURAL MEASURES
	  	 	13	 
	 § 8 EXTRAORDINARY DEVELOPMENTS
	  	 	14	 
	 § 9 INSIDER TRADING AND BLACK-OUT PERIODS
	  	 	15	 
	 § 10 LIMITATION OF LIABILITY
	  	 	15	 
	 § 11 TAXES, SOCIAL SECURITY AND COSTS
	  	 	17	 
	 § 12 FORM REQUIREMENTS
	  	 	18	 
	 § 13 PROCESSING OF PERSONAL DATA
	  	 	18	 
	 § 14 GOVERNING LAW AND JURISDICTION
	  	 	19	 
	 § 15 FINAL PROVISIONS
	  	 	19	 

 DEFINITIONS 

 

					
	 Adjustment
	  	 	8	 
	 Adjustment Event
	  	 	13	 
	 Affiliated Companies
	  	 	5	 
	 Affiliated Companies’ Employees
	  	 	5	 
	 AktG
	  	 	5	 
	 Authorized Capital 2021/II
	  	 	4	 
	 Bad Leaver
	  	 	9	 
	 Beneficiaries
	  	 	5	 
	 Beneficiary
	  	 	5	 
	 Black-Out Periods
	  	 	15	 
	 Capital Increase Resolution Date
	  	 	10	 
	 Cash Payment Claim
	  	 	9	 
	 Cash Settlement
	  	 	12	 
	 Cash Settlement Closing Price
	  	 	10	 
	 Cash Settlement Date
	  	 	10	 
	 Cashless Exercise Option
	  	 	12	 
	 Cliff Period
	  	 	7	 
	 Closed Period
	  	 	6	 
	 Company
	  	 	4	 
	 Employees
	  	 	5	 
	 Extraordinary Events or Developments
	  	 	14	 
	 Good Leaver
	  	 	9	 
	 Grant Agreement
	  	 	5	 
	 Grant Amount
	  	 	5	 

 

					
	 Grant Date
	  	 	7	 
	 Initial Number of RSUs
	  	 	5	 
	 Insider Trading Rules
	  	 	14	 
	 Managing Director
	  	 	5	 
	 MAR
	  	 	6	 
	 Mynaric
	  	 	4	 
	 Notices
	  	 	17	 
	 Primary Stock Exchange
	  	 	6	 
	 Relevant Closing Price
	  	 	5	 
	 RSU
	  	 	4	 
	 RSUP
	  	 	4	 
	 RSUP Resolution
	  	 	4	 
	 RSUP Terms & Conditions
	  	 	4	 
	 RSUs
	  	 	4	 
	 Service Provider
	  	 	12	 
	 Share Settlement
	  	 	11	 
	 Share Settlement Closing Price
	  	 	10	 
	 Share Settlement Date
	  	 	11	 
	 Shares
	  	 	4	 
	 Six-week Period
	  	 	7	 
	 Temporary Exemption from Work
	  	 	7	 
	 Transaction
	  	 	14	 
	 US-Beneficiary
	  	 	9	 
	 Vested RSUs
	  	 	7	 
	 Vesting Period
	  	 	7	 

 
 

  
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 RECITALS 
  

	(A)	 An attractive and competitive remuneration program is essential for the recruitment and long-term commitment of
highly qualified employees. 

  

	(B)	 For this purpose, Mynaric AG (“Mynaric” or the “Company”)
hereby implements a Restricted Stock Units Program (“RSUP”) under which the Company shall be allowed to grant so-called restricted stock units (“RSUs” and each a
“RSU”) to certain eligible beneficiaries which – if certain conditions are met – entitle the beneficiary to a cash payment claim against the Company, the amount of which depends on the stock exchange price of the
shares of the Company (the “Shares”), or certificates representing the Company’s Shares. The settlement of the RSUs will generally be made in Shares, or certificates representing the Company’s Shares.

  

	(C)	 With resolution dated 14 May 2021, the Company’s General Meeting (Hauptversammlung) has
authorized the Management Board (Vorstand), with the consent of the Supervisory Board (Aufsichtsrat), until 13 May 2026 (including) to increase the Company’s registered share capital by up to € 204,647.00 against
cash contributions and/or contributions in kind once or several times by issuing up to 204,647 new no-par value bearer Shares (auf den Inhaber lautende Stückaktien) (“Authorized Capital
2021/II”). The Authorized Capital 2021/II only serves the purpose of delivering Shares of the Company against the contribution of cash payment claims resulting from RSUs, in order to settle RSUs that were granted to Beneficiaries.

 The present terms and conditions (the “RSUP Terms & Conditions”) establish
the rules pursuant to which the RSUs under the RSUP can be granted and settled. 

  
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 § 1 

ELIGIBILITY 
  

	1.1	 RSUs can be granted to: 

 

	 	1.1.1	 selected employees of the Company (“Employees”); 

 

	 	1.1.2	 managing directors of companies affiliated with the Company in the meaning of § 15 of the German Stock
Corporation Act (Aktiengesetz) (“AktG”) (the “Affiliated Companies” and such managing director a “Managing Director”); and 

 

	 	1.1.3	 selected employees of Affiliated Companies (“Affiliated Companies’ Employees” and
together with the Managing Directors and the Employees, the “Beneficiaries” and each a “Beneficiary”). 

  

	1.2	 Eligibility as a Beneficiary is determined by the Company’s Management Board. 

§ 2 
 PLAN VOLUME
AND GRANT OF RSUS 
  

	2.1	 Under the RSUP, up to an aggregate of 204,647 RSUs may be granted. RSUs that are forfeited
pursuant to the RSUP Terms & Conditions will once again be available for future grants. 

  

	2.2	 The Company’s Management Board will determine an individual Euro grant amount (the “Grant
Amount”) to be granted to a Beneficiary by Mynaric by way of a separate grant agreement (“Grant Agreement”) and such Grant Amount will be converted into a certain number of RSUs. 

 

	2.3	 With respect to the conversion of the Grant Amount into RSUs, i.e., to calculate the exact number of RSUs to be
allocated to a Beneficiary, the Grant Amount is divided by the six-months average closing price (Schlusskurs) prior to the Grant Date (as defined in § 2.5) (exclusive) of the Shares or certificates
representing the Company’s Shares on the Company’s Primary Stock Exchange (as defined below) as determined on the basis of the ten trading days prior to the Grant Date (the “Relevant Closing Price”), rounded down to
the nearest whole number; the number 

  
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resulting from such calculation equals the number of RSUs to be allocated to a Beneficiary (the “Initial Number of RSUs”). If a closing auction does not take place on the
relevant trading day(s) or a price is not determined in the auction, the applicable price will be the last price quoted in continuous trading, provided there was continuous trading on that trading day. “Primary Stock
Exchange” is the stock exchange or trading system with the highest total trading volume of Shares or certificates representing the Company’s Shares during the time period as further specified in the respective provision of these
RSUP Terms & Conditions. 

 For the avoidance of doubt: In case Shares of the Company are listed on the Primary Stock
Exchange as determined on the basis of the ten trading days prior to the Grant Date (and therefore Shares are the underline of the RSUs), then one RSU represents the value of one Share; in case certificates representing the Company’s Shares are
listed on the Primary Stock Exchange as determined on the basis of the ten trading days prior to the Grant Date (and therefore certificates are the underline of the RSUs), then one RSU represents the value of one certificate representing the
Company’s Shares. 
 For example: If a Beneficiary is granted a Grant Amount of EUR 10,000.00 and the Relevant Closing Price
amounted to EUR 55.00, then the Initial Number of RSUs to be allocated to the Beneficiary amounts to 181 (EUR 10,000 / EUR 55.00 = 181.81, rounded down to the nearest whole number). 

 

	2.4	 Subject to a continuing and unterminated (ungekündigt) service or employment relationship of the
relevant Beneficiary with the Company or an Affiliated Company at the relevant Grant Date (as defined in § 2.5), RSUs may be granted to the Beneficiaries once or several times at any time following June 1, 2021, except (i) during a
period of 30 calendar days before the announcement (i.e., publication) of a quarterly financial report (if the Company publishes such report in the future), half-year financial report or the annual financial statements, irrespective of whether the
closed period within the meaning of Article 19 para. 11 of the Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation) (“MAR”) applies to the
Company or any such report or financial statement, or (ii) during a time when the Company (a) is aware of any inside information as defined in Article 7 para. 1 MAR with respect to the Company or its securities or (b) is relying on a
temporary exemption from the ad-hoc disclosure obligation pursuant to Article 17 para. 4 MAR (each a “Closed Period”). 

 

  
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	2.5	 The date on which the Grant Agreement becomes effective (the “Grant Date”) shall be the
date on which the Beneficiary receives the offer to conclude the Grant Agreement (irrespective of the point in time the offer to conclude the Grant Agreement is accepted), unless the Grant Agreement specifies an earlier or a later date as Grant
Date. 

 § 3 

VESTING 
  

	3.1	 Subject to the forfeitures and adjustments in § 3.2, § 3.3 and § 4 of these RSUP
Terms & Conditions, the RSUs granted to a Beneficiary will vest over a four-year vesting period (“Vesting Period”) as follows (the “Vested RSUs”): If the Beneficiary’s service or
employment relationship with the Company or an Affiliated Company has continued and remains unterminated (ungekündigt) after expiry of a period of twelve months following the Grant Date (the “Cliff
Period”) 1⁄4 of the Initial Number of RSUs shall vest; following the expiry of the Cliff Period, the remaining RSUs shall vest in instalments of 1/12
over each fully completed quarter of a year. 

  

	3.2	 RSUs may forfeit, if a Temporary Exemption from Work occurs during the Vesting Period. A “Temporary
Exemption from Work” is any time period lasting more than six weeks during which a Beneficiary is temporarily exempted from his service or employment duties due to, for example, illness, parental leave, unpaid leave, exemption due to
further education etc.. The first six weeks of a Temporary Exemption from Work are not counted towards the total duration of the Temporary Exemption from Work (“Six-week Grace Period”).
Following the Six-week Grace Period, however, for each full month (in a single piece or summed up) which the Temporary Exemption from Work lasts, 1/48 of the Initial Number of RSUs granted shall forfeit
without entitlement to compensation. In case of illness or pregnancy, the Six-week Grace Period shall be calculated pursuant to the statutory rules for wage continuation (Entgeltfortzahlung); in all
other cases of a Temporary Exemption from Work the statutory rules for wage continuation (Entgeltfortzahlung) and its calculation apply mutatis mutandis. 

  
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	3.3	 In case a Beneficiary, before the Vesting Period has ended, decreases his/her working time from full-time to
part-time, the Grant Amount (and thus the Initial Number of RSUs) of such Beneficiary shall be adjusted accordingly on a pro rata temporis basis by adjusting (decreasing) the number of RSUs not yet vested (“Adjustment
”). The calculation of the Adjustment shall only be performed at the end of the Vesting Period in order to take account of all increases or decreases in working time over the Vesting Period; however, the Adjustment may never result in a number
of RSUs higher than the Initial Number of RSUs. 

 For example: If a Beneficiary was initially granted 100 RSUs and
has worked full-time for one year of the Vesting Period (starting with the Grant Date) and then reduces his working time to 50% for the remainder of the Vesting Period, the number of RSUs granted shall be adjusted as follows: 

Number of RSUs vested during the first year working full-time (100%): 25% of 100 RSUs, i.e. 25 RSUs. 

Number of unvested RSUs at the time the Beneficiary changes to part-time: 75 RSUs (100 RSUs – 25 RSUs) 

Adjustment: 75 RSUs * 50% (due to a reduction to 50% working time) = 37 RSUs (rounded down to the nearest RSU). 

Total number of RSUs after expiry of the Vesting Period: 62 RSUs. 
  

	3.4	 Any RSUs which have not vested following the four-year Vesting Period shall forfeit without entitlement to
compensation. 

 § 4 

CONSEQUENCES OF A TERMINATION OF EMPLOYMENT 
  

	4.1	 In the event the Beneficiary’s service or employment relationship with the Company or an Affiliated
Company (as the case may be) ends prior to the expiration of the Cliff Period, all RSUs granted to the respective Beneficiary will be forfeited without entitlement to compensation. 

  
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	4.2	 In the event the Beneficiary’s service or employment relationship with the Company or an Affiliated
Company (as the case may be) ends 

  

	 	4.2.1	 due to: 

  

	 	(i)	 the termination of the service or employment relationship with the Company or an Affiliated Company, as the
case may be, where there are grounds justifying a termination of the service or employment relationship for good cause within the meaning of § 626 BGB (or the equivalent provision of applicable foreign law) irrespective of the preclusion period
pursuant to § 626 para. 2 BGB (or the equivalent provision of applicable foreign law); or  

  

	 	(ii)	 in case of any Beneficiary employed by any U.S. Affiliated Company
(“US-Beneficiary”) a declaration of termination of the employment or service agreement by the US-Beneficiary which does not foresee a period of
at least two (2) months between the date of declaration of termination of the employment or service agreement and the effective date of such termination (i.e. the last day on which a service or employment relationship/agreement exists between
an U.S. Affiliated Company and the US-Beneficiary), provided, however, that the US-Beneficiary does not enter into a new service or employment relationship with the
Company or an Affiliated Company or is appointed as member of the Management Board within three months of the date of declaration of termination; 

(such Beneficiary a “Bad Leaver”) all Vested RSUs and unvested RSUs granted to the Bad Leaver (whether held by him/her
or any third party) will be forfeited without entitlement to compensation; or 
  

	 	4.2.2	 due to any reason not qualifying the relevant Beneficiary as a Bad Leaver (such Beneficiary a “Good
Leaver”), such Good Leaver will retain all Vested RSUs and any unvested RSUs will be forfeited without entitlement to compensation. 

  
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 § 5 

CASH PAYMENT CLAIM RESULTING FROM RSUS AND SETTLEMENT OF 

RSUS, CASHLESS EXERCISE OPTION 
  

	5.1	 Each Vested RSU shall entitle the Beneficiary to a cash payment claim (the “Cash Payment
Claim”) against the Company in the amount of (i) in case of a Share Settlement (as defined in § 5.3) and subject to § 15.3, the closing price (Schlusskurs) of the Shares or certificates representing the
Company’s Shares on the last trading day before the day of the resolution of the Company’s Management Board to utilize, with the consent of the Company’s Supervisory Board, the Authorized Capital 2021/II against contribution in kind
(such date the “Capital Increase Resolution Date”) on the Company’s Primary Stock Exchange as determined on the basis of the ten trading days prior to the Capital Increase Resolution Date (the “Share
Settlement Closing Price”) or, (ii) in case of a Cash Settlement (as defined in § 5.4) and subject to § 15.3, the average closing price (Schlusskurs) of the Shares or certificates representing the
Company’s Shares during the 30 trading days following the date of the publication by the Company of its annual financial statements (such date the “Cash Settlement Date”) on the Company’s Primary Stock Exchange as
determined on the basis of the ten trading days prior to the Cash Settlement Date (the “Cash Settlement Closing Price”). If a closing auction does not take place on the relevant trading day(s) or a price is not determined in
the auction, the applicable price will be the last price quoted in continuous trading, provided there was continuous trading on that trading day. 

  

	5.2	 Subject to § 9, once per year within a period of forty trading days following the publication by the
Company of its annual financial statements (whereby “trading days” within this meaning means trading days on the Company’s Primary Stock Exchange as determined on the basis of one month prior to the publication by the Company of its
respective annual financial statements), the Company will settle all Vested RSUs, which vested over the period of one year, as determined by the Company in its sole discretion either (i) by way of a Share Settlement (as defined in § 5.3)
or (ii) by way of a Cash Settlement (as defined in § 5.4), or (iii) by a combination of both. 

  
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	5.3	 For a “Share Settlement” Shares shall be created from a capital increase out of the
Authorized Capital 2021/II (Kapitalerhöhung aus Genehmigtem Kapital 2021/II) against contribution in kind (Sacheinlage). The respective contribution in kind (Sacheinlage) for the new Shares shall be the Cash
Payment Claim resulting from the Vested RSUs. The Cash Payment Claim will – in the course of the capital increase – be contributed by the Beneficiary to the Company against issuance of one (1) new Share for each one (1) Vested
RSU; or in case the underline of RSUs are certificates representing the Company’s Shares, one (1) new certificate shall be issued to the Beneficiary for each one (1) Vested RSU. In the event of a Share Settlement, the Beneficiary will
be required to take all measures necessary to effect the Share Settlement, including, for example, the opening of a securities account to which the Shares may be booked, the conclusion of a contribution agreement with the Company and/or the
subscription of the new Shares to be issued to the Beneficiary by way of a subscription certificate. The actual date on which the new Shares, which were created from the capital increase against contribution in kind, are transferred to the
securities account of the respective Beneficiary, the “Share Settlement Date”. 

 For
example: If in a certain year 45 RSUs of a Beneficiary vested (Vested RSUs), then the Company may decide, in its sole discretion, whether to settle the 45 Vested RSUs by way of a Cash Settlement or a Share Settlement: 

Example Cash Settlement: 

In case of a Cash Settlement, subject to § 15.3, the Company will identify the Cash Settlement Closing Price, whereby the relevant
Cash Settlement Date is the date of the publication by the Company of its annual financial statements in the year in which the settlement occurs. Assuming, the Cash Settlement Closing Price amounted to EUR 65.00, the Beneficiary’s Cash
Payment Claim resulting from the 45 Vested RSUs would amount to EUR 2,925.00. 

  
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 Example Share Settlement: 

In case of a Share Settlement, the Company will request certain information from the Beneficiary and may request the Beneficiary to execute
additional documents (such as a power of attorney), which are necessary to perform the Share Settlement. To issue the number of Shares equivalent to the number of Vested RSUs, the Company will, in a first step, identify the Share Settlement Closing
Price. Assuming, the Share Settlement Closing Price amounted to EUR 65.00, the Beneficiary’s Cash Payment Claim resulting from the 45 Vested RSUs would amount to EUR 2,925.00. In a second step, following such determination, the
Company’s Management Board, with the consent of the Supervisory Board, will resolve to issue 45 new Shares by way of a capital increase in the context of which the Company’s share capital will be increased by EUR 45.00 against
contribution in kind of the Cash Payment Claim of the Beneficiary in the aggregate amount of EUR 2,925.00. Following the registration of the consummation of the capital increase, the 45 new Shares will be transferred to a security deposit of
the Beneficiary, unless the Company and Beneficiary opt for a Cashless Exercise Option pursuant to § 5.4.  
  

	5.4	 In case of a Share Settlement, in order to facilitate the exercise of the RSUs by the Beneficiaries, the
Company may – in its sole discretion and subject always to applicable law – arrange for the benefit of the Beneficiary with a service provider (“Service Provider”) a cashless exercise option (“Cashless
Exercise Option”). Such Cashless Exercise Option may provide that the Service Provider arranges a sale on behalf of the relevant Beneficiary of such a number of Shares resulting from the Share Settlement of the Vested RSUs as is
necessary to repay any taxes and/or employee social security contributions or other fees due by the Beneficiary in connection with the settlement of the Vested RSUs. Any Beneficiary who makes use of the Cashless Exercise Option has to bear all costs
relating to the Cashless Exercise Option and the sale of the Shares resulting from the Vested RSUs. 

  

	5.5	 For a “Cash Settlement” a cash payment in the amount of the Cash Payment Claim is made
by the Company to a bank account designated by the respective Beneficiary to the Company in advance. 

  

	5.6	 The Company will inform the Beneficiary whether it will make use of the Cash Settlement (as defined in §
5.4) or the Share Settlement (as defined in § 5.3) or a combination of both in advance of the settlement. 

  
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 § 6 

TRANSFERABILLTY 
  

	6.1	 Neither the RSUs, nor the rights of any Beneficiary under any RSU or under the RSUP are assignable or otherwise
transferable except as provided in this § 6 and in case it is required to implement a Cashless Exercise Option under § 5.4. 

  

	6.2	 Vested RSUs are transferable only by will or applicable laws of descent upon the death of the relevant
Beneficiary. 

 § 7 

ADJUSTMENT IN CASE OF SPECIFIC CAPITAL AND OTHER 

STRUCTURAL MEASURES 
  

	7.1	 In the event of: 

  

	 	7.1.1	 a capital increase from Company funds by the issue of new shares (Kapitalerhöhung aus
Gesellschaftsmitteln); 

  

	 	7.1.2	 a reduction in the number of Shares by merging Shares without capital reduction (reverse share split) or an
increase in the number of Shares without capital increase (share split); 

  

	 	7.1.3	 a capital reduction (Kapitalherabsetzung) with a change in the total number of Shares issued by the
Company; or 

  

	 	7.1.4	 any other such event having an effect similar to any of the foregoing (each an “Adjustment
Event”), 

 the Company’s Management Board may – subject to mandatory law – establish financial
equality for the Beneficiaries to the extent necessary to prevent that such Adjustment Event results in a dilution or enlargement of the benefits or potential benefits resulting from the granted RSUs. In such an Adjustment Event the financial
equality shall preferably be established by adjusting the number of RSUs. 

  
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	7.2	 For the avoidance of doubt: No adjustment pursuant to § 7.1 shall occur in the event of:

  

	 	7.2.1	 a capital increase from Company funds without the issue of new Shares (Kapitalerhöhung aus
Gesellschaftsmitteln ohne Ausgabe neuer Aktien); or 

  

	 	7.2.2	 a capital reduction without a change in the total number of Shares issued by the Company.

  

	7.3	 If an adjustment occurs in accordance with this § 7, fractions of shares will not be granted upon the
settlement of RSUs nor will they be compensated by a payment in cash. 

 § 8 

EXTRAORDINARY DEVELOPMENTS 
  

	8.1	 For purposes of this § 8, “Extraordinary Events or Developments” means –
subject always to mandatory law – situations where the potential gain realized by the Beneficiary upon the settlement of the Vested RSUs (i) is caused by unusual external events and developments; and (ii) cannot be reasonably
justified under any circumstances by the development or business perspective of the Company, also taking into account international remuneration and incentive standards. However, the settlement of Vested RSUs of a Beneficiary as such, that results
in an economic benefit for the Beneficiary, does not constitute an Extraordinary Event or Development. 

  

	8.2	 In case of Extraordinary Events or Developments, the Company’s Management Board is entitled to adjust in
its discretion (pflichtgemäßes Ermessen) the payout in the form of a Cash Settlement or Share Settlement, to the extent required to eliminate such extraordinary effects. 

  
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 § 9 

INSIDER TRADING AND BLACK-OUT PERIODS 
  

	9.1	 Any transaction in the Shares granted in case of a Share Settlement (each a
“Transaction”) must be conducted in compliance with (i) all applicable insider trading laws and regulations, namely Art. 14, 7 et seqq. MAR, and (ii) all provisions of any insider trading rules established by
the Company ((i) and (ii) together the “Insider Trading Rules”). Each Beneficiary is personally responsible for informing himself about, and acting in full compliance with, all applicable Insider Trading Rules. Any
individual non-compliance with applicable Insider Trading Rules may lead to the imposition of civil and criminal penalties (as the case may be). 

 

	9.2	 The Company may postpone or delay the settlement of any Vested RSUs by way of a Cash Settlement or Share
Settlement or a combination of both to a later point in time due to restrictions under applicable laws and regulations or rejections from competent authorities, including during a time when the Company (a) is aware of any inside information as
defined in Article 7 para. 1 MAR with respect to the Company or its securities or (b) is relying on a temporary exemption from the ad-hoc disclosure obligation pursuant to Article 17 para. 4 MAR.

  

	9.3	 In order to minimize the potential for prohibited insider trading, the Management Board of the Company may
establish in its sole discretion periods from time to time during which all or some of the Beneficiaries may not engage in transactions involving Shares granted in case of a Share Settlement (the
“Black-Out Periods”). As a matter of precaution, and notwithstanding any other provisions in these RSUP Terms & Conditions, the Beneficiaries may not subscribe any new Shares
during an applicable Black-Out Period. 

  
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 § 10 

LIMITATION OF LIABILITY 
  

	10.1	 The Company (nor any of its management board members, supervisory board members or employees) does not:

  

	 	10.1.1	 assume any responsibility or liability for the development of the value or market price of the Company’s
Shares; 

  

	 	10.1.2	 assume any responsibility or liability for the development of the value or market price of the Company’s
Shares, including during the Vesting Period and any periods between the point in time the RSUs have vested and the respective Cash Settlement Date, the Capital Increase Resolution Date, or the Share Settlement Date for such Vested RSUs;

  

	 	10.1.3	 warrant, assure or guarantee a profit of a Beneficiary from the RSUP or any RSU granted thereunder; or

  

	 	10.1.4	 warrant, assure or guarantee any increase in value of the RSUs or, following a Share Settlement, the value or
market price of the Company’s Shares; in particular it is neither warranted, assured or guaranteed that a Beneficiary will be able to sell his participation in the Company with a profit in the future, nor that no loss will be incurred.

  

	10.2	 Each Beneficiary declares with his/her participation in the RSUP that the participation is voluntary. Each
Beneficiary is aware of the fact that he/she alone bears the risk of a decrease in or total loss of value of the RSUs or, following a Share Settlement, the Company’s Shares. Each Beneficiary accepts the offer to participate in the RSUP at
his/her own risk and assumes any liability relating thereto. 

  

	10.3	 Each Beneficiary accepts, that his/her claim stemming from Vested RSUs may be delayed or even forfeited, if
he/she does not provide the information requested and required by the Company to perform the Cash Settlement and/or the Share Settlement, in particular, the information in § 5.3. 

 

	10.4	 Each Beneficiary is responsible for obtaining legal, tax and any other necessary advice before participating in
the RSUP and for evaluating the tax effects connected with the RSUP. Each Beneficiary accepts and declares that he has not been advised by or on behalf of the Company with respect to his participation in the RSUP (in particular, regarding legal and
tax issues of such participation). 

  
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 § 11 

TAXES, SOCIAL SECURITY AND COSTS 
  

	11.1	 All taxes (including payroll taxes), social security contributions, further duties and costs accrued by the
Beneficiary in connection with his/her participation in the RSUP shall be borne by each Beneficiary. Each Beneficiary is obliged to pay taxes relating to the respective RSUs granted/settled under the RSUP, or relating to a transfer (if permitted
under these RSUP Terms & Conditions) of such RSUs by the Beneficiary to a third party, to the competent tax authorities. Each Beneficiary shall fully indemnify the Company in respect of all such liabilities and obligations against tax
authorities. 

  

	11.2	 Mynaric or any of its Affiliated Companies is entitled, if required by statutory law, to withhold payroll tax
or any other taxes or duties or social security contributions to be paid by (or on behalf and account of) the Beneficiary. This applies even after termination of the service relationship or employment relationship of a Beneficiary with the Company.
The Company is entitled to demand the full cooperation of the Beneficiary even after his leave with respect to the withholding of taxes, social security contributions, other duties and costs in connection with the RSUP. The Beneficiary undertakes to
fully cooperate with the Company. 

  

	11.3	 Withholdings mentioned above do not release the Beneficiary from his responsibility and obligation to pay all
taxes, social contributions, further duties and costs being due and accruing in connection with his participation in the RSUP or the allocation/grant, settlement or transfer of any RSUs. 

 

	11.4	 The compensation and benefits under these RSUP Terms & Conditions are intended to comply with or be
exempt from the requirements of Section 409A of the Code, and these RSUP Terms & Conditions will be interpreted and administered in a manner consistent with that intent. The preceding provision, however, shall not be construed as a
guarantee by the Company of any particular tax effect to any Beneficiary under these RSUP Terms & Conditions and shall not constitute an indemnity from the Company to any Beneficiary. References to “termination of employment” and
similar terms used in these RSUP Terms & Conditions mean, to the extent necessary to comply with Section 409A of the Code, the date that the Beneficiary first incurs a “separation from service” within the meaning of
Section 409A of the Code. Each payment under these RSUP Terms & Conditions shall be designated as a “separate payment” within the meaning of Section 409A of the Code. 

  
 Page 17/22 

 § 12 

FORM REQUIREMENTS 
  

	12.1	 Any legal statements and other notices in connection with the RSUP (collectively the
“Notices”) or any amendment of these RSUP Terms & Conditions (including an amendment of this § 12.1) shall be made in text form or electronic form (e.g. email) unless any other specific form is required by mandatory
law or these RSUP Terms & Conditions. 

 Any Notice to be delivered to the Company shall be addressed by email to
the HR Department of Mynaric AG (e-mail: hr@mynaric.com). The Company shall communicate changes in the address set forth in the previous sentence as soon as possible to the Beneficiaries. In the absence
of such communication, the address stated above shall remain in place. 
  

	12.2	 Any Notice to be given to a Beneficiary may be served by being sent to him/her by email or to his/her home or
business address. Each Beneficiary shall communicate changes of address as soon as possible to the Company. 

 § 13

 PROCESSING OF PERSONAL DATA 
  

	13.1	 The Company processes personal data of the Beneficiaries in connection with the administration, implementation
and settlement of the RSUP. Additional information regarding the processing of personal data in connection with the RSUP is included in Exhibit (Information on the Processing of Personal Data). 

  
 Page 18/22 

 § 14 

GOVERNING LAW AND JURISDICTION 
  

	14.1	 The RSUP, any RSUs granted thereunder and these RSUP Terms & Conditions shall be exclusively governed
by, and be construed in accordance with, the laws of the Federal Republic of Germany, without regard to principles of conflicts of laws. 

  

	14.2	 Any dispute, controversy or claim arising from or in connection with the RSUP, any RSUs granted thereunder,
Vested RSUs or these RSUP Terms & Conditions or their validity shall be decided upon by the competent courts in Munich, Germany. 

§ 15 
 FINAL
PROVISIONS 
  

	15.1	 In these RSUP Terms & Conditions, the headings are inserted for convenience only and shall not affect
the interpretation of these RSUP Terms & Conditions; where a German term has been inserted in italics, it alone (and not the English term to which it relates) shall be authoritative for the purpose of the interpretation of the relevant
English term in these RSUP Terms & Conditions. The terms “including” and “in particular” shall always mean “including, without limitation” and “in particular, without limitation”, respectively. Any
reference made in these RSUP Terms & Conditions to any clauses without further indication of a law, an agreement or another document shall mean clauses of these RSUP Terms & Conditions. 

 

	15.2	 In the event that one or more provisions of these RSUP Terms & Conditions shall, or shall be deemed to
be invalid or unenforceable, the validity and enforceability of the other provisions of these RSUP Terms & Conditions shall not be affected thereby. In such case, the Company and each Beneficiary agree to recognize and give effect to such
valid and enforceable provision or provisions, which correspond as closely as possible with the commercial intent of the Parties. The same shall apply in the event that these RSUP Terms & Conditions contain any unintended gaps
(unbeabsichtigte Lücken). 

  
 Page 19/22 

	15.3	 In case of a delisting of the Shares from the Frankfurt Stock Exchange (Frankfurter
Wertpapierbörse) and a new listing of the Shares or certificates representing the Company’s Shares on a different stock exchange, the Company may amend any provisions of these RSUP Terms & Conditions to reflect
the listing on such new stock exchange and the trading in such new trading system, whilst the economic terms of the RSUs shall remain unaffected. In addition, in case the MAR, and in particular any provisions regarding inside information and/or
closed periods, is at any point in the future no longer applicable to the Shares of the Company or certificates representing the Company’s Shares and instead a new capital markets legal regime is applicable to the Company and its Shares or
certificates representing the Company’s Shares, the Company may amend any provisions of these RSUP Terms & Conditions to reflect the stipulations under such new capital markets regime. 

Munich, July 2021 
 Mynaric AG

  

									
	  
	  		  	  
	  		  	  

					
	Bulent Altan	  		  	Stefan Berndt-von Bülow	  		  	Joachim Horwath
					
	CEO	  		  	CFO	  		  	CTO

 * * * * 

  
 Page 20/22 

 Exhibit 

Exhibit 

Information on the Processing of Personal Data 

in connection with the Restricted Stock Unit Program 

(hereinafter referred to as “RSUP”) 

of Mynaric AG 
 (hereinafter
referred to as the “Company”) 
 In connection with the administration, processing and execution of the RSUP, the Company
processes personal data of the beneficiaries (hereinafter also referred to as “Data Subjects”) in accordance with the EU General Data Protection Regulation (“GDPR”). Pursuant to the GDPR, the Company
is obliged to provide the following information on the processing of personal data. All defined terms used in this information have the meaning assigned to them in the option conditions. 

I. Responsibilities and Contact Information 
 The
controller of the personal data pursuant to Art. 4 para. 7 is the Company: 
 Mynaric AG 

Dornierstr. 19, 82205 Gilching 

Telephone: +49 (0)8105 7999 0 
 E-Mail: info@mynaric.com 
 Website: www.mynaric.com 

The Data Protection Officer of the Company can be contacted through: 

Mynaric AG 
 Data
Protection Officer 
 Dornierstr. 19, 82205 Gilching 

or 
 Email:
dataprotection@mynaric.com 
 II. Use of Personal Data by the Company 

The Company processes personal data of the Data Subjects such as names, contact data, tax numbers and all other information necessary for the participation of
a Data Subject in the RSUP as well as for the administration, processing and execution of the RSUP (processing purpose). The legal basis for data processing is Art. 6 Para. 1 (b) GDPR. 

In addition, the Company processes personal data of the Data Subjects if and to the extent required by the law applicable to the Company (e.g., tax law). The
legal basis for data processing in this respect is Art. 6 para. 1 (c) GDPR. 

  
 Page 21/22 

 Exhibit 

III. Transfer of Personal Data 
 The Company may disclose
personal data to an external service provider (“External Service Provider”), in particular to Solium Capital UK LTD. (“Shareworks”), commissioned or involved for the purposes of the administration, processing and/or
execution of the RSUP in order to support the processing of personal data for the processing purpose set out in Section II above. If and to the extent permitted by law, the Company may also commission other third parties to provide certain services,
such as IT-services and legal services, for the processing purpose set out in Section II above and may disclose personal data to such third parties. These recipients provide their assistance or services to the
Company under its control and direction and may have access to personal data to the extent necessary to provide their assistance or services. 
 In
addition, the Company may, to the extent required and permitted by law, transfer personal data to domestic and foreign authorities or courts in order to fulfil legal obligations. 

IV. Storage and Deletion of Personal Data 
 The Company
processes the personal data within the framework of the participation of the Data Subjects in the RSUP. The Company deletes the personal data if it no longer needs it for the fulfilment of its contractual obligations under the RSUP and if there are
no legal storage obligations. In the event of a legal obligation to retain personal data, the Company shall restrict the processing of such personal data. 

V. Rights of the Data Subjects 
 The Data Subjects may, at
any time and free of charge, contact the Company or its Data Protection Officer directly with an informal notification in order to exercise their rights under the GDPR. The Data Subjects have the right, subject to the legal requirements, the
fulfilment of which is to be examined on a case-by-case basis, to request information on their personal data, any rectification or deletion of their personal data,
information regarding restrictions on the processing of their personal data and they have the right to receive their personal data in a structured, generally used and machine-readable format. 

The Data Subjects also have the right to object to the processing of their personal data, subject to the legal requirements, the fulfilment of which must be
examined on a case-by-case basis. 
 In addition, Data Subjects have the
right to lodge a complaint with a supervisory authority. 

  
 Page 22/22EXHIBIT
4.1

 

[FORM
OF CERTIFICATED WARRANT]

 

THE
NUMBER OF SHARES OF COMMON STOCK ISSUABLE UPON EXERCISE OF THIS WARRANT MAY BE LESS THAN THE AMOUNTS SET FORTH ON THE FACE HEREOF PURSUANT
TO SECTION 1(d) OF
THIS WARRANT.

 

BONE
BIOLOGICS CORPORATION

 

Warrant
To Purchase Common Stock

 

Warrant
No.:

Date
of Issuance: [  ], 2021 (“Issuance Date”)

 

Bone
Biologics Corporation, a Delaware corporation (the “Company”), hereby certifies that, for good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, [BUYER], the registered
holder hereof or its permitted assigns (the “Holder”), is entitled, subject to the terms set forth below, to purchase
from the Company, at the Exercise Price (as defined below) then in effect, upon exercise of this Warrant to Purchase shares of Common
Stock (including any Warrants to Purchase shares of Common Stock issued in exchange, transfer or replacement hereof, the “Warrant”),
at any time or times on or after the Issuance Date, but not after 11:59 p.m., New York time, on the Expiration Date (as defined below),
[                 ]1 (subject to adjustment as provided herein) fully paid and non-assessable shares of Common Stock (as defined below)
(the “Warrant Shares”, and such number of Warrant Shares, the “Warrant Number”). Except as otherwise
defined herein, capitalized terms in this Warrant shall have the meanings set forth in Section 17. This Warrant is one of the Warrants
to Purchase Common Shares (the “Registered Warrants”) issued pursuant to (i) Section 1 of that certain Underwriting
Agreement, dated as of October 13, 2021 (the “Subscription Date”), by and among the Company and the underwriter(s)
referred to therein, as amended from time to time (the “Underwriting Agreement”) and (ii) the Company’s Registration
Statement on Form S-1 (File number 333-257484) (the “Registration Statement”).

 

 

 1 100% Warrant coverage

 

    	 

     

    

 

1.
EXERCISE OF WARRANT.

 

(a)
Mechanics of Exercise. Subject to the terms and conditions hereof (including, without limitation, the limitations set forth in
Section 1(f)), this Warrant may be exercised by the Holder on any day on or after the Issuance Date (an “Exercise Date”),
in whole or in part, by delivery (whether via facsimile, electronic mail or otherwise) of a written notice, in the form attached hereto
as Exhibit A (the “Exercise Notice”), of the Holder’s election to exercise this Warrant. Within
one (1) Trading Day following an exercise of this Warrant as aforesaid, the Holder shall deliver payment to the Company of an amount
equal to the Exercise Price in effect on the date of such exercise multiplied by the number of Warrant Shares as to which this Warrant
was so exercised (the “Aggregate Exercise Price”) in cash or via wire transfer of immediately available funds if the
Holder did not notify the Company in such Exercise Notice that such exercise was made pursuant to a Cashless Exercise (as defined in
Section 1(d)). The Holder shall not be required to deliver the original of this Warrant in order to effect an exercise hereunder. Execution
and delivery of an Exercise Notice with respect to less than all of the Warrant Shares shall have the same effect as cancellation of
the original of this Warrant and issuance of a new Warrant evidencing the right to purchase the remaining number of Warrant Shares. Execution
and delivery of an Exercise Notice for all of the then-remaining Warrant Shares shall have the same effect as cancellation of the original
of this Warrant after delivery of the Warrant Shares in accordance with the terms hereof. On or before the first (1st) Trading Day following
the date on which the Company has received an Exercise Notice, the Company shall transmit by facsimile or electronic mail an acknowledgment
of confirmation of receipt of such Exercise Notice, in the form attached hereto as Exhibit C, to the Holder and the Company’s
transfer agent (the “Transfer Agent”), which confirmation shall constitute an instruction to the Transfer Agent to
process such Exercise Notice in accordance with the terms herein. On or before the second (2nd) Trading Day following the date on which
the Company has received such Exercise Notice (or such earlier date as required pursuant to the 1934 Act or other applicable law, rule
or regulation for the settlement of a trade of such Warrant Shares initiated on the applicable Exercise Date), the Company shall (i)
provided that the Transfer Agent is participating in The Depository Trust Company (“DTC”) Fast Automated Securities
Transfer Program (“FAST Program”), upon the request of the Holder, credit such aggregate number of shares of Common
Stock to which the Holder is entitled pursuant to such exercise to the Holder’s or its designee’s balance account with DTC
through its Deposit/Withdrawal at Custodian system, or (ii) if the Transfer Agent is not participating in the DTC FAST Program, upon
the request of the Holder, issue and deliver (via reputable overnight courier) to the address as specified in the Exercise Notice, a
certificate, registered in the name of the Holder or its designee, for the number of shares of Common Stock to which the Holder shall
be entitled pursuant to such exercise, which shares of Common Stock shall be freely tradeable pursuant to all applicable securities laws.
Upon delivery of an Exercise Notice, the Holder shall be deemed for all corporate purposes to have become the holder of record of the
Warrant Shares with respect to which this Warrant has been exercised, irrespective of the date such Warrant Shares are credited to the
Holder’s DTC account or the date of delivery of the certificates evidencing such Warrant Shares (as the case may be). If this Warrant
is submitted in connection with any exercise pursuant to this Section 1(a) and the number of Warrant Shares represented by this Warrant
submitted for exercise is greater than the number of Warrant Shares being acquired upon an exercise and upon surrender of this Warrant
to the Company by the Holder, then, at the request of the Holder, the Company shall as soon as practicable and in no event later than
two (2) Business Days after any exercise and at its own expense, issue and deliver to the Holder (or its designee) a new Warrant (in
accordance with Section 7(d)) representing the right to purchase the number of Warrant Shares purchasable immediately prior to such exercise
under this Warrant, less the number of Warrant Shares with respect to which this Warrant is exercised. No fractional shares of Common
Stock are to be issued upon the exercise of this Warrant, but rather the number of shares of Common Stock to be issued shall be rounded
up to the nearest whole number. The Company shall pay any and all transfer, stamp, issuance and similar taxes, costs and expenses (including,
without limitation, fees and expenses of the Transfer Agent) that may be payable with respect to the issuance and delivery of Warrant
Shares upon exercise of this Warrant. Notwithstanding the foregoing, except in the case where an exercise of this Warrant is validly
made pursuant to a Cashless Exercise, the Company’s failure to deliver Warrant Shares to the Holder on or prior to the later of
(A) two (2) Trading Days after receipt of the applicable Exercise Notice (or such earlier date as required pursuant to the 1934 Act or
other applicable law, rule or regulation for the settlement of a trade of such Warrant Shares initiated on the applicable Exercise Date)
and (B) one (1) Trading Day after the Company’s receipt of the Aggregate Exercise Price (or valid notice of a Cashless Exercise)
(such later date, the “Share Delivery Date”) shall not be deemed to be a breach of this Warrant. From the Issuance
Date through and including the Expiration Date, the Company shall maintain a transfer agent that participates in the DTC FAST Program.
Notwithstanding any other provision in this Agreement, the Holder may elect, at its sole discretion, to receive unregistered Warrant
Shares issued in response to an Exercise Notice instead of Warrant Shares (i) registered pursuant to the Registration Statement or any
other registration statement or (ii) issued pursuant to Section 1(c).

 

(b)
Exercise Price. For purposes of this Warrant, “Exercise Price” means $6.302 subject to adjustment
as provided herein.

 

 

2 120% of public
offering price.

 

    	2

     

    

 

(c)
Company’s Failure to Timely Deliver Securities. If the Company shall fail, for any reason or for no reason, on or prior
to the Share Delivery Date, either (I) if the Transfer Agent is not participating in the DTC FAST Program, to issue and deliver to the
Holder (or its designee) a certificate for the number of Warrant Shares to which the Holder is entitled and register such Warrant Shares
on the Company’s share register or, if the Transfer Agent is participating in the DTC FAST Program, to credit the balance account
of the Holder or the Holder’s designee with DTC for such number of Warrant Shares to which the Holder is entitled upon the Holder’s
exercise of this Warrant (as the case may be) or (II) if the Registration Statement (or prospectus contained therein) covering the issuance
of the Warrant Shares that are the subject of the Exercise Notice (the “Unavailable Warrant Shares”) is not available
for the issuance of such Unavailable Warrant Shares and the Company fails to promptly (x) so notify the Holder and (y) deliver the Warrant
Shares electronically without any restrictive legend by crediting such aggregate number of Warrant Shares to which the Holder is entitled
pursuant to such exercise to the Holder’s or its designee’s balance account with DTC through its Deposit/Withdrawal At Custodian
system (the event described in the immediately foregoing clause (II) is hereinafter referred as a “Notice Failure”
and together with the event described in clause (I) above, a “Delivery Failure”), the Company shall pay to the Holder,
in cash, as liquidated damages and not as a penalty, for each $1,000 of Warrant Shares subject to such exercise (based on the VWAP of
the Common Stock on the date of the applicable Notice of Exercise), $10 per Trading Day (increasing to $20 per Trading Day on the fifth
(5th) Trading Day after such liquidated damages begin to accrue) for each Trading Day after such Warrant Share Delivery Date
until such Warrant Shares are delivered or Holder rescinds such exercise, and if on or after such Share Delivery Date the Holder purchases
(in an open market transaction or otherwise) shares of Common Stock to deliver in satisfaction of a sale by the Holder of all or any
portion of the number of shares of Common Stock issuable upon such exercise that the Holder is entitled to receive from the Company (a
“Buy-In”), then, in addition to all other remedies available to the Holder, the Company shall, within two (2) Business
Days after the Holder’s request and in the Holder’s discretion, either (i) as an indemnity for loss hereunder, pay cash to
the Holder in an amount equal to the Holder’s total purchase price (including brokerage commissions and other out-of-pocket expenses,
if any) for the shares of Common Stock so purchased (including, without limitation, by any other Person in respect, or on behalf, of
the Holder) (the “Buy-In Price”), at which point the Company’s obligation to so issue and deliver such certificate
(and to issue such shares of Common Stock) or credit the balance account of such Holder or such Holder’s designee, as applicable,
with DTC for the number of Warrant Shares to which the Holder is entitled upon the Holder’s exercise hereunder (as the case may
be) (and to issue such Warrant Shares) shall terminate, or (ii) promptly honor its obligation to so issue and deliver to the Holder a
certificate or certificates representing such Warrant Shares or credit the balance account of such Holder or such Holder’s designee,
as applicable, with DTC for the number of Warrant Shares to which the Holder is entitled upon the Holder’s exercise hereunder (as
the case may be) and, as an indemnity for loss hereunder, pay cash to the Holder in an amount equal to the excess (if any) of the Holder’s
total purchase price (including brokerage commissions and other out-of-pocket expenses, if any) for the shares of Common Stock so purchased
(including, without limitation, by any other Person in respect, or on behalf, of the Holder) (the “Buy-In Price”)
over the product of (A) such number of Warrant Shares multiplied by (B) the lowest Closing Sale Price of the shares of Common Stock on
any Trading Day during the period commencing on the date of the applicable Exercise Notice and ending on the date of such issuance and
payment under this clause (ii) (the “Buy-In Payment Amount”). Nothing shall limit the Holder’s right to pursue
any other remedies available to it hereunder, at law or in equity, including, without limitation, a decree of specific performance and/or
injunctive relief with respect to the Company’s failure to timely deliver certificates representing shares of Common Stock (or
to electronically deliver such shares of Common Stock) upon the exercise of this Warrant as required pursuant to the terms hereof. While
this Warrant is outstanding, the Company shall cause its transfer agent to participate in the DTC FAST Program. In addition to the foregoing
rights, (i) if the Company fails to deliver the applicable number of Warrant Shares upon an exercise pursuant to Section 1 by the applicable
Share Delivery Date, then the Holder shall have the right to rescind such exercise in whole or in part and retain and/or have the Company
return, as the case may be, any portion of this Warrant that has not been exercised pursuant to such Exercise Notice; provided that the
rescission of an exercise shall not affect the Company’s obligation to make any payments that have accrued prior to the date of
such notice pursuant to this Section 1(c) or otherwise except with respect to any returned portion of an exercise under this subclause
(i), and (ii) if a registration statement (which may be the Registration Statement) covering the issuance or resale of the Warrant Shares
that are subject to an Exercise Notice is not available for the issuance or resale, as applicable, of such Exercise Notice Warrant Shares
and the Holder has submitted an Exercise Notice prior to receiving notice of the non-availability of such registration statement and
the Company has not already delivered the Warrant Shares underlying such Exercise Notice electronically without any restrictive legend
by crediting such aggregate number of Warrant Shares to which the Holder is entitled pursuant to such exercise to the Holder’s
or its designee’s balance account with DTC through its Deposit / Withdrawal At Custodian system, the Holder shall have the option,
by delivery of notice to the Company, to (x) rescind such Exercise Notice in whole or in part and retain or have returned, as the case
may be, any portion of this Warrant that has not been exercised pursuant to such Exercise Notice; provided that the rescission of an
Exercise Notice shall not affect the Company’s obligation to make any payments that have accrued prior to the date of such notice
pursuant to this Section 1(c) or otherwise, and/or (y) switch some or all of such Exercise Notice from a cash exercise to a Cashless
Exercise.

 

(d)
Cashless Exercise. Notwithstanding anything contained herein to the contrary (other than Section 1(f) below), if at the time of
exercise hereof the Registration Statement is not effective (or the prospectus contained therein is not available for use) for the issuance
of all of the Warrant Shares, then the Holder may, in its sole discretion, exercise this Warrant in whole or in part and, in lieu of
making the cash payment otherwise contemplated to be made to the Company upon such exercise in payment of the Aggregate Exercise Price,
elect instead to receive upon such exercise the “Net Number” of Warrant Shares determined according to the following formula
(a “Cashless Exercise”):

 

	 	Net
    Number =	[(A-B)
    x (X)]	 
	 	 	A	 

 

    	3

     

    

 

For
purposes of the foregoing formula:

 

	A=	As
                                            applicable: (i) the VWAP on the Trading Day immediately preceding the date of the applicable
                                            Notice of Exercise if such Notice of Exercise is (1) both executed and delivered pursuant
                                            to Section 1 hereof on a day that is not a Trading Day or (2) both executed and delivered
                                            pursuant to Section 1 hereof on a Trading Day prior to the opening of “regular trading
                                            hours” (as defined in Rule 600(b)(68) of Regulation NMS promulgated under the federal
                                            securities laws) on such Trading Day, (ii) at the option of the Holder, either (y) the VWAP
                                            on the Trading Day immediately preceding the date of the applicable Notice of Exercise or
                                            (z) the Bid Price of the Common Stock on the principal Trading Market as reported by Bloomberg
                                            L.P. as of the time of the Holder’s execution of the applicable Notice of Exercise
                                            if such Notice of Exercise is executed during “regular trading hours” on a Trading
                                            Day and is delivered within two (2) hours thereafter (including until two (2) hours after
                                            the close of “regular trading hours” on a Trading Day) pursuant to Section1 hereof,
                                            or (iii) the VWAP on the date of the applicable Notice of Exercise if the date of such Notice
                                            of Exercise is a Trading Day and such Notice of Exercise is both executed and delivered pursuant
                                            to Section 1 hereof after the close of “regular trading hours” on such Trading
                                            Day.

     

	B=	The
                                            Exercise Price then in effect for the applicable Warrant Shares at the time of such exercise.

     

	X=	The
    number of Warrant Shares that would be issuable upon exercise of this Warrant in accordance with the terms of this Warrant if such
    exercise were by means of a cash exercise rather than a cashless exercise.

 

If
the Warrant Shares are issued in a Cashless Exercise, the parties acknowledge and agree that in accordance with Section 3(a)(9) of the
1933 Act, the Warrant Shares take on the registered characteristics of the Warrants being exercised. For purposes of Rule 144(d) promulgated
under the 1933 Act, as in effect on the Initial Exercise Date, it is intended that the Warrant Shares issued in a Cashless Exercise shall
be deemed to have been acquired by the Holder, and the holding period for the Warrant Shares shall be deemed to have commenced, on the
date this Warrant was originally issued pursuant to the Underwriting Agreement. Notwithstanding anything herein to the contrary, on the
Expiration Date, this Warrant shall be automatically exercised via cashless exercise pursuant to this Section 1(d).

 

(e)
Disputes. In the case of a dispute as to the determination of the Exercise Price or the arithmetic calculation of the number of
Warrant Shares to be issued pursuant to the terms hereof, the Company shall promptly issue to the Holder the number of Warrant Shares
that are not disputed and resolve such dispute in accordance with Section 13.

 

(f)
Limitations on Exercises. The Company shall not effect the exercise of any portion of this Warrant, and the Holder shall not have
the right to exercise any portion of this Warrant, pursuant to the terms and conditions of this Warrant and any such exercise shall be
null and void and treated as if never made, to the extent that after giving effect to such exercise, the Holder together with the other
Attribution Parties collectively would beneficially own in excess of 4.99% (the “Maximum Percentage”) of the shares
of Common Stock outstanding immediately after giving effect to such exercise. For purposes of the foregoing sentence, the aggregate number
of shares of Common Stock beneficially owned by the Holder and the other Attribution Parties shall include the number of shares of Common
Stock held by the Holder and all other Attribution Parties plus the number of shares of Common Stock issuable upon exercise of this Warrant
with respect to which the determination of such sentence is being made, but shall exclude shares of Common Stock which would be issuable
upon (A) exercise of the remaining, unexercised portion of this Warrant beneficially owned by the Holder or any of the other Attribution
Parties and (B) exercise or conversion of the unexercised or unconverted portion of any other securities of the Company (including, without
limitation, any convertible notes or convertible preferred shares or warrants, including other Registered Warrants) beneficially owned
by the Holder or any other Attribution Party subject to a limitation on conversion or exercise analogous to the limitation contained
in this Section 1(f). For purposes of this Section 1(f), beneficial ownership shall be calculated in accordance with Section 13(d) of
the 1934 Act. For purposes of determining the number of outstanding shares of Common Stock the Holder may acquire upon the exercise of
this Warrant without exceeding the Maximum Percentage, the Holder may rely on the number of outstanding shares of Common Stock as reflected
in (x) the Company’s most recent Annual Report on Form 10-K, Quarterly Report on Form 10-Q, Current Report on Form 8-K or other
public filing with the SEC, as the case may be, (y) a more recent public announcement by the Company or (z) any other written notice
by the Company or the Transfer Agent, if any, setting forth the number of shares of Common Stock outstanding (the “Reported
Outstanding Share Number”). If the Company receives an Exercise Notice from the Holder at a time when the actual number of
outstanding shares of Common Stock is less than the Reported Outstanding Share Number, the Company shall (i) notify the Holder in writing
of the number of shares of Common Stock then outstanding and, to the extent that such Exercise Notice would otherwise cause the Holder’s
beneficial ownership, as determined pursuant to this Section 1(f), to exceed the Maximum Percentage, the Holder must notify the Company
of a reduced number of Warrant Shares to be acquired pursuant to such Exercise Notice (the number of shares by which such purchase is
reduced, the “Reduction Shares”) and (ii) as soon as reasonably practicable, the Company shall return to the Holder
any exercise price paid by the Holder for the Reduction Shares. For any reason at any time, upon the written or oral request of the Holder,
the Company shall within one (1) Business Day confirm orally and in writing or by electronic mail to the Holder the number of shares
of Common Stock then outstanding. In any case, the number of outstanding shares of Common Stock shall be determined after giving effect
to the conversion or exercise of securities of the Company, including this Warrant, by the Holder and any other Attribution Party since
the date as of which the Reported Outstanding Share Number was reported. In the event that the issuance of shares of Common Stock to
the Holder upon exercise of this Warrant results in the Holder and the other Attribution Parties being deemed to beneficially own, in
the aggregate, more than the Maximum Percentage of the number of outstanding shares of Common Stock (as determined under Section 13(d)
of the 1934 Act), the number of shares so issued by which the Holder’s and the other Attribution Parties’ aggregate beneficial
ownership exceeds the Maximum Percentage (the “Excess Shares”) shall be deemed null and void and shall be cancelled
ab initio, and the Holder shall not have the power to vote or to transfer the Excess Shares. As soon as reasonably practicable after
the issuance of the Excess Shares has been deemed null and void, the Company shall return to the Holder the exercise price paid by the
Holder for the Excess Shares. Upon delivery of a written notice to the Company, the Holder may from time to time increase (with such
increase not effective until the sixty-first (61st) day after delivery of such notice) or decrease the Maximum Percentage
to any other percentage not in excess of 9.99% as specified in such notice; provided that (i) any such increase in the Maximum Percentage
will not be effective until the sixty-first (61st) day after such notice is delivered to the Company and (ii) any such increase
or decrease will apply only to the Holder and the other Attribution Parties and not to any other holder of Registered Warrants that is
not an Attribution Party of the Holder. For purposes of clarity, the shares of Common Stock issuable pursuant to the terms of this Warrant
in excess of the Maximum Percentage shall not be deemed to be beneficially owned by the Holder for any purpose including for purposes
of Section 13(d) or Rule 16a-1(a)(1) of the 1934 Act. No prior inability to exercise this Warrant pursuant to this paragraph shall have
any effect on the applicability of the provisions of this paragraph with respect to any subsequent determination of exercisability. The
provisions of this paragraph shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this
Section 1(f) to the extent necessary to correct this paragraph or any portion of this paragraph which may be defective or inconsistent
with the intended beneficial ownership limitation contained in this Section 1(f) or to make changes or supplements necessary or desirable
to properly give effect to such limitation. The limitation contained in this paragraph may not be waived and shall apply to a successor
holder of this Warrant.

 

    	4

     

    

 

(g)
Reservation of Shares.

 

(i)
Required Reserve Amount. So long as this Warrant remains outstanding, the Company shall at all times keep reserved for issuance
under this Warrant a number of shares of Common Stock at least equal to 100% of the maximum number of shares of Common Stock as shall
be necessary to satisfy the Company’s obligation to issue shares of Common Stock under the Registered Warrants then outstanding
(without regard to any limitations on exercise) (the “Required Reserve Amount”); provided that at no time shall the
number of shares of Common Stock reserved pursuant to this Section 1(g)(i) be reduced other than proportionally in connection with any
exercise of Registered Warrants or such other event covered by Section 2(a) below. The Required Reserve Amount (including, without limitation,
each increase in the number of shares so reserved) shall be allocated pro rata among the holders of the Registered Warrants based on
number of shares of Common Stock issuable upon exercise of Registered Warrants held by each holder on the Issuance Date (without regard
to any limitations on exercise) or increase in the number of reserved shares, as the case may be (the “Authorized Share Allocation”).
In the event that a holder shall sell or otherwise transfer any of such holder’s Registered Warrants, each transferee shall be
allocated a pro rata portion of such holder’s Authorized Share Allocation. Any shares of Common Stock reserved and allocated to
any Person which ceases to hold any Registered Warrants shall be allocated to the remaining holders of Registered Warrants, pro rata
based on the number of shares of Common Stock issuable upon exercise of the Registered Warrants then held by such holders (without regard
to any limitations on exercise).

 

    	5

     

    

 

(ii)
Insufficient Authorized Shares. If, notwithstanding Section 1(g)(i) above, and not in limitation thereof, at any time while any
of the Registered Warrants remain outstanding, the Company does not have a sufficient number of authorized and unreserved shares of Common
Stock to satisfy its obligation to reserve the Required Reserve Amount (an “Authorized Share Failure”), then the Company
shall immediately take all action necessary to increase the Company’s authorized shares of Common Stock to an amount sufficient
to allow the Company to reserve the Required Reserve Amount for all the Registered Warrants then outstanding. Without limiting the generality
of the foregoing sentence, as soon as practicable after the date of the occurrence of an Authorized Share Failure, but in no event later
than sixty (60) days after the occurrence of such Authorized Share Failure, the Company shall hold a meeting of its shareholders for
the approval of an increase in the number of authorized shares of Common Stock. In connection with such meeting, the Company shall provide
each shareholder with a proxy statement and shall use its best efforts to solicit its shareholders’ approval of such increase in
authorized shares of Common Stock and to cause its board of directors to recommend to the shareholders that they approve such proposal.
In the event that the Company is prohibited from issuing shares of Common Stock upon an exercise of this Warrant due to the failure by
the Company to have sufficient shares of Common Stock available out of the authorized but unissued shares of Common Stock (such unavailable
number of Common Shares, the “Authorization Failure Shares”), in lieu of delivering such Authorization Failure Shares
to the Holder, the Company shall pay cash in exchange for the cancellation of such portion of this Warrant exercisable into such Authorization
Failure Shares at a price equal to the sum of (i) the product of (x) such number of Authorization Failure Shares and (y) the greatest
Closing Sale Price of the Common Stock on any Trading Day during the period commencing on the date the Holder delivers the applicable
Exercise Notice with respect to such Authorization Failure Shares to the Company and ending on the date of such issuance and payment
under this Section 1(f); and (ii) to the extent the Holder purchases (in an open market transaction or otherwise) shares of Common Stock
to deliver in satisfaction of a sale by the Holder of Authorization Failure Shares, any Buy-In Payment Amount, brokerage commissions
and other out-of-pocket expenses, if any, of the Holder incurred in connection therewith.

 

(h)
Warrant Agency Agreement. If this Warrant is held in global form through DTC (or any successor depositary), this Warrant is issued
subject to the Warrant Agency Agreement, dated [          ], 2021 by and between the Company and Equiniti ___ (the “Warrant Agency Agreement”).
To the extent any provision of this Warrant conflicts with the express provisions of the Warrant Agency Agreement, the provisions of
this Warrant shall govern and be controlling.

 

2.
ADJUSTMENT OF EXERCISE PRICE AND NUMBER OF WARRANT SHARES. The Exercise Price and
number of Warrant Shares issuable upon exercise of this Warrant are subject to adjustment from time to time as set forth in this Section
2.

 

(a)
Share Dividends and Splits. Without limiting any provision of Section 4, if the Company, at any time on or after the Subscription
Date, (i) pays a share dividend on one or more classes of its then outstanding shares of Common Stock or otherwise makes a distribution
on any class of capital shares that is payable in shares of Common Stock, (ii) subdivides (by any share split, share dividend, recapitalization
or otherwise) one or more classes of its then outstanding shares of Common Stock into a larger number of shares or (iii) combines (by
combination, reverse share split or otherwise) one or more classes of its then outstanding shares of Common Stock into a smaller number
of shares, then in each such case the Exercise Price shall be multiplied by a fraction of which the numerator shall be the number of
shares of Common Stock outstanding immediately before such event and of which the denominator shall be the number of shares of Common
Stock outstanding immediately after such event. Any adjustment made pursuant to clause (i) of this paragraph shall become effective immediately
after the record date for the determination of shareholders entitled to receive such dividend or distribution, and any adjustment pursuant
to clause (ii) or (iii) of this paragraph shall become effective immediately after the effective date of such subdivision or combination.

 

(b)
Number of Warrant Shares. Simultaneously with any adjustment to the Exercise Price pursuant to this Section 2, the number of Warrant
Shares that may be purchased upon exercise of this Warrant shall be increased or decreased proportionately, so that after such adjustment
the aggregate Exercise Price payable hereunder for the adjusted number of Warrant Shares shall be the same as the aggregate Exercise
Price in effect immediately prior to such adjustment (without regard to any limitations on exercise contained herein).

 

    	6

     

    

 

(c)
Other Events. In the event that the Company (or any Subsidiary (as defined in the Underwriting Agreement)) shall take any action
to which the provisions hereof are not strictly applicable, or, if applicable, would not operate to protect the Holder from dilution
or if any event occurs of the type contemplated by the provisions of this Section 2 but not expressly provided for by such provisions
(including, without limitation, the granting of share appreciation rights, phantom share rights or other rights with equity features),
then the Company’s board of directors shall in good faith determine and implement an appropriate adjustment in the Exercise Price
and the number of Warrant Shares (if applicable) so as to protect the rights of the Holder, provided that no such adjustment pursuant
to this Section 2(c) will increase the Exercise Price or decrease the number of Warrant Shares as otherwise determined pursuant to this
Section 2, provided further that if the Holder does not accept such adjustments as appropriately protecting its interests hereunder against
such dilution, then the Company’s board of directors and the Holder shall agree, in good faith, upon an independent investment
bank of nationally recognized standing to make such appropriate adjustments, whose determination shall be final and binding absent manifest
error and whose fees and expenses shall be borne by the Company.

 

(d)
Calculations. All calculations under this Section 2 shall be made by rounding to the nearest cent or the nearest 1/100th of a
share, as applicable. The number of shares of Common Stock outstanding at any given time shall not include shares owned or held by or
for the account of the Company, and the disposition of any such shares shall be considered an issuance or sale of shares of Common Stock.

 

3.
RIGHTS UPON DISTRIBUTION OF ASSETS. In addition to any adjustments pursuant to
Section 2 above, if the Company shall declare or make any dividend or other distribution of its assets (or rights to acquire its assets)
to holders of Common Stock, by way of return of capital or otherwise (including, without limitation, any distribution of cash, shares
or other securities, property, options, evidence of indebtedness or any other assets by way of a dividend, spin off, reclassification,
corporate rearrangement, plan of arrangement or other similar transaction) (a “Distribution”), at any time after the
issuance of this Warrant, then, in each such case, the Holder shall be entitled to participate in such Distribution to the same extent
that the Holder would have participated therein if the Holder had held the number of shares of Common Stock acquirable upon complete
exercise of this Warrant (without regard to any limitations or restrictions on exercise of this Warrant, including without limitation,
the Maximum Percentage) immediately before the date on which a record is taken for such Distribution, or, if no such record is taken,
the date as of which the record holders of Common Stock are to be determined for the participation in such Distribution (provided,
however, that to the extent that the Holder’s right to participate in any such Distribution would result in the Holder
and the other Attribution Parties exceeding the Maximum Percentage, then the Holder shall not be entitled to participate in such Distribution
to the extent of the Maximum Percentage (and shall not be entitled to beneficial ownership of such shares of Common Stock as a result
of such Distribution (and beneficial ownership) to the extent of any such excess) and the portion of such Distribution shall be held
in abeyance for the benefit of the Holder until such time or times, if ever, as its right thereto would not result in the Holder and
the other Attribution Parties exceeding the Maximum Percentage, at which time or times the Holder shall be granted such Distribution
(and any Distributions declared or made on such initial Distribution or on any subsequent Distribution held similarly in abeyance) to
the same extent as if there had been no such limitation).

 

4.
PURCHASE RIGHTS; FUNDAMENTAL TRANSACTIONS.

 

(a)
Purchase Rights. In addition to any adjustments pursuant to Section 2 above, if at any time the Company grants, issues or sells
any Options, Convertible Securities or rights to purchase shares, warrants, securities or other property pro rata to the record holders
of any class of Common Stock (the “Purchase Rights”), then the Holder will be entitled to acquire, upon the terms
applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder could have acquired if the Holder had held the number
of shares of Common Stock acquirable upon complete exercise of this Warrant (without regard to any limitations or restrictions on exercise
of this Warrant, including without limitation, the Maximum Percentage) immediately before the date on which a record is taken for the
grant, issuance or sale of such Purchase Rights, or, if no such record is taken, the date as of which the record holders of Common Stock
are to be determined for the grant, issuance or sale of such Purchase Rights (provided, however, that to the extent that
the Holder’s right to participate in any such Purchase Right would result in the Holder and the other Attribution Parties exceeding
the Maximum Percentage, then the Holder shall not be entitled to participate in such Purchase Right to the extent of the Maximum Percentage
(and shall not be entitled to beneficial ownership of such shares of Common Stock as a result of such Purchase Right (and beneficial
ownership) to the extent of any such excess) and such Purchase Right to such extent shall be held in abeyance for the benefit of the
Holder until such time or times, if ever, as its right thereto would not result in the Holder and the other Attribution Parties exceeding
the Maximum Percentage, at which time or times the Holder shall be granted such right (and any Purchase Right granted, issued or sold
on such initial Purchase Right or on any subsequent Purchase Right held similarly in abeyance) to the same extent as if there had been
no such limitation).

 

    	7

     

    

 

(b)
Fundamental Transactions. If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly, in one or
more related transactions effects any merger or consolidation of the Company with or into another Person, (ii) the Company or any Subsidiary,
directly or indirectly, effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially
all of its assets in one or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange
offer (whether by the Company or another Person) is completed pursuant to which holders of Common Stock are permitted to sell, tender
or exchange their shares for other securities, cash or property and has been accepted by the holders of 50% or more of the outstanding
shares of Common Stock, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification, reorganization
or recapitalization of the Common Stock or any compulsory share exchange pursuant to which the shares of Common Stock are effectively
converted into or exchanged for other securities, cash or property, or (v) the Company, directly or indirectly, in one or more related
transactions consummates a stock or share purchase agreement or other business combination (including, without limitation, a reorganization,
recapitalization, spin-off, merger or scheme of arrangement) with another Person or group of Persons whereby such other Person or group
acquires more than 50% of the outstanding shares of Common Stock (not including any shares of Common Stock held by the other Person or
other Persons making or party to, or associated or affiliated with the other Persons making or party to, such stock or share purchase
agreement or other business combination) (each a “Fundamental Transaction”), then, upon any subsequent exercise of
this Warrant, the Holder shall have the right to receive, for each Warrant Share that would have been issuable upon such exercise immediately
prior to the occurrence of such Fundamental Transaction, at the option of the Holder (without regard to any limitation in Section 1(f)
on the exercise of this Warrant), the number of shares of common stock of the successor or acquiring corporation or of the Company, if
it is the surviving corporation, and any additional consideration (the “Alternate Consideration”) receivable as a
result of such Fundamental Transaction by a holder of the number of shares of Common Stock for which this Warrant is exercisable immediately
prior to such Fundamental Transaction (without regard to any limitation in Section 1(f) on the exercise of this Warrant). For purposes
of any such exercise, the determination of the Exercise Price shall be appropriately adjusted to apply to such Alternate Consideration
based on the amount of Alternate Consideration issuable in respect of one share of Common Stock in such Fundamental Transaction, and
the Company shall apportion the Exercise Price among the Alternate Consideration in a reasonable manner reflecting the relative value
of any different components of the Alternate Consideration. If holders of Common Stock are given any choice as to the securities, cash
or property to be received in a Fundamental Transaction, then the Holder shall be given the same choice as to the Alternate Consideration
it receives upon any exercise of this Warrant following such Fundamental Transaction. Notwithstanding anything to the contrary, in the
event of a Fundamental Transaction, the Company or any Successor Entity (as defined below) shall, at the Holder’s option, exercisable
at any time concurrently with, or within thirty (30) days after, the consummation of the Fundamental Transaction (or, if later, the date
of the public announcement of the applicable Fundamental Transaction), purchase this Warrant from the Holder by paying to the Holder
an amount of cash equal to the Black Scholes Value (as defined below) of the remaining unexercised portion of this Warrant on the date
of the consummation of such Fundamental Transaction; provided, however, that, if the Fundamental Transaction is not within
the Company’s control, including not approved by the Company’s Board of Directors, Holder shall only be entitled to receive
from the Company or any Successor Entity the same type or form of consideration (and in the same proportion), at the Black Scholes Value
of the unexercised portion of this Warrant, that is being offered and paid to the holders of Common Stock of the Company in connection
with the Fundamental Transaction, whether that consideration be in the form of cash, stock or any combination thereof, or whether the
holders of Common Stock are given the choice to receive from among alternative forms of consideration in connection with the Fundamental
Transaction; provided, further, that if holders of Common Stock of the Company are not offered or paid any consideration
in such Fundamental Transaction, such holders of Common Stock will be deemed to have received common stock of the Successor Entity (which
Entity may be the Company following such Fundamental Transaction) in such Fundamental Transaction. “Black Scholes Value”
means the value of this Warrant based on the Black Scholes Option Pricing Model obtained from the “OV” function on Bloomberg,
L.P. (“Bloomberg”) determined as of the day of consummation of the applicable Fundamental Transaction for pricing purposes
and reflecting (A) a risk-free interest rate corresponding to the U.S. Treasury rate for a period equal to the time between the date
of the public announcement of the applicable Fundamental Transaction and the Expiration Date, (B) an expected volatility equal to the
greater of 100% and the 100 day volatility obtained from the HVT function on Bloomberg (determined utilizing a 365 day annualization
factor) as of the Trading Day immediately following the public announcement of the applicable Fundamental Transaction, (C) the underlying
price per share used in such calculation shall be the greater of (i) the sum of the price per share being offered in cash, if any, plus
the value of any non-cash consideration, if any, being offered in such Fundamental Transaction and (ii) the highest VWAP during the period
beginning on the Trading Day immediately preceding the announcement of the applicable Fundamental Transaction (or the consummation of
the applicable Fundamental Transaction, if earlier) and ending on the Trading Day of the Holder’s request pursuant to this Section
4(b) and (D) a remaining option time equal to the time between the date of the public announcement of the applicable Fundamental Transaction
and the Expiration Date and (E) a zero cost of borrow. The payment of the Black Scholes Value will be made by wire transfer of immediately
available funds within five Business Days of the Holder’s election (or, if later, on the effective date of the Fundamental Transaction).
The Company shall cause any successor entity in a Fundamental Transaction in which the Company is not the survivor (the “Successor
Entity”) to assume in writing all of the obligations of the Company under this Warrant and the other transaction documents in accordance
with the provisions of this Section 4(b) pursuant to written agreements in form and substance reasonably satisfactory to the Holder and
approved by the Holder (without unreasonable delay) prior to such Fundamental Transaction and shall, at the option of the Holder, deliver
to the Holder in exchange for this Warrant a security of the Successor Entity evidenced by a written instrument substantially similar
in form and substance to this Warrant which is exercisable for a corresponding number of shares of capital stock of such Successor Entity
(or its parent entity) equivalent to the shares of Common Stock acquirable and receivable upon exercise of this Warrant (without regard
to any limitations on the exercise of this Warrant) prior to such Fundamental Transaction, and with an exercise price which applies the
exercise price hereunder to such shares of capital stock (but taking into account the relative value of the shares of Common Stock pursuant
to such Fundamental Transaction and the value of such shares of capital stock, such number of shares of capital stock and such exercise
price being for the purpose of protecting the economic value of this Warrant immediately prior to the consummation of such Fundamental
Transaction), and which is reasonably satisfactory in form and substance to the Holder. Upon the occurrence of any such Fundamental Transaction,
the Successor Entity shall succeed to, and be substituted for (so that from and after the date of such Fundamental Transaction, the provisions
of this Warrant and the other transaction documents referring to the “Company” shall refer instead to the Successor Entity),
and may exercise every right and power of the Company and shall assume all of the obligations of the Company under this Warrant and the
other transaction documents with the same effect as if such Successor Entity had been named as the Company herein.

 

    	8

     

    

 

(c)
[RESERVED.]

 

(d)
Application. The provisions of this Section 4 shall apply similarly and equally to successive Fundamental Transactions and Corporate
Events and shall be applied as if this Warrant (and any such subsequent warrants) were fully exercisable and without regard to any limitations
on the exercise of this Warrant (provided that the Holder shall continue to be entitled to the benefit of the Maximum Percentage, applied
however with respect to capital shares registered under the 1934 Act and thereafter receivable upon exercise of this Warrant (or any
such other warrant)).

 

5.
NONCIRCUMVENTION. The Company hereby covenants and agrees that the Company will not, by amendment of its certificate of incorporation
or other organizational documents or through any reorganization, transfer of assets, consolidation, merger, amalgamation, plan of arrangement,
dissolution, issuance or sale of securities, or any other voluntary action, avoid or seek to avoid the observance or performance of any
of the terms of this Warrant, and will at all times in good faith carry out all the provisions of this Warrant and take all action as
may be required to protect the rights of the Holder. Without limiting the generality of the foregoing, the Company (a) shall not increase
the par value of any shares of Common Stock receivable upon the exercise of this Warrant above the Exercise Price then in effect, and
(b) shall take all such actions as may be necessary or appropriate in order that the Company may validly and legally issue fully paid
and non-assessable shares of Common Stock upon the exercise of this Warrant, which shares of Common Stock shall be freely tradeable pursuant
to all applicable securities laws. Notwithstanding anything herein to the contrary, if after the sixty (60) calendar day anniversary
of the Issuance Date, the Holder is not permitted to exercise this Warrant in full for any reason (other than pursuant to restrictions
set forth in Section 1(f) hereof), the Company shall use its best efforts to promptly remedy such failure, including, without limitation,
obtaining such consents or approvals as necessary to permit such exercise into shares of Common Stock.

 

6.
WARRANT HOLDER NOT DEEMED A SHAREHOLDER. Except as otherwise specifically provided herein, the Holder, solely in its capacity
as a holder of this Warrant, shall not be entitled to vote or receive dividends or be deemed the holder of share capital of the Company
for any purpose, nor shall anything contained in this Warrant be construed to confer upon the Holder, solely in its capacity as the Holder
of this Warrant, any of the rights of a shareholder of the Company or any right to vote, give or withhold consent to any corporate action
(whether any reorganization, issue of shares, reclassification of shares, consolidation, merger, conveyance or otherwise), receive notice
of meetings, receive dividends or subscription rights, or otherwise, prior to the issuance to the Holder of the Warrant Shares which
it is then entitled to receive upon the due exercise of this Warrant. In addition, nothing contained in this Warrant shall be construed
as imposing any liabilities on the Holder to purchase any securities (upon exercise of this Warrant or otherwise) or as a shareholder
of the Company, whether such liabilities are asserted by the Company or by creditors of the Company. Notwithstanding this Section 6,
the Company shall provide the Holder with copies of the same notices and other information given to the shareholders of the Company generally,
contemporaneously with the giving thereof to the shareholders.

 

    	9

     

    

 

7
.. REISSUANCE OF WARRANTS.

 

(a)
Transfer of Warrant. If this Warrant is to be transferred, the Holder shall surrender this Warrant to the Company, whereupon the
Company will forthwith issue and deliver upon the order of the Holder a new Warrant (in accordance with Section 7(d)), registered as
the Holder may request, representing the right to purchase the number of Warrant Shares being transferred by the Holder and, if less
than the total number of Warrant Shares then underlying this Warrant is being transferred, a new Warrant (in accordance with Section
7(d)) to the Holder representing the right to purchase the number of Warrant Shares not being transferred.

 

(b)
Lost, Stolen or Mutilated Warrant. Upon receipt by the Company of evidence reasonably satisfactory to the Company of the loss,
theft, destruction or mutilation of this Warrant (as to which a written certification and the indemnification contemplated below shall
suffice as such evidence), and, in the case of loss, theft or destruction, of any indemnification undertaking by the Holder to the Company
in customary and reasonable form and, in the case of mutilation, upon surrender and cancellation of this Warrant, the Company shall execute
and deliver to the Holder a new Warrant (in accordance with Section 7(d)) representing the right to purchase the Warrant Shares then
underlying this Warrant.

 

(c)
Exchangeable for Multiple Warrants. This Warrant is exchangeable, upon the surrender hereof by the Holder at the principal office
of the Company, for a new Warrant or Warrants (in accordance with Section 7(d)) representing in the aggregate the right to purchase the
number of Warrant Shares then underlying this Warrant, and each such new Warrant will represent the right to purchase such portion of
such Warrant Shares as is designated by the Holder at the time of such surrender; provided, however, no warrants for fractional shares
of Common Stock shall be given.

 

(d)
Issuance of New Warrants. Whenever the Company is required to issue a new Warrant pursuant to the terms of this Warrant, such
new Warrant (i) shall be of like tenor with this Warrant, (ii) shall represent, as indicated on the face of such new Warrant, the right
to purchase the Warrant Shares then underlying this Warrant (or in the case of a new Warrant being issued pursuant to Section 7(a) or
Section 7(c), the Warrant Shares designated by the Holder which, when added to the number of shares of Common Stock underlying the other
new Warrants issued in connection with such issuance, does not exceed the number of Warrant Shares then underlying this Warrant), (iii)
shall have an issuance date, as indicated on the face of such new Warrant which is the same as the Issuance Date, and (iv) shall have
the same rights and conditions as this Warrant.

 

8.
NOTICES. (a) General. Whenever notice is required to be given under this Warrant, unless otherwise provided herein, such
notice shall be given in writing, (i) if delivered (a) from within the domestic United States, by first-class registered or certified
airmail, or nationally recognized overnight express courier, postage prepaid, electronic mail or by facsimile or (b) from outside the
United States, by International Federal Express, electronic mail or facsimile, and (ii) will be deemed given (A) if delivered by first-class
registered or certified mail domestic, three (3) Business Days after so mailed, (B) if delivered by nationally recognized overnight carrier,
one (1) Business Day after so mailed, (C) if delivered by International Federal Express, two (2) Business Days after so mailed and (D)
if delivered by electronic mail, when sent (provided that such sent email is kept on file (whether electronically or otherwise) by the
sending party and the sending party does not receive an automatically generated message from the recipient’s email server that
such e-mail could not be delivered to such recipient) and (E) if delivered by facsimile, upon electronic confirmation of receipt of such
facsimile, and will be delivered and addressed as follows:

 

	 	(i)	if
    to the Company, to:

 

	 	Bone
    Biologics Corporation
	 	2
    Burlington Woods Drive, Suite 100
	 	Burlington,
    MA 01803
	 	Attention:
    Jeffrey Frelick, CEO
	 	Email:
    jfrelick@bonebiologics.com

 

    	10

     

    

 

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

 

	 	TroyGould
    PC
	 	1801
    Century Park East, 16th Floor
	 	Los
    Angeles, CA 90067
	 	Attention:
    David Ficksman, Esq.
	 	Email:
    DFicksman@troygould.com

 

(ii)
if to the Holder, at such address or other contact information delivered by the Holder to Company or as is on the books and records of
the Company.

 

(b)
Required Notices. The Company shall provide the Holder with prompt written notice of all actions taken pursuant to this Warrant
(other than the issuance of shares of Common Stock upon exercise in accordance with the terms hereof), including in reasonable detail
a description of such action and the reason therefor. Without limiting the generality of the foregoing, the Company will give written
notice to the Holder (i) immediately upon each adjustment of the Exercise Price and the number of Warrant Shares, setting forth in reasonable
detail, and certifying, the calculation of such adjustment(s), (ii) at least ten (10) Trading Days prior to the date on which the Company
closes its books or takes a record (A) with respect to any dividend or distribution upon the Common Stock, (B) with respect to any grants,
issuances or sales of any Options, Convertible Securities or rights to purchase shares, warrants, securities or other property to holders
of Common Stock or (C) for determining rights to vote with respect to any Fundamental Transaction, dissolution or liquidation, provided
in each case that such information shall be made known to the public prior to or in conjunction with such notice being provided to the
Holder, and (iii) at least ten (10) Trading Days prior to the consummation of any Fundamental Transaction. To the extent that any notice
provided hereunder constitutes, or contains, material, non-public information regarding the Company or any of its Subsidiaries, the Company
shall simultaneously file such notice with the SEC pursuant to a Current Report on Form 8-K. It is expressly understood and agreed that
the time of execution specified by the Holder in each Exercise Notice shall be definitive and may not be disputed or challenged by the
Company.

 

9.
AMENDMENT AND WAIVER. Except as otherwise provided herein, the provisions of this Warrant (other than Section 1(f)) may be amended
and the Company may take any action herein prohibited, or omit to perform any act herein required to be performed by it, only if the
Company has obtained the written consent of the Holder. No waiver shall be effective unless it is in writing and signed by an authorized
representative of the waiving party.

 

10.
SEVERABILITY. If any provision of this Warrant is prohibited by law or otherwise determined to be invalid or unenforceable by
a court of competent jurisdiction, the provision that would otherwise be prohibited, invalid or unenforceable shall be deemed amended
to apply to the broadest extent that it would be valid and enforceable, and the invalidity or unenforceability of such provision shall
not affect the validity of the remaining provisions of this Warrant so long as this Warrant as so modified continues to express, without
material change, the original intentions of the parties as to the subject matter hereof and the prohibited nature, invalidity or unenforceability
of the provision(s) in question does not substantially impair the respective expectations or reciprocal obligations of the parties or
the practical realization of the benefits that would otherwise be conferred upon the parties. The parties will endeavor in good faith
negotiations to replace the prohibited, invalid or unenforceable provision(s) with a valid provision(s), the effect of which comes as
close as possible to that of the prohibited, invalid or unenforceable provision(s).

 

    	11

     

    

 

11.
GOVERNING LAW. This Warrant shall be governed by and construed and enforced in accordance with, and all questions concerning the
construction, validity, interpretation and performance of this Warrant shall be governed by, the internal laws of the State of New York,
without giving effect to any choice of law or conflict of law provision or rule (whether of the State of New York or any other jurisdictions)
that would cause the application of the laws of any jurisdictions other than the State of New York. The Company hereby irrevocably waives
personal service of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof to
the Company at its principal executive office and agrees that such service shall constitute good and sufficient service of process and
notice thereof. The Company hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in The City
of New York, Borough of Manhattan, for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated
hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that
it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is brought in an inconvenient
forum or that the venue of such suit, action or proceeding is improper. Nothing contained herein shall be deemed to limit in any way
any right to serve process in any manner permitted by law. Nothing contained herein shall be deemed or operate to preclude the Holder
from bringing suit or taking other legal action against the Company in any other jurisdiction to collect on the Company’s obligations
to the Holder, to realize on any collateral or any other security for such obligations, or to enforce a judgment or other court ruling
in favor of the Holder. THE COMPANY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE TO, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR
THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION WITH OR ARISING OUT OF THIS WARRANT OR ANY TRANSACTION CONTEMPLATED HEREBY.

 

12.
CONSTRUCTION; HEADINGS. This Warrant shall be deemed to be jointly drafted by the Company and the Holder and shall not be construed
against any Person as the drafter hereof. The headings of this Warrant are for convenience of reference and shall not form part of, or
affect the interpretation of, this Warrant.

 

13
.. DISPUTE RESOLUTION.

 

(a)
Submission to Dispute Resolution.

 

(i)
In the case of a dispute relating to the Exercise Price, the Closing Sale Price, the Bid Price, Black Scholes Value or fair market value
or the arithmetic calculation of the number of Warrant Shares (as the case may be) (including, without limitation, a dispute relating
to the determination of any of the foregoing), the Company or the Holder (as the case may be) shall submit the dispute to the other party
via facsimile or electronic mail (A) if by the Company, within two (2) Business Days after the occurrence of the circumstances giving
rise to such dispute or (B) if by the Holder, at any time after the Holder learned of the circumstances giving rise to such dispute.
If the Holder and the Company are unable to promptly resolve such dispute relating to such Exercise Price, such Closing Sale Price, such
Bid Price, Black Scholes Value or such fair market value or such arithmetic calculation of the number of Warrant Shares (as the case
may be), at any time after the second (2nd) Business Day following such initial notice by the Company or the Holder (as the
case may be) of such dispute to the Company or the Holder (as the case may be), then the Holder may, at its sole option, select an independent,
reputable investment bank to resolve such dispute.

 

(ii)
The Holder and the Company shall each deliver to such investment bank (A) a copy of the initial dispute submission so delivered in accordance
with the first sentence of this Section 13 and (B) written documentation supporting its position with respect to such dispute, in each
case, no later than 5:00 p.m. (New York time) by the fifth (5th) Business Day immediately following the date on which the
Holder selected such investment bank (the “Dispute Submission Deadline”) (the documents referred to in the immediately
preceding clauses (A) and (B) are collectively referred to herein as the “Required Dispute Documentation”) (it being
understood and agreed that if either the Holder or the Company fails to so deliver all of the Required Dispute Documentation by the Dispute
Submission Deadline, then the party who fails to so submit all of the Required Dispute Documentation shall no longer be entitled to (and
hereby waives its right to) deliver or submit any written documentation or other support to such investment bank with respect to such
dispute and such investment bank shall resolve such dispute based solely on the Required Dispute Documentation that was delivered to
such investment bank prior to the Dispute Submission Deadline). Unless otherwise agreed to in writing by both the Company and the Holder
or otherwise requested by such investment bank, neither the Company nor the Holder shall be entitled to deliver or submit any written
documentation or other support to such investment bank in connection with such dispute (other than the Required Dispute Documentation).

 

    	12

     

    

 

(iii)
The Company and the Holder shall cause such investment bank to determine the resolution of such dispute and notify the Company and the
Holder of such resolution no later than ten (10) Business Days immediately following the Dispute Submission Deadline. The fees and expenses
of such investment bank shall be borne solely by the Company, and such investment bank’s resolution of such dispute shall be final
and binding upon all parties absent manifest error.

 

(b)
Miscellaneous. The Company expressly acknowledges and agrees that (i) this Section 13 constitutes an agreement to arbitrate between
the Company and the Holder (and constitutes an arbitration agreement) under the rules then in effect under § 7501, et seq. of the
New York Civil Practice Law and Rules (“CPLR”) and that the Holder is authorized to apply for an order to compel arbitration
pursuant to CPLR § 7503(a) in order to compel compliance with this Section 13, (ii) the terms of this Warrant shall serve as the
basis for the selected investment bank’s resolution of the applicable dispute, such investment bank shall be entitled (and is hereby
expressly authorized) to make all findings, determinations and the like that such investment bank determines are required to be made
by such investment bank in connection with its resolution of such dispute and in resolving such dispute such investment bank shall apply
such findings, determinations and the like to the terms of this Warrant, (iii) the Holder (and only the Holder), in its sole discretion,
shall have the right to submit any dispute described in this Section 13 to any state or federal court sitting in The City of New York,
Borough of Manhattan in lieu of utilizing the procedures set forth in this Section 13 and (iv) nothing in this Section 13 shall limit
the Holder from obtaining any injunctive relief or other equitable remedies (including, without limitation, with respect to any matters
described in this Section 13).

 

14.
REMEDIES, CHARACTERIZATION, OTHER OBLIGATIONS, BREACHES AND INJUNCTIVE RELIEF. The remedies provided in this Warrant shall be
cumulative and in addition to all other remedies available under this Warrant, at law or in equity (including a decree of specific performance
and/or other injunctive relief), and nothing herein shall limit the right of the Holder to pursue actual and consequential damages for
any failure by the Company to comply with the terms of this Warrant. The Company covenants to the Holder that there shall be no characterization
concerning this instrument other than as expressly provided herein. Amounts set forth or provided for herein with respect to payments,
exercises and the like (and the computation thereof) shall be the amounts to be received by the Holder and shall not, except as expressly
provided herein, be subject to any other obligation of the Company (or the performance thereof). The Company acknowledges that a breach
by it of its obligations hereunder will cause irreparable harm to the Holder and that the remedy at law for any such breach may be inadequate.
The Company therefore agrees that, in the event of any such breach or threatened breach, the holder of this Warrant shall be entitled,
in addition to all other available remedies, to specific performance and/or temporary, preliminary and permanent injunctive or other
equitable relief from any court of competent jurisdiction in any such case without the necessity of proving actual damages and without
posting a bond or other security. The Company shall provide all information and documentation to the Holder that is requested by the
Holder to enable the Holder to confirm the Company’s compliance with the terms and conditions of this Warrant (including, without
limitation, compliance with Section 2 hereof). The issuance of shares and certificates for shares as contemplated hereby upon the exercise
of this Warrant shall be made without charge to the Holder or such shares for any issuance tax or other costs in respect thereof, provided
that the Company shall not be required to pay any tax which may be payable in respect of any transfer involved in the issuance and delivery
of any certificate in a name other than the Holder or its agent on its behalf.

 

15.
PAYMENT OF COLLECTION, ENFORCEMENT AND OTHER COSTS. If (a) this Warrant is placed
in the hands of an attorney for collection or enforcement or is collected or enforced through any legal proceeding or the holder otherwise
takes action to collect amounts due under this Warrant or to enforce the provisions of this Warrant or (b) there occurs any bankruptcy,
reorganization, receivership of the company or other proceedings affecting company creditors’ rights and involving a claim under
this Warrant, then the Company shall pay the costs incurred by the Holder for such collection, enforcement or action or in connection
with such bankruptcy, reorganization, receivership or other proceeding, including, without limitation, attorneys’ fees and disbursements.

 

16.
TRANSFER. This Warrant may be offered for sale, sold, transferred or assigned without the consent of the Company.

 

17.
CERTAIN DEFINITIONS. For purposes of this Warrant, the following terms shall have the following meanings:

 

(a)
“1933 Act” means the Securities Act of 1933, as amended, and the rules and regulations thereunder.

 

(b)
“1934 Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder.

 

    	13

     

    

 

(c)
“Affiliate” means, with respect to any Person, any other Person that directly or indirectly controls, is controlled
by, or is under common control with, such Person, it being understood for purposes of this definition that “control” of a
Person means the power directly or indirectly either to vote 10% or more of the shares having ordinary voting power for the election
of directors of such Person or direct or cause the direction of the management and policies of such Person whether by contract or otherwise.

 

(d)
“Attribution Parties” means, collectively, the following Persons and entities: (i) any investment vehicle, including,
any funds, feeder funds or managed accounts, currently, or from time to time after the Issuance Date, directly or indirectly managed
or advised by the Holder’s investment manager or any of its Affiliates or principals, (ii) any direct or indirect Affiliates of
the Holder or any of the foregoing, (iii) any Person acting or who could be deemed to be acting as a Group together with the Holder or
any of the foregoing and (iv) any other Persons whose beneficial ownership of the Company’s Common Stock would or could be aggregated
with the Holder’s and the other Attribution Parties for purposes of Section 13(d) of the 1934 Act. For clarity, the purpose of
the foregoing is to subject collectively the Holder and all other Attribution Parties to the Maximum Percentage.

 

(e)
“Bid Price” means, for any security as of the particular time of determination, the bid price for such security on
the Principal Market as reported by Bloomberg as of such time of determination, or, if the Principal Market is not the principal securities
exchange or trading market for such security, the bid price of such security on the principal securities exchange or trading market where
such security is listed or traded as reported by Bloomberg as of such time of determination, or if the foregoing does not apply, the
bid price of such security in the over-the-counter market on the electronic bulletin board for such security as reported by Bloomberg
as of such time of determination, or, if no bid price is reported for such security by Bloomberg as of such time of determination, the
average of the bid prices of any market makers for such security as reported in the “pink sheets” by OTC Markets Group Inc.
(formerly Pink Sheets LLC) as of such time of determination. If the Bid Price cannot be calculated for a security as of the particular
time of determination on any of the foregoing bases, the Bid Price of such security as of such time of determination shall be the fair
market value as mutually determined by the Company and the Holder. If the Company and the Holder are unable to agree upon the fair market
value of such security, then such dispute shall be resolved in accordance with the procedures in Section 13. All such determinations
shall be appropriately adjusted for any shares dividend, share split, share combination or other similar transaction during such period.

 

(g)
“Bloomberg” means Bloomberg, L.P.

 

(h)
“Business Day” means any day other than Saturday, Sunday or other day on which commercial banks in The City of New
York are authorized or required by law to remain closed; provided, however, for clarification, commercial banks shall not be deemed to
be authorized or required by law to remain closed due to “stay at home”, “shelter-in-place”, “non-essential
employee” or any other similar orders or restrictions or the closure of any physical branch locations at the direction of any governmental
authority so long as the electronic funds transfer systems (including for wire transfers) of commercial banks in The City of New York
generally are open for use by customers on such day.

 

(i)
“Closing Sale Price” means, for any security as of any date, the last closing trade price for such security on the
Principal Market, as reported by Bloomberg, or, if the Principal Market begins to operate on an extended hours basis and does not designate
the closing trade price, then the last trade price of such security prior to 4:00:00 p.m., New York time, as reported by Bloomberg, or,
if the Principal Market is not the principal securities exchange or trading market for such security, the last trade price of such security
on the principal securities exchange or trading market where such security is listed or traded as reported by Bloomberg, or if the foregoing
does not apply, the last trade price of such security in the over-the-counter market on the electronic bulletin board for such security
as reported by Bloomberg, or, if no last trade price is reported for such security by Bloomberg, the average of the ask prices of any
market makers for such security as reported in the “pink sheets” by OTC Markets Group Inc. (formerly Pink Sheets LLC). If
the Closing Sale Price cannot be calculated for a security on a particular date on any of the foregoing bases, the Closing Sale Price
of such security on such date shall be the fair market value as mutually determined by the Company and the Holder. If the Company and
the Holder are unable to agree upon the fair market value of such security, then such dispute shall be resolved in accordance with the
procedures in Section 13. All such determinations shall be appropriately adjusted for any share dividend, share split, share combination
or other similar transaction during such period.

 

    	14

     

    

 

(j)
“Common Stock” means (i) the Company’s common stock, par value $0.0001 per share, and (ii) any capital shares
into which such common stock shall have been changed or any share capital resulting from a reclassification of such common stock.

 

(k)
“Convertible Securities” means any shares or other security (other than Options) that is at any time and under any
circumstances, directly or indirectly, convertible into, exercisable or exchangeable for, or which otherwise entitles the holder thereof
to acquire, any Common Stock.

 

(l)
“Eligible Market” means The New York Stock Exchange, the NYSE American, the Nasdaq Global Select Market, the Nasdaq
Global Market, the Nasdaq Capital Market or the Principal Market.

 

(m)
“Expiration Date” means the date that is the fifth (5th) anniversary of the Issuance Date or, if such date falls on
a day other than a Business Day or on which trading does not take place on the Principal Market (a “Holiday”), the
next date that is not a Holiday.

 

(n)
Intentionally Omitted.

 

(o)
“Group” means a “group” as that term is used in Section 13(d) of the 1934 Act and as defined in Rule 13d-5
thereunder.

 

(p)
“Options” means any rights, warrants or options to subscribe for or purchase Common Stock or Convertible Securities.

 

(q)
“Parent Entity” of a Person means an entity that, directly or indirectly, controls the applicable Person and whose
common stock or equivalent equity security is quoted or listed on an Eligible Market, or, if there is more than one such Person or Parent
Entity, the Person or Parent Entity with the largest public market capitalization as of the date of consummation of the Fundamental Transaction.

 

(r)
“Person” means an individual, a limited liability company, a partnership, a joint venture, a corporation, a trust,
an unincorporated organization, any other entity or a government or any department or agency thereof.

 

(s)
“Principal Market” means the Nasdaq Capital Market.

 

(t)
“SEC” means the United States Securities and Exchange Commission or the successor thereto.

 

(u)
“Spot Price” means, as applicable: (i) the Closing Sale Price of the Common Stock on the Trading Day immediately preceding
the date of the applicable Exercise Notice if such Exercise Notice is (1) both executed and delivered pursuant to Section 1(a) hereof
on a day that is not a Trading Day or (2) both executed and delivered pursuant to Section 1(a) hereof on a Trading Day prior to the opening
of “regular trading hours” (as defined in Rule 600(b)(64) of Regulation NMS promulgated under the federal securities laws)
on such Trading Day, (ii) the Bid Price of the Common Stock as of the time of the Holder’s execution of the applicable Exercise
Notice if such Exercise Notice is executed during “regular trading hours” on a Trading Day and is delivered within two (2)
hours thereafter pursuant to Section 1(a) hereof, or (iii) the Closing Sale Price of the Common Stock on the date of the applicable Exercise
Notice if the date of such Exercise Notice is a Trading Day and such Exercise Notice is both executed and delivered pursuant to Section
1(a) hereof after the close of “regular trading hours” on such Trading Day.

 

(v)
“Subject Entity” means any Person, Persons or Group or any Affiliate or associate of any such Person, Persons or Group.

 

(w)
“Trading Day” means, as applicable, (x) with respect to all price or trading volume determinations relating to the
Common Stock, any day on which the Common Stock is traded on the Principal Market, or, if the Principal Market is not the principal trading
market for the Common Stock, then on the principal securities exchange or securities market on which the Common Stock is then traded,
provided that “Trading Day” shall not include any day on which the Common Stock is scheduled to trade on such exchange or
market for less than 4.5 hours or any day that the Common Stock is suspended from trading during the final hour of trading on such exchange
or market (or if such exchange or market does not designate in advance the closing time of trading on such exchange or market, then during
the hour ending at 4:00:00 p.m., New York time) unless such day is otherwise designated as a Trading Day in writing by the Holder or
(y) with respect to all determinations other than price determinations relating to the Common Stock, any day on which The New York Stock
Exchange (or any successor thereto) is open for trading of securities.

 

(x)
“VWAP” means, for any security as of any date, the dollar volume-weighted average price for such security on the Principal
Market (or, if the Principal Market is not the principal trading market for such security, then on the principal securities exchange
or securities market on which such security is then traded) during the period beginning at 9:30:01 a.m., New York time, and ending at
4:00:00 p.m., New York time, as reported by Bloomberg through its “HP” function (set to weighted average) or, if the foregoing
does not apply, the dollar volume-weighted average price of such security in the over-the-counter market on the electronic bulletin board
for such security during the period beginning at 9:30:01 a.m., New York time, and ending at 4:00:00 p.m., New York time, as reported
by Bloomberg, or, if no dollar volume-weighted average price is reported for such security by Bloomberg for such hours, the average of
the highest closing bid price and the lowest closing ask price of any of the market makers for such security as reported in the “pink
sheets” by OTC Markets Group Inc. (formerly Pink Sheets LLC). If the VWAP cannot be calculated for such security on such date on
any of the foregoing bases, the VWAP of such security on such date shall be the fair market value as mutually determined by the Company
and the Holder. If the Company and the Holder are unable to agree upon the fair market value of such security, then such dispute shall
be resolved in accordance with the procedures in Section 13. All such determinations shall be appropriately adjusted for any share dividend,
share split, share combination, recapitalization or other similar transaction during such period.

 

(Signature
Page Follows)

 

    	15

     

    

 

IN
WITNESS WHEREOF, the Company has caused this Warrant to be executed by its officer thereunto duly authorized as of the date first above
indicated.

 

	 	BONE
    BIOLOGICS CORPORATION
	 	 	 
	 	By:	                  
	 	Name:	 
	 	Title:	 

 

    	16

     

    

 

EXHIBIT
A

 

NOTICE
OF EXERCISE

 

	 	TO:	BONE
    BIOLOGICS corpORATION

 

(1)
The undersigned hereby elects to purchase ________ Warrant Shares of the Company pursuant to the terms of the attached Warrant (only
if exercised in full), and tenders herewith payment of the exercise price in full, together with all applicable transfer taxes, if any.

 

(2)
Payment shall take the form of (check applicable box):

 

	 	[  ] 	in
    lawful money of the United States; or
	 	 	 
	 	[  ]	if
    permitted the cancellation of such number of Warrant Shares as is necessary, in accordance with the formula set forth in subsection
    1(d), to exercise this Warrant with respect to the maximum number of Warrant Shares purchasable pursuant to the cashless exercise
    procedure set forth in subsection 1(d).

 

(3)
Please issue said Warrant Shares in the name of the undersigned or in such other name as is specified below:

 

	 	 	 

 

The
Warrant Shares shall be delivered to the following DWAC Account Number:

 

[SIGNATURE
OF HOLDER]

 

	Name
    of Investing Entity:	 

 

	Signature
    of Authorized Signatory of Investing Entity:	 

 

	Name
    of Authorized Signatory:	 

 

	Title
    of Authorized Signatory:	 

 

    	17

     

    

 

NOTICE
OF EXERCISE

 

TO
BE EXECUTED BY THE REGISTERED HOLDER TO EXERCISE THIS

WARRANT
TO PURCHASE COMMON STOCK

 

	 	Date:
    _____________ __, 20__
	 	 
	 	TO:
    BONE BIOLOGICS corpORATION
	 	 
	 	The
    undersigned holder hereby exercises the right to purchase _________________ shares of Common Stock (“Warrant Shares”)
    of Bone Biologics Corporation, a Delaware corporation (the “Company”), evidenced by Warrant to Purchase Common
    Stock No. _______ (the “Warrant”). Capitalized terms used herein and not otherwise defined shall have the respective
    meanings set forth in the Warrant.
	 	 	 

1.
Form of Exercise Price. The Holder intends that payment of the Aggregate Exercise Price shall be made as:

 

____________
a “Cash Exercise” with respect to _________________ Warrant Shares; and/or

 

____________
a “Cashless Exercise” with respect to _______________ Warrant Shares.

 

In
the event that the Holder has elected a Cashless Exercise with respect to some or all of the Warrant Shares to be issued pursuant hereto,
the Holder hereby represents and warrants that (i) this Exercise Notice was executed by the Holder at __________ [a.m.][p.m.] on the
date set forth below and (ii) if applicable, the Bid Price as of such time of execution of this Exercise Notice was $________.

 

2.
Payment of Exercise Price. In the event that the Holder has elected a Cash Exercise with respect to some or all of the Warrant
Shares to be issued pursuant hereto, the Holder shall pay the Aggregate Exercise Price in the sum of $___________________ to the Company
in accordance with the terms of the Warrant.

 

3.
Delivery of Warrant Shares. The Company shall deliver to Holder, or its designee or agent as specified below, __________ Warrant
Shares in accordance with the terms of the Warrant. Delivery shall be made to Holder, or for its benefit, as follows:

 

[  ] Check here if requesting delivery as a certificate to the following name and to the following address:

 

	 	Issue
    to:	 
	 	 	 

 

[  ] Check here if requesting delivery by Deposit/Withdrawal at Custodian as follows:

 

	 	DTC
    Participant:	 
	 	DTC
    Number:	 
	 	Account
    Number:	 
	 	 
	 	 
	Name
    of Registered Holder	 

 

	By:	 	 	Tax
    ID:	 
	Name:	 	 	Email:	 
	Title:	 	 	Telephone:	 
	 	 	 	Facsimile:	 

 

    	18

     

    

 

EXHIBIT
B

 

Bank
Name:

Account
Name:

Account
Number:

Routing
Number:

Bank
Address:

Account
Address:

 

 

 

    	19

     

    

 

EXHIBIT
C

 

ACKNOWLEDGMENT

 

The
Company hereby acknowledges this Exercise Notice and hereby directs ______________________to issue the above indicated number of shares
of Common Stock in accordance with the Transfer Agent Instructions dated _________, 20__, from the Company and acknowledged and agreed
to by____________________________.

 

	 	BONE
    BIOLOGICS CORPORATION
	 	 	 
	 	By:	                   
	 	Name:	 
	 	Title:	 
	 	 	 

 

    	20

     

    

 

ASSIGNMENT
FORM

 

(To
assign the foregoing Warrant, execute this form and supply required information. Do not use this form to purchase shares.)

 

FOR
VALUE RECEIVED, the foregoing Warrant and all rights evidenced thereby are hereby assigned to

 

	Name:	 	 	 
	 	 	(Please
    Print)	 
	 	 	 	 
	Address:	 	 	 
	 	 	 	 
	 	 	(Please
    Print)	 
	 	 	 	 
	Phone
    Number:	 	 	 	 
	Email
    Address:	 	 	 	 
	Dated:	 	 	 	 	 
	Holder’s
    Signature:	 	 	 	 
	Holder’s
    Address:	 	 	 	 
	 	 	 	 	 

 

    	21

     

    

 

Form
of Warrant Certificate Request Notice

 

WARRANT
CERTIFICATE REQUEST NOTICE

 

	 	To:	Equiniti,
    as Warrant Agent for Bone Biologics Corporation (the “Company”)

 

The
undersigned Holder of Common Stock Purchase Warrants (“Warrants”) in the form of Global Warrants issued by the Company hereby
elects to receive a Definitive Certificate evidencing the Warrants held by the Holder as specified below:

 

	1)	Name
    of Holder of Warrants in form of Global Warrants:
	 	 
	2)	Name
    of Holder in Definitive Certificate (if different from name of Holder of Warrants in form of Global Warrants):
	 	 
	3)	Number
    of Warrants in name of Holder in form of Global Warrants:
	 	 
	4)	Number
    of Warrants for which Definitive Certificate shall be issued:
	 	 
	5)	Number
    of Warrants in name of Holder in form of Global Warrants after issuance of Definitive Certificate, if any:
	 	 
	6)	Definitive
    Certificate shall be delivered to the following address:

 

The
undersigned hereby acknowledges and agrees that, in connection with this Warrant Exchange and the issuance of the Definitive Certificate,
the Holder is deemed to have surrendered the number of Warrants in form of Global Warrants in the name of the Holder equal to the number
of Warrants evidenced by the Definitive Certificate.

 

[SIGNATURE
OF HOLDER]

 

	Name
    of Investing Entity:	 

 

	Signature
    of Authorized Signatory of Investing Entity:	 

 

	Name
    of Authorized Signatory:	 

 

	Title
    of Authorized Signatory:	 

 

	Date:	____________________________________

 

    	22

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