Document:

EX-10.50

 Exhibit 10.50 

CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT (INDICATED BY **) HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE
COMMISSION PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT. 
 Modification Number: 1 

PROJECT ADDENDUM MODIFICATION 
  

							
	Effective Date:	  	April 15, 2015	  	Sponsor:	  	Galectin Therapeutics, Inc.
				
	Protocol No:	  	 GT-026

(Project #NASH-CX)
	  	Sponsor Contact:	  	Jack Callicutt
				
	PPD Project Manager:	  	**	  	Bus Dev Director:	  	**

 The Project Addendum by and between PPD Development, L.P., a Delaware limited partnership and successor-in-interest to PPD
Development, LLC, (“PPD”) and Galectin Therapeutics, Inc. (“Sponsor”) effective as of January 10, 2015 regarding the above-referenced Protocol shall be modified as follows: 

General: 
  

	 	•	 	The timeline is being extended by approximately seven (7) months, where the PPD end of Involvement date has been revised from 01 July 2017 to 01 February 2018. 

	 	•	 	Inflationary costs associated with this timeline extension have been captured as a line item in the study budget. 

	 	•	 	New activities have been added in North America (NA) to capture the additional labor needed for Protocol Amendment 1. 

	 	•	 	New activities have been added to capture the Direct and Pass Through Costs for Central Reader Site Evaluation, Interim Monitoring, and Site Closeout Visits for Hepatic Venous Pressure Gradient (HPVG) and Liver Biopsy.

	 	•	 	New activity has been added to capture the labor associated with the mapping of raw data to the Study Data Tabulation Module (SDTM). 

	 	•	 	The Site Country Mix has been revised as detailed below: 

  

					
	 Country
	  	Number of sites per
Project Addendum	  	Number of sites per
Project Addendum
Modification #1
	**	  	**	  	**
	**	  	**	  	**

  

	 	•	 	All tasks associated with **, where work has not already occurred, have been removed as the study has left the country entirely. 

  

							
	Estimated costs associated with this Project Addendum Modification:	  	$   218,201.92	  	 	Direct Fees	  
		  	$7,586,684.89	  	 	Pass Through Costs	  
		  	$7,804,886.80	  	 	Total Costs	  

  

	**	Certain information on this page has been omitted and filed separately with the Commission. Confidential treatment has been requested with respect to the omitted portions. 

  
 Page 1 of 31 

 Modification Number: 1 

PROJECT ADDENDUM MODIFICATION 
  

													
	 Cumulative
	  	Budget
NA	 	  	Budget
EMEA	 	  	Total Budget	 
	 TOTAL DIRECT COSTS
	  	$	9,059,751.07	  	  	$	24,941.56	  	  	$	9,084,692.63	  
	 TOTAL PASS THROUGH COSTS
	  	$	13,293,084.54	  	  	$	368,913.80	  	  	$	13,661,998.34	  
	 TOTAL STUDY COSTS
	  	$	22,352,835.61	  	  	$	393,855.36	  	  	$	22,746,690.97	  
	 Prior
	  				  				  			
	 TOTAL DIRECT COSTS
	  	$	8,842,785.02	  	  	$	23,705.69	  	  	$	8,866,490.71	  
	 TOTAL PASS THROUGH COSTS
	  	$	5,738,284.26	  	  	$	337,029.19	  	  	$	6,075,313.45	  
	 TOTAL STUDY COSTS
	  	$	14,581,069.28	  	  	$	360,734.88	  	  	$	14,941,804.16	  
	 Incremental
	  				  				  			
	 TOTAL DIRECT COSTS
	  	$	216,966.05	  	  	$	1,235.87	  	  	$	218,201.92	  
	 TOTAL PASS THROUGH COSTS
	  	$	7,554,800.28	  	  	$	31,884.61	  	  	$	7,586,684.89	  
	 TOTAL STUDY COSTS
	  	$	7,771,766.33	  	  	$	33,120.47	  	  	$	7,804,886.80	  

 A revised estimated study timeline is attached hereto as Exhibit A and which replaces the estimated study timeline set forth
in section 1.16 of Exhibit A to the Project Addendum. 
 A detailed explanation of the changes to the budget is attached hereto as Exhibit B. A revised
Central Labs budget is attached hereto as Exhibit C. A revised study budget is attached hereto at Exhibit D, and which replaces the budget set forth in Exhibit B to the Project Addendum. 

Payment of such costs shall be made in accordance with the Revised Payment Schedule attached hereto as Exhibit E which shall replace the payment schedule set
forth in Exhibit C to the Project Addendum. 
 All Exhibits attached hereto and incorporated herein by reference. 

This Project Addendum Modification may be executed in counterparts, each of which shall be deemed an original and all of which together shall constitute one
and the same instrument. Each party may execute this Project Addendum Modification by facsimile transmission or in Adobe Portable Document Format (PDF) sent by electronic mail. Facsimile or PDF signatures of authorized signatories of the parties
will be deemed to be original signatures, will be valid and binding, and, upon delivery, will constitute due execution of this Project Addendum Modification. 

Upon execution by the parties, this Project Addendum Modification will be made a part of the Project Addendum and incorporated by reference therein. Except as
expressly provided herein or in any other mutual written agreement by the parties, all terms and conditions contained in the Project Addendum shall remain in full force and effect. In the event of any conflict between the terms of this Project
Addendum Modification and the Project Addendum, the terms of this Project Addendum Modification shall govern and control. All capitalized terms used but not otherwise defined herein shall have the meanings ascribed to them in the Project Addendum.

 SIGNATURES FOLLOW ON NEXT PAGE 

  
 Page 2 of 31 

 Modification Number: 1 

PROJECT ADDENDUM MODIFICATION 

ACCEPTED AND AGREED: 
  

									
	 PPD Development, L.P.
 By:
PPD GP, LLC
 Its General Partner
	  		 	Galectin Therapeutics, Inc.
					
	By:	  	/s/ Patti McNamara	  		 	By:	  	/s/ Peter G. Traber
					
	Name:  	  	Patti McNamara	  		 	Name:  	  	Peter G. Traber
					
	Title:	  	VP Finance	  		 	Title:	  	CEO and CMO
					
	Date:	  	March 11, 2016	  		 	Date:	  	March 11, 2016

 Remainder of Page Intentionally Left Blank 

  
 Page 3 of 31 

 Modification Number: 1 

PROJECT ADDENDUM MODIFICATION 

Exhibit A 
 Revised
Estimated Study Timeline 
  

					
	 Activity
	  	 As of Project Addendum
	  	 As of Project Addendum

Modification #1

	 	  	Duration in Months
	 Pre-Study Activities
	  	**	  	**
	 Enrollment Period
	  	**	  	**
	 Treatment Period
	  	**	  	**
	 Close-Down Period
	  	**	  	**
	 Total PPD Commitment
	  	**	  	**

 Remainder of Page Intentionally Left Blank 

 

	**	Certain information on this page has been omitted and filed separately with the Commission. Confidential treatment has been requested with respect to the omitted portions. 

  
 Page 4 of 31 

 Modification Number: 1 

PROJECT ADDENDUM MODIFICATION 

Exhibit B 
 Detailed
Explanation of Change 
 The Detailed Explanation of Change follows this cover page 

 

	**	Certain information on this page has been omitted and filed separately with the Commission. Confidential treatment has been requested with respect to the omitted portions. 

  
 Page 5 of 31 

	
	

  

	**	Certain information on this page has been omitted and filed separately with the Commission. Confidential treatment has been requested with respect to the omitted portions. 

 
 PROJECT ADDENDUM MODIFICATION Modification #1 
Cumulative Study Budget as of Project Addendum Incremental Budget as of Project Addendum Modification #1 Cumulative Study Budget as of Project Addendum Modification #1 
Department/Activity Project Management Unit Type Unit Cost NA Total Hours NA # of Units NA Budget NA Total Hours NA ft of Units NA Budget NA Total Hours NA # of Units NA Budget NA
Justification 
Develop Country Budget and Payment Schedule Template ** ** ** ** ** ** ** ** ** ** ** longer projected to be achieved, due to the study leaving,
Canada. 
ICF Local Customized—Review and Approve ** ** ** ** ** ** ** ** ** ** ** Activity decreased as unit is no longer projected to be achieved, due to the
study leaving Canada 
ICF Local Customization—Review and Approve -Amendments ** ** ** ** ** ** ** ** ** ** ** Activity decreased as unit is no longer projected
to be achieved, due to the study leaving Canada. 
Project Management—Start-up ** ** ** ** ** ** ** ** ** ** ** Activity increased due to the seven
(7) month timeline extension. 
Project Management—Enrollment ** ** ** ** ** ** ** ** ** ** ** Activity increased due to the seven (7) month timeline
extension. 
Project Management—Protocol Amendment 1 ** ** ** ** ** ** ** ** ** ** ** New activity added to capture the additional labor needed for Protocol
Amendment 1. 
** ** ** ** ** ** ** ** ** ** ** 
ICF Local Customization ** **
** ** ** ** ** ** ** ** ** Activity decreased as unit is no longer projected to be achieved, due to the study leaving Canada. 
Management of Translation of
Protocol, Investigator Brochure, ICF & Technical Documents ** ** ** ** ** ** ** ** ** ** ** Activity decreased as unit is no longer projected to be achieved, due to the study leaving Canada. 
Review of Translation of ICF ** ** ** ** ** ** ** ** ** ** ** Activity decreased as unit is no longer projected to be achieved, due to the study leaving Canada. 
Client Teleconferences ** ** ** ** ** ** ** ** ** ** ** Activity increased due to the seven (7) month timeline extension. 
Internal Team Meetings ** ** ** ** ** ** ** ** ** ** ** Activity increased due to the seven (7) month timeline extension. 
Site Intelligence and Activation Management ** ** ** ** ** ** ** ** ** ** ** Activity increased due to the seven (7) month timeline extension. 
Hepatic Venous Pressure Gradient (HVPG) Vendor Site Evaluation Visit Prep/Follow-up ** ** ** ** ** ** ** ** ** ** ** New activity added to capture labor associated with Hepatic
Venous Pressure Gradient (HVPG) Site Evaluation Visits for Central Reader. 
HVPG Vendor Site Evaluation Visit—Time On Site ** ** ** ** ** ** ** ** ** ** ** New
activity added to capture labor associated with HVPG Site Evaluation Visits for Central Reader. 
HVPG Vendor Site Evaluation Visit—Travel ** ** ** ** ** ** **
** ** ** ** New activity added to capture labor associated with HVPG Site Evaluation Visits for Central Reader. 
Subtotal ** ** ** ** ** ** ** ** ** ** **

PPD Proprietary and Confidential 
PPD BC#: 58004-01 Date Issued:
17 February 2016 
**Certain information on this page has been omitted and filed separately with the Commission. Confidential treatment has been requested with
respect to the omitted portions. 

	
	

  

	**	Certain information on this page has been omitted and filed separately with the Commission. Confidential treatment has been requested with respect to the omitted portions. 

 
 PROJECT ADDENDUM MODIFICATION 
Modification #1 
Cumulative Study Budget as of Project Addendum Modification #1 Cumulative
Study Budget as of Project Addendum Incremental Budget as of Project Addendum Modification #1 
Department/Activity Unit Type Unit Cost NA Total Hours NA # of Units
NA Budget NA Total Hours NA # of Units NA Budget NA Total Hours NA # of Units NA Budget NA Justification 
Clinical Management 
ICF Local Customization—Amendments ** ** ** ** ** ** ** ** ** ** ** Activity decreased as unit is no longer projected to be achieved, due to the study leaving Canada.

Amendments—Management of Translation of Protocol, Investigator Brochure, ICF & Technical Documents ** ** ** ** ** ** ** ** ** ** ** Activity
decreased as unit is no longer projected to be achieved, due to the study leaving Canada. 
Amendments—Review of Translation of ICF ** ** ** ** ** ** ** ** **
** ** Activity decreased as unit is no longer projected to be achieved, due to the study leaving Canada- 
Site Initiation Visits—Prep/Admin/Follow-up ** ** **
** ** ** ** ** ** ** ** Activity i increased due to additional unit needed, as sponsor requested an additional site. 
Site Initiation Visits—Time on Site ** **
** ** ** ** ** ** ** ** ** Activity increased due to additional unit needed, as sponsor requested an additional site 
Site Initiation Visits—Travel ** ** ** **
** ** ** ** ** ** ** Activity increased due to additional unit needed, as sponsor requested an additional site 
Site Management ** ** ** ** ** ** ** ** ** ** **
Activity increased due to the seven (7) month timeline extension. 
Annual Investigator File Audits ** ** ** ** ** ** ** ** ** ** ** Activity increased due to
Protocol Amendment 1. 
Site Closeout Visits—Prep/Admin/Follow-up ** ** ** ** ** ** ** ** ** ** ** Activity increased due to additional unit needed, as sponsor
requested an additional site. 
Site Closeout Visits—Time on Site ** ** ** ** ** ** ** ** ** ** ** Activity increased due to additional unit needed, as sponsor
requested an additional site. 
Site Closeout Visits—Travel ** ** ** ** ** ** ** ** ** ** ** Activity increased due to additional unit needed, as sponsor
requested an additional site. 
Unblended Investigator Meeting ** ** ** ** ** ** ** ** ** ** ** Activity decreased due to the inability to identify unblended
Clinical Research Associates (CRAs) in time to attend meeting. 
CRA Team Meetings ** ** ** ** ** ** ** ** ** ** ** Activity decreased as unit is no longer projected
to be achieved. 
Unblended CRA Team Meetings ** ** ** ** ** ** ** ** ** ** ** Activity increased due to Protocol Amendment 1. 
Clinical Team Management ** ** ** ** ** ** ** ** ** ** ** Activity increased due to the seven (7) month timeline extension. 
Clinical Management—Protocol Amendment 1 ** ** ** ** ** ** ** ** ** ** ** New activity added to capture the additional labor needed for Protocol Amendment 1 
HVPG Vendor Interim Monitoring Visits—Prep/Follow-Up ** ** ** ** ** ** ** ** ** ** ** New activity added to capture labor associated with HVPG Interim Monitoring Visits (IMVs)
for Central Reader. 
HVPG Vendor Interim Monitoring Visits—Time On Site ** ** ** ** ** ** ** ** ** ** ** New activity added to capture labor associated with
HVPG IMVs for Central Reader. 
HVPG Vendor Interim Monitoring Visits—Travel ** ** ** ** ** ** ** ** ** ** ** New activity added to capture labor associated
with HVPG IMVs for Central Reader. 
PPD Pmnnrfan; and Confidential 
PPD BC#:
58004-01 
Date Issued: 17 February 2016 

	
	

  

	**	Certain information on this page has been omitted and filed separately with the Commission. Confidential treatment has been requested with respect to the omitted portions. 

 
 PROJECT ADDENDUM MODIFICATION 
Modification #1 
Cumulative Study Budgetas of Project Addendum Modification #1 Cumulative Study
Budget as of Project Addendum Incremental Budget as of Project Addendum Modification #1 
Department/Activity Unit Type Unit Cost NA Total Hours NA # of Units NA
Budget NA Total Hours NA # of Units NA Budget NA Total Hours NA # of Units NA Budget NA Justification 
HVPG Vendor Site Closeout Visit—Prep/Follow-Up ** ** **
** ** ** ** ** ** ** ** New activity added to capture labor associated with HVPG Closeout Visits (COVs) for Central Reader. 
HVPG Vendor Site Closeout
Visit—Time On Site ** ** ** ** ** ** ** ** ** ** ** New activity added to capture labor associated with HVPG COVs for Central Reader. 
HVPG Vendor Site
Closeout Visit—Travel ** ** ** ** ** ** ** ** ** ** ** New activity added to capture labor associated with HVPG COVs for Central Reader. 
Liver Biopsy Vendor
Interim Monitoring Visits -Prep/Follow-Up ** ** ** ** ** ** ** ** ** ** ** New activity added to capture labor associated with Liver Biopsy IMVs for Central Reader.

Liver Biopsy Vendor Interim Monitoring Visits—Time On S:te ** ** ** ** ** ** ** ** ** ** ** New activity added to capture labor associated with Liver Biopsy
IMVs for Central Reader. 
Liver Biopsy Vendor Interim Monitoring Visits—Travel ** ** ** ** ** ** ** ** ** ** ** New activity added to capture labor associated
with Liver Biopsy IMVs for Central Reader. 
Liver Biopsy Vendor Site Closeout Visits—Prep/Follow-Up ** ** ** ** ** ** ** ** ** ** ** New activity added to
capture labor associated with Liver Biopsy COVs for Central Reader. 
Liver Biopsy Vendor Site Closeout Visits—Time On Site ** ** ** ** ** ** ** ** ** ** ** New
activity added to capture labor associated with Liver Biopsy COVs for Central Reader. 
Liver Biopsy Vendor Site Closeout Visits—Travel ** ** ** ** ** ** ** **
** ** ** New activity added to capture labor associated with Liver Biopsy COVs for Central Reader. 
Subtotal ** ** ** ** ** ** ** ** ** ** ** 
Identify, Select and Negotiate Contracts with Clinical Supply Vendors ** ** ** ** ** ** ** ** ** ** ** Activity decreased as unit is no longer projected to be achieved. 
Label Text Development ** ** ** ** ** ** ** ** ** ** ** Activity decreased as unit is no longer projected to be achieved. 
Label Text Translation Coordination ** ** ** ** ** ** ** ** ** ** ** Activity decreased as unit is no longer projected to be achieved, due to the study leaving Canada. 
Clinical Supply Forecasting ** ** ** ** ** ** ** ** ** ** ** Activity increased due to Protocol Amendment 1. 
Monitor/Track Study Progress, Inventory Levels and Communication with Team/Sponsor ** ** ** ** ** ** ** ** ** ** ** Activity increased due to the seven (7) month timeline
extension. 
Depot Management ** ** ** ** ** ** ** ** ** ** ** Activity increased due to the seven (7) month timeline extension. 
Distribution Management ** ** ** ** ** ** ** ** ** ** ** Activity decreased as unit is no longer projected to be achieved. 
Investigators Meeting ** ** ** ** ** ** ** ** ** ** ** New activity added to capture the labor associated with attending the Investigators Meeting. 
Global Clinical Supplies—Protocol Amendment 1 ** ** ** ** ** ** ** ** ** ** ** New activity added to capture the additional labor needed for Protocol Amendment 1. 
Subtotal ** ** ** ** ** ** ** ** ** ** ** 
IVRS 
Investigational Product (IP) Accountability Module ** ** ** ** ** ** ** ** ** ** ** New activity added to capture labor associated with Investigational Product (IP) Accountability
Module. 
Subtotal ** ** 
PPD Proprietary and Confidential 
PPD BC#: 58004-01 Date Issued: 17 February 2016 

	
	

  

	**	Certain information on this page has been omitted and filed separately with the Commission. Confidential treatment has been requested with respect to the omitted portions. 

 
 PROJECT ADDENDUM MODIFICATION 
Modification #1 
Cumulative Study Budget as of Project Addendum Modification #1 Cumulative
Study Budget as of Project Addendum Incremental Budget as of Project Addendum Modification #1 
Department/Activity/ Unit Type Unit Cost NA Total Hours NA # of Units
NA Budget NA Total Hours NA # of Units NA Budget NA Total Hours NA # of Units NA Budget NA Justification 
Data Management 
Client Teleconferences ** ** ** ** ** ** Activity increased due to the seven (7) month timeline extension. 
Internal Team Meetings ** ** Activity increased due to the seven (7) month timeline extension. 
Quality Management ** ** ** Activity increased due to the seven (7) month timeline extension. 
DM Project Management ** ** ** ** Activity increased due to the seven (7) month timeline extension. 
Data Management—Protocol Amendment 1 ** ** ** ** ** ** New activity added to capture the additional labor needed for Protocol Amendment 1. 
Subtotal ** ** ** ** ** ** 
Pharmacovigilance 
Data Safety Monitoring Board Set-up Retired and rebuilt this activity as the new activity below in order increase the labor per unit due to Protocol Amendment. 
Revised—Data Safety Monitoring Board Set-up ** ** ** New activity added per above in order to capture the labor associated with DSMB Set-up. 
Analysis of Similar Events ** ** ** Activity decreased as unit is no longer projected to be achieved. 
Development Safety Update Report (DSUR) Preparation ** ** Activity decreased as unit is no longer projected to be achieved, due to the study leaving Canada. 
Senior Medical Officer for Canada Maintenance—Monthly ** ** ** ** ** Activity decreased as unit is no longer projected to be achieved, due to the study leaving Canada.

Senior Medical Officer Review of Canadian CTA ** ** ** ** Activity decreased as unit is no longer projected to be achieved, due to the study leaving Canada.

Senior Medical Officer Review of Canadian CTA Amendment ** Activity decreased as unit is no longer projected to be achieved, due to the study leaving Canada.

Data Safety Monitoring Board Face-to-Face Meeting Retired and rebuilt this activity as the new activity below in order increase the labor per unit due to Protocol
Amendment. 
Revised—Data Safety Monitoring Board Face to Face Meeting New activity added per above in order to capture the labor associated with Data Safety
Monitoring Board (DSMB) Face to Face meetings. 
Data Safety Monitoring Board Teleconference Meeting Retired and rebuilt this activity as the new activity below in
order increase the labor per unit due to Protocol Amendment. 
Revised—Data Safety Monitoring Board Teleconference Meeting New activity added per above in order
to capture the labor associated with DUMB Teleconferences. 
Pharmacovigilance Team Management ** ** ** ** ** Activity increased due to the seven (7) month
timeline extension. 
PPD Pmnnrfan; and Confidential 
PPD BC#: 58004-01

Date Issued: February 2016 

	
	

  

	**	Certain information on this page has been omitted and filed separately with the Commission. Confidential treatment has been requested with respect to the omitted portions. 

 
 PROJECT ADDENDUM MODIFICATION 
Modification #1 
Cumulative Study Budget as of Project Addendum Modification #1 Cumulative
Study Budget as of Project Addendum Incremental Budget as of Project Addendum Modification #1_ 
Department/Activity Unit Type Unit Cost NA Total Hours NA # of Units
NA Budget NA Total Hours NA # of Units NA Budget NA Total Hours NA # of Units NA Budget NA Justification 
Unblinded Medical Monitor ** ** ** ** ** ** ** ** New
activity added to capture labor associated with an Unblinded Medical Monitor. 
PVG—Protocol Amendment 1 ** ** ** New activity added to capture the additional
labor needed for Protocol Amendment 1. 
Subtotal ** ** ** ** 
Biostats Team
Management Activity increased due to the seven (7) month timeline extension. 
Mapping Raw Data to Study Data Tabulation Model (SDTM) New activity added to
capture labor associated with the mapping of raw data to the Study Data Tabulation Module (SDTM). 
Biostatistics—Protocol Amendment 1 ** ** ** ** ** New
activity added to capture the additional labor needed for Protocol Amendment 1. 
Subtotal ** ** ** ** ** 
Activity decreased as unit is no longer projected to be achieved, due to the study leaving Canada. 
Review CRF ** ** ** ** ** ** ** ** Activity decreased as unit is no longer projected to be achieved. 
Medical Writing—Protocol Amendment 1 ** ** ** ** ** ** New activity added to capture the additional labor needed for Protocol Amendment 1. 
Subtotal ** ** ** ** 
Information Governance & Compliance—Country File Set-up
Activity decreased as unit is no longer projected to be achieved, due to the study leaving Canada. 
Information Governance & Compliance—Country File
Archiving and Transfer ** ** ** ** ** Activity decreased as unit is no longer projected to be achieved, due to the study leaving Canada. 
Clinical Supplies
OA—Project Agreements *. * *. ** » Activity decreased as unit is no longer projected to be achieved. 
Clinical Supplies QA—Project Support „ **
** *. Activity decreased as unit is no longer projected to be achieved. 
Subtotal ** ** ** ** 
Registration of Clinical Trials—Maintenance Activity increased due to the seven (7) month timeline extension. 
** ** ** ** ** ** 
Pharmacokinetics—Protocol Amendment 1 New activity added to capture the
additional labor needed for Protocol Amendment 1. 
Subtotal 
Inflation: Added a
line item inflation adjustment to capture inflationary increases associated with the seven (7) month increase to the study duration. 
Timeline Extension
Services Discount (CM1): ** ** ** ** PPD is providing a one-time discount associated with services performed in regards to the seven (7) month timeline extension. 
PPD Proprietary and Confidential 
PPD BC#: 58004-01 Date Issued 17 February 2016

	
	

  

	**	Certain information on this page has been omitted and filed separately with the Commission. Confidential treatment has been requested with respect to the omitted portions. 

 
 PROJECT ADDENDUM MODIFICATION 
Modification #1 
Cumulative Study Budget as of Project Addendum Modification #1 Cumulative
Study Budget as of Project Addendum Incremental Budget as of Project Addendum Modification #1 
Department/Activity Unit Type Unit Cost NA Total Hours NA # of Units
NA Budget NA Total Hours NA # of Units NA Budget NA Total Hours NA # of Units NA Budget NA Justification 
Pass Through Costs 
Central Laboratory Fees ** ** ** ** ** ** ** ** ** ** ** Activity increased due to the seven (7) month timeline extension. 
Investigator Fees ** ** ** ** ** ** ** ** ** ** ** Activity increased due to Protocol Amendment

Site Closeout Visits—Travel ** ** ** ** ** ** ** ** ** ** ** Activity increased due to additional unit needed, as sponsor requested an additional site.

Site Initiation Visits—Travel ** ** ** ** ** ** ** ** ** ** ** Activity increased due to additional unit needed, as sponsor requested an additional site.

Central Reader—HVPG ** ** ** ** ** ** ** ** ** ** ** New activity added to capture the costs projected through the duration of the study. 
Central Reader—Liver Biopsy ** ** ** ** ** ** ** ** ** ** ** New activity added to capture the costs projected through the duration of the study. 
Data Safety Monitoring Board Member Honoraria ** ** ** ** ** ** ** ** ** ** ** New activity added to capture the costs needed to include payments for three (3) members, which
will cover the contracted caps for each member. 
Site Evaluation Visits—HVPG—Central Reader ** ** ** ** ** ** ** ** ** ** ** New activity added to capture
the costs needed to do a site evaluation visit for HVPG Central Reader. 
Site Closeout Visits—HVPG—Central Reader ** ** ** ** ** ** ** ** ** ** ** New
activity added to capture the costs needed to do a site closeout visit for HVPG Central Reader. 
Site Closeout Visits—Liver Biopsy—Central Reader ** ** **
** ** ** ** ** ** ** ** New activity added to capture the costs needed to do a site closeout visit for Liver Biopsy Central Reader. 
Intenm Monitoring Visits-
HVPG—Central Reader ** ** ** ** ** ** ** ** ** ** ** New activity added to capture the costs needed to do a interim monitoring visit for HVPG Central Reader.

Interim Monitoring Visits—Liver Biopsy—Central Reader ** ** ** ** ** ** ** ** ** ** ** New activity added to capture the costs needed to do a interim
monitoring visit for Liver Biopsy Central Reader. 
Investigator Meeting Travel—Clinical Supplies Project Manager ** ** ** ** ** ** ** ** ** ** ** New activity
added to capture the cost for Clinical Supplies Project Manager to attend the Investigator Meeting. 
Total Pass Throughs ** ** ** $7,554,800.28 
Total Study Costs ** $7,771,786.33 
Subtotals and Totals included in the Cumulative and Prior
sections are for reference to the budget grid only and do no represent totaling of the numbers included in this document. The Discrete Subtotals and Totals are representative of the numbers in this document. 
PPD Proprietary and Confidential 
PPD BC#: 58D04-01 Date Issued: 17 February 2016

	
	

  

	**	Certain information on this page has been omitted and filed separately with the Commission. Confidential treatment has been requested with respect to the omitted portions. 

 
 PROJECT ADDENDUM MODIFICATION 
Modification #1 
Cumulative Study Budget as of Project Addendum Modification #1 Cumulative
Study Budget as of Project Addendum Incremental Budget as of Project Addendum Modification #1 
Department/Activity Unit Type Unit Cost EMEA Total Hours EMEA # of
Units EMEA Budget EMEA Total Hours EMEA # of Units EMEA Budget EMEA Total Hours EMEA # of Units EMEA Budget EMEA Justification 
Pharmacovigilance 
Pharmacovigilance Team Management ** ** *. ** ** ** ** M Activity increased due to the seven (7) month timeline extension. 
_Subtotal ** ** ** ** ** ** 
Total Direct Costs ** ** ** ** ** ** 
Inflation: Added a line item inflation adjustment to capture inflationary increases associated with the seven (7) month increase to the study duration. 
Total Discounted Direct Costs ** ** ** ** ** ** 
Pass Through Costs 
Central Labs Quote EMEA ** ** M ** m ** m Activity increased due to the seven (7) month timeline extension. 
Total Pass Throughs ** ** ** ** ** ** 
Total Study Costs ** ** ** ** ** ** 
Subtotals and Totals included in the Cumulative an 
d Prior sections are for reference to the

budget grid only and do not represent totaling of the numbers included in (his document. The Discrete Subtotals an 
d Totals are representative of the numbers in this d 
ocument. 
PPD Proprietary and Confidential 
PPD BC#: 58004-01 Date Issued: 17 February 2016

 Modification Number: 1 

PROJECT ADDENDUM MODIFICATION 

Exhibit C 
 Revised
Central Labs Budget 
 The Revised Central Labs Budget follows this cover page 

  
 Page 13 of 31 

	
	

  

	**	Certain information on this page has been omitted and filed separately with the Commission. Confidential treatment has been requested with respect to the omitted portions. 

 
 PPD’s Central Lab, LLC Budget Estimate 
PPD Central Labs 
09-Jul-2015 
Galectin Therapeutics, Inc. 
GT-025 
BC: 58004-01 Sc2 M1 
Central Lab BC: 58004-02 mod #1 
Budget Summary Total Charge (USD) 
GT-025 
Laboratory Testing ** 
Sample Management ** 
Kits and Supplies ** 
Clinical Trial Services Fees ** 
Direct Costs Estimate: ** 
_Logistics (Pass-Through) Estimate: ** 
Total Estimate: ** 
Original Contract (Rev 2) 
Budget Summary Total Charge {USD) Differences 
GT-025 
Laboratory Testing ** ** 
Sample Management ** ** 
Kits and Supplies ** ** 
Clinical Trial Services Fees ** ** 
Direct Costs Estimate: ** ** 
Logistics (Pass-Through) Estimate: ** ** 
Total Estimate: ** ** 
Regional Budget Summary GT-025 NA & LA Region EMEA Region
AsiaPac Region China 
Laboratory Testing ** ** ** ** 
Sample Management ** **
** ** 
Kits and Supplies ** ** ** ** 
Clinical Trial Services Fees ** ** ** **

Regional Direct Costs Estimate: ** ** ** ** 
Regional Logistics (Pass-Through)
Estimate: ** ** ** ** 
Regional Total Estimate: ** ** ** ** 
Countries Sites
Screened Subjects Enrolled Subjects Completed Subjects % 
United States ** ** ** ** ** 
Canada ** ** ** ** ** 
North America ** ** ** ** ** 
PPD Proprietary and Confidential 
PPD BC#: 58004-01 Date Issued: 17 February 2016

	
	

  

	**	Certain information on this page has been omitted and filed separately with the Commission. Confidential treatment has been requested with respect to the omitted portions. 

 
 PPD’s Central Labs, LLC Budget Estimate 
# Patients: 260 260 26 156 156 156 156 156 156 156 156 156 156 156 156 156 156 16 0% 
SV1 SV2
5V3 Ml NDV1 HDV2 Visit 2 V3 V4 NDV3 V7 VII V13 V20 V26 14-26 Day After 14 Days After NA& 
Shipping Screen in g Random nation 
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PPD Proprietary and Confidential 
PPD BC#: 58004-01 Date Issued: 17 February 2016 

	
	

  

	**	Certain information on this page has been omitted and filed separately with the Commission. Confidential treatment has been requested with respect to the omitted portions. 

 
 PPD’s Central Labs, LLC Budget Estimate 
PPD 
Estimate Subjects: US EU 
M0D#1 
NA & LATAM EMEA region 
fx rate=EUR/USD 1.41 14 
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fx rate=USD/EUR 0.7944 EMEA region 
fx rate=EUR/USD 1.4144 
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PPD Proprietary and Confidentia 
PPD BC#: 58004-01 Date Issued: 17 February 2016 

	
	

  

	**	Certain information on this page has been omitted and filed separately with the Commission. Confidential treatment has been requested with respect to the omitted portions. 

 
 PPD’s Central Labs, LLC Budget Estimate 
PPD 
Estimate Subjects: 
Kits and Supplies Assumptions UOM NA & LA Unit Charge (USD) No. Units Total Charge (USD) EU Unit Charge (Euro) No. Units Total Charge (EUR) Total Charge (USD) Previous
Total Charge (USD) Explanation Difference Previous Total Charge (USD) Explanation Difference 
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PPD Proprietary and Confidential

PPD BC#: 58004-01 Date Issued: 17 February 2016 

	
	

  

	**	Certain information on this page has been omitted and filed separately with the Commission. Confidential treatment has been requested with respect to the omitted portions. 

 
 PPD’s Central Labs, LLC Budget Estimate Exchange Rates: Global Logistics (Pass-Through}

Outbound, supplies to sites Inbound, Ambient/Refrig ., sites to PPD Inbound, Frozen, sites to PPD Total Charge 
Country Sites Unit Type Courier Unit Cost (Euro) Unit Cost (USD) # of Units Sub-total Courier Unit Cost (Euro) Unit Cost (USD) #of Units Sub-total Courier Unit Cost (Euro) Unit
Cost (USD) # of Unite Sub-total Dry ice and shippers (USD) ** ** ** ** ** ** ** ** ** ** ** ** ** ** ** ** ** ** ** ** ** ** ** * ** ** ** ** ** ** ** ** ** ** ** ** ** ** ** ** ** ** ** ** Referral lab courier costs Frequency Courier Unit Type Unit
Cost (Euro) Unit Cost (USD) # of Units Su b-total Comments Total Charge (USD) TOTAL PASS THROUGH COSTS TOTAL PASS THROUGH COSTS NA/LA region (USD) MEA gion USD) AsiaPac region (USD) China (USD) Total Differences TOTAL PASS THROUGH COSTS NA/LA region
(USD) $31,287.91 EMEA region (USD) $0.00 AsiaPac region (USD) $0.00 China (USD) $0.00 $31,287.91 
* Transportation costs do not include Saturday delivery charges,
taxes, tariffs, duties and fuel surcharge. This will be invoiced at the prevailing rate. 

	*	 Transportation fees are estimates only and based on primary cities.

	*	 Client will be invoiced based on actual fees incurred.

 * Laboratory kits may accommodate more than one patient visit/per inbound shipping box. For purposes of the estimate, 1 visit per inbound box
has been assumed as average. 
* Drive-away and trans-shipment to international port of departure may apply. Applicable customs fees charged as pass through cost.

	*	 Inbound transport costs are based on Weekday priority overnight shipments.

 * Outbound kits have standard transit time of 2-5 days. Overnight priority shipping provided with sponsor approval at additional shipping
cost. PPD Proprietary and Confidential PPD BC#: 58004-01 Date Issued: 17 February 2016 

	
	

  

	**	Certain information on this page has been omitted and filed separately with the Commission. Confidential treatment has been requested with respect to the omitted portions. 

 
 PPD’s Central Labs, LLC Budget Estimate Terms and Conditions Study sst up will commence upon
written acceptance of Contract and Central Laboratory Specifications (CLS). The costs contained within this Proposal are valid for ** from date of proposal. The prices contained within this Proposal are estimates based upon information provided by
Sponsor. Cost will be revised if the Sponsor provides an amended protocol or updated information. *** no charge, regardless of number of users. All protocol materials will be archived for ** from the end of PPD involvement. Requests for protocol
materials will be shipped at the expense of the Sponsor/CRO. *PPD Global Central Labs requires ** from signed CLS for study initiation Study initiation is defined as the first Investigational site to receive specimen collection kits. Sponsor
requested changes ** will result in additional charges to be determined based upon the complexity of the revisions. *PPD Global Central Labs has one global database that supports all regions within the study. Global set-up fees will be invoiced upon
project 
initiation once database set-up activities are complete. TRAINING/TRAVEL If requested to attend a Kick off meeting or Investigator meeting, ** Central Labs
presenter at one meeting including preparation, excluding travel expenses billed as pass through. This cost assumes a one day meeting with one day for travel. **. Sponsor request of technical attendees will be charged additional fees of Attendance
at the investigator meeting via WebEx will be charged **, *Site training via conference call for protocol specific laboratory procedures is available at sponsor’s request. This will be invoiced at **. •On site training visits to outline
protocol specific laboratory procedures at the sponsor’s request, will be invoiced at a rate of **. TRANSPORTATION MODIFICATIONS Any services requested by Sponsor (or sites) and not included in this cost estimate will be charged separately.
Services rendered will be invoiced as performed and a Contract Modification will be issued. Out of protocol testing will be invoiced per the unit price with an additional **” Project Management fee, per request. Additional charges will apply
for any off-cycle or expedited testing. Specimens requiring off-hour technician/processing time, will be invoiced with an added service charge of ** Any sample that is UTP (Unable To Perform) will be charged a Sample Handling fee. A sample
destruction fee will be invoiced for any sample that is required to be destroyed. This fee will be charged per sample destroyed. Expedited shipping fees will be applied at ** with less then notice, plus shipping costs. Additional label sets provided
at an additional fee of **. Additional requisition forms provided at an additional fee of*, Additional collection flow charts (CFC) provided at an additional fee of ** *Set up of additional sites will incur additional site initiation fees and other
applicable charges. Database modifications will be invoiced at ** Non-Standard Services for Data Management and Custom programming will be supplied upon request and billed at a programming rate of ** for services included but not limited to: a.
Custom data file formats b. Custom data management reports c. Data reconciliation requirements Returned kit fee of ** (break-down and disposal of kit contents) plus return shipping charges. Hard copy reports will be invoiced at **. Translation costs
reflect the average cost to translate a typical manual Translation costs for other documents besides the manual, will be charged ** Lab Manuals will be supplied to all sites upon initiation as part of the study set-up. Amended or revised manuals
will be supplied at ** If adjustments to kits are required, the kit tier may be revised and billed at the following rates: This budget for centrai laboratory services is based upon protocol requirements provided at the time of the RFP and is an
estimate only. PPD Central Labs will invoice Sponsor for actual services rendered and testing performed. Invoices may, therefore, differ from the Budget due to differences in actual services rendered versus those contained within this Budget. PPD
Proprietary and Confidential PPDBC#: 5S004-Q1 Date Issued: 17 February 2016 to the omitted portions. Kit Tier NA & LATAM EMEA AsiaPac ** ** ** ** ** ** ** ** ** ** ** 

 Modification Number: 1 

PROJECT ADDENDUM MODIFICATION 

Exhibit D 
 Revised Study
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 PROJECT ADDENDUM MODIFICATION 
Modification #1 
Cumulativs Study Budget as of Project Addendum _Modification #1_ Cumulative
Study Budget as of Project Addendum Incremental Budget as of Project Addendum _Modification #1_ 
Department/Activity Budget NA Budget EMEA Total Budget Budget NA
Budget EMEA Total Budget Budget NA Budget EMEA Total Budget 
Project Management ** ** ** ** ** ** ** ** ** 
Study Start-Up ** ** ** ** ** ** ** ** ** 
Clinical Management ** ** ** ** ** ** ** ** **

Global Clinical Supplies ** ** ** ** ** ** ** ** ** 
IVRS ** ** ** ** ** ** **
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Biostatistics ** ** ** ** ** ** ** ** ** 
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TOTAL STUDY COSTS $22,352,835.61 $393,855.36 $22,746,690.97 $14,581,069.28 $360,734.88 $14,941,804.16 $7,771,766.33 $33,120.47 $7,804,886.80

PPD Proprietary and Confidential 
PPD BC#. 58004-01 Date Issued.
17 February 2016 

	
	

  

	**	Certain information on this page has been omitted and filed separately with the Commission. Confidential treatment has been requested with respect to the omitted portions. 

 
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Modification #1 
Cumulative Study Budget as of Project Addendum Modification #1 
Department/Activity Unit Type Total Hours NA Unit Cost NA # of Units NA Budget NA Total Hours EMEA Unit Cost EMEA # of Units EMEA Budget EMEA Total Budget 
Project Management 
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PPD Proprietary and Confidential 
PPD BC#: 58004-01 Date Issued. 17 February 2016

	
	

  

	**	Certain information on this page has been omitted and filed separately with the Commission. Confidential treatment has been requested with respect to the omitted portions. 

 
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PPD Proprietary and Confidential 
PPD BC#: 58004-01 Date Issued. 17 February 2016 

	
	

  

	**	Certain information on this page has been omitted and filed separately with the Commission. Confidential treatment has been requested with respect to the omitted portions. 

 
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Modification #1 
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PPD Proprietary and Confidential 
PPD BC#: 58004-01 Date Issued: 17 February 2016

	
	

  

	**	Certain information on this page has been omitted and filed separately with the Commission. Confidential treatment has been requested with respect to the omitted portions. 

 
 PROJECT ADDENDUM MODIFICATION 
Modification #1 
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PPD Proprietary and Confidential 
PPD BC#. 58004-01 Date Issued. 17 February 2016

	
	

  

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 PROJECT ADDENDUM MODIFICATION 
Modification #1 
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Department/Activity Unit Type Total Hours NA Unit Cost NA # of Units NA Budget NA Total Hours EMEA Unit Cost EMEA # of Units EMEA Budget EMEA Total Budget 
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PPD Proprietary and Confidential 
PPD BC#: 58004-01 Date Issued. 17 February 2016 

	
	

  

	**	Certain information on this page has been omitted and filed separately with the Commission. Confidential treatment has been requested with respect to the omitted portions. 

 
 PROJECT ADDENDUM MODIFICATION 
Modification #1 
Cumulative Study Budget as of Project Addendum Modification #1 
Department/Activity Unit Type Total Hours NA Unit Cost NA # of Units NA Budget NA Total Hours EMEA Unit Cost EMEA # of Units EMEA Budget EMEA Total Budget 
*” ** ** ** ** ** ** ** ** 
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PPD Proprietary and Confidential 
PPD BC#: 58004 01 Date Issued. 17 February 2016 

	
	

  

	**	Certain information on this page has been omitted and filed separately with the Commission. Confidential treatment has been requested with respect to the omitted portions. 

 
 PROJECT ADDENDUM MODIFICATION 
Modification #1 
Cumulative Study Budget as of Project Addendum Modification #1 
Department/Activity Unit Type Total Hours NA Unit Cost NA # of Units NA Budget NA Total Hours EMEA Unit Cost EMEA # of Units EMEA Budget EMEA Total Budget 
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PPD Proprietary and Confidential 
PPD BC#: 58004-01 Date Issued:
17 February 2016 

	
	

  

	**	Certain information on this page has been omitted and filed separately with the Commission. Confidential treatment has been requested with respect to the omitted portions. 

 
 PROJECT ADDENDUM MODIFICATION 
Modification #1 
Cumulative Study Budget as of Project Addendum Modification #1 
Department/Activity Unit Type Total Hours NA Unit Cost NA # of Units NA Budget NA Total Hours EMEA Unit Cost EMEA # of Units EMEA Budget EMEA Total Budget 
Pass Throuqh Costs 
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Total Study Costs $22,352,835.61 $393,855.36 $22,746,690.97 
PPD Proprietary and Confidential

PPD BC#: 58004-01 Date Issued: 17 February 2016 

 Modification Number: 1 

PROJECT ADDENDUM MODIFICATION 
 Exhibit
E 
 Revised Payment Schedule 

The Revised Payment Schedule follows this cover page 

  
 Page 30 of 31 

	
	

  

	**	Certain information on this page has been omitted and filed separately with the Commission. Confidential treatment has been requested with respect to the omitted portions. 

 
 PPD Payment Schedule 
Sponsor: Galectin BC Number: 58004-01 Protocol :GT-026 
Direct Costs: 
Execution of Contract ** 
Monthly ** 
Project Management Fee ** 
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Milestones: ** 
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Total Direct Costs ** 
Indirect Costs: ** 
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Total Clinical Grants ** 
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Total Pass Through Costs ** 
Project Grand Total 22,746,690.97 
** ** 
** ** 

	*	 * ** 

PPD Proprietary and Confidential 
PPD BC#: 58004-01 Date Issued: 17 February 2016Bone
Biologics Corporation

321
Columbus Ave.

Boston,
MA 02116

 

February
29, 2016

 

William
Jay Treat

7
Dellwood

Dove
Canyon, CA 92679

 

Dear
Jay:

 

The
purpose of this letter agreement (“Agreement”) is to set forth our mutual understanding and agreement with respect
to your separation from employment with Bone Biologics Corporation (“the Company”). In consideration of the mutual
covenants set forth herein, the receipt and sufficiency of which you acknowledge, we have agreed as follows:

 

	 	1.	Separation
    from Employment.  Your separation from employment shall be effective as of the close of business Tuesday, March
    1, 2016 (your “separation date”), and you shall have relinquished as of that date any and all positions that you
    have held with the Company.  You shall not be considered an employee of the Company for any purpose after that date.
	 	 	 
	 	2.	Compensation.
    With the payment of your final paycheck, you agree that you have received all compensation to which you are entitled in connection
    with your employment through your separation date.  You agree to make no claims for further compensation from the
    Company of any type, including without limitation, bonus payments, commission payments, and vacation pay.
	 	 	 
	 	3.	Salary
    Continuation.  Subject to and in consideration of your acceptance of this Agreement and the General Release
    contained in paragraph 13 (“General Release”), and the expiration of the seven (7) day revocation period contained
    in paragraph 15, the Company shall continue to pay your current base salary (at the rate of $300,000, when annualized), less
    all applicable tax withholdings and any other applicable payroll deductions, through September 19, 2016 (the “Severance
    Period”).  Such payments shall be made in installments corresponding to the regular pay periods of the Company
    and shall be mailed to you at the address listed above.  
	 	 	 
	 	4.	Health
    Insurance Continuation.  You may be eligible to elect health insurance continuation through the Company’s
    insured group health plan for up to eighteen (18) months after your separation date pursuant to the Consolidated Omnibus Reconciliation
    Act of 1985, as amended (“COBRA”), providing for continuation of coverage, or applicable state law.  Notice
    of your rights and obligations concerning continuation of coverage will be provided to you under separate cover in accordance
    with applicable law.  If you elect such continuation coverage, and subject to and in consideration of your acceptance
    of this Agreement and the General Release, and the expiration of the 7 day revocation period contained in paragraph 15, the
    Company shall continue to pay the employer portion of your group health insurance premium during the Severance Period.

 

    	 

    	Page 2

    

 

	 	5.	Transition
    Expenses.  Subject to and in consideration of your acceptance of this Agreement and the General Release,
    and the expiration of the seven (7) day revocation period contained in paragraph 15, the Company shall make a payment to you
    in the gross amount of $2,500, less all applicable tax withholdings and any other applicable payroll deductions, to defray
    transition expenses.  Such payment shall be made within 30 days of the expiration of the seven (7) day revocation
    period and shall be mailed to you at the address listed above.
	 	 	 
	 	6.	Stock
    Options.  Subject to and in consideration of your acceptance of this Agreement and the General Release, and
    the expiration of the seven (7) day revocation period contained in paragraph 15, the Company shall award you a fully-vested
    option to purchase 54,000 shares of the Company’s common stock, pursuant to the terms of the Company’s 2015 Equity
    Incentive Plan.  Such option will have an exercise price of $2.05 per share (which is the current fair market value
    of the Company’s common stock), and will be exercisable through February 16, 2021.  In addition, the terms of your
    existing stock options (exercisable for 799,414 shares) are hereby amended to provide that you will have until February 16,
    2021 to exercise such options.
	 	 	 
	 	7.	Transfer
    of Responsibilities.  You shall cooperate fully with the Company and its personnel to provide an orderly transfer
    of your duties and responsibilities.  Time spent on transition work will be reasonable and limited in scope so as
    not to interfere with potential new employment.  This cooperation includes but is not limited to timely compliance with
    all reasonable requests for information, with any obligations under this paragraph to be terminated after the last payment
    of severance.  Any request for assistance on ongoing manufacturing and product troubleshooting issues after September
    19, 2016 will be fully compensated to you under the rates provided in paragraph 12.
	 	 	 
	 	8.	Status
    of Employee Benefits, Paid Time Off.  Except as otherwise expressly provided in Paragraph 4 of this Agreement,
    your participation in all employee benefit plans of the Company has ended as of the separation date, in accordance with the
    terms of those plans.  You will not continue to earn vacation or other paid time off after the separation date.
    
	 	 	 
	 	9.	Confidentiality.  You
    agree, to the extent permitted by law, to keep confidential and not to disclose the existence or terms of this Agreement or
    sums paid under this Agreement to anyone or to any organization, except you may disclose such information to your spouse,
    attorney, and financial advisor, provided you have received in advance their promises to maintain this information in strict
    confidence; provided, however, that nothing in this Agreement will prevent you from cooperating with or participating in any
    proceeding before the federal Equal Employment Opportunity Commission (“EEOC”), the California Department of Fair
    Employment and Housing (“DFEH”), or any other federal, state or local governmental agency.  You also
    agree that you will not, without the Company's prior written consent, reveal or disclose to any person or entity outside of
    the Company or use for your own benefit or for the benefit of any other person or entity, any confidential information concerning
    the business or affairs of the Company, or concerning the Company's customers, clients, or employees (“Confidential
    Information”).
	 	 	 
	 	10.	Return
    of Property.  You acknowledge that you have returned to the Company all property of the Company that is in your
    possession or under your control, including, without limitation, any and all files, documents and other information with respect
    to the Company's management, business operations or customers, including all files, documents, or other information containing
    Confidential Information, except that you may keep your Company computer after the Company has cleaned its hard drive.  Further,
    you represent and warrant that you have not retained any copy of any Company documents, materials, or information (whether
    in hardcopy, on electronic media or otherwise).  You agree that you will not, for any purpose, attempt to access
    or use any Company computer or computer network or system, including without limitation its electronic mail system.  Further,
    you acknowledge that you have disclosed to the Company all passwords necessary or desirable to enable the Company to access
    all information which you have password-protected on any of its computer equipment or on its computer network or system.

 

    	 

    	Page 3

    

 

	 	11.	Non-Disparagement.  You
    further agree, to the extent permitted by law, that you will not, at any time after the date hereof, make any remarks or comments,
    orally or in writing, to any third party, which remarks or comments reasonably could be construed to be derogatory or disparaging
    to the Company or any of its shareholders, officers, directors, employees, attorneys or agents, or which reasonably could
    be anticipated to be damaging to the Company's reputation or good will or to the reputation or good will of any person associated
    with the Company.  The Company agrees to instruct its executives not to make any remarks or comments, orally or
    in writing, to any third party, which remarks or comments reasonably could be construed to be derogatory or disparaging to
    you, or which reasonably could be anticipated to be damaging to your reputation or good will or to the reputation or good
    will of any person associated with you.
	 	 	 
	 	12.	Cooperation
    in Litigation.  At the Company's request, you agree to assist, consult with, and cooperate with the Company
    in any litigation or administrative procedure or inquiry that involves the Company, subject to reimbursement for your actual
    time spent working at $200.00/hr and reasonable out of pocket expenses, such as travel, meals, or lodging.  Time
    spent in travel will be reimbursed at $75/hour, with a cap of $500 for travel per day. 
	 	 	 
	 	13.	General
    Release of Company.  You, for yourself and your heirs, legal representatives, beneficiaries, assigns and successors
    in interest, hereby knowingly and voluntarily release, remise and forever discharge (i) the Company and its successors, assigns,
    former or current shareholders, officers, directors, employees, agents, attorneys and representatives, whether in their individual
    or official capacities, (ii) Amir Heshmatpour and his heirs, legal representatives, assigns and successors in interest, and
    (iii) AFH Holding & Advisory, LLC and its successors, assigns, former or current shareholders, officers, directors, employees,
    agents, attorneys and representatives (together, the “Company Released Parties”), whether in their individual
    or official capacities, from any and all actions or causes of action, suits, debts, claims, complaints, contracts, controversies,
    agreements, promises, damages, claims for attorneys' fees, costs, interest, punitive damages or reinstatement, judgments and
    demands whatsoever, in law or equity, you now have, may have or ever had, whether known or unknown, suspected or unsuspected,
    from the beginning of the world to this date, including, without limitation, any claims under  the Age Discrimination
    in Employment Act, 29 U.S.C. §621 et seq.; Title VII of the Civil Rights Act of 1964, 42 U.S.C. §2000e et
    seq.; the Americans with Disabilities Act, 42 U.S.C. §12101 et seq.; the Employee Retirement Income Security
    Act of 1974, as amended, 29 U.S.C. §1000 et seq.; the California Fair Employment and Housing Act, Cal. Civil Code
    Section 12900 et. seq., the California Labor Code; Section 132a governing workers compensation retaliation claims;
    claims for breach of contract or based on tort; and any other statutory, regulatory or common law causes of action (“the
    Company Released Claims”).  You hereby acknowledge and understand that this is a General Release and by
    signing this Agreement you are giving up your rights to file any claim in any court and to seek and/or receive any form of
    compensation arising from your employment or separation from employment. 

 

    	 

    	Page 4

    

 

You
are aware that Section 1542 of the Civil Code of the State of California provides: “A general release does not extend to
claims which the creditor does not know or suspect to exist in his favor at the time of executing the release, which if known
by him must have materially affected his settlement with the debtor.” You understand that this Section gives you the right
not to release existing claims of which you are not now aware, unless you voluntarily choose to waive this right. You nevertheless
voluntarily waive the rights described in Section 1542 from the subject of this Agreement, and waive all claims that now exist
in your favor, known or unknown.

 

To
the extent permitted by law, you specifically agree not to commence any legal action in any state or federal court (an “Action”)
against any of the Company Released Parties arising out of or in connection with the Company Released Claims. To the extent permitted
by law, you expressly agree that if you commence such an Action in violation of this Agreement, you shall indemnify the Company
Released Parties for the full and complete costs of defending such an Action and enforcing this Agreement, including reasonable
attorneys' fees (whether incurred in a third party action or in an action to enforce this Agreement), court costs, and other related
expenses. This Agreement does not act as a waiver or release of any complaints or charges that you cannot by law waive or release,
and does not prohibit you from: (i) filing a charge or complaint with the EEOC, the DFEH or any other state or federal agency,
or (ii) participating in any investigation or proceeding conducted by the EEOC or DFEH.

 

	 	14.	General
    Release of William Jay Treat.  The Company, for itself and its successors and assigns, hereby knowingly and
    voluntarily releases, remises and forever discharges you and your heirs, legal representatives, assigns and successors in
    interest (together, the “Treat Released Parties”), from any and all actions or causes of action, suits, debts,
    claims, complaints, contracts, controversies, agreements, promises, damages, claims for attorneys' fees, costs, interest,
    punitive damages or reinstatement, judgments and demands whatsoever, in law or equity, it now has, may have or ever had, whether
    known or unknown, suspected or unsuspected, from the beginning of the world to this date, including, without limitation, any
    claims for breach of contract or based on tort, and any other statutory, regulatory or common law causes of action (“the
    Treat Released Claims”). 

 

The
Company is aware that Section 1542 of the Civil Code of the State of California provides: “A general release does not extend
to claims which the creditor does not know or suspect to exist in his favor at the time of executing the release, which if known
by him must have materially affected his settlement with the debtor.” The Company understands that this Section gives it
the right not to release existing claims of which it is not now aware, unless it voluntarily chooses to waive this right. It nevertheless
voluntarily waives the rights described in Section 1542 from the subject of this Agreement, and waives all claims that now exist
in its favor, known or unknown.

 

    	 

    	Page 5

    

 

To
the extent permitted by law, the Company specifically agrees not to commence any legal action in any state or federal court (an
“Action”) against any of the Treat Released Parties arising out of or in connection with the Treat Released Claims.
To the extent permitted by law, it expressly agrees that if it commences such an Action in violation of this Agreement, it shall
indemnify the Treat Released Parties for the full and complete costs of defending such an Action and enforcing this Agreement,
including reasonable attorneys' fees (whether incurred in a third party action or in an action to enforce this Agreement), court
costs, and other related expenses. This Agreement does not act as a waiver or release of any complaints or charges that it cannot
by law waive or release, and does not prohibit it from: (i) filing a charge or complaint with any state or federal agency, or
(ii) participating in any investigation or proceeding conducted by the EEOC or DFEH.

 

	 	15.	Acknowledgment/ADEA
    Disclosures.  You acknowledge and agree that you understand the meaning of this Agreement, including the General
    Release, and that you freely and voluntarily enter into it.  You agree that no fact, evidence, event, or transaction,
    whether known or unknown, shall affect in any manner the final and unconditional nature of this Agreement and the General
    Release. 

 

You
acknowledge that you have been advised:

 

(i)
that you have twenty-one (21) days to consider this Agreement;

 

(ii)
to consult with an attorney prior to executing this Agreement;

 

(iii)
this Agreement does not release any claims that arise after the execution of this Agreement; and

 

(iv)
for a period of seven (7) days after executing this Agreement, you may revoke this Agreement by providing written notice of such
revocation to Steve LaNeve via email at stevelaneve@gmail.com and this Agreement and General Release shall not become effective
or enforceable until such seven-day period has expired.

 

In
the event that you execute this Agreement prior to the expiration of the twenty one (21) day period during which you may consider
it, you represent and acknowledge that you have done so voluntarily and of your own free will without any coercion or compulsion
of any nature by the Company or anyone associated with the Company. No modifications to this Agreement shall have the effect of
delaying or restarting the twenty one (21) day period.

 

	 	16.	Non-Disclosure,
    Non-Solicitation, and Related Understandings.  You acknowledge the validity and continuing applicability of
    the agreements and covenants contained in your President and Chief Technology Officer Employment Agreement dated September
    19, 2014 concerning the non-use and return of confidential information, inventions, non-disparagement, and non-solicitation.  Those
    agreements and covenants are incorporated herein by reference.

 

    	 

    	Page 6

    

 

	 	17.	Legal
    Provisions.  This Agreement shall be construed in accordance with the laws of the Commonwealth of Massachusetts
    without regard to choice or conflict of law principles. A waiver of any breach of or failure to comply fully with any provision
    of this Agreement by either party shall not operate or be construed as a waiver of any subsequent breach thereof or failure
    to comply. If any portion or provision of this Agreement shall to any extent be deemed invalid or unenforceable, the remainder
    of this Agreement shall not be affected thereby and each portion and provision of this Agreement shall be valid and enforceable
    to the fullest extent permitted. To avoid any possible misunderstanding, the Company intends this Agreement to be a comprehensive
    statement of the terms of your separation. This Agreement supersedes any prior understanding or statement made to you by the
    Company regarding your positions with the Company or your arrangements with the Company for the period after your separation.
    For the same reason, any modifications of the terms set forth in this Agreement must be in writing and signed by you and by
    me on behalf of the Company.

 

Please
indicate your agreement to the terms of this Agreement by signing and dating the last page of the enclosed copy of this Agreement,
and return it to me not later than the close of business on March 22, 2016, which you acknowledge to be more than twenty-one (21)
days from the date of your receipt of this Agreement.  If this Agreement is not returned by such date, it shall expire.

 

	 	Sincerely,
	 	 
	 	BONE
    BIOLOGICS CORPORATION
	 	 
	 	Steve
    LaNeve
	 	CEO
    and President

 

AGREED
TO AND EXECUTED THIS 14 DAY OF March, 2016.

 

	 	 
	 	William
    Jay Treat

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