Document:

INDEMNIFICATION
AGREEMENT

 

This
Indemnification Agreement, dated September ___, 2014, is made between Bone Biologics, Corp., a Delaware corporation (the “Company”),
and __________________________ (the “Indemnitee”).

 

RECITALS

 

A.
The Company desires to attract and retain the services of talented and experienced individuals, such as Indemnitee, to serve
as directors and officers of the Company and its subsidiaries and wishes to indemnify its directors and officers to the
maximum extent permitted by law;

 

B.
The Company and Indemnitee recognize that corporate litigation in general has subjected directors and officers to expensive litigation
risks;

 

C.
Section 145 of the General Corporation Law of Delaware, under which the Company is organized (“Section 145”),
empowers the Company to indemnify its directors and officers by agreement and to indemnify persons who serve, at the request of
the Company, as the directors and officers of other corporations or enterprises, and expressly provides that the indemnification
provided by Section 145 is not exclusive;

 

D.
The Company’s Certificate of Incorporation expressly provide that the indemnification provisions set forth therein, which
include mandatory advancement, are not exclusive and may be supplemented by contracts such as this Indemnification Agreement;

 

E.
The Company’s Bylaws expressly provide that the indemnification provisions set forth therein, which include mandatory advancement,
are not exclusive and may be supplemented by contracts such as this Indemnification Agreement;

 

F.
Section 145(g) allows for the purchase of management liability (“D&O”) insurance by the Company, which in theory
can cover asserted liabilities without regard to whether they are indemnifiable or not;

 

G.
Individuals considering service with or presently serving Company expect to be extended market terms of indemnification commensurate
with their position, and that entities such as Company will endeavor to maintain appropriate D&O insurance; and

 

H.
In order to induce Indemnitee to serve or continue to serve as a director or officer of the Company and/or one or more subsidiaries
of the Company, the Company and Indemnitee enter into this Agreement, which is a material consideration for Indemnitee’s
service.

 

    	 

    	 

    

 

AGREEMENT

 

NOW,
THEREFORE, Indemnitee and the Company hereby agree as follows:

 

1.
Definitions. As used in this Agreement:

 

(a)
“Agent” means any person who is or was a director, officer, employee or other agent of the Company or a subsidiary
of the Company; or is or was serving at the request of, for the convenience of, or to represent the interests of the Company or
a subsidiary of the Company as a director, officer, employee or agent of another foreign or domestic corporation, limited liability
company, employee benefit plan, nonprofit entity, partnership, joint venture, trust or other enterprise; or was a director, officer,
employee or agent of a foreign or domestic corporation which was a predecessor corporation of the Company or a subsidiary of the
Company, or was a director, officer, employee or agent of another enterprise at the request of, for the convenience of, or to
represent the interests of such predecessor corporation.

 

(b)
“Board” means the Board of Directors of the Company.

 

(c)
A “Change in Control” shall be deemed to have occurred if (i) any “person,” as such term is used
in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), other than a
trustee or other fiduciary holding securities under an employee benefit plan of the Company or a corporation owned directly or
indirectly by the stockholders of the Company in substantially the same proportions as their ownership of stock of the Company,
is or becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of
securities of the Company representing a majority of the total voting power represented by the Company’s then outstanding
voting securities, (ii) during any period of two consecutive years, individuals who at the beginning of such period constituted
the Board, together with any new directors whose election by the Board or nomination for election by the Company’s stockholders
was approved by a vote of at least two-thirds of the directors then still in office who either were directors at the beginning
of the period or whose election or nomination was previously so approved, cease for any reason to constitute a majority of the
Board, (iii) the stockholders of the Company approve a merger or consolidation or a sale of all or substantially all of the Company’s
assets with or to another entity, other than a merger, consolidation or asset sale that would result in the holders of the Company’s
outstanding voting securities immediately prior thereto continuing to represent (either by remaining outstanding or by being converted
into voting securities of the surviving entity) at least a majority of the total voting power represented by the voting securities
of the Company or such surviving or successor entity outstanding immediately thereafter, or (iv) the stockholders of the Company
approve a plan of complete liquidation of the Company.

 

(d)
“Expenses” shall include all reasonable out-of-pocket costs of any type or nature whatsoever (including, without
limitation, all attorneys’ fees and related disbursements), actually and reasonably incurred by Indemnitee in connection
with either the investigation, defense or appeal of a Proceeding or establishing or enforcing a right to indemnification under
this Agreement, or Section 145 or otherwise; provided, however, that “Expenses” shall not include any judgments, fines,
ERISA excise taxes or penalties, or amounts paid in settlement of a Proceeding.

 

(e)
“Independent Counsel” means a law firm, or a partner (or, if applicable, member) of such a law firm, that is
experienced in relevant matters of corporation law and neither currently is, nor in the past five years has been, retained to
represent: (i) the Company or Indemnitee in any matter material to either such party or (ii) any other party to or witness in
the proceeding giving rise to a claim for indemnification hereunder. Notwithstanding the foregoing, the term “Independent
Counsel” shall not include any person who, under the applicable standards of professional conduct then prevailing, would
have a conflict of interest in representing either the Company or Indemnitee in an action to determine Indemnitee’s rights
under this Agreement. Where required by this Agreement, Independent Counsel shall be retained at the Company’s sole expense.

 

    	2

    	 

    

 

(f)
“Proceeding” means any threatened, pending, or completed action, claim, suit, arbitration, alternate dispute
resolution mechanism, investigation, administrative hearing or any other proceeding whether formal or informal, civil, criminal,
administrative, or investigative, including any such investigation or proceeding instituted by or on behalf of the Corporation
or its Board of Directors, in which Indemnitee is or reasonably may be involved as a party or target, that is by reason of Indemnitee’s
being an Agent of the Corporation.

 

(g)
“Subsidiary” means any corporation of which more than 50% of the outstanding voting securities is owned directly
or indirectly by the Company, by the Company and one or more other subsidiaries, or by one or more other subsidiaries.

 

2.
Agreement to Serve. Indemnitee agrees to serve and/or continue to serve as an Agent of the Company, at its will (or under
separate agreement, if such agreement exists), in the capacity Indemnitee currently serves as an Agent of the Company, so long
as Indemnitee is duly appointed or elected and qualified in accordance with the applicable provisions of the Bylaws or charter
of the Company or any subsidiary of the Company or until such time as Indemnitee tenders his or her resignation in writing; provided,
however, that nothing contained in this Agreement is intended to create any right to continued employment or other service by
Indemnitee.

 

3.
Liability Insurance.

 

(a) Maintenance
of D&O Insurance. The Company hereby covenants and agrees that, so long as Indemnitee shall continue to serve as
an Agent of the Company and thereafter so long as Indemnitee shall be subject to any possible Proceeding by reason of the
fact that Indemnitee was an Agent of the Company, the Company, subject to Section 3(c), shall promptly obtain and maintain in
full force and effect directors’ and officers’ liability insurance (“D&O Insurance”)
in reasonable amounts from established and reputable insurers of a minimum A.M. Best rating of A- VII, and as more
fully described below. In the event of a Change in Control, the Company shall, as set forth in Section (c) below, either:
i) maintain such D&O Insurance for six years; or ii) purchase a six year tail for such D&O Insurance. Should a
tail policy be purchased, reasonable efforts shall be made to try to negotiate that such policy is purchased by
the Company’s D&O insurance broker at that time, and under the same or better terms and limits for individuals that
is in place at that time.

 

(b)
Rights and Benefits. In all policies of D&O Insurance, Indemnitee shall qualify as an insured in such a manner as to
provide Indemnitee the same rights and benefits as are accorded to the most favorably insured of the Company’s independent
directors (as defined by the insurer) if Indemnitee is such an independent director; of the Company’s non-independent directors
if Indemnitee is not an independent director; of the Company’s officers if Indemnitee is an officer of the Company; or of
the Company’s key employees, if Indemnitee is not a director or officer but is a key employee.

 

    	3

    	 

    

 

(c)
Limitation on Required Maintenance of D&O Insurance. Notwithstanding the foregoing, the Company shall have no obligation
to obtain or maintain D&O Insurance at all, or of any type, terms, or amount, if the Company determines in good faith and
after using commercially reasonable efforts that: such insurance is not reasonably available; the premium costs for such insurance
are disproportionate to the amount of coverage provided; the coverage provided by such insurance is limited so as to provide an
insufficient or unreasonable benefit; Indemnitee is covered by similar insurance maintained by a subsidiary of the Company; or
the Company is to be acquired and a policy (tail or otherwise) of reasonable terms and duration can be purchased for pre-closing
acts or omissions by Indemnitee.

 

4.
Mandatory Indemnification. Subject to the terms of this Agreement:

 

(a)
Third Party Actions. If Indemnitee was or is a party or is threatened to be made a party to any Proceeding (other than
an action by or in the right of the Company) by reason of the fact that Indemnitee is or was an Agent of the Company, or by reason
of anything done or not done by Indemnitee in any such capacity, the Company shall indemnify Indemnitee against all Expenses and
liabilities of any type whatsoever (including, but not limited to, judgments, fines, ERISA excise taxes and penalties, and amounts
paid in settlement) actually and reasonably incurred by Indemnitee in connection with the investigation, defense, settlement or
appeal of such Proceeding, provided Indemnitee acted in good faith and in a manner Indemnitee reasonably believed to be in or
not opposed to the best interests of the Company, and, with respect to any criminal action or Proceeding, had no reasonable cause
to believe his or her conduct was unlawful.

 

(b)
Derivative Actions. If Indemnitee was or is a party or is threatened to be made a party to any Proceeding by or in the
right of the Company by reason of the fact that Indemnitee is or was an Agent of the Company, or by reason of anything done or
not done by Indemnitee in any such capacity, the Company shall indemnify Indemnitee against all Expenses actually and reasonably
incurred by Indemnitee in connection with the investigation, defense, settlement or appeal of such Proceeding, provided Indemnitee
acted in good faith and in a manner Indemnitee reasonably believed to be in or not opposed to the best interests of the Company;
except that no indemnification under this Section 4(b) shall be made in respect to any claim, issue or matter as to which Indemnitee
shall have been finally adjudged to be liable to the Company by a court of competent jurisdiction unless and only to the extent
that the Delaware Court of Chancery or the court in which such Proceeding was brought shall determine upon application that, despite
the adjudication of liability but in view of all the circumstances of the case, Indemnitee is fairly and reasonably entitled to
indemnity for such amounts which the Delaware Court of Chancery or such other court shall deem proper.

 

(c)
Actions where Indemnitee is Deceased. If Indemnitee is a person who was or is a party or is threatened to be made a party
to any Proceeding by reason of the fact that Indemnitee is or was an Agent of the Company, or by reason of anything done or not
done by Indemnitee in any such capacity, and if, prior to, during the pendency of or after completion of such Proceeding Indemnitee
is deceased, the Company shall indemnify Indemnitee’s heirs, executors and administrators against all Expenses and liabilities
of any type whatsoever to the extent Indemnitee would have been entitled to indemnification pursuant to this Agreement were Indemnitee
still alive.

 

    	4

    	 

    

 

(d)
Certain Terminations. The termination of any Proceeding or of any claim, issue, or matter therein by judgment, order, settlement,
or conviction, or upon a plea of nolo contendere or its equivalent, shall not (except as otherwise expressly provided
in this Agreement) of itself create a presumption that Indemnitee did not act in good faith and in a manner which Indemnitee reasonably
believed to be in or not opposed to the best interests of the Company or, with respect to any criminal action or Proceeding, that
Indemnitee had reasonable cause to believe that Indemnitee’s conduct was unlawful.

 

(e)
Limitations. Notwithstanding the foregoing provisions of Sections 4(a) through (d) hereof, but subject to the exception
set forth in Section 14 which shall control, the Company shall not be obligated to indemnify the Indemnitee for Expenses or liabilities
of any type whatsoever for which payment (and the Company’s indemnification obligations under this Agreement shall be reduced
by such payment) is actually made to or on behalf of Indemnitee, by the Company or otherwise, under a corporate insurance policy,
or under a valid and enforceable indemnity clause, right, by-law, or agreement; and, in the event the Company has previously made
a payment to Indemnitee for an Expense or liability of any type whatsoever for which payment is actually made to or on behalf
of the Indemnitee under an insurance policy, or under a valid and enforceable indemnity clause, by-law or agreement, Indemnitee
shall return to the Company the amounts subsequently received by the Indemnitee from such other source of indemnification.

 

(f)
Witness. In the event that Indemnitee is not a party or threatened to be made a party to a Proceeding, but is subpoenaed
(or given a written request to be interviewed by or provide documents or information to a government authority) in such a Proceeding
by reason of the fact that the Indemnitee is or was an Agent of the Company, or by reason of anything witnessed or allegedly witnessed
by the Indemnitee in that capacity, the Company shall indemnify the Indemnitee against all actually and reasonable out of pocket
costs (including without limitation legal fees) reasonably incurred by the Indemnitee in responding to such subpoena or written
request for an interview. As a condition to this right, Indemnitee must provide notice of such subpoena or request to the Company
within 14 days, subject to the terms of Section 7(a).

 

5.
Indemnification for Expenses in a Proceeding in Which Indemnitee is Wholly or Partly Successful.

 

(a)
Successful Defense. Notwithstanding any other provisions of this Agreement, to the extent Indemnitee has been successful,
on the merits or otherwise, in defense of any Proceeding (including, without limitation, an action by or in the right of the Company)
in which Indemnitee was a party by reason of the fact that Indemnitee is or was an Agent of the Company at any time, the Company
shall indemnify Indemnitee against all Expenses actually and reasonably incurred by or on behalf of Indemnitee in connection with
the investigation, defense or appeal of such Proceeding.

 

    	5

    	 

    

 

(b)
Partially Successful Defense. Notwithstanding any other provisions of this Agreement, to the extent that Indemnitee is
a party to any Proceeding (including, without limitation, an action by or in the right of the Company) in which Indemnitee was
a party by reason of the fact that Indemnitee is or was an Agent of the Company at any time and is successful, on the merits or
otherwise, as to one or more but less than all claims, issues or matters in such Proceeding, the Company shall indemnify Indemnitee
against all Expenses actually and reasonably incurred by or on behalf of Indemnitee in connection with each successfully resolved
claim, issue or matter.

 

(c)
Dismissal. For purposes of this section and without limitation, the termination of any claim, issue or matter in such a
Proceeding by dismissal, with or without prejudice, shall be deemed to be a successful result as to such claim, issue or matter.

 

(d)
Contribution. If the indemnification provided in this Agreement is unavailable and may not be paid to Indemnitee, then
to the extent allowed by law, in respect of any threatened, pending or completed action, suit or proceeding in which the Company
is jointly liable with Indemnitee (or would be if joined in such action, suit or proceeding), the Company shall contribute to
the amount of Expenses (including attorneys’ fees), judgments, fines and amounts paid in settlement actually and reasonably
incurred and paid or payable by Indemnitee in such proportion as is appropriate to reflect (i) the relative benefits received
by the Company on the one hand and Indemnitee on the other hand from the transaction from which such action, suit or proceeding
arose, and (ii) the relative fault of Company on the one hand and of Indemnitee on the other in connection with the events which
resulted in such Expenses, judgments, fines or settlement amounts, as well as any other relevant equitable considerations. The
relative fault of the Company on the one hand and of Indemnitee on the other shall be determined by reference to, among other
things, the parties’ relative intent, knowledge, access to information, active or passive conduct, and opportunity to correct
or prevent the circumstances resulting in such Expenses, judgments, fines or settlement amounts. The Company agrees that it would
not be just and equitable if contribution pursuant to this section were determined by pro rata allocation or any other method
of allocation which does not take account of the foregoing equitable considerations.

 

6.
Mandatory Advancement of Expenses.

 

(a)
Subject to the terms of this Agreement and following notice pursuant to Section 7(a) below, the Company shall advance, interest
free, all Expenses reasonably incurred by Indemnitee in connection with the investigation, defense, settlement or appeal of any
Proceeding to which Indemnitee is a party or is threatened to be made a party by reason of the fact that Indemnitee is or was
an Agent of the Company (unless there has been a final determination that Indemnitee is not entitled to indemnification for such
Expenses) upon receipt satisfactory documentation supporting such Expenses. Such advances are intended to be an obligation of
the Company to Indemnitee hereunder and shall in no event be deemed to be a personal loan. Such advancement of Expenses shall
otherwise be unsecured and without regard to Indemnitee’s ability to repay. The advances to be made hereunder shall be paid
by the Company to Indemnitee within 30 days following delivery of a written request therefore by Indemnitee to the Company, along
with such documentation and information as is reasonably available to the claimant and is reasonably necessary to determine whether
and to what extent the claimant is entitled to advancement (which shall include without limitation reasonably detailed invoices
for legal services, but with disclosure of confidential work product not required). The Company shall discharge its advancement
duty by, at its option, (a) paying such Expenses on behalf of Indemnitee, (b) advancing to Indemnitee funds in an amount sufficient
to pay such Expenses, or (c) reimbursing Indemnitee for Expenses already paid by Indemnitee. In the event that the Company fails
to pay Expenses as incurred by Indemnitee as required by this paragraph, Indemnitee may seek mandatory injunctive relief (including
without limitation specific performance) from any court having jurisdiction to require the Company to pay Expenses as set forth
in this paragraph. If Indemnitee seeks mandatory injunctive relief pursuant to this paragraph, it shall not be a defense to enforcement
of the Company’s obligations set forth in this paragraph that Indemnitee has an adequate remedy at law for damages.

 

    	6

    	 

    

 

(b)
Undertakings. By execution of this Agreement, Indemnitee agrees to repay the amount advanced only in the event and to the
extent that it shall be finally determined that Indemnitee is not entitled to indemnification by the Company to the extent set
forth in this agreement and under Delaware law. Indemnitee shall qualify for advances upon the execution and delivery to the Company
of this Agreement. No additional undertaking, or security, shall be required of Indemnitee.

 

7.
Notice and Other Indemnification Procedures.

 

(a)
Notice by Indemnitee. Promptly after receipt by Indemnitee of notice of the commencement of or the threat of commencement
of any Proceeding, Indemnitee shall, if Indemnitee believes that indemnification with respect thereto may be sought from the Company
under this Agreement, notify the Company in writing of the commencement or threat of commencement thereof provided, however,
that a delay in giving such notice will not deprive Indemnitee of any right to be indemnified under this Agreement unless, and
then only to the extent that, the Company did not otherwise learn of the Proceeding and such delay is materially prejudicial to
the Company; and, provided, further, that notice will be deemed to have been given without any action on the part
of Indemnitee in the event the Company is a party to the same Proceeding and has notice thereof. The omission to notify the Company
will not relieve the Company from any liability for indemnification which it may have to Indemnitee otherwise than under this
Agreement.

 

(b)
Insurance. If the Company receives notice pursuant to Section 7(a) hereof of the commencement of a Proceeding that may
be covered under D&O Insurance then in effect, the Company shall give prompt notice of the commencement of such Proceeding
to the insurers in accordance with the procedures set forth in the respective policies.

 

(c)
Defense. In the event the Company shall be obligated to pay the Expenses of any Proceeding against Indemnitee, the Company
shall be entitled to assume the defense of such Proceeding, with counsel selected by the Company and approved by Indemnitee (which
approval shall not be unreasonably withheld), upon the delivery to Indemnitee of written notice of the Company’s election
so to do. After delivery of such notice, and the retention of such counsel by the Company, the Company will not be liable to Indemnitee
under this Agreement for any fees of counsel subsequently incurred by Indemnitee with respect to the same Proceeding, provided
that (i) Indemnitee shall have the right to employ his or her own counsel in any such Proceeding at Indemnitee’s expense;
and (ii) Indemnitee shall have the right to employ his or her own counsel in any such Proceeding at the Company’s expense
if (A) the Company has authorized the employment of counsel by Indemnitee at the expense of the Company; (B) Indemnitee shall
have reasonably concluded based on the written advice of Indemnitee’s legal counsel that there may be a conflict of interest
between the Company and Indemnitee in the conduct of any such defense; or (C) the Company shall not, in fact, have employed counsel
to assume the defense of such Proceeding. In addition to all the requirements above, if the Company has D&O Insurance, or
other insurance, with a panel counsel requirement that may cover the matter for which indemnity is claimed by Indemnitee, then
Indemnitee shall use such panel counsel or other counsel approved by the insurers, unless there is an actual conflict of interest
posed by representation by all such counsel, or unless and to the extent Company waives such requirement in writing. Indemnitee
and his counsel shall provide reasonable cooperation with such insurer on request of the Company.

 

    	7

    	 

    

 

8.
Right to Indemnification.

 

(a)
Right to Indemnification. In the event that Section 5(a) is inapplicable, the Company shall indemnify Indemnitee pursuant
to this Agreement unless, and except to the extent that, it shall have been determined by one of the methods listed in Section
8(b) that Indemnitee has not met the applicable standard of conduct required to entitle Indemnitee to such indemnification.

 

(b)
Determination of Right to Indemnification. A determination of Indemnitee’s right to indemnification under this Section
8 shall be made at the election of the Board by (i) a majority vote of directors who are not parties to the Proceeding for which
indemnification is being sought, even though less than a quorum, or by a committee consisting of directors who are not parties
to the Proceeding for which indemnification is being sought, who, even though less than a quorum, have been designated by a majority
vote of the disinterested directors, or (ii) if there are no such disinterested directors or if the disinterested directors so
direct, by Independent Counsel in a written opinion to the Board, a copy of which shall be delivered to Indemnitee. However, in
the event there has been a Change in Control, then the determination shall, at Indemnitee’s sole option, be made by Independent
Counsel as in (b)(ii), above, with Indemnitee choosing the Independent Counsel subject to Company’s consent, such consent
not to be unreasonably withheld.

 

(c)
Submission for Decision. As soon as practicable, and in no event later than 30 days after Indemnitee’s written request
for indemnification, the Board shall select the method for determining Indemnitee’s right to indemnification. Indemnitee
shall cooperate with the person or persons or entity making such determination with respect to Indemnitee’s right to indemnification,
including providing to such person, persons or entity, upon reasonable advance request, any documentation or information which
is not privileged or otherwise protected from disclosure and which is reasonably available to Indemnitee and reasonably necessary
to such determination. Any Independent Counsel or member of the Board shall act reasonably and in good faith in making a determination
regarding Indemnitee’s entitlement to indemnification under this Agreement.

 

    	8

    	 

    

 

(d)
Application to Court. If (i) a claim for indemnification or advancement of Expenses is denied, in whole or in part, (ii)
no disposition of such claim is made by the Company within 60 days after the request therefore, (iii) the advancement of Expenses
is not timely made pursuant to Section 6 of this Agreement or (iv) payment of indemnification is not made pursuant to Section
5 of this Agreement, Indemnitee shall have the right at his option to apply to the Delaware Court of Chancery, a California state
or federal court, the court in which the Proceeding is or was pending, or any other court of competent jurisdiction, for the purpose
of enforcing Indemnitee’s right to indemnification (including the advancement of Expenses) pursuant to this Agreement. Upon
written request by Indemnitee, the Company shall consent to service of process.

 

(e)
Expenses Related to the Enforcement or Interpretation of this Agreement. The Company shall indemnify Indemnitee against
Expenses incurred by Indemnitee in connection with any hearing or proceeding under this Section 8 involving Indemnitee, and against
Expenses incurred by Indemnitee in connection with any other proceeding between the Company and Indemnitee to the extent involving
the interpretation or enforcement of the rights of Indemnitee under this Agreement, if and to the extent Indemnitee is successful.

 

(f)
In no event shall Indemnitee’s right to indemnification (apart from advancement of Expenses) be determined prior to a final
adjudication in the Proceeding at issue if the Proceeding is both ongoing, and of the nature to have a final adjudication.

 

(g)
In any proceeding to determine Indemnitee’s right to indemnification or advancement, Indemnitee shall be presumed to be
entitled to indemnification or advancement, with the burden of proof on the Company to prove, by a preponderance of the evidence
(or higher standard if required by relevant law) that Indemnitee is not so entitled.

 

(h)
Indemnitee shall be fully indemnified for those matters where, in the performance of his duties for the Company, he relied in
good faith upon the records of the Company and upon such information, opinions, reports or statements presented to the Company
by any of the Company’s officers or employees, or committees of the board of directors, or by any other person as to matters
Indemnitee reasonably believed were within such other person’s professional or expert competence and who was selected with
reasonable care by or on behalf of the Company.

 

9.
Exceptions. Any other provision herein to the contrary notwithstanding, the Company shall not be obligated:

 

(a)
Claims Initiated by Indemnitee. To indemnify or advance Expenses to Indemnitee with respect to Proceedings or claims initiated
or brought voluntarily by Indemnitee (including cross actions), with a reasonable allocation where appropriate, unless (i) such
indemnification is expressly required to be made by law, (ii) the Proceeding was authorized by the Board, (iii) such indemnification
is provided by the Company, in its sole discretion, pursuant to the powers vested in the Company under the General Corporation
Law of Delaware or (iv) the Proceeding is brought pursuant to Section 8 specifically to establish or enforce a right to indemnification
under this Agreement or any other statute or law or otherwise as required under Section 145 in advance of a final determination,
in which case 8(e)’s fees-on-fees provision shall control;

 

    	9

    	 

    

 

(b)
Fees on Fees. To indemnify Indemnitee for any Expenses incurred by Indemnitee with respect to any Proceeding instituted
by Indemnitee to enforce or interpret this Agreement, to the extent Indemnitee is not successful in such a Proceeding;

 

(c)
Unauthorized Settlements. To indemnify Indemnitee under this Agreement for any amounts paid in settlement of a Proceeding
unless the Company consents to such settlement, which consent shall not be unreasonably withheld;

 

(d)
Claims Under Section 16(b). To indemnify Indemnitee for Expenses associated with any Proceeding related to, or the payment
of profits made from the purchase and sale (or sale and purchase) by Indemnitee of securities of the Company within the meaning
of Section 16(b) of the Securities Exchange Act of 1934, as amended, or similar provisions of state statutory law or common law
(provided, however, that the Company must advance Expenses for such matters as otherwise permissible under this Agreement); or

 

(e)
Payments Contrary to Law. To indemnify or advance Expenses to Indemnitee for which payment is prohibited by applicable
law.

 

10.
Non-Exclusivity. The provisions for indemnification and advancement of Expenses set forth in this Agreement shall not be
deemed exclusive of any other rights which Indemnitee may have under any provision of law, the Company’s Certificate of
Incorporation or Bylaws, the vote of the Company’s stockholders or disinterested directors, other agreements, or otherwise,
both as to action in Indemnitee’s official capacity and as to action in another capacity while occupying Indemnitee’s
position as an Agent of the Company. Indemnitee’s rights hereunder shall continue after Indemnitee has ceased acting as
an Agent of the Company and shall inure to the benefit of the heirs, executors and administrators of Indemnitee.

 

11.
Permitted Defenses. It shall be a defense to any action for which a claim for indemnification is made under this Agreement
(other than an action brought to enforce a claim for Expenses pursuant to Section 6 hereof, provided that the required documents
have been tendered to the Company) that Indemnitee is not entitled to indemnification because of the limitations set forth in
Sections 4 and 9 hereof. Neither the failure of the Company (including its Board of Directors) or an Independent Counsel to have
made a determination prior to the commencement of such enforcement action that indemnification of Indemnitee is proper in the
circumstances, nor an actual determination by the Company (including its Board of Directors) or an Independent Counsel that such
indemnification is improper, shall be a defense to the action or create a presumption that Indemnitee is not entitled to indemnification
under this Agreement or otherwise. In making any determination concerning Indemnitee’s right to indemnification, there shall
be a presumption that Indemnitee has satisfied the applicable standard of conduct. Any determination by the Company concerning
Indemnitee’s right to indemnification that is adverse to Indemnitee may be challenged by the Indemnitee in the Court of
Chancery of the State of Delaware.

 

    	10

    	 

    

 

12.
Subrogation. In the event the Company is obligated to make a payment under this Agreement, the Company shall be subrogated
to the extent of such payment to all of the rights of recovery under any corporate insurance policy or any other indemnity agreement
covering Indemnitee, who shall execute all documents reasonably required and take all action that may be necessary to secure such
rights and to enable the Company effectively to bring suit to enforce such rights (provided that the Company pays Indemnitee’s
costs and expenses of doing so), including without limitation by assigning all such rights to the Company or its designee to the
extent of such indemnification or advancement of Expenses. The Company’s obligation to indemnify or advance expenses under
this Agreement shall be reduced by any amount Indemnitee has collected from such other source, and in the event that Company has
fully paid such indemnity or expenses, Indemnitee shall return to the Company any amounts subsequently received from such other
source of indemnification. With regard to third party indemnitors, however, Section 13 shall control over this section.

 

13.
[Primacy of Indemnification. The Company hereby acknowledges that Indemnitee may have certain rights to indemnification,
advancement of expenses or liability insurance provided by one or more third-parties (the “Third Party Indemnitors”).
The Company hereby agrees that (i) it is the indemnitor of first resort, i.e., its obligations to Indemnitee under this
Agreement and any indemnity provisions set forth in its Certificate of Incorporation, Bylaws or elsewhere (collectively, “Indemnity
Arrangements”) are primary, and any obligation of the Third Party Indemnitors to advance expenses or to provide indemnification
for the same Expenses or liabilities incurred by Indemnitee is secondary and excess, (ii) it shall advance the full amount of
Expenses incurred by Indemnitee and shall be liable for the full amount of all Expenses, judgments, penalties, fines and amounts
paid in settlement by or on behalf of Indemnitee, to the extent legally permitted and as required by any Indemnity Arrangement,
without regard to any rights Indemnitee may have against the Third Party Indemnitors, and (iii) it irrevocably waives, relinquishes
and releases the Third Party Indemnitors from any claims against the Third Party Indemnitors for contribution, subrogation or
any other recovery of any kind arising out of or relating to any Indemnity Arrangement. The Company further agrees that no advancement
or indemnification payment by any Third Party Indemnitor on behalf of Indemnitee shall affect the foregoing, and the Third Party
Indemnitors shall be subrogated to the extent of such advancement or payment to all of the rights of recovery of Indemnitee against
the Company. The Company and Indemnitee agree that the Third Party Indemnitors are express third party beneficiaries of the terms
of this Section 13. The Company, on its own behalf and on behalf of its insurers to the extent allowed by the policies, waives
subrogation rights against Indemnitee.]

 

14.
Broadest Interpretation. The Company hereby agrees to indemnify Indemnitee to the fullest extent permitted by law, notwithstanding
that such indemnification is not specifically authorized by the other provisions of this Agreement, the Company’s Certificate
of Incorporation or Bylaws as now or hereafter in effect, or by statute. In the event of any change after the date of this Agreement
in any applicable law, statute or rule which expands the right of a Delaware corporation to indemnify a member of its Board of
Directors or an officer, employee, agent or fiduciary, it is the intent of the parties hereto that Indemnitee shall enjoy by this
Agreement the greater benefits afforded by such change. In the event of any change in any applicable law, statute or rule which
narrows the right of a Delaware corporation to indemnify a member of its Board of Directors or an officer, employee, agent or
fiduciary, such change, to the extent not otherwise required by such law, statute or rule to be applied to this Agreement, shall
have no effect on this Agreement or the parties’ rights and obligations hereunder.

 

    	11

    	 

    

 

15.
No Imputation. The knowledge or actions, or failure to act, of any director, officer, employee, or agent of the Company,
or the Company itelf shall not be imputed to Indemnitee for the purpose of determining Indemnitee’s rights hereunder.

 

16.
Survival of Rights.

 

(a)
All agreements and obligations of the Company contained herein shall continue during the period Indemnitee is an Agent of the
Company and shall continue thereafter so long as Indemnitee shall be subject to any possible claim or threatened, pending or completed
Proceeding by reason of the fact that Indemnitee was serving in the capacity referred to herein.

 

(b)
The Company shall require any successor to the Company (whether direct or indirect, by purchase, merger, consolidation or otherwise)
to all or substantially all of the business or assets of the Company, expressly to assume and agree to perform this Agreement
in the same manner and to the same extent that the Company would be required to perform if no such succession had taken place.

 

17.
Interpretation of Agreement. It is understood that the parties hereto intend this Agreement to be interpreted and enforced
so as to provide indemnification to Indemnitee to the fullest extent permitted by law, including those circumstances in which
indemnification would otherwise be discretionary.

 

18.
Severability. If any provision or provisions of this Agreement shall be held to be invalid, illegal or unenforceable for
any reason whatsoever, (i) the validity, legality and enforceability of the remaining provisions of the Agreement (including,
without limitation, all portions of any paragraphs of this Agreement containing any such provision held to be invalid, illegal
or unenforceable, that are not themselves invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby,
and (ii) to the fullest extent possible, the provisions of this Agreement (including, without limitation, all portions of any
paragraph of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that are not themselves
invalid, illegal or unenforceable) shall be construed so as to give effect to the intent manifested by the provision held invalid,
illegal or unenforceable and to give effect to this Section.

 

19.
Entire Agreement. This Agreement constitutes the entire agreement between the parties with respect to the matters addressed
herein, and any other prior or contemporaneous oral or written understandings or agreements with respect to the matters addressed
herein (including without limitation any prior indemnification agreement for Indemnitee) are expressly superseded by this Agreement.

 

20.
Modification and Waiver. No supplement, modification or amendment of this Agreement shall be binding unless it is in a
writing signed by both of the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute
a waiver of any other provisions hereof (whether or not similar) nor shall such waiver constitute a continuing waiver.

 

    	12

    	 

    

 

21.
Notice. All notices, requests, demands and other communications under this Agreement shall be in writing and shall be deemed
to have been duly given (a) upon delivery if delivered by hand to the party to whom such notice or other communication shall have
been directed, (b) if mailed by certified or registered mail with postage prepaid, return receipt requested, on the third business
day after the date on which it is so mailed, (c) one business day after the business day of deposit with a nationally recognized
overnight delivery service, specifying next day delivery, with written verification of receipt, or (d) on the same day as delivered
by confirmed facsimile transmission if delivered during business hours or on the next successive business day if delivered by
confirmed facsimile transmission after business hours. Addresses for notice to either party shall be as shown on the signature
page of this Agreement, or to such other address as may have been furnished by either party in the manner set forth above.

 

22.
Governing Law. This Agreement shall be governed exclusively by and construed according to the laws of the State of Delaware
as applied to contracts between Delaware residents entered into and to be performed entirely within Delaware. This Agreement is
intended to be an agreement of the type contemplated by Section 145(f) of the General Corporation Law of Delaware.

 

23.
Counterparts. This Agreement may be executed in one or more counterparts, each of which shall for all purposes be deemed
to be an original but all of which together shall constitute one and the same Agreement. Only one such counterpart signed by the
party against whom enforcement is sought needs to be produced to evidence the existence of this Agreement.

 

The
parties hereto have entered into this Indemnification Agreement, including the undertaking contained herein, effective as of the
date first above written.

 

	Indemnitee:	 	The Company:
	 	 	 	 
	 	 	 	Bone Biologics, Corp.
	 	 	 	 
	 	 	 	By:	 
	Address:	 	 	 	 
	 	 	 	Name:	William
    Jay Treat
	 	 	 	Title:	President

 

    	13FORMER
OFFICER & DIRECTOR INDEMNIFICATION AGREEMENT

 

This
Indemnification Agreement, dated September 19, 2014, is made between Bone Biologics, Corp., a Delaware corporation (the “Company”),
and ___________________________ (the “Indemnitee”).

 

RECITALS

 

A.
In connection with that certain Agreement and Plan of Merger, dated September 19, 2014 (the “Merger Agreement”)
by and between the Company and its wholly-owned subsidiary, Bone Biologics Acquisition Corp., a Delaware corporation (“Merger
Sub”) and Bone Biologics, Inc. (“Bone” or “Bone Biologics”), our Board of Directors
has agreed to provide certain limited indemnification for certain of the Company’s former officers and directors;

 

B.
The Company’s Amended and Restated Certificate of Incorporation expressly provide that the Company shall indemnify, to the
fullest extent permitted by Section 145 of the DGCL and the Company’s Bylaws, each as amended from time to time, each person
that such section grants the Company the power to indemnify;

 

C.
The Company’s Amended and Restated Bylaws expressly provide that the indemnification provisions set forth therein are not
exclusive and may be supplemented by contracts such as this Indemnification Agreement;

 

AGREEMENT

 

NOW,
THEREFORE, Indemnitee and the Company hereby agree as follows:

 

1.
Definitions. As used in this Agreement:

 

(a)
“Board” means the Board of Directors of the Company.

 

(b)
A “Change in Control” shall be deemed to have occurred if (i) any “person,” as such term is used
in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), other than a
trustee or other fiduciary holding securities under an employee benefit plan of the Company or a corporation owned directly or
indirectly by the stockholders of the Company in substantially the same proportions as their ownership of stock of the Company,
is or becomes the “beneficial owner” (as defined in Rule 13d 3 under the Exchange Act), directly or indirectly, of
securities of the Company representing a majority of the total voting power represented by the Company’s then outstanding
voting securities, (ii) during any period of two consecutive years, individuals who at the beginning of such period constituted
the Board, together with any new directors whose election by the Board or nomination for election by the Company’s stockholders
was approved by a vote of at least two-thirds of the directors then still in office who either were directors at the beginning
of the period or whose election or nomination was previously so approved, cease for any reason to constitute a majority of the
Board, (iii) the stockholders of the Company approve a merger or consolidation or a sale of all or substantially all of the Company’s
assets with or to another entity, other than a merger, consolidation or asset sale that would result in the holders of the Company’s
outstanding voting securities immediately prior thereto continuing to represent (either by remaining outstanding or by being converted
into voting securities of the surviving entity) at least a majority of the total voting power represented by the voting securities
of the Company or such surviving or successor entity outstanding immediately thereafter, or (iv) the stockholders of the Company
approve a plan of complete liquidation of the Company

 

    	 

    	 

    

 

(c)
“Effective Date of the Merger” means September 19, 2014.

 

(d)
“Expenses” shall include all reasonable out-of-pocket costs of any type or nature whatsoever (including, without
limitation, all attorneys’ fees and related disbursements), actually and reasonably incurred by Indemnitee in connection
with either the investigation, defense or appeal of a Qualifying Proceeding; provided, however, that “Expenses” shall
not include any judgments, fines, bonds, security, penalties, taxes, or amounts paid in settlement of a Qualifying Proceeding.

 

(e)
“Former D&O Indemnified Persons” means Don R. Hankey and Amir F. Heshmatpour.

 

(f)
“Hankey Affidavit”) means that certain affidavit executed by Don R. Hankey and attached hereto as Exhibit A.

 

(g)
“Heshmatpour Affidavit”) means that certain affidavit executed by Amir F. Heshmatpour and attached hereto as
Exhibit B.

 

(h)
“Independent Counsel” means an attorney with at least 5 years of experience in management indemnification matters
who has neither represented Indemnitee or Company in the past 5 years. Independent Counsel shall be chosen by the Company, and
shall be paid by the Company.

 

(i)
“Merger” means all transactions contemplated by the Merger Agreement.

 

(j)
“Qualifying Proceeding” means any lawsuit or formal administrative proceeding to which Indemnitee is a party
or identified in a formal order of investigation, that (i) is by reason of Indemnitee’s being an officer or director of
the Company prior to the Merger, including through all transactions relating to the Merger, that certain Amended and Restated
Letter of Intent entered into between Musculoskeletal Transplant Foundation, Inc., Bone Biologics, Inc. and AFH Holding &
Advisory, LLC on May 7, 2014, as amended, and the preparation and filing of the Company’s current report on Form 8-K filed
in connection with the Merger (the “Super 8-K”) or (ii) is related to acts in connection with the Merger
taken by the Former D&O Indemnified Persons.

 

(k)
“Subsidiary” means any corporation of which more than 50% of the outstanding voting securities is owned directly
or indirectly by the Company, by the Company and one or more other subsidiaries, or by one or more other subsidiaries.

 

    	2

    	 

    

 

2.
Former D&O Indemnification Agreement. For a period of four (4) years from and after September 19, 2014, we will indemnify
(including advancement of Expenses) and hold harmless the Former D&O Indemnified Persons, for any Qualifying Proceeding. Such
indemnification and advancement shall be subject to all restrictions required by Delaware law.

 

3.
Mandatory Indemnification. Subject to the terms of this Agreement:

 

(a)
Third Party Actions. If Indemnitee was or is a party or is threatened to be made a party to any Qualifying Proceeding (other
than an action by or in the right of the Company) by reason of the fact that Indemnitee is or was an officer or director of the
Company, or by reason of anything done or not done by Indemnitee in any such capacity, the Company shall indemnify Indemnitee
against all Expenses and liabilities of any type whatsoever (including, but not limited to, judgments, fines, ERISA excise taxes
and penalties, and amounts paid in settlement) actually and reasonably incurred by Indemnitee in connection with the investigation,
defense, settlement or appeal of such Qualifying Proceeding, provided Indemnitee acted in good faith and in a manner Indemnitee
reasonably believed to be in or not opposed to the best interests of the Company, and, with respect to any criminal action or
Proceeding, had no reasonable cause to believe his or her conduct was unlawful.

 

(b)
Derivative Actions. If Indemnitee was or is a party or is threatened to be made a party to any Qualifying Proceeding by
or in the right of the Company by reason of the fact that Indemnitee is or was an officer or director of the Company, or by reason
of anything done or not done by Indemnitee in any such capacity, the Company shall indemnify Indemnitee against all Expenses actually
and reasonably incurred by Indemnitee in connection with the investigation, defense, settlement or appeal of such Qualifying Proceeding,
provided Indemnitee acted in good faith and in a manner Indemnitee reasonably believed to be in or not opposed to the best interests
of the Company; except that no indemnification under this Section 3(b) shall be made in respect to any claim, issue or matter
as to which Indemnitee shall have been finally adjudged to be liable to the Company by a court of competent jurisdiction unless
and only to the extent that the Delaware Court of Chancery or the court in which such Qualifying Proceeding was brought shall
determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, Indemnitee
is fairly and reasonably entitled to indemnity for such amounts which the Delaware Court of Chancery or such other court shall
deem proper.

 

(c)
Actions where Indemnitee is Deceased. If Indemnitee is a person who was or is a party or is threatened to be made a party
to any Qualifying Proceeding by reason of the fact that Indemnitee is or was an officer or director of the Company, or by reason
of anything done or not done by Indemnitee in any such capacity, and if, prior to, during the pendency of or after completion
of such Qualifying Proceeding Indemnitee is deceased, the Company shall indemnify Indemnitee’s heirs, executors and administrators
against all Expenses and liabilities of any type whatsoever to the extent Indemnitee would have been entitled to indemnification
pursuant to this Agreement were Indemnitee still alive.

 

    	3

    	 

    

 

(d)
Certain Terminations. The termination of any Qualifying Proceeding or of any claim, issue, or matter therein by judgment,
order, settlement, or conviction, or upon a plea of nolo contendere or its equivalent, shall not (except as otherwise
expressly provided in this Agreement) of itself create a presumption that Indemnitee did not act in good faith and in a manner
which Indemnitee reasonably believed to be in or not opposed to the best interests of the Company or, with respect to any criminal
action or Qualifying Proceeding, that Indemnitee had reasonable cause to believe that Indemnitee’s conduct was unlawful.

 

(e)
Notwithstanding the foregoing provisions, the Company shall not be obligated to indemnify the Indemnitee for Expenses or liabilities
of any type whatsoever for which payment (and the Company’s indemnification obligations under this Agreement shall be reduced
by such payment) is actually made to or on behalf of Indemnitee, by the Company or otherwise, under any insurance policy or other
indemnification right. In the event the Company has previously made a payment to Indemnitee for an Expense or liability of any
type whatsoever for which payment is actually made to or on behalf of the Indemnitee under an insurance policy or other indemnity
right, Indemnitee shall return to the Company the amounts subsequently received by the Indemnitee from such other source of indemnification.

 

(f)
Witness. In the event that Indemnitee is not a party or threatened to be made a party to a Qualifying Proceeding, but is
subpoenaed (or given a written request to be interviewed by or provide documents or information to a government authority) in
such a Qualifying Proceeding by reason of the fact that the Indemnitee is or was an officer or director of the Company, or by
reason of anything witnessed or allegedly witnessed by the Indemnitee in that capacity, the Company shall indemnify the Indemnitee
against all actually and reasonable out of pocket costs (including without limitation legal fees) reasonably incurred by the Indemnitee
in responding to such subpoena or written request for an interview. As a condition to this right, Indemnitee must provide notice
of such subpoena or request to the Company within 14 days, subject to the terms of Section 5(a).

 

4.
Indemnification for Expenses in a Qualifying Proceeding in Which Indemnitee is Wholly or Partly Successful.

 

(a)
Successful Defense. Subject to the condition precedent in Section 6, to the extent Indemnitee has been successful, on the
merits or otherwise, in defense of any Qualifying Proceeding (including, without limitation, an action by or in the right of the
Company) in which Indemnitee was a party by reason of the fact that Indemnitee was an officer or director of the Company prior
to the Effective Date of the Merger, the Company shall indemnify Indemnitee against all Expenses actually and reasonably incurred
by or on behalf of Indemnitee in connection with the investigation, defense or appeal of such Qualifying Proceeding.

 

(b)
Partially Successful Defense. Subject to the condition precedent in Section 6, to the extent that Indemnitee is a party
to any Qualifying Proceeding (including, without limitation, an action by or in the right of the Company) in which Indemnitee
was a party by reason of the fact that Indemnitee was an officer or director of the Company prior to the Effective Date of the
Merger and is successful, on the merits or otherwise, as to one or more but less than all claims, issues or matters in such Qualifying
Proceeding, the Company shall indemnify Indemnitee against all Expenses actually and reasonably incurred by or on behalf of Indemnitee
in connection with each successfully resolved claim, issue or matter.

 

    	4

    	 

    

 

(c)
Dismissal. Subject to the condition precedent in Section 6, for purposes of this section and without limitation, the termination
of any claim, issue or matter in such a Qualifying Proceeding by dismissal, with or without prejudice, shall be deemed to be a
successful result as to such claim, issue or matter.

 

(d)
Contribution. If, for a Qualifying Proceeding, the indemnification provided in this Agreement is unavailable and may not
be paid to Indemnitee for reasons other than for failure to meet the condition precedent in Section 6, then to the extent allowed
by law, in respect of any threatened, pending or completed action, suit or proceeding in which the Company is jointly liable with
Indemnitee (or would be if joined in such action, suit or proceeding), the Company shall contribute to the amount of Expenses
(including attorneys’ fees), judgments, fines and amounts paid in settlement actually and reasonably incurred and paid or
payable by Indemnitee in such proportion as is appropriate to reflect (i) the relative benefits received by the Company on the
one hand and Indemnitee on the other hand from the transaction from which such action, suit or proceeding arose, and (ii) the
relative fault of Company on the one hand and of Indemnitee on the other in connection with the events which resulted in such
Expenses, judgments, fines or settlement amounts, as well as any other relevant equitable considerations. The relative fault of
the Company on the one hand and of Indemnitee on the other shall be determined by reference to, among other things, the parties'
relative intent, knowledge, access to information, active or passive conduct, and opportunity to correct or prevent the circumstances
resulting in such Expenses, judgments, fines or settlement amounts. The Company agrees that it would not be just and equitable
if contribution pursuant to this section were determined by pro rata allocation or any other method of allocation which does not
take account of the foregoing equitable considerations.

 

5.
Mandatory Advancement of Expenses.

 

(a)
Subject to the condition precedent in Section 6 of this Agreement and following notice as required below, the Company shall advance,
interest free, all Expenses reasonably incurred by Indemnitee in connection with the investigation, defense, settlement or appeal
of any Qualifying Proceeding (unless there has been a final determination that Indemnitee is not entitled to indemnification for
such Expenses) upon receipt of satisfactory documentation supporting such Expenses. The advances to be made hereunder shall be
paid by the Company to Indemnitee within 45 days following delivery of a written request therefore by Indemnitee to the Company,
along with such documentation and information as is reasonably available to the claimant and is reasonably necessary to determine
whether and to what extent the claimant is entitled to advancement (which shall include without limitation reasonably detailed
invoices for legal services, but with disclosure of confidential work product not required). The Company shall discharge its advancement
duty by, at its option, (a) paying such Expenses on behalf of Indemnitee, (b) advancing to Indemnitee funds in an amount sufficient
to pay such Expenses, or (c) reimbursing Indemnitee for Expenses already paid by Indemnitee. In the event that the Company fails
to pay Expenses as incurred by Indemnitee as required by this paragraph, Indemnitee may seek mandatory injunctive relief (including
without limitation specific performance) from any court having jurisdiction to require the Company to pay Expenses as set forth
in this paragraph. If Indemnitee seeks mandatory injunctive relief pursuant to this paragraph, it shall not be a defense to enforcement
of the Company’s obligations set forth in this paragraph that Indemnitee has an adequate remedy at law for damages.

 

    	5

    	 

    

 

(b)
Undertakings. By execution of this Agreement, Indemnitee agrees to repay the amount advanced in the event and to the extent
that it shall be finally determined that Indemnitee is not entitled to indemnification or advancement by the Company to the extent
set forth in this Agreement. Indemnitee shall qualify for advances upon the execution and delivery to the Company of this Agreement.

 

6.
Condition Precedent to Indemnification and Advancement Rights. Each right of Indemnitee in this Agreement is subject to
the condition precedent of the complete accuracy of both the Hankey Affidavit and the Heshmatpour Affidavit. Any inaccuracy in
either affidavit eliminates all rights of all Former D&O Indemnified Persons to any advancement or indemnification. A determination
that any such inaccuracy exists shall be made by the Company in its sole, but reasonable, judgment, but may be challenged by Indemnitee
as set forth in Section 8(c) below. Should such inaccuracy be discovered by the Company after indemnification or advancement has
been made to Indemnitee, all such sums shall be repaid by the Indemnitee.

 

7.
Notice and Other Indemnification Procedures.

 

(a)
Notice by Indemnitee. Promptly after receipt by Indemnitee of notice of the commencement of or the threat of commencement
of any Qualifying Proceeding, Indemnitee shall, if Indemnitee believes that indemnification with respect thereto may be sought
from the Company under this Agreement, notify the Company in writing of the commencement.

 

(b)
Insurance. If the Company receives notice of the commencement of a Qualifying Proceeding that may be covered under D&O
Insurance then in effect, the Company shall give prompt notice of the commencement of such Qualifying Proceeding to the insurers
in accordance with the procedures set forth in the respective policies.

 

(c)
Defense. In the event the Company shall be obligated to pay the Expenses of any Qualifying Proceeding against Indemnitee,
the Company shall be entitled to assume the defense of such Qualifying Proceeding, with counsel selected by the Company and approved
by Indemnitee (which approval shall not be unreasonably withheld), upon the delivery to Indemnitee of written notice of the Company’s
election so to do. After delivery of such notice, and the retention of such counsel by the Company, the Company will not be liable
to Indemnitee under this Agreement for any fees of counsel subsequently incurred by Indemnitee with respect to the same Qualifying
Proceeding. Indemnitee shall have the right to employ his or her own counsel in any such Qualifying Proceeding at Indemnitee’s
expense, unless either (i) Indemnitee shall have reasonably concluded based on the written advice of Indemnitee’s legal
counsel that there is an actual conflict of interest between the Company and Indemnitee in the conduct of any such defense; or
(ii) the Company shall not, in fact, have employed counsel to assume the defense of such Qualifying Proceeding. In addition to
all the requirements above, if the Company has D&O Insurance, or other insurance, with a panel counsel requirement that may
cover the matter for which indemnity is claimed by Indemnitee, then Indemnitee shall use such panel counsel or other counsel approved
by the insurers, unless there is an actual conflict of interest posed by representation by all such counsel, or unless and to
the extent Company waives such requirement in writing. Indemnitee and his counsel shall provide reasonable cooperation with such
insurer on request of the Company.

 

    	6

    	 

    

 

8.
Determination of Right to Indemnification or Advancement.

 

(a)
Determination of Right to Indemnification or Advancement. The determination of Indemnitee’s right to indemnification
or advancement (including whether the condition precedent in Section 6 applies) shall be made at the election of the Board by:
(i) a majority vote of directors who are not parties to the Qualifying Proceeding for which indemnification is being sought, even
though less than a quorum, or by a committee consisting of directors who are not parties to the Qualifying Proceeding for which
indemnification is being sought, who, even though less than a quorum, have been designated by a majority vote of the disinterested
directors, provided, however, that any determination not to indemnify Indemnitee must include a legal opinion by
the Company’s legal counsel regarding the reason not to indemnify, or (ii) if there are no such disinterested directors
or if the disinterested directors so direct, by Independent Counsel in a written opinion to the Board, a copy of which shall be
delivered to Indemnitee. However, in the event there has been a Change in Control, then the determination shall, at Indemnitee’s
sole option, be made by Independent Counsel as in (a)(ii), above, with Indemnitee choosing the Independent Counsel subject to
Company’s consent, such consent not to be unreasonably withheld. The Company may, at its sole expense, go through the process
under this Section again at any time (such right to be exercised reasonably and in good faith) should material developments warrant
it, to make a new determination.

 

(b)
Submission for Decision. As soon as practicable, and in no event later than 60 days after Indemnitee’s written request
for indemnification or advancement, the Board shall select the method for determining Indemnitee’s right to indemnification
or advancement. Indemnitee shall cooperate with the person or persons or entity making such determination, including providing
to such person, persons or entity, upon reasonable advance request, any documentation or information which is not privileged or
otherwise protected from disclosure and which is reasonably available to Indemnitee and reasonably necessary to such determination.
Any Independent Counsel or member of the Board shall act reasonably and in good faith in making a determination regarding Indemnitee’s
entitlement to indemnification under this Agreement.

 

(c)
Application to Court. If (i) a claim for indemnification or advancement of Expenses is denied, in whole or in part, (ii)
no disposition of such claim is made by the Company within 60 days after the request therefore, (iii) the advancement of Expenses
is not timely made or (iv) payment of indemnification is not made, Indemnitee shall have the right at his option to apply to the
Delaware Court of Chancery, a California state or federal court, the court in which the Qualifying Proceeding is or was pending,
or any other court of competent jurisdiction, for the purpose of enforcing Indemnitee’s right to indemnification or advancement
pursuant to this Agreement. Upon written request by Indemnitee, the Company shall consent to service of process.

 

(d)
Expenses Related to the Enforcement or Interpretation of this Agreement. In any action to enforce or interpret this agreement
(including a declaratory action), the prevailing party shall be entitled to recover its Expenses from the other in bringing or
opposing that action, but only to the extent it has been successful in bringing or opposing that action. Should Indemnitee prevail
and the Company have been determined to have acted in bad faith towards Indemnitee, then in any case Company shall pay Indemnitee
all his Expenses in bringing the action.

 

    	7

    	 

    

 

(e)
Subject to the condition precedent in Section 6, in no event shall Indemnitee’s right to indemnification (apart from advancement
of Expenses) be determined prior to a final adjudication in the Qualifying Proceeding at issue if the Qualifying Proceeding is
both ongoing, and of the nature to have a final adjudication.

 

(f)
In any proceeding to determine Indemnitee’s right to indemnification or advancement, Indemnitee shall be rebuttably presumed
to be entitled to indemnification or advancement (including that his Affidavit shall be rebuttably presumed to be accurate), with
the burden of proof on the Company to prove, by a preponderance of the evidence (or higher standard if required by relevant law)
that Indemnitee is not so entitled.

 

(g)
Indemnitee shall be fully indemnified for those matters where, in the performance of his duties for the Company, he relied in
good faith upon the records of the Company and upon such information, opinions, reports or statements presented to the Company
by any of the Company’s officers or employees, or committees of the board of directors, or by any other person as to matters
Indemnitee reasonably believed were within such other person's professional or expert competence and who was selected with reasonable
care by or on behalf of the Company; however, this provision shall not apply to the condition precedent in Section 6 and any dispute
regarding same.

 

9.
Exceptions. Any other provision herein to the contrary notwithstanding, the Company shall not be obligated:

 

(a)
Claims Initiated by Indemnitee. To indemnify or advance Expenses to Indemnitee with respect to Qualifying Proceedings initiated
or brought voluntarily by Indemnitee (including cross actions), with a reasonable allocation where appropriate, unless (i) such
indemnification is expressly required to be made by law, (ii) the Qualifying Proceeding was authorized by the Board, (iii) such
indemnification is provided by the Company, in its sole discretion, pursuant to the powers vested in the Company under the General
Corporation Law of Delaware or (iv) Indemnitee qualifies for such Expenses under section 8(d).;

 

(b)
Fees on Fees. To indemnify Indemnitee for any Expenses incurred by Indemnitee with respect to any Qualifying Proceeding
instituted by Indemnitee to enforce or interpret this Agreement, to the extent Indemnitee is not successful in such a Proceeding;

 

(c)
Unauthorized Settlements. To indemnify Indemnitee under this Agreement for any amounts paid in settlement of a Qualifying
Proceeding unless the Company consents to such settlement, which consent shall not be unreasonably withheld;

 

(d)
Claims Under Section 16(b). To indemnify Indemnitee for Expenses associated with any Qualifying Proceeding related to,
or the payment of profits made from the purchase and sale (or sale and purchase) by Indemnitee of securities of the Company within
the meaning of Section 16(b) of the Securities Exchange Act of 1934, as amended, or similar provisions of state statutory law
or common law (provided, however, that the Company must advance Expenses for such matters as otherwise permissible under this
Agreement); or

 

(e)
Payments Contrary to Law. To indemnify or advance Expenses to Indemnitee for which payment is prohibited by applicable
law.

 

    	8

    	 

    

 

10.
Exclusivity. The provisions for indemnification and advancement of Expenses set forth in this Agreement shall be the exclusive
rights by which Indemnitee may seek indemnification from Company or any subsidiary. In consideration both for the Merger and the
rights granted to him herein, Indemnitee waives his rights to any other indemnification or advancement right he may have from
the Company or any subsidiary, including without limitation all rights he may otherwise have under the Amended and Restated Bylaws
or any prior bylaws, the current Certificate of Incorporation or any prior certificate of incorporation, as an employee of the
Corporation or any subsidiary, the Delaware General Corporation Law section 145, or as may be found in any other agreement or
law. Indemnitee’s rights hereunder shall continue for any Qualifying Proceeding commenced during the two years following
the Effective Date of the Merger and shall inure to the benefit of his heirs, executors and administrators of Indemnitee during
such two year period.

 

11.
Permitted Defenses. It shall be a defense to any action for which a claim for indemnification (including advancement) is
made under this Agreement that Indemnitee is not entitled to indemnification because of the limitations set forth in Sections
6 and 9 hereof. Neither the failure of the Company (including its Board) or an Independent Counsel to have made a determination
prior to the commencement of such enforcement action that indemnification of Indemnitee is proper in the circumstances, nor an
actual determination by the Company (including its Board) or an Independent Counsel that such indemnification is improper, shall
be a defense to the action or create a presumption that Indemnitee is not entitled to indemnification under this Agreement or
otherwise. In making any determination concerning Indemnitee’s right to indemnification, there shall be a presumption that
Indemnitee has satisfied the applicable standard of conduct. Any determination by the Company concerning Indemnitee’s right
to indemnification or advancement that is adverse to Indemnitee may be challenged by the Indemnitee in the Court of Chancery of
the State of Delaware, a California state or federal court, the court in which the Qualifying Proceeding is or was pending, or
any other court of competent jurisdiction..

 

12.
Subrogation. In the event the Company is obligated to make a payment under this Agreement, the Company shall be subrogated
to the extent of such payment to all of the rights of recovery under any corporate insurance policy or any other indemnity agreement
covering Indemnitee, who shall execute all documents reasonably required and take all action that may be necessary to secure such
rights and to enable the Company effectively to bring suit to enforce such rights (provided that the Company pays Indemnitee’s
costs and expenses of doing so), including without limitation by assigning all such rights to the Company or its designee to the
extent of such indemnification or advancement of Expenses. The Company’s obligation to indemnify or advance expenses under
this Agreement shall be reduced by any amount Indemnitee has collected from such other source, and in the event that Company has
fully paid such indemnity or expenses, Indemnitee shall return to the Company any amounts subsequently received from such other
source of indemnification.

 

    	9

    	 

    

 

13.
Survival of Rights.

 

(a)
All agreements and obligations of the Company contained herein shall continue only for the two year period following the Effective
Date of the Merger and shall continue thereafter so long as Indemnitee shall be subject to any possible claim or threatened, pending
or completed Qualifying Proceeding that is asserted during such two year period.

 

(b)
The Company shall require any successor to the Company (whether direct or indirect, by purchase, merger, consolidation or otherwise)
to all or substantially all of the business or assets of the Company, expressly to assume and agree to perform this Agreement
in the same manner and to the same extent that the Company would be required to perform if no such succession had taken place.

 

14.
Severability. If any provision or provisions of this Agreement shall be held to be invalid, illegal or unenforceable for
any reason whatsoever, (i) the validity, legality and enforceability of the remaining provisions of the Agreement (including,
without limitation, all portions of any paragraphs of this Agreement containing any such provision held to be invalid, illegal
or unenforceable, that are not themselves invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby,
and (ii) to the fullest extent possible, the provisions of this Agreement (including, without limitation, all portions of any
paragraph of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that are not themselves
invalid, illegal or unenforceable) shall be construed so as to give effect to the intent manifested by the provision held invalid,
illegal or unenforceable and to give effect to this Section.

 

15.
Entire Agreement. This Agreement constitutes the entire agreement between the parties with respect to the matters addressed
herein, and any other prior or contemporaneous oral or written understandings or agreements with respect to the matters addressed
herein (including without limitation any prior indemnification agreement for Indemnitee) are expressly superseded by this Agreement.

 

16.
Modification and Waiver. No supplement, modification or amendment of this Agreement shall be binding unless it is in a
writing signed by both of the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute
a waiver of any other provisions hereof (whether or not similar) nor shall such waiver constitute a continuing waiver.

 

17.
Notice. All notices, requests, demands and other communications under this Agreement shall be in writing and shall be deemed
to have been duly given (a) upon delivery if delivered by hand to the party to whom such notice or other communication shall have
been directed, (b) if mailed by certified or registered mail with postage prepaid, return receipt requested, on the third business
day after the date on which it is so mailed, (c) one business day after the business day of deposit with a nationally recognized
overnight delivery service, specifying next day delivery, with written verification of receipt, or (d) on the same day as delivered
by confirmed facsimile transmission if delivered during business hours or on the next successive business day if delivered by
confirmed facsimile transmission after business hours. Addresses for notice to either party shall be as shown on the signature
page of this Agreement, or to such other address as may have been furnished by either party in the manner set forth above.

 

    	10

    	 

    

 

18.
Governing Law. This Agreement shall be governed exclusively by and construed according to the laws of the State of Delaware
as applied to contracts between Delaware residents entered into and to be performed entirely within Delaware.

 

19.
Counterparts. This Agreement may be executed manually, by electronic transmission or by facsimile by the parties hereto,
in one or more counterparts, all of which shall for all purposes be deemed to be an original, and all of which together shall
constitute one and the same Agreement. Only one such counterpart signed by the party against whom enforcement is sought needs
to be produced to evidence the existence of this Agreement.

 

The
parties hereto have entered into this Indemnification Agreement, including the undertaking contained herein, effective as of the
date first above written.

 

	Indemnitee:	 	The
    Company:
	 	 	 	 
	 	 	 	Bone
    Biologics, Corp.
	 	 	 	 	 
		 	 	By:	 
	Address: 	 	 	 	 
	 	 	 	Name:
    	William
    Jay Treat
	 	 	 	Title:
    	President

 

    	11

    	 

    

 

EXHIBIT
A

(Hankey
Affidavit)

 

    	 

    	 

    

 

	STATE
    OF CALIFORNIA 	)	 
	 	)
    	ss
	COUNTY
    OF LOS ANGELES 	)	 

 

AFFIDAVIT
OF DON R. HANKEY

 

I,
Don R. Hankey, state the following:

 

1.
From August 6, 2014 through the Effective Date of the Merger (as such term is defined in that Former Officer & Director Indemnification
Agreement), I was the sole director, chief financial officer, president and secretary (the “Sole D&O”)
of Bone Biologics, Corp. f/k/a AFH Acquisition X, Inc., (the “Company”).

 

During
my tenure as the Sole D&O of the Company, the Company:

 

(i) has
had no operations;

 

(ii) has
not purchased, traded or sold any securities, as such term is defined by the Securities Act of 1933;

 

(iii) is
not currently a party to any litigation nor been informed by any party that it may be a party to any litigation or dispute;

 

(iv) has
no outstanding obligations other than (i) those set forth in Form 10-Q filed by the Company on September 15, 2014, with the Securities
and Exchange Commission and (ii) certain additional obligation not exceeding $15,000 in the aggregate which were not set forth
on the aforementioned Form 10-Q;

 

(v) after
reasonable inquiry, I am unaware of any fact or circumstance that could lead to a claim against me or for which I may be called
as a witness, by reason of my service for or a position held at Company or any of its subsidiaries or affiliates, or that is related
to acts in connection with the Merger.

 

I
swear under penalty of perjury that the foregoing is true and correct to the best of my knowledge and belief.

 

	Dated:
    	 	 	 	 
	 	 	 	 	Don
    R. Hankey

 

Sworn
to and subscribed before me, a notary public for the State of California, County of______________________, this ____ day of September,
2014.

 

	 	Notary
    Name: 	 	 
	 	Notary
    Signature: 	 	 
	 	Notary
    Seal: 	 	 

 

    	 

    	 

    

 

EXHIBIT
B

(Heshmatpour
Affidavit)

 

    	 

    	 

    

 

	STATE
    OF CALIFORNIA 	)	 
	 	)
    	ss
	COUNTY
    OF LOS ANGELES 	)	 

 

AFFIDAVIT
OF AMIR F. HESHMATPOUR

 

I,
Amir F. Heshmatpour, state the following:

 

2.
From October 18, 2007 through August 6, 2014, I was the sole director, chief financial officer, president and secretary (the “Sole
D&O”) of Bone Biologics, Corp. f/k/a AFH Acquisition X, Inc., (the “Company”).

 

During
my tenure as the Sole D&O of the Company, the Company:

 

(i) had
no operations;

 

(ii) had
not purchased, traded or sold any securities, as such term is defined by the Securities Act of 1933;

 

(iii) was
not a party to any litigation that is currently pending nor informed by any party that it may be a party to any litigation or
dispute;

 

(iv) had
no outstanding obligations other than (i) those set forth in Form 10-Q filed by the Company on September 15, 2014, with the Securities
and Exchange Commission and (ii) certain additional obligation not exceeding $15,000 in the aggregate which were not set forth
on the aforementioned Form 10-Q;

 

(v) after
reasonable inquiry, I am unaware of any fact or circumstance that could lead to a claim against me or for which I may be called
as a witness, by reason of my service for or a position held at Company or any of its subsidiaries or affiliates, or that is related
to acts in connection with the Merger.

 

I
swear under penalty of perjury that the foregoing is true and correct to the best of my knowledge and belief.

 

	Dated:
    	 	 	 	 
	 	 	 	 	Amir
    F. Heshmatpour

 

Sworn
to and subscribed before me, a notary public for the State of California, County of______________________, this ____ day of September,
2014.

 

	 	Notary
    Name: 	 	 
	 	Notary
    Signature: 	 	 
	 	Notary
    Seal:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00235-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00235-of-00352.parquet"}]]