Document:

THE
SECURITIES REPRESENTED BY THIS WARRANT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AND HAVE BEEN ACQUIRED FOR INVESTMENT
AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF. NO SUCH SALE OR DISTRIBUTION MAY BE EFFECTED
WITHOUT AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN OPINION OF COUNSEL IN A FORM SATISFACTORY TO THE COMPANY THAT
SUCH REGISTRATION IS NOT REQUIRED UNDER THE SECURITIES ACT OF 1933.

 

 

	Warrant
    No. CW-486	Number
    of Shares: 46,667
	Date
    of Issuance: July 3, 2014	(subject
    to adjustment)

 

BONE
BIOLOGICS, INC.

 

Common
Stock Purchase Warrant

 

Bone
Biologics, Inc., a California corporation (the “Company”), for value received, hereby certifies that Forefront
Capital Markets, LLC, or its registered assigns (the “Registered Holder”), is entitled, subject to the terms
set forth below, to purchase from the Company, at any time after the date hereof and on or before the Expiration Date (as defined
in Section 6 below), up to 46,667 shares (as adjusted from time to time pursuant to the provisions of this Warrant) of $0.0001
par value per share common stock of the Company (the “Common Stock”), at an exercise price of $1.00 per share.
The shares issuable upon exercise of this Warrant and the exercise price per share, as adjusted from time to time pursuant to
the provisions of this Warrant, are sometimes hereinafter referred to as the “Warrant Stock” and the “Exercise
Price,” respectively.

 

1.Exercise.

 

(a)Manner
of Exercise. This Warrant may be exercised by the Registered Holder, at any time and from time to time on or before the
Expiration Date, in whole or in part, by surrendering this Warrant, with the purchase/exercise form appended hereto as Exhibit
A duly executed by such Registered Holder or by such Registered Holder’s duly authorized attorney, at the principal
office of the Company, or at such other office or agency as the Company may designate, accompanied by payment in full of the aggregate
Exercise Price payable in respect of the number of shares of Warrant Stock purchased upon such exercise (the “Purchase
Price”), unless the Registered Holder exercises its net issue rights as set forth in Section 1(c) below. The Purchase
Price may be paid by cash, check, wire transfer or by the surrender of promissory notes or other instruments representing indebtedness
of the Company to the Registered Holder.

 

(b)Effective
Time of Exercise. Each exercise of this Warrant shall be deemed to have been effected immediately prior to the close of
business on the day on which this Warrant shall have been surrendered to the Company as provided in Section 1(a) above. At such
time, the person or persons in whose name or names any certificates for Warrant Stock shall be issuable upon such exercise as
provided in Section 1(d) below shall be deemed to have become the holder or holders of record of the Warrant Stock to be represented
by such certificates.

 

    	 

    	 

    

 

(c)Net
Issue Exercise.

 

(i)In
lieu of exercising this Warrant in the manner provided above in Section 1(a), the Registered Holder may elect to receive shares
equal to the value of this Warrant (or the portion thereof being canceled) by surrender of this Warrant at the principal office
of the Company together with notice of such election on the purchase/exercise form appended hereto as Exhibit A duly executed
by such Registered Holder or such Registered Holder’s duly authorized attorney, in which event the Company shall issue to
such Registered Holder a number of shares of Common Stock computed using the following formula:

 

	X
    =   	Y
    (A - B)	 
	 	 A	 

 

	Where	X =	The number of shares of
    Common Stock to be issued to the Registered Holder.
	 	 	 
	 	Y =	The number of shares of Common Stock
    purchasable under this Warrant (at the date of such calculation).
	 	 	 
	 	A =	The fair market value of one share
    of Common Stock (at the date of such calculation).
	 	 	 
	 	B =	The Exercise Price (as adjusted to
    the date of such calculation).

 

(ii)For
purposes of this Section 1(c), the fair market value of one share of Common Stock on the date of calculation shall mean:

 

(A)if
the exercise is in connection with an initial public offering of the Company’s Common Stock, and if the Company’s
Registration Statement relating to such public offering has been declared effective by the Securities and Exchange Commission,
then the fair market value of Common Stock shall be the initial “Price to Public” per share specified in the final
prospectus with respect to the offering;

 

(B)if
this Warrant is exercised after, and not in connection with, the Company’s initial public offering, and if the Company’s
Common Stock is traded on a securities exchange or The Nasdaq Stock Market or actively traded over-the-counter:

 

(1)if
the Company’s Common Stock is traded on a securities exchange or The Nasdaq Stock Market, the fair market value shall be
deemed to be the average of the closing prices over a 30 day period ending three days before the date of calculation; or

 

(2)if
the Company’s Common Stock is actively traded over-the-counter, the fair market value shall be deemed to be the average
of the closing bid or sales price (whichever is applicable) over the 30 day period ending three days before the date of calculation;
or

 

    	-2-

    	 

    

 

(C)if
neither (A) nor (B) is applicable, the fair market value shall be at the highest price per share which the Company could obtain
on the date of calculation from a willing buyer (not a current employee or director) for shares of the Common Stock sold by the
Company, from authorized but unissued shares, as determined in good faith by the Board of Directors, unless the Company is at
such time subject to a Significant Transaction as described in Section 6(b) below, in which case the fair market value per share
of the Common Stock shall be deemed to be the value of the consideration per share received by the holders of such stock pursuant
to such acquisition.

 

(d)Delivery
to Registered Holder. As soon as practicable after the exercise of this Warrant in whole or in part, and in any event
within three business days thereafter, the Company at its expense will cause to be issued in the name of, and delivered to, the
Registered Holder, or as such Registered Holder (upon payment by such Registered Holder of any applicable transfer taxes) may
direct:

 

(i)a
certificate or certificates for the number of shares of Warrant Stock to which such Registered Holder shall be entitled, and

 

(ii)in
case such exercise is in part only, a new warrant or warrants (dated the date hereof) of like tenor and with the same date, calling
in the aggregate on the face or faces thereof for the number of shares of Warrant Stock equal (without giving effect to any adjustment
thereof) to the number of such shares called for on the face of this Warrant minus the number of such shares purchased by the
Registered Holder upon such exercise as provided in Section 1(a) above (without giving effect to any adjustment thereof).

 

2.Adjustments.

 

(a)Stock
Splits and Dividends. If outstanding shares of the Company’s Common Stock shall be subdivided into a greater number
of shares or a dividend in Common Stock shall be paid in respect of the Common Stock, the Exercise Price in effect immediately
prior to such subdivision or at the record date of such dividend shall simultaneously with the effectiveness of such subdivision
or immediately after the record date of such dividend be proportionately reduced. If outstanding shares of the Common Stock shall
be combined into a smaller number of shares, the Exercise Price in effect immediately prior to such combination shall, simultaneously
with the effectiveness of such combination, be proportionately increased. When any adjustment is required to be made in the Exercise
Price, the number of shares of Warrant Stock purchasable upon the exercise of this Warrant shall be changed to the number determined
by dividing (i) an amount equal to the number of shares issuable upon the exercise of this Warrant immediately prior to such adjustment,
multiplied by the Exercise Price in effect immediately prior to such adjustment, by (ii) the Exercise Price in effect immediately
after such adjustment.

 

(b)Reclassification,
Etc. In case of any reclassification or change of the outstanding securities of the Company (or any other corporation
the stock or securities of which are at the time receivable upon the exercise of this Warrant) or any similar corporate reorganization
on or after the date hereof, then and in each such case the holder of this Warrant, upon the exercise hereof at any time after
the consummation of such reclassification, change, reorganization, merger or conveyance, shall be entitled to receive, in lieu
of the stock or other securities and property receivable upon the exercise hereof prior to such consummation, the stock or other
securities or property to which such holder would have been entitled upon such consummation if such holder had exercised this
Warrant immediately prior thereto, all subject to further adjustment as provided in Section 2(a); and in each such case, the terms
of this Section 2 shall be applicable to the shares of stock or other securities properly receivable upon the exercise of this
Warrant after such consummation.

 

    	-3-

    	 

    

 

(c)Adjustment
Certificate. When any adjustment is required to be made in the Warrant Stock or the Exercise Price pursuant to this Section
2, the Company shall promptly mail to the Registered Holder a certificate setting forth (i) a brief statement of the facts requiring
such adjustment, (ii) the Exercise Price after such adjustment and (iii) the kind and amount of stock or other securities or property
into which this Warrant shall be exercisable after such adjustment.

 

3.Transfers.

 

(a)Unregistered
Security. Each holder of this Warrant acknowledges that this Warrant and the Warrant Stock have not been registered under
the Securities Act of 1933, as amended (the “Securities Act”), and agrees not to sell, pledge, distribute,
offer for sale, transfer or otherwise dispose of this Warrant or any Warrant Stock issued upon its exercise in the absence of
(i) an effective registration statement under the Securities Act as to this Warrant or such Warrant Stock and registration or
qualification of this Warrant or such Warrant Stock under any applicable U.S. federal or state securities law then in effect or
(ii) an opinion of counsel, satisfactory to the Company, that such registration and qualification are not required. Each certificate
or other instrument for Warrant Stock issued upon the exercise of this Warrant shall bear a legend substantially to the foregoing
effect.

 

Transferability.
Subject to the provisions of Section 3(a) hereof, this Warrant and all rights hereunder are transferable, in whole or in part,
upon surrender of the Warrant with a properly executed assignment (in the form of Exhibit B hereto) at the principal office
of the Company.

 

(b)Warrant
Register. The Company will maintain a register containing the names and addresses of the Registered Holders of this Warrant.
Until any transfer of this Warrant is made in the warrant register, the Company may treat the Registered Holder of this Warrant
as the absolute owner hereof for all purposes; provided, however, that if this Warrant is properly assigned in blank,
the Company may (but shall not be required to) treat the bearer hereof as the absolute owner hereof for all purposes, notwithstanding
any notice to the contrary. Any Registered Holder may change such Registered Holder’s address as shown on the warrant register
by written notice to the Company requesting such change.

 

4.No
Impairment. The Company will not, by amendment of its charter or through reorganization, consolidation, merger, dissolution,
sale of assets or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this
Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such action
as may be necessary or appropriate in order to protect the rights of the holder of this Warrant against impairment.

 

    	-4-

    	 

    

 

5.Representations
and Warranties of the Registered Holder. The Registered Holder hereby represents and warrants to the Company as follows:

 

(a)Purchase
Entirely for Own Account. The Registered Holder acknowledges that this Warrant is given to the Registered Holder in reliance
upon the Registered Holder’s representation to the Company, which by its acceptance of this Warrant the Registered Holder
hereby confirms, that the Warrant, and the Warrant Stock (collectively, the “Securities”) being acquired by
the Registered Holder are being acquired for investment for the Registered Holder’s own account, not as a nominee or agent,
and not with a view to the resale or distribution of any part thereof, and that the Registered Holder has no present intention
of selling, granting any participation in, or otherwise distributing the same except under circumstances that will not result
in a violation of the Securities Act or any other federal or state securities laws. By executing this Warrant, the Registered
Holder further represents that the Registered Holder does not presently have any contract, undertaking, agreement or arrangement
with any person to sell, transfer or grant participations to such person or to any third person, with respect to any of the Securities.
The Registered Holder represents that it has full power and authority to execute this Warrant. The Registered Holder has not been
formed for the specific purpose of acquiring any of the Securities.

 

(b)Disclosure
of Information. The Registered Holder has had an opportunity to discuss the Company’s business, management, financial
affairs and the terms and conditions of the offering of the Securities with the Company’s management. The Registered Holder
understands that such discussions, as well as any written information issued by the Company, were intended to describe the aspects
of the Company’s business which it believes to be material.

 

(c)Restricted
Securities. The Registered Holder understands that the Securities have not been, and will not be, registered under the
Securities Act, by reason of a specific exemption from the registration provisions of the Securities Act which depends upon, among
other things, the bona fide nature of the investment intent and the accuracy of the Registered Holder’s representations
as expressed herein. The Registered Holder understands that the Securities are “restricted securities” under applicable
U.S. federal and state securities laws and that, pursuant to these laws, the Registered Holder must hold the Securities
indefinitely unless they are registered with the Securities and Exchange Commission and qualified by state authorities, or an
exemption from such registration and qualification requirements is available. The Registered Holder further acknowledges that
if an exemption from registration or qualification is available, it may be conditioned on various requirements including, but
not limited to, the time and manner of sale, the holding period for the Securities, and on requirements relating to the Company
which are outside of the Registered Holder’s control, and which the Company may not be able to satisfy.

 

(d)No
Public Market. The Registered Holder understands that no public market now exists for any of the securities issued by
the Company and that the Company has made no assurances that a public market will ever exist for the Securities.

 

    	-5-

    	 

    

 

(e)Legends.
The Registered Holder understands that the Securities, and any securities issued in respect of or exchanged for the Securities,
may bear one or all of the following legends:

 

(i)“THE
SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AND HAVE BEEN ACQUIRED FOR
INVESTMENT AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF. NO SUCH SALE OR DISTRIBUTION MAY BE
EFFECTED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN OPINION OF COUNSEL IN A FORM SATISFACTORY TO THE COMPANY
THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE SECURITIES ACT OF 1933.”

 

(ii)Any
legend required by the Blue Sky laws of any state to the extent such laws are applicable to the shares represented by the certificate
so legended.

 

(f)Accredited
Investor. The Registered Holder is either an accredited investor as defined in Rule 501(a) of Regulation D promulgated
under the Securities Act or has such knowledge and experience (or is relying on a purchaser representative who has such knowledge
and experience) in financial and business matters that the Registered Holder is capable of evaluating the merits and risks of
acquiring the Securities.

 

6.Termination.
This Warrant (and the right to purchase Warrant Stock upon exercise hereof) shall terminate upon the earliest to occur of
the following (the “Expiration Date”): (a) the date that is five years after the Date of Issuance (b) the sale,
conveyance or disposal of all or substantially all of the Company’s property or business or the Company’s merger with
or into or consolidation with any other corporation (other than a wholly-owned subsidiary of the Company) or any other transaction
or series of related transactions in which more than 50% of the voting power of the Company is disposed of (each a “Significant
Transaction”), provided that this Section 6(b) shall not apply to a merger effected exclusively for the purpose
of changing the domicile of the Company or to an equity financing in which the Company is the surviving corporation, or (c) the
closing of a firm commitment underwritten public offering pursuant to a registration statement under the Securities Act. In the
event of a Significant Transaction, the Registered Holder shall thereafter be entitled to purchase the kind and amount of shares
of stock and other securities and property (including cash) which the Registered Holder would have been entitled to receive had
this Warrant been exercised immediately prior to the effective date of such Significant Transaction.

 

7.The
Merger. The Company intends to enter into an Agreement and Plan of Merger pursuant to which the Company will merge (the
“Merger”) with and into a subsidiary (“Sub”) of AFH Acquisition X, Inc., a Delaware corporation
(“BB Corp.”), resulting in the Company becoming a wholly-owned subsidiary of BB Corp. Upon consummation of
the Merger, BB. Corp will change its name to “Bone Biologics, Corp.,” and the separate existence of Sub will end.
If the Merger is consummated, BB Corp. will, upon consummation of the Merger, issue a new warrant (the “New Warrant”)
to the Registered Holder. The New Warrant will contain terms substantially identical to the terms contained in this Warrant. Upon
the Registered Holder’s receipt of the New Warrant, the New Warrant will become effective, and this Warrant will become
null and void.

 

    	-6-

    	 

    

 

8.Piggyback
Registrations. The Company shall notify the Registered Holders in writing at least thirty (30) days prior to the initial
filing of any future registration statement under the Securities Act for purposes of effecting a public offering of securities
of the Company (including, but not limited to, registration statements relating to secondary offerings of securities of the Company,
but excluding registration statements relating to any employee benefit plan, acquisition or a corporate reorganization,), and
will afford each Registered Holder an opportunity to include in such registration statement all or any part of the Warrant Shares
then held by such Registered Holder that are not currently included in another registration statement. Each Registered Holder
desiring to include in any such registration statement all or any part of the Warrant Shares held by such Registered Holder shall
within twenty (20) days after receipt of the above-described notice from the Company, so notify the Company in writing, and in
such notice shall inform the Company of the number of Warrant Shares such Registered Holder wishes to include in such registration
statement. If a Registered Holder decides not to include all of its Warrant Shares in any registration statement thereafter filed
by the Company, such Registered Holder shall nevertheless continue to have the right to include any Warrant Shares in any subsequent
registration statement or registration statements as may be filed by the Company with respect to offerings of its securities,
all upon the terms and conditions set forth herein.

 

9.Reservation
of Stock. The Company will at all times reserve and keep available, solely for the issuance and delivery upon the exercise
of this Warrant, such shares of Warrant Stock and other stock, securities and property, as from time to time shall be issuable
upon the exercise of this Warrant.

 

10.Exchange
of Warrants. Upon the surrender by the Registered Holder of any Warrant or Warrants, properly endorsed, to the Company
at the principal office of the Company, the Company will, subject to the provisions of Section 3 hereof, issue and deliver to
or upon the order of such Registered Holder, at the Company’s expense, a new Warrant or Warrants of like tenor, in the name
of such Registered Holder or as such Registered Holder (upon payment by such Registered Holder of any applicable transfer taxes)
may direct, calling in the aggregate on the face or faces thereof for the number of shares of the Common Stock called for on the
face or faces of the Warrant or Warrants so surrendered.

 

11.Replacement
of Warrants. Upon receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation
of this Warrant and (in the case of loss, theft or destruction) upon delivery of an indemnity agreement (with surety if reasonably
required) in an amount reasonably satisfactory to the Company, or (in the case of mutilation) upon surrender and cancellation
of this Warrant, the Company will issue, in lieu thereof, a new Warrant of like tenor.

 

12.No
Rights as Stockholder. Until the exercise of this Warrant, the Registered Holder of this Warrant shall not have or exercise
any rights by virtue hereof as a stockholder of the Company.

 

    	-7-

    	 

    

 

13.No
Fractional Shares. No fractional shares of Common Stock will be issued in connection with any exercise hereunder. In lieu
of any fractional shares which would otherwise be issuable, the Company shall pay cash equal to the product of such fraction multiplied
by the fair market value of one share of Common Stock on the date of exercise, as determined in good faith by the Company’s
Board of Directors.

 

14.Amendment
or Waiver. Any term of this Warrant may be amended or waived only by an instrument in writing signed by the party against
which enforcement of the amendment or waiver is sought.

 

15.Headings.
The headings in this Warrant are used for convenience only and are not to be considered in construing or interpreting any
provision of this Warrant.

 

16.Governing
Law. This Warrant shall be governed, construed and interpreted in accordance with the laws of the State of California,
without giving effect to principles of conflicts of law.

 

17.Successors
and Assigns. Unless otherwise provided in this Warrant, the terms and conditions of this Warrant shall inure to the benefit
of and be binding upon the permitted successors and assigns of the parties. Nothing in this Warrant, express or implied, is intended
to confer upon any party other than the parties hereto or their respective successors and assigns any rights, remedies, obligations,
or liabilities under or by reason of this Warrant, except as expressly provided in this Warrant.

 

18.Counterparts.
This Warrant may be executed in two or more counterparts, each of which shall be deemed an original and all of which together
shall constitute one instrument.

 

19.Severability.
If one or more provisions of this Warrant are held to be unenforceable under applicable law, such provision or provisions
shall be excluded from this Warrant, and the balance of this Warrant shall be interpreted as if such provision or provisions were
so excluded and shall be enforceable in accordance with its terms.

 

20.Delays
or Omissions. No delay or omission to exercise any right, power or remedy accruing to any party under this Warrant, upon
any breach or default of any other party under this Warrant, shall impair any such right, power or remedy of such non-breaching
or non-defaulting party nor shall it be construed to be a waiver of any such breach or default, or an acquiescence therein, or
of or in any similar breach or default thereafter occurring; nor shall any waiver of any single breach or default be deemed a
waiver of any other breach or default theretofore or thereafter occurring. Any waiver, permit, consent or approval of any kind
or character on the part of any party of any breach or default under this Warrant, or any waiver on the part of any party of any
provisions or conditions of this Warrant, must be in writing and shall be effective only to the extent specifically set forth
in such writing. All remedies, either under this Warrant or by law or otherwise afforded to any party, shall be cumulative and
not alternative.

 

21.Notices.
Unless otherwise provided herein, any notice required or permitted by this Warrant shall be in writing and shall be deemed
sufficient upon delivery, when delivered personally or by overnight courier or sent by facsimile, or 48 hours after being deposited
in the U.S. mail, as certified or registered mail, with postage prepaid, addressed to the party to be notified at such party’s
address as set forth on the signature page, or as subsequently modified by written notice.

 

[Remainder
of Page Intentionally Left Blank; Signature Page Follows]

 

    	-8-

    	 

    

 

IN
WITNESS WHEREOF, the parties have executed this Common Stock Purchase Warrant as of the date first forth above.

 

	 	BONE BIOLOGICS, INC.:
	 	 	 
	 	By:	/s/
    Michael Schuler
	 	Name:	Michael Schuler
	 	Title:	Chief Executive Officer
	 	 	 
	 	Address:	100 Rancho Road
	 	 	Suite 7 - #231
	 	 	Thousand Oaks, CA 91362

  

	 	FOREFRONT CAPITAL MARKETS, LLC:
	 	 	 
	 	By:	/s/
    Francis     J. Argenziano
	 	Name:	Francis J. Argenziano
	 	Title:	Senior Managing Director,
    Investment Banking
	 	 	 
	 	Address:	Forefront Capital Markets, LLC
	 	 	590 Madison Ave, 35th Floor
	 	 	New York, NY 10022

 

[Signature
Page to Common Stock Purchase Warrant]

 

    	 

    	 

    

 

EXHIBIT
A

 

 PURCHASE/EXERCISE
FORM

 

	To:	Bone
    Biologics, Inc.	Dated:

 

The
undersigned, pursuant to the provisions set forth in the attached Warrant No. CW-486 (the “Warrant”), hereby
irrevocably elects to (a) purchase _____ shares of the Common Stock covered by the Warrant and herewith makes payment of $ _________,
representing the full purchase price for such shares at the price per share provided for in the Warrant, or (b) exercise the Warrant
for _______ shares purchasable under the Warrant pursuant to the Net Issue Exercise provisions of Section 1(c) of the Warrant.

 

The
undersigned acknowledges that it has reviewed the representations and warranties contained in Section 5 of the Warrant and by
its signature below hereby makes such representations and warranties to the Company. Defined terms used but not defined in this
Purchase/Exercise Form shall have the meanings assigned to them in the Warrant.

 

	 	Signature:	 
	 	Name
    (print):	 
	 	Title
    (if applic.):	 
	 	Company
    (if applic.):	 

  

    	 

    	 

    

 

EXHIBIT
B

 

ASSIGNMENT
FORM

 

FOR
VALUE RECEIVED, _________________________________________ hereby sells, assigns and transfers all of the rights of the undersigned
under the attached Warrant with respect to the number of shares of Common Stock covered thereby set forth below, to:

 

	Name
    of Assignee	 	Address/Fax
    Number	 	No.
    of Shares

 

 

 

 

 

	Dated:	 	 	Signature:	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	Witness:EXHIBIT 4.17

 

THE SECURITIES
REPRESENTED BY THIS WARRANT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AND HAVE BEEN ACQUIRED FOR INVESTMENT AND
NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF. NO SUCH SALE OR DISTRIBUTION MAY BE EFFECTED WITHOUT
AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN OPINION OF COUNSEL IN A FORM SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION
IS NOT REQUIRED UNDER THE SECURITIES ACT OF 1933.

 

 

	Warrant
    No. CW-487	Number
    of Shares: 625,000
	Date
    of Issuance: September 1, 2014	(subject
    to adjustment)

 

BONE
BIOLOGICS, INC.

 

Common
Stock Purchase Warrant

 

Bone
Biologics, Inc., a California corporation (the “Company”), for value received, hereby certifies that Musculoskeletal
Transplant Foundation, Inc., or its registered assigns (the “Registered Holder”), is entitled, subject to the
terms set forth below, to purchase from the Company, at any time after the date hereof and on or before the Expiration Date (as
defined in Section 6 below), up to 625,000 shares (as adjusted from time to time pursuant to the provisions of this Warrant)
of $0.0001 par value per share common stock of the Company (the “Common Stock”), at an exercise price of $1.62
per share. The shares issuable upon exercise of this Warrant and the exercise price per share, as adjusted from time to time pursuant
to the provisions of this Warrant, are sometimes hereinafter referred to as the “Warrant Stock” and the “Exercise
Price,” respectively.

 

1. Exercise.

 

(a) Manner
of Exercise. This Warrant may be exercised by the Registered Holder, at any time and from time to time on or before the
Expiration Date, in whole or in part, by surrendering this Warrant, with the purchase/exercise form appended hereto as Exhibit A
duly executed by such Registered Holder or by such Registered Holder’s duly authorized attorney, at the principal office
of the Company, or at such other office or agency as the Company may designate, accompanied by payment in full of the aggregate
Exercise Price payable in respect of the number of shares of Warrant Stock purchased upon such exercise (the “Purchase
Price”), unless the Registered Holder exercises its net issue rights as set forth in Section 1(c) below. The Purchase
Price may be paid by cash, check, wire transfer or by the surrender of promissory notes or other instruments representing indebtedness
of the Company to the Registered Holder.

 

(b) Effective
Time of Exercise. Each exercise of this Warrant shall be deemed to have been effected immediately prior to the close of
business on the day on which this Warrant shall have been surrendered to the Company as provided in Section 1(a) above. At
such time, the person or persons in whose name or names any certificates for Warrant Stock shall be issuable upon such exercise
as provided in Section 1(d) below shall be deemed to have become the holder or holders of record of the Warrant Stock to
be represented by such certificates.

 

(c) Net
Issue Exercise.

 

(i) In
lieu of exercising this Warrant in the manner provided above in Section 1(a), the Registered Holder may elect to receive
shares equal to the value of this Warrant (or the portion thereof being canceled) by surrender of this Warrant at the principal
office of the Company together with notice of such election on the purchase/exercise form appended hereto as Exhibit A duly
executed by such Registered Holder or such Registered Holder’s duly authorized attorney, in which event the Company shall
issue to such Registered Holder a number of shares of Common Stock computed using the following formula:

 

	X
    =   	Y
    (A - B)	 
	 	 A	 

 

	 	Where	X =	 The number of shares of
Common Stock to be issued to the Registered Holder.
	 	 	 	 
	 		Y =	 The number of shares of Common
Stock purchasable under this Warrant (at the date of such calculation).
	 	 	 	 
	 		A =	The fair market value of
one share of Common Stock (at the date of such calculation).
	 	 	 	 
	 		B =	The Exercise Price (as adjusted
to the date of such calculation).

 

    	 

    	 

    

 

(ii) For
purposes of this Section 1(c), the fair market value of one share of Common Stock on the date of calculation shall mean:

 

(A) if
the exercise is in connection with an initial public offering of the Company’s Common Stock, and if the Company’s
Registration Statement relating to such public offering has been declared effective by the Securities and Exchange Commission,
then the fair market value of Common Stock shall be the initial “Price to Public” per share specified in the final
prospectus with respect to the offering;

 

(B) if
this Warrant is exercised after, and not in connection with, the Company’s initial public offering, and if the Company’s
Common Stock is traded on a securities exchange or The Nasdaq Stock Market or actively traded over-the-counter:

 

(1) if
the Company’s Common Stock is traded on a securities exchange or The Nasdaq Stock Market, the fair market value shall be
deemed to be the average of the closing prices over a 30 day period ending three days before the date of calculation; or

 

(2) if
the Company’s Common Stock is actively traded over-the-counter, the fair market value shall be deemed to be the average
of the closing bid or sales price (whichever is applicable) over the 30 day period ending three days before the date of calculation;
or

 

(C) if
neither (A) nor (B) is applicable, the fair market value shall be at the highest price per share which the Company could
obtain on the date of calculation from a willing buyer (not a current employee or director) for shares of the Common Stock sold
by the Company, from authorized but unissued shares, as determined in good faith by the Board of Directors, unless the Company
is at such time subject to a Significant Transaction as described in Section 6(b) below, in which case the fair market value
per share of the Common Stock shall be deemed to be the value of the consideration per share received by the holders of such stock
pursuant to such acquisition.

 

(d) Delivery
to Registered Holder. As soon as practicable after the exercise of this Warrant in whole or in part, and in any event
within three business days thereafter, the Company at its expense will cause to be issued in the name of, and delivered to, the
Registered Holder, or as such Registered Holder (upon payment by such Registered Holder of any applicable transfer taxes) may
direct:

 

a
certificate or certificates for the number of shares of Warrant Stock to which such Registered Holder shall be entitled, and

 

in
case such exercise is in part only, a new warrant or warrants (dated the date hereof) of like tenor and with the same date, calling
in the aggregate on the face or faces thereof for the number of shares of Warrant Stock equal (without giving effect to any adjustment
thereof) to the number of such shares called for on the face of this Warrant minus the number of such shares purchased by the
Registered Holder upon such exercise as provided in Section 1(a) above (without giving effect to any adjustment thereof).

 

2. Adjustments.

 

(a) Stock
Splits and Dividends. If outstanding shares of the Company’s Common Stock shall be subdivided into a greater number
of shares or a dividend in Common Stock shall be paid in respect of the Common Stock, the Exercise Price in effect immediately
prior to such subdivision or at the record date of such dividend shall simultaneously with the effectiveness of such subdivision
or immediately after the record date of such dividend be proportionately reduced. If outstanding shares of the Common Stock shall
be combined into a smaller number of shares, the Exercise Price in effect immediately prior to such combination shall, simultaneously
with the effectiveness of such combination, be proportionately increased. When any adjustment is required to be made in the Exercise
Price, the number of shares of Warrant Stock purchasable upon the exercise of this Warrant shall be changed to the number determined
by dividing (i) an amount equal to the number of shares issuable upon the exercise of this Warrant immediately prior to such
adjustment, multiplied by the Exercise Price in effect immediately prior to such adjustment, by (ii) the Exercise Price in
effect immediately after such adjustment.

 

(b) Reclassification,
Etc. In case of any reclassification or change of the outstanding securities of the Company (or any other
corporation the stock or securities of which are at the time receivable upon the exercise of this Warrant) or any similar
corporate reorganization on or after the date hereof, then and in each such case the holder of this Warrant, upon the
exercise hereof at any time after the consummation of such reclassification, change, reorganization, merger or conveyance,
shall be entitled to receive, in lieu of the stock or other securities and property receivable upon the exercise hereof prior
to such consummation, the stock or other securities or property to which such holder would have been entitled upon such
consummation if such holder had exercised this Warrant immediately prior thereto, all subject to further adjustment as
provided in Section 2(a); and in each such case, the terms of this Section 2 shall be applicable to the shares of stock
or other securities properly receivable upon the exercise of this Warrant after such consummation.

 

    	2

    	 

    

 

(c) Adjustment
Certificate. When any adjustment is required to be made in the Warrant Stock or the Exercise Price pursuant to this Section 2,
the Company shall promptly mail to the Registered Holder a certificate setting forth (i) a brief statement of the facts requiring
such adjustment, (ii) the Exercise Price after such adjustment and (iii) the kind and amount of stock or other securities
or property into which this Warrant shall be exercisable after such adjustment.

 

3. Transfers.

 

(a) Unregistered
Security. Each holder of this Warrant acknowledges that this Warrant and the Warrant Stock have not been registered under
the Securities Act of 1933, as amended (the “Securities Act”), and agrees not to sell, pledge, distribute,
offer for sale, transfer or otherwise dispose of this Warrant or any Warrant Stock issued upon its exercise in the absence of
(i) an effective registration statement under the Securities Act as to this Warrant or such Warrant Stock and registration or
qualification of this Warrant or such Warrant Stock under any applicable U.S. federal or state securities law then in effect or
(ii) an opinion of counsel, satisfactory to the Company, that such registration and qualification are not required. Each
certificate or other instrument for Warrant Stock issued upon the exercise of this Warrant shall bear a legend substantially to
the foregoing effect.

 

Transferability.
Subject to the provisions of Section 3(a) hereof, this Warrant and all rights hereunder are transferable, in whole or in
part, upon surrender of the Warrant with a properly executed assignment (in the form of Exhibit B hereto) at the principal
office of the Company.

 

(b) Warrant
Register. The Company will maintain a register containing the names and addresses of the Registered Holders of this Warrant.
Until any transfer of this Warrant is made in the warrant register, the Company may treat the Registered Holder of this Warrant
as the absolute owner hereof for all purposes; provided, however, that if this Warrant is properly assigned in blank,
the Company may (but shall not be required to) treat the bearer hereof as the absolute owner hereof for all purposes, notwithstanding
any notice to the contrary. Any Registered Holder may change such Registered Holder’s address as shown on the warrant register
by written notice to the Company requesting such change.

 

4. No
Impairment. The Company will not, by amendment of its charter or through reorganization, consolidation, merger, dissolution,
sale of assets or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this
Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such action
as may be necessary or appropriate in order to protect the rights of the holder of this Warrant against impairment.

 

5. Representations
and Warranties of the Registered Holder. The Registered Holder hereby represents and warrants to the Company as follows:

 

(a) Purchase
Entirely for Own Account. The Registered Holder acknowledges that this Warrant is given to the Registered Holder in reliance
upon the Registered Holder’s representation to the Company, which by its acceptance of this Warrant the Registered Holder
hereby confirms, that the Warrant, and the Warrant Stock (collectively, the “Securities”) being acquired by
the Registered Holder are being acquired for investment for the Registered Holder’s own account, not as a nominee or agent,
and not with a view to the resale or distribution of any part thereof, and that the Registered Holder has no present intention
of selling, granting any participation in, or otherwise distributing the same except under circumstances that will not result
in a violation of the Securities Act or any other federal or state securities laws. By executing this Warrant, the Registered
Holder further represents that the Registered Holder does not presently have any contract, undertaking, agreement or arrangement
with any person to sell, transfer or grant participations to such person or to any third person, with respect to any of the Securities.
The Registered Holder represents that it has full power and authority to execute this Warrant. The Registered Holder has not been
formed for the specific purpose of acquiring any of the Securities.

 

(b) Disclosure
of Information. The Registered Holder has had an opportunity to discuss the Company’s business, management, financial
affairs and the terms and conditions of the offering of the Securities with the Company’s management. The Registered Holder
understands that such discussions, as well as any written information issued by the Company, were intended to describe the aspects
of the Company’s business which it believes to be material.

 

(c) Restricted
Securities. The Registered Holder understands that the Securities have not been, and will not be, registered under the
Securities Act, by reason of a specific exemption from the registration provisions of the Securities Act which depends upon, among
other things, the bona fide nature of the investment intent and the accuracy of the Registered Holder’s representations
as expressed herein. The Registered Holder understands that the Securities are “restricted securities” under applicable
U.S. federal and state securities laws and that, pursuant to these laws, the Registered Holder must hold the Securities indefinitely
unless they are registered with the Securities and Exchange Commission and qualified by state authorities, or an exemption from
such registration and qualification requirements is available. The Registered Holder further acknowledges that if an exemption
from registration or qualification is available, it may be conditioned on various requirements including, but not limited to,
the time and manner of sale, the holding period for the Securities, and on requirements relating to the Company which are outside
of the Registered Holder’s control, and which the Company may not be able to satisfy.

 

    	3

    	 

    

 

(d) No
Public Market. The Registered Holder understands that no public market now exists for any of the securities issued by
the Company and that the Company has made no assurances that a public market will ever exist for the Securities.

 

(e) Legends.
The Registered Holder understands that the Securities, and any securities issued in respect of or exchanged for the Securities,
may bear one or all of the following legends:

 

(i) “THE
SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AND HAVE BEEN ACQUIRED FOR
INVESTMENT AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF. NO SUCH SALE OR DISTRIBUTION MAY BE
EFFECTED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN OPINION OF COUNSEL IN A FORM SATISFACTORY TO THE COMPANY
THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE SECURITIES ACT OF 1933.”

 

(ii) Any
legend required by the Blue Sky laws of any state to the extent such laws are applicable to the shares represented by the certificate
so legended.

 

(f) Accredited
Investor. The Registered Holder is either an accredited investor as defined in Rule 501(a) of Regulation D promulgated
under the Securities Act or has such knowledge and experience (or is relying on a purchaser representative who has such knowledge
and experience) in financial and business matters that the Registered Holder is capable of evaluating the merits and risks of
acquiring the Securities.

 

6. Termination.
This Warrant (and the right to purchase Warrant Stock upon exercise hereof) shall terminate upon the earliest to occur of the
following (the “Expiration Date”): (a) the date that is seven (7) years after the Date of Issuance
(b) the sale, conveyance or disposal of all or substantially all of the Company’s property or business or the Company’s
merger with or into or consolidation with any other corporation (other than a wholly-owned subsidiary of the Company) or any other
transaction or series of related transactions in which more than 50% of the voting power of the Company is disposed of (each a
“Significant Transaction”), provided that this Section 6(b) shall not apply to a merger effected exclusively
for the purpose of changing the domicile of the Company or to an equity financing in which the Company is the surviving corporation,
or (c) the closing of a firm commitment underwritten public offering pursuant to a registration statement under the Securities
Act. In the event of a Significant Transaction, the Registered Holder shall thereafter be entitled to purchase the kind and amount
of shares of stock and other securities and property (including cash) which the Registered Holder would have been entitled to
receive had this Warrant been exercised immediately prior to the effective date of such Significant Transaction.

 

7. The
Merger. The Company intends to enter into an Agreement and Plan of Merger pursuant to which the Company will merge (the
“Merger”) with and into a subsidiary (“Sub”) of AFH Acquisition X, Inc., a Delaware corporation
(“BB Corp.”), resulting in the Company becoming a wholly-owned subsidiary of BB Corp. Upon consummation of
the Merger, BB. Corp will change its name to “Bone Biologics, Corp.,” and the separate existence of Sub will end.
If the Merger is consummated, BB Corp. will, upon consummation of the Merger, issue a new warrant (the “New Warrant”)
to the Registered Holder. The New Warrant will contain terms substantially identical to the terms contained in this Warrant. Upon
the Registered Holder’s receipt of the New Warrant, the New Warrant will become effective, and this Warrant will become
null and void.

 

8. Piggyback
Registrations. The Company shall notify the Registered Holders in writing at least thirty (30) days prior to the
initial filing of any future registration statement under the Securities Act for purposes of effecting a public offering of securities
of the Company (including, but not limited to, registration statements relating to secondary offerings of securities of the Company,
but excluding registration statements relating to any employee benefit plan, acquisition or a corporate reorganization,), and
will afford each Registered Holder an opportunity to include in such registration statement all or any part of the Warrant Shares
then held by such Registered Holder that are not currently included in another registration statement. Each Registered Holder
desiring to include in any such registration statement all or any part of the Warrant Shares held by such Registered Holder shall
within twenty (20) days after receipt of the above-described notice from the Company, so notify the Company in writing, and
in such notice shall inform the Company of the number of Warrant Shares such Registered Holder wishes to include in such registration
statement. If a Registered Holder decides not to include all of its Warrant Shares in any registration statement thereafter filed
by the Company, such Registered Holder shall nevertheless continue to have the right to include any Warrant Shares in any subsequent
registration statement or registration statements as may be filed by the Company with respect to offerings of its securities,
all upon the terms and conditions set forth herein.

 

9. Reservation
of Stock. The Company will at all times reserve and keep available, solely for the issuance and delivery upon the exercise
of this Warrant, such shares of Warrant Stock and other stock, securities and property, as from time to time shall be issuable
upon the exercise of this Warrant.

 

    	4

    	 

    

 

10. Exchange
of Warrants. Upon the surrender by the Registered Holder of any Warrant or Warrants, properly endorsed, to the Company
at the principal office of the Company, the Company will, subject to the provisions of Section 3 hereof, issue and deliver
to or upon the order of such Registered Holder, at the Company’s expense, a new Warrant or Warrants of like tenor, in the
name of such Registered Holder or as such Registered Holder (upon payment by such Registered Holder of any applicable transfer
taxes) may direct, calling in the aggregate on the face or faces thereof for the number of shares of the Common Stock called for
on the face or faces of the Warrant or Warrants so surrendered.

 

11. Replacement
of Warrants. Upon receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation
of this Warrant and (in the case of loss, theft or destruction) upon delivery of an indemnity agreement (with surety if reasonably
required) in an amount reasonably satisfactory to the Company, or (in the case of mutilation) upon surrender and cancellation
of this Warrant, the Company will issue, in lieu thereof, a new Warrant of like tenor.

 

12. No
Rights as Stockholder. Until the exercise of this Warrant, the Registered Holder of this Warrant shall not have or exercise
any rights by virtue hereof as a stockholder of the Company.

 

13. No
Fractional Shares. No fractional shares of Common Stock will be issued in connection with any exercise hereunder. In lieu
of any fractional shares which would otherwise be issuable, the Company shall pay cash equal to the product of such fraction multiplied
by the fair market value of one share of Common Stock on the date of exercise, as determined in good faith by the Company’s
Board of Directors.

 

14. Amendment
or Waiver. Any term of this Warrant may be amended or waived only by an instrument in writing signed by the party against
which enforcement of the amendment or waiver is sought.

 

15. Headings.
The headings in this Warrant are used for convenience only and are not to be considered in construing or interpreting any provision
of this Warrant.

 

16. Governing
Law. This Warrant shall be governed, construed and interpreted in accordance with the laws of the State of New Jersey,
without giving effect to principles of conflicts of law.

 

17. Successors
and Assigns. Unless otherwise provided in this Warrant, the terms and conditions of this Warrant shall inure to the benefit
of and be binding upon the permitted successors and assigns of the parties. Nothing in this Warrant, express or implied, is intended
to confer upon any party other than the parties hereto or their respective successors and assigns any rights, remedies, obligations,
or liabilities under or by reason of this Warrant, except as expressly provided in this Warrant.

 

18. Counterparts.
This Warrant may be executed in two or more counterparts, each of which shall be deemed an original and all of which together
shall constitute one instrument.

 

19. Severability.
If one or more provisions of this Warrant are held to be unenforceable under applicable law, such provision or provisions shall
be excluded from this Warrant, and the balance of this Warrant shall be interpreted as if such provision or provisions were so
excluded and shall be enforceable in accordance with its terms.

 

20. Delays
or Omissions. No delay or omission to exercise any right, power or remedy accruing to any party under this Warrant, upon
any breach or default of any other party under this Warrant, shall impair any such right, power or remedy of such non-breaching
or non-defaulting party nor shall it be construed to be a waiver of any such breach or default, or an acquiescence therein, or
of or in any similar breach or default thereafter occurring; nor shall any waiver of any single breach or default be deemed a
waiver of any other breach or default theretofore or thereafter occurring. Any waiver, permit, consent or approval of any kind
or character on the part of any party of any breach or default under this Warrant, or any waiver on the part of any party of any
provisions or conditions of this Warrant, must be in writing and shall be effective only to the extent specifically set forth
in such writing. All remedies, either under this Warrant or by law or otherwise afforded to any party, shall be cumulative and
not alternative.

 

21. Notices.
Unless otherwise provided herein, any notice required or permitted by this Warrant shall be in writing and shall be deemed sufficient
upon delivery, when delivered personally or by overnight courier or sent by facsimile, or 48 hours after being deposited in the
U.S. mail, as certified or registered mail, with postage prepaid, addressed to the party to be notified at such party’s
address as set forth on the signature page, or as subsequently modified by written notice.

 

[Remainder
of Page Intentionally Left Blank; Signature Page Follows]

 

    	5

    	 

    

 

IN
WITNESS WHEREOF, the parties have executed this Common Stock Purchase Warrant as of the date first forth above.

 

	 	BONE BIOLOGICS, INC.:
	 	 
	 	By:	/s/
                                         Michael Schuler

	 	Name:	Michael
    Schuler
	 	Title:	Chief
    Executive Officer
	 	Address:	100
                                         Rancho Road

        Suite
        7 - #231

        Thousand
        Oaks, CA 91362

	 	 	 
	 	MUSCULOSKELETAL TRANSPLANT FOUNDATION, INC.:
	 	 
	 	By:	/s/ Michael
    J. Kawas
	 	Name:	Michael
    J. Kawas
	 	Title:	Executive
    Vice President

 and Chief Financial Officer
	 	Address:	Musculoskeletal
                                         Transplant

        Foundation,
        Inc.

        125
        May Street, Suite 300

        Edison,
        NJ 08837590

 

    	 

    	 

    

 

EXHIBIT
A

 

PURCHASE/EXERCISE
FORM

 

	To:	Bone
    Biologics, Inc.	Dated:

 

The
undersigned, pursuant to the provisions set forth in the attached Warrant No. CW-487 (the “Warrant”), hereby
irrevocably elects to (a) purchase _____ shares of the Common Stock covered by the Warrant and herewith makes payment of
$ ________, representing the full purchase price for such shares at the price per share provided for in the Warrant, or (b) exercise
the Warrant for ________ shares purchasable under the Warrant pursuant to the Net Issue Exercise provisions of Section 1(c)
of the Warrant.

 

The
undersigned acknowledges that it has reviewed the representations and warranties contained in Section 5 of the Warrant and
by its signature below hereby makes such representations and warranties to the Company. Defined terms used but not defined in
this Purchase/Exercise Form shall have the meanings assigned to them in the Warrant.

 

	 	Signature:	 
	 	Name (print):	 
	 	Title (if applic.):	 
	 	Company (if applic.):	 

 

    	A-1

    	 

    

 

EXHIBIT
B

 

ASSIGNMENT
FORM

 

FOR
VALUE RECEIVED, ____________________________________ hereby sells, assigns and transfers all of the rights of
the undersigned under the attached Warrant with respect to the number of shares of Common Stock covered thereby set forth
below, to:

 

	Name
    of Assignee	Address/Fax
    Number	No.
    of Shares

 

 

 

 

 

 

	Dated:	 	 	Signature:	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	Witness:	 

 

    	B-2

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