Document:

Exhibit 10.1

 

PROFESSIONAL SERVICES AGREEMENT

 

This Professional Services
Agreement (this “Agreement”) is made and entered into as of _______ ___, 2015 (the “Effective Date”)
by and between Bone Biologics Corporation, a corporation organized and existing under the laws of the State of Delaware and having
a place of business at 321 Columbus Ave., Boston, MA 02116 (the “Company”) and __________, an individual having
a place of business located at __________ (the “Advisor”). The Advisor has disclosed to the Company that Advisor
is employed by the University of California, Los Angeles (“UCLA”) and that this Advisor Agreement has to comply
with all UCLA regulations (see Exhibits 1 and 2).

 

1.
Description of Services and Responsibilities of the Advisor. Advisor agrees to perform
the services specified below (collectively, the “Services”), as well as such other services which may be reasonably
requested by the President of the Company which are ancillary to, or reasonably related to such Services. The Services to be rendered
hereunder by Advisor shall include, without limitation, providing strategic advice and strategic introductions to the Company’s
management team and those specific services set forth on Exhibit 3 attached hereto. The Company may amend Exhibit 3 from time
to time following the Effective Date to add additional services by proposing such additional compensation to Advisor in writing.
In the event of any such proposal, Advisor shall have ten (10) business days from receipt of such proposal to decline or request
modification to such proposal by written notification to the Company. If Advisor shall so respond within such time period with
a request to modify such proposal, the Company and Advisor shall work together in good faith to reach mutual agreement with respect
to the terms of such proposal.

 

2.
 Consideration.

 

(a) Subject
to the approval of the Company’s board of directors, following Advisor’s start date, as consideration for the provision
of the Services rendered pursuant to this Agreement, the Company shall grant Advisor a stock option (the “Stock Option”),
to purchase of 1,800,364 shares of the Company’s common stock corresponding to four percent (4%) of the Company’s
issued and outstanding shares of common stock, on a fully diluted basis as of the Effective Date at an exercise price equal to
the fair market value of the Company’s common stock as of the effective date. As of the Effective Date of this Agreement,
the fair market value of the Company’s common stock equals One Dollar and Fifty Nine Cents ($1.59) per share. The Stock
Option shall have a term of ten (10) years from the date of grant and the shares that are the subject of the Stock Option will
vest during the Term (as defined below) as follows: (i) twenty five percent (25%) of the shares shall vest during the Term on
each of the first, second and third anniversaries of the Effective Date; and (ii) the twelve and one half percent (12.5%) of the
shares shall vest during the Term on each of the fourth and fifth anniversaries of the Effective Date. Any shares subject to the
Stock Option that are not vested on the date this Agreement terminates shall be forfeited on the date of termination; provided,
however, that: (i) in the event of a termination of this Agreement by the Company without cause pursuant to Section 3(b)(ii),
or by the Advisor with cause pursuant to Section 3(b)(i); or (ii) in the event of a Change of Control of the Company that becomes
effective prior to the termination of this Agreement, then all shares issuable pursuant to the Stock Option shall immediately
vest. For the purposes of this Agreement, the term “Change in Control” means a merger, reorganization or consolidation
involving Company in which the voting securities of Company outstanding immediately prior thereto cease to represent at least
fifty percent (50%) of the combined voting power of the surviving entity immediately after such merger, reorganization or consolidation.

 

    	 	 	 

    	 

    

(b) Beginning
on January 1, 2017, as consideration for the provision of Services rendered pursuant to this Agreement, the Company shall pay
Advisor an annual consulting fee in the amount of two hundred thousand dollars ($200,000) for Services rendered by the Advisor
during the Term. The Company may elect to pay such fee in shares of its common stock to be issued at the beginning of the applicable
year valued at the average closing bid price of the shares over the 10 trading days immediately preceding the date of the determination
and to the extent that such shares or an equivalent number of such shares may be traded in an active market pursuant a trading
plan approved under the Company’s insider trading policy in effect at such time. The total consulting fee payable hereunder
shall not exceed eight hundred thousand dollars ($800,000) between January 1, 2017 and December 31, 2020, without the prior written
consent of the Company. Any fees that are unpaid shall be forfeited on the date of termination of this Agreement; except: (i)
in the event of a termination of this Agreement by the Company without cause pursuant to Section 3(b)(ii), or by the Advisor with
cause pursuant to Section 3(b)(i); or (ii) in the event of a Change of Control of the Company that becomes effective prior to
the termination of this Agreement, then all unpaid fees shall be due and payable to the Advisor within thirty (30) days. 

 

(c) In
addition to the foregoing compensation, Company shall reimburse Advisor for any reasonable and documented out-of-pocket expenses
incurred by Advisor in furtherance of the Services. Expenses shall not exceed Five Thousand Dollars ($5,000) per year during the
Term of this Agreement without the prior written consent of the Company. 

 

3. Term;
Non-renewal and Termination.

 

(a) Term.
Advisor and the Company agree that the term of this Agreement shall commence on the Effective Date and, unless earlier terminated
pursuant to this Section 3, shall remain in effect for five (5) years (the “Term”).

 

(b)
Termination. 

 

(i)
Either party may terminate this Agreement for cause upon thirty (30) days prior written notice
in the event of a material breach of this Agreement by the other party that remains uncured at the conclusion of such thirty-day
notice period. 

 

(ii)
In addition, either party may terminate the Agreement without cause for any reason, upon
thirty (30) days prior written notice to the other party. 

 

(iii)
For the purpose of Section 3(b)(i) of this Agreement, the following events shall constitute
cause for termination:

 

(A)
A material breach by Advisor of this Agreement which is not cured within thirty (30) days
after written notice by the Company setting forth the nature of such alleged breach;

 

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(B)
Acts or omissions constituting gross negligence, recklessness or willful misconduct which
cause material harm to the Company;

 

(C)
The disregard of written policies of the Company which cause damage or injury to the property
or reputation of the Company which, if capable of cure, is not cured within thirty (30) days after written notice thereof by the
Company;

 

(D)
Advisor is indicted of, or convicted of, or admit, plea bargain, enter a plea of no contest
or nolo contendere to, any felony of any kind or a misdemeanor involving fraud or dishonesty; and

 

(E)
Advisor’s failure to render the Services or to accomplish those particular Services
and objectives expressly identified as (1) in Exhibit 3 attached hereto. 

 

(F)
Return of Company Property Upon Termination or Expiration. Within ten (10) business days
following termination or expiration of this Agreement, Advisor shall return to the Company any and all property, documents, records,
notes, data, memoranda, models and any confidential or proprietary information or documents that are the property of the Company
and that are in the possession or control of Advisor.

 

4. Independent
Contractor Status.

 

(a)
Advisor is co-founder of the Company and member of the Company’s Board of Director
on the Effective Date of this Agreement. However, for all purposes, the Advisor shall be deemed to be an independent contractor,
and not an employee, agent or partner of, or joint venturer with, the Company. Accordingly, Advisor shall not be entitled to the
rights or benefits to which any employee of the Company or any of its affiliates may be entitled. The Company shall not withhold
any amounts on account of any withholding or employment taxes from any payments to the Advisor under this Agreement, and it shall
be the sole responsibility of the Advisor to report and pay all applicable income taxes on all such payments. The Advisor will
obtain its own liability coverage and hereby acknowledges that Company shall have no responsibility for the payment of any required
workers compensation insurance on behalf of Advisor or its Agents.

 

(b)
As an independent contractor, the method and means employed by the Advisor for performance
of the Services shall be and are solely at the discretion and expense of the Advisor and under the Advisor’s sole control.
The Advisor shall be the sole judge as to the method and manner in which the Advisor performs Services under this Agreement.

 

(c)
The Advisor will not have any authority to commit or bind the Company to any contractual
or financial obligations without the Company’s express prior written consent.

 

(d)
The Company agrees to pay the legal fees to prepare an Omnibus Plan that describes the orderly
sale of the Advisor’s shares in the Company.

 

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5. 
Confidential Information

 

(a)
The Advisor recognizes that Advisor’s relationship with the Company is one of high
trust and confidence by reason of Advisor’s access to and contact with confidential and proprietary information of the Company
(collectively, “Confidential Information”). For the purposes of this Agreement, such Confidential Information
includes, but is not limited to all Company information that is disclosed or otherwise made available to Advisor that: (1) is
not generally known to, and cannot be readily ascertained by others, (2) has actual or potential economic value to the Company,
and (3) is treated as confidential by the Company. By way of illustration but not limitation, Confidential Information includes:
(i) information which relates to the Company’s actual or anticipated products, research, inventions, processes, techniques,
designs, or other technical data; (ii) information regarding administrative, financial or marketing activities of the Company;
(iii) information from or concerning the Company’s clients, customers, investors, subscribers, employees, contractors and/or
other third parties who have dealings with the Company; and (iv) any materials or documents containing any of the above information.

 

(b)
The Advisor agrees to maintain the Confidential Information in strict confidence and to not
disclose or permit the disclosure of such Confidential Information to any persons. The Advisor agrees to use such Confidential
Information only for the purposes of rendering the Services set forth herein and it shall not use any Confidential Information
for its own benefit or for the benefit of any other person or business entity. 

 

(c)
Advisor’s undertaking and obligations of confidentiality under this Agreement will
not apply, however, to any Confidential Information which: (i) is or becomes generally known to the public through no action on
Advisor’s part, (ii) is generally disclosed to third parties by the Company without restriction on such third parties, (iii)
is approved for release by written authorization of an executive officer of the Company, (iv) is already in Advisor’s possession,
or known to Advisor without restriction prior to the disclosure thereof to Advisor by the Company (by way of example, this would
apply to all research conducted by the Advisor at UCLA), or (v) which is rightfully obtained by Advisor from sources other than
the Company having no fiduciary relationship with the Company and having no obligation of confidentiality or non-use with respect
to such Confidential Information.

 

6.
Intellectual Property

 

The following rights and
assignments set forth in this Section 6 are at all times subject to the UCLA Guidelines for Intellectual Property and Consulting,
attached hereto as Exhibit 1, and the UCLA Addendum to Consulting Contract, attached hereto as Exhibit 2.

 

(a)
The Company acknowledges that Advisor has obligations to UCLA such that UCLA must have an
opportunity to review all inventions made by Advisor during his course of employment with UCLA. Notwithstanding the foregoing,
the Advisor shall promptly disclose to the Company any and all intellectual property related to the Company’s business that
is authored, discovered, developed, derived or reduced to practice by Advisor during the course of providing the Services hereunder
(collectively, “Intellectual Property”). The Advisor shall maintain adequate records (whether written, electronic,
or otherwise) to document such Intellectual Property, including without limitation the conception and reduction to practice of
inventions, discoveries, findings, improvements, ideas, concepts, designs, presentations, recordings, publications, computer programs,
algorithms, protocols, system and related documentation and shall make such records available to the Company upon request. The
Company shall have sole ownership of all such records.

 

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(b)
The Advisor hereby agrees that Intellectual Property that is subject to copyright protection
is deemed to be a “work made for hire” as such term is defined in the U.S. Copyright Act. With respect to Intellectual
Property that is not subject to copyright protection, the Advisor hereby agrees to, and hereby does, assign, convey, and grant
to the Company all of the Advisor’s entire right, title, and interest in and to the Intellectual Property and any and all
patents, patent applications, copyrights, copyright registrations and other forms of legal recognition and protection relating
to the Intellectual Property. Upon request, the Advisor shall cooperate with the Company, at the expense of the Company, in obtaining
legal protection for the Intellectual Property, subject to the UCLA Guidelines for Intellectual Property and Consulting, attached
hereto as Exhibit 1, and the UCLA Addendum to Consulting Contract, attached hereto as Exhibit 2. The Advisor agrees to execute
all lawful documents that the Company may reasonably request in order to perfect the Company’s rights in, and to apply for,
maintain, enforce and defend legal recognition of, the Intellectual Property. 

 

(c)
The Advisor acknowledges that the Company does not desire to acquire any trade secrets, know-how,
confidential information, or other intellectual property that the Advisor may have acquired from or developed for any third party
(“Third-Party IP”). The Advisor agrees that in the course of providing the Services, the Advisor shall not
improperly use or disclose any Third-Party IP, including without limitation any intellectual property of (i) any former, existing
or future employer or clients, customers or contacts of Advisor, (ii) any person for whom the Advisor has performed or currently
performs consulting services, or (iii) any other person to whom the Advisor has a legal obligation regarding the use or disclosure
of such intellectual property. 

 

7. Transfer
and Assignment. This Agreement may not be assigned or transferred by Advisor or Company without the prior written consent
of the other, such consent not to be unreasonably withheld, delayed or conditioned. 

 

8. Governing
Law. This Agreement shall be governed in all respects by the substantive laws of the State of Delaware, notwithstanding any
applicable conflict of laws rule. 

 

9.
 Non-Exclusivity; No Conflicts.

 

(a) It
is understood and agreed by and between Company and Advisor, that Advisor maintains the right, at his sole discretion, to render
similar consulting services, and/or otherwise seek employment with other companies during the Term of this Agreement, so long
as the same: (i) does not create an undisclosed conflict of interest between Advisor’s duties and obligations owed to the
Company and Advisor’s duties and obligations owed to any third parties; (ii) does not obligate Advisor to provide, and shall
not foreseeably obligate Advisor to provide services in connection with a product which directly competes with products commercialized
or developed by the Company; or (iii) does not in any way interfere with the business of the Company, and further provided that
the confidentiality of information proprietary to the Company is at all times protected by Advisor in accordance with this Agreement.

 

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(b)
Subject at all times to the Advisor’s performance of those duties and obligations owed
to UCLA as set forth in the UCLA Guidelines for Intellectual Property and Consulting, attached hereto as Exhibit 1, and the UCLA
Addendum to Consulting Contract, attached hereto as Exhibit 2, Advisor represents and warrants to Company that: (i) the execution
and performance of this Agreement does not and will not violate, or constitute a default under any contract, commitment, agreement,
understanding, arrangement or restriction, or any adjudication, order, injunction, or finding of any kind by any court or governmental
entity to which Advisor may be a party or by which Advisor may be bound; (ii) the Advisor shall render the Advisory Services in
a diligent and workmanlike manner in strict compliance with all laws applicable to Advisor’s performance under this Agreement,
including, but not limited to all applicable anti-bribery and antitrust laws and those laws applicable to the Company’s
commercialization, promotion, marketing, distribution and sale of its products; and (iii) the Advisor has not been debarred or
suspended or is not currently under investigation by the U.S. Food and Drug Administration for debarment or suspension action,
or has not been convicted or indicted for a crime or otherwise engaged in conduct for which a person can be debarred or suspended
under 21 U.S.C. §335a(a) or (b) and that upon receiving notice of debarment or any such investigation or commencement of
any such proceeding concerning Advisor, Advisor shall promptly notify Company and acknowledges and agrees that Company shall have
the right to terminate this Agreement. 

 

(c)
The Company and Advisor hereby declare that this Agreement is in no way associated with any
business or sales activities between the parties hereto and in particular Advisor is by no means obligated to prescribe, recommend
or purchase any goods from the Company.

 

10.
Notices. All notices, requests, consents and other communications hereunder shall
be in writing, shall be addressed to the receiving party’s address set forth below or to other address as a party may designate
by notice hereunder, and shall be either: (i) delivered by hand; (ii) sent by overnight courier; (iii) sent by registered or certified
mail, return receipt requested, postage prepaid; or (iv) email communication that is verified to be received.

 

	If to the Company:	If to Advisor:
	 	 
	Bone Biologics Corporation	 
	321 Columbus Avenue	 
	Boston, Massachusetts 02116	 
	Attention: CEO, Stephen LaNeve	 
	Email: stevelaneve@gmail.com	 
	 	 

11.
Release of Claims. In exchange for good and valuable consideration provided for herein,
the sufficiency of which is hereby acknowledged by the parties, Advisor does hereby release, remise and forever discharge the
Company and its officers, employees, agents and representatives, from all claims, obligations, liabilities, and causes of action
of every kind and character, known or unknown, mature or unmatured, which the Advisor may have now or in the future arising from
any act or omission or condition occurring on or prior to the Effective Date, whether based in tort, contract (express or implied),
or any federal, state, or local law, statute, or regulation. The foregoing release does not release the Company from the performance
or observance of any of its obligations under this Agreement.

 

12.
Entire Agreement; Modifications. This Agreement constitutes the entire agreement of
the parties hereto, and all previous communications between the parties, whether written or oral with reference to the subject
matter of this Agreement are hereby cancelled and superseded and, unless otherwise expressly agreed upon by the Company in writing,
all services rendered by the Advisor on or after the Effective Date shall be rendered pursuant to this Agreement. No modification
of this Agreement shall be binding upon the parties hereto, unless in writing and duly signed by the respective parties, including
an officer of the Company. This Agreement is effective when signed by both parties.

 

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IN WITNESS WHEREOF, the
parties to this Agreement have caused the same to be executed on the Effective Date written above.

 

	BONE BIOLOGICS CORPORATION	ADVISOR

	 	 	 		
	By:	 	 	By:	 
	Name:	 	 	Name:	 
	Title:	 	 	Title:	 
	Date:	 	 	Date:	 

 

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Exhibit 1

 

UCLA GUIDELINES FOR INTELLECTUAL PROPERTY
AND CONSULTING

 

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Exhibit 2

 

UCLA ADDENDUM TO CONSULTING CONTRACT

 

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Exhibit 3

 

Description of Services

 

Company understands that
Advisor is a full-time faculty member at UCLA, and that UCLA Policies prohibit faculty from participating in the marketing, promotion,
or sales of Company’s products or services. Accordingly, Advisor’s Services contemplated under this Agreement shall
not include the marketing, promotion, or sales of Company’s products or services. Over the term of this agreement, the Advisor
will render services supporting and advising the Company with respect to the following initiatives:

 

1. Long term IP strategy,
including providing input on IP / Patent approach – Patent Term Extension (PTE), Patent Term Adjustment (PTA), New Filings;
guiding the Company’s R&D focus, drive R&D direction, and build R&D programs (subject to mutually acceptable
sponsored research agreements and receipt by Advisor from Company the necessary resources and authority to pursue IP and R&D
programs recommended by the Advisor) to produce patent applications that if awarded will extend patent life of NELL-1 by at least
12 years; improve NELL-1 performance that if produced/purified/delivered properly by GMP protein contractor can increased Nell-1
half-life by 25% over current Nell-1 patents set to expire in 2019, and work closely with Company patent counsel to build a robust
IP “wall” around the Company’s product portfolio.

 

2. Pursuant to one or
more sponsored research agreements to be entered into with Company on or before Jan 15, 2016, Advisor will support sponsored research
services to be conducted on behalf of Company, concerning, among other things, basic NELL-1 characterization (e.g., bioactivity,
mechanism of action, etc.), NELL-1 pipeline product work (e.g., chemical modification, targeted delivery, etc.), disease indication
related work (e.g., materials, stem cells, diagnostics, wireless health continuous monitoring, etc.)

 

3. Review and implementation
support of the third party partner, which the Company contemplates will be Diosynth (Raleigh, NC), including protein synthesis
proposal, extending from the NELL-1 molecule characterization / formulation to pre-production

 

4. Review data on toxicity,
immunogenicity, carcinogenicity and reproductive testing per agency guidelines across potentially three divisions (device, biologics,
drugs)

 

5. Review data on animal
testing following the Boden Model and to potentially include sheep (outside the model)

 

6. Review data on lyophilization
and final manufacturing / assembly including DRM processes and specifications

 

7. Review data on final
kit configuration to include components (vials, syringes, diluents, cannula, etc.), inner and outer trays and cartons, ship /
drop, temperature stress testing

 

8. Review data on Clinical,
Regulatory and Reimbursement strategies for selected indication(s), and Advisor shall provide real-time product evaluation, including
providing confidential feedback of product concepts before farming out to contract labs.

 

9. Company Advanced Development
Program - Developing novel product concepts that maximize the growth in company valuation by identifying products concepts and
refining the product concepts to work synergistic with business development, IP strategy, regulatory timeline, manufacturing capability,
marketing, and sales.

 

10. Company Acquisition
Targets. Identification of Company third party acquisition targets, and also contribute to the technical due diligence process
of evaluating technologies that will build value for Company.

 

11. Recruiting SAB, KOL,
and consultant team. Advisor will use his/her connections to support the Company’s recruitment of the most prominent scientists,
visible clinicians, and productive consultants to support the growth of the Company.

 

    	 	10Exhibit

Exhibit 10.1

DUPONT FABROS TECHNOLOGY, INC.
2016 LONG TERM INCENTIVE COMPENSATION PLAN
The DuPont Fabros Technology, Inc. Long Term Incentive Compensation Plan (the “LTIP”) was adopted effective January 5, 2016 (the “Effective Date”), by the Compensation Committee of the Board of Directors (the “Committee”) of DuPont Fabros Technology, Inc., a Maryland corporation (the “Company”) to provide equity-based awards to those employees of the Company and its subsidiaries who are in a position to contribute to the achievement by the Company and its subsidiaries of significant improvements in profit performance and growth.  Awards under the LTIP may take the form of awards of shares of restricted common stock of the Company (“Restricted Stock”) and performance-vesting stock units (“Performance Units”). Awards under the LTIP are intended to be exempt from the requirements of Section 409A of the Internal Revenue Code, and the LTIP shall be interpreted and administered in a manner consistent with that intent.
The LTIP shall be administered by the Committee.  The Committee shall have full power and authority to administer and interpret the LTIP and any awards made under the LTIP, and its interpretations shall be conclusive and binding on all persons.  The Committee’s power and authority shall include, without limitation, the authority to adopt and periodically review such rules and regulations as it deems necessary or advisable in order to properly carry out the provisions and purposes of the LTIP.
All salaried employees of the Company shall be eligible to participate in the LTIP.  The Chief Executive Officer of the Company (the “CEO”), subject to the approval of the Committee, shall designate the specific employees who will participate in the LTIP (each, a “Participant”) and establish the amount and form of each Participant’s awards. The Committee shall establish the amount and form of awards for the CEO.
Awards shall be made on or about the Effective Date.  The form of each award shall be as follows:
		
	•
	For an employee below the senior vice president level, one hundred percent (100%) of the award shall be in the form of Restricted Stock; and

		
	•
	For an employee at the CEO, senior vice president or executive vice president level, some or all of the award shall be in the form of Performance Units, and any remaining portion of the award shall be in the form of Restricted Stock, all as approved by the Committee.

The dollar value of each award (or portion of an award) shall be converted into a number of shares of Restricted Stock or Performance Units (as applicable) on the award date using a price per share of $31.21.
Awards of Restricted Stock shall vest over three (3) years, with one-third of each such portion vesting on March 1, 2017, an additional one-third on March 1, 2018, and the remaining one-third on March 1, 2019, in each case only if the Participant remains in continuous Service from the Grant Date through such applicable vesting date.
Awards of Performance Units shall vest if (a) the Participant remains in continuous Service from the Grant Date until February 1, 2019, (b) with respect to one-half of each Performance Unit award, the Total Shareholder Return of the Company’s Common Stock for the 3-year performance period that commences on January 1, 2016 (the “Performance Period”) meets or exceeds the return of the MSCI US REIT Index for the Performance Period, and (c) with respect to remaining half of each Performance Unit award, the Total Shareholder Return of the Company’s Common Stock for the Performance Period, meets or exceeds 

the return of an index of publicly-traded data center companies for the Performance Period, as such terms are defined by and such criteria are established by the Committee and set forth in the applicable award agreement.
The CEO (or Committee) may include additional terms in an individual award agreement relating to the effect of a change in control of the Company or early termination of the Participant’s employment with the Company.
The selection of an employee as a Participant shall not confer any right on the employee to receive an award under the LTIP or to continue in the employ of the Company or limit in any way the right of the Company to terminate such Participant’s employment at any time.
The Board of Directors may amend, suspend or terminate the LTIP at any time.    
The LTIP and any awards under the LTIP shall be governed by the laws of the State of Maryland.

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