Document:

MANAGEMENT
CONSULTING AGREEMENT AMENDMENT

 

This
Management Consulting Agreement Amendment (the “Consulting Agreement Amendment”) amends that certain Management
Consulting Agreement, dated as of September 19, 2014 (the “Consulting Agreement”), by and between Bone Biologics,
Corp., a Delaware corporation (the “Company”), and The Musculoskeletal Transplant Foundation, Inc. (the “Consultant”),
effective as of December __, 2015 (the “Amendment Effective Date”). Any capitalized term not defined in this
Amendment shall have the meaning set forth in the Consulting Agreement.

 

WHEREAS,
the paragraph entitled “Common Stock” which appears in Exhibit B, to the Consulting Agreement, reads as follows:

 

“Common
Stock

 

Consultant
shall receive warrants for 50,000 shares of the Company’s $0.001 Common Stock upon completion of the first year of service
pursuant to this Agreement. Consultant shall thereafter receive $50,000 worth of Common Stock upon completion of each year of
service as the Company’s Chief Executive Officer. Such issuances of Common Stock shall be split into four installments,
each valued at $12,500 and distributed quarterly on the date that the Company files its Form 10-Q or Form 10-K, as applicable,
with the SEC. The Common Stock will be valued at the average of the trading price for shares of Common Stock over the 10 day period
prior to the issuance.”

 

WHEREAS,
the Consultant has completed its first year of service.

 

WHEREAS,
on September 19, 2015 the Company granted 31,646 shares of Common Stock to the Consultant pursuant to Section 2, Exhibit B, of
the Consulting Agreement (the “Prior Share Grant”).

 

WHEREAS,
the Consultant should have been granted a total of 40,822 shares of Common Stock pursuant to Section 2, Exhibit B, of the Consulting
Agreement and therefore, is owed an additional 9,176 shares of Common Stock.

 

WHEREAS,
the Company has not granted any options to purchase Common Stock to the Consultant.

 

WHEREAS,
Section 9.7 of the Consulting Agreement provides that the Consulting Agreement may be modified or amended only by written instrument
duly executed by the Company and the Consultant.

 

WHEREAS,
the Company and the Consultant desire to amend certain provisions of the Consulting Agreement.

 

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NOW,
THEREFORE, in consideration of the mutual agreements set forth herein, and for other good and valuable consideration, the receipt
and sufficiency of which is hereby acknowledged, the parties hereto hereby agree as follows:

 

1.Initial
Option Grant. In connection with the Company’s obligations under Section 2, Exhibit B, of the Consulting Agreement,
subject to approval by the Board, the Consultant shall receive a fully vested option to purchase 50,000 shares of Common Stock
with an exercise price per share equal to the current fair market value of a share of Common Stock on the date of grant (the “Initial
Option Grant”).

 

The
Initial Option Grant will be granted outside of any equity incentive plan maintained by the Company but shall be subject to the
terms of the Company’s 2015 Equity Incentive Plan and shall be evidenced by and subject to the terms and conditions of the
form of Non-Plan Stock Option Grant Notice, Non-Plan Stock Option Agreement and Non-Plan Notice of Exercise (collectively, the
“MTF Initial Option Grant Package”), in substantially the form attached hereto as Exhibit A.

 

2.Initial
Share Grant. Also in connection with the Company’s obligations under Section 2, Exhibit B, of the Consulting Agreement,
subject to approval by the Board, the Consultant shall receive a number of fully vested shares of Common Stock equal to (i) the
aggregate grant date fair market value of 50,000 shares of Common Stock minus the aggregate value of 50,000 shares of Common Stock
with a value of $1.00 per share divided by (ii) the grant date fair market value of a share of Common Stock (the “Initial
Share Grant”). For example, assume that the grant date fair market value of a share of Common Stock is $1.59. Therefore,
the Consultant would be granted 18,553 fully vested shares of Common Stock with a grant date fair market value of $1.59 per share
([(50,000*$1.59)-(50,000*$1.00)]/$1.59).

 

The
Initial Share Grant will be granted outside of the terms of any equity incentive plan maintained by the Company and shall be evidenced
by and subject to the terms and conditions of the form of Non-Plan Stock Award Grant Notice and Non-Plan Stock Award Agreement
(collectively, the “Non-Plan Share Grant Package”), in substantially the form attached hereto as Exhibit
B.

 

3.2015
Annual Share Grant. In connection with the Company’s obligations under Section 2, Exhibit B, of the Consulting Agreement,
the Consultant shall receive an additional 9,176 shares of Common Stock as soon as practicable following the date of this Consulting
Agreement Amendment (such shares, the “2015 Annual Share Grant”). The 2015 Annual Share Grant shall be granted
outside of any equity incentive plan maintained by the Company.

 

4.Common
Stock. The paragraph entitled “Common Stock” which appears in Exhibit B, to the Consulting Agreement with the
following provision:

 

“Common
Stock

 

Without
any further action of the Board, at the close of business on the date of each Annual Meeting that occurs on or after December
[__]1, 2015, the Consultant shall automatically be granted a nonstatutory stock option outside of any equity incentive
plan maintained by the Company but shall be subject to the terms of the Company’s 2015 Equity Incentive Plan to purchase
a number of shares of the Company’s common stock having an Option Value (calculated on the date of grant) equal to $50,000
(an “Annual Grant”). The “Option Value” of a stock option to be granted under
this Agreement shall be determined using the same method that the Company uses to calculate the grant-date fair value of stock
options in its financial statements.

 

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Each
Annual Grant shall vest in a series of four (4) successive equal quarterly installments over the one-year period measured from
the date of grant. The vesting of each Annual Grant is subject to Stroever’s Continuous Service on each applicable vesting
date. Notwithstanding the foregoing, if Stroever remains in Continuous Service with the Company until immediately prior to the
effective time of a “Change of Control” (as defined in the Company’s 2015 Equity Incentive Plan),
any unvested shares subject to the Annual Grant shall become fully vested immediately prior to the effective time of such Change
of Control.

 

Each
Annual Grant shall be granted with a ten year term and shall terminate upon the earliest of the following: (a) immediately upon
the termination of Stroever’s Continuous Service for Cause; or (b) the expiration date.

 

“Continuous
Service” and “Cause” shall have the same meanings as in the Company’s 2015 Equity Incentive Plan but shall
be applied to Stroever and all references to “Participant” within those definitions as they appear in the Company’s
2015 Equity Incentive Plan shall refer to Stroever.”

 

Each
Annual Grant shall be evidenced by and subject to the terms and conditions of the standard form of Non-Plan Stock Option Grant
Notice, Non-Plan Stock Option Agreement and Non-Plan Notice of Exercise (collectively, the “MTF Annual Grant Option
Grant Package”), in substantially the form attached hereto as Exhibit C.

 

5.Additional
Terms/Acknowledgements. This Consulting Agreement Amendment sets forth the entire agreement of the parties with respect to
the subject matter hereof and is intended to supersede all prior negotiations, understandings and agreements with respect to the
subject matter hereof. The Consultant acknowledges and agrees that the Initial Option Grant, the Initial Share Grant, and the
2015 Annual Share Grant, together with the Prior Share Grant, are in full satisfaction of any and all rights to any equity awards
earned by the Consultant under the terms of the Consulting Agreement that was in effect prior to the date of this Consulting Agreement
Amendment and that the Consultant is not eligible to receive any additional equity awards with respect to any services that were
rendered prior to the date of this Consulting Agreement Amendment.

 

 

1
NTD: INSERT DATE OF BOARD RESOLUTIONS APPROVING AMENDMENT.

 

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6.Binding
Effect. This Consulting Agreement Amendment shall be binding upon and inure to the benefit of the parties and their respective
successors, permitted assigns, heirs, executors and legal representatives.

 

7.No
Other Changes. Except as expressly set forth herein, all of the provisions of the Consulting Agreement shall remain unchanged
and in full force and effect. After the date hereof, any reference to the Consulting Agreement shall mean the Consulting Agreement
as amended or modified hereby.

 

8.Counterparts.
This Consulting Agreement Amendment may be executed by the parties hereto in separate counterparts, each of which when so executed
and delivered shall be an original but all such counterparts together shall constitute one and the same instrument. Each counterpart
may consist of two copies hereof each signed by one of the parties hereto.

 

[Signature
page follows.]

 

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IN
WITNESS WHEREOF, the parties hereto have signed their names as of the day and year first above written.

  

	 	BONE
    BIOLOGICS CORPORATION
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 
	 	The
    Musculoskeletal transplant foundation, inc. 
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

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EXHIBIT
A

MTF
INITIAL OPTION GRANT PACKAGE

 

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EXHIBIT
B

NON-PLAN
SHARE GRANTS PACKAGE

 

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EXHIBIT
C

MTF
ANNUAL GRANT OPTION GRANT PACKAGE

 

    	 	8Bone
Biologics Corporation

2015
Equity Incentive Plan

 

Adopted
by the Board of Directors: December 28, 2015

Approved
by the Stockholders: December 30, 2015

Effective
date: December 28, 2015

 

1.General.

 

(a)Eligible
Award Recipients. Employees, Directors and Consultants are eligible to receive Awards under the Plan.

 

(b)Available
Awards. The Plan provides for the grant of the following types of Awards: (i) Incentive Stock Options, (ii) Nonstatutory Stock
Options, (iii) Stock Appreciation Rights, (iv) Restricted Stock Awards, (v) Restricted Stock Unit Awards, (vi) Performance Stock
Awards, (vii) Performance Cash Awards, and (viii) Other Stock Awards.

 

(c)Purpose.
The Plan, through the granting of Awards, is intended to help the Company secure and retain the services of eligible award
recipients, provide incentives for such persons to exert maximum efforts for the success of the Company and any Affiliate and
provide a means by which the eligible recipients may benefit from increases in value of the Common Stock.

 

2.Administration.

 

(a)Administration
by Board. The Board will administer the Plan. The Board may delegate administration of the Plan to a Committee or Committees,
as provided in Section 2(c).

 

(b)Powers
of Board. The Board will have the power, subject to, and within the limitations of, the express provisions of the Plan:

 

(i)To
determine (A) who will be granted Awards; (B) when and how each Award will be granted; (C) what type of Award will be granted;
(D) the provisions of each Award (which need not be identical), including when a person will be permitted to exercise or otherwise
receive cash or Common Stock under the Award; (E) the number of shares of Common Stock subject to, or the cash value of, an Award;
and (F) the Fair Market Value applicable to a Stock Award.

 

(ii)To
construe and interpret the Plan and Awards granted under it, and to establish, amend and revoke rules and regulations for administration
of the Plan and Awards. The Board, in the exercise of these powers, may correct any defect, omission or inconsistency in the Plan
or in any Award Agreement, in a manner and to the extent it will deem necessary or expedient to make the Plan or Award fully effective.

 

(iii)To
settle all controversies regarding the Plan and Awards granted under it.

 

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(iv)To
accelerate, in whole or in part, the time at which an Award may be exercised or vest (or at which cash or shares of Common Stock
may be issued). 

 

(v)To
suspend or terminate the Plan at any time. Except as otherwise provided in the Plan or an Award Agreement, suspension or termination
of the Plan will not impair a Participant’s rights under the Participant’s then-outstanding Award without the Participant’s
written consent except as provided in subsection (viii) below.

 

(vi)To
amend the Plan in any respect the Board deems necessary or advisable, including, without limitation, by adopting amendments relating
to Incentive Stock Options and certain nonqualified deferred compensation under Section 409A of the Code and/or to make the Plan
or Awards granted under the Plan compliant with the requirements for Incentive Stock Options or exempt from or compliant with
the requirements for nonqualified deferred compensation under Section 409A of the Code, subject to the limitations, if any, of
applicable law. However, if required by applicable law or listing requirements, and except as provided in Section 9(a) relating
to Capitalization Adjustments, the Company will seek stockholder approval of any amendment of the Plan that (A) materially increases
the number of shares of Common Stock available for issuance under the Plan, (B) materially expands the class of individuals eligible
to receive Awards under the Plan, (C) materially increases the benefits accruing to Participants under the Plan, (D) materially
reduces the price at which shares of Common Stock may be issued or purchased under the Plan, (E) materially extends the term of
the Plan, or (F) materially expands the types of Awards available for issuance under the Plan. Except as provided in the Plan
(including Section 2(b)(viii)) or an Award Agreement, no amendment of the Plan will impair a Participant’s rights under
an outstanding Award without the Participant’s written consent. 

 

(vii)To
submit any amendment to the Plan for stockholder approval, including, but not limited to, amendments to the Plan intended to satisfy
the requirements of (A) Section 162(m) of the Code regarding the exclusion of performance-based compensation from the limit on
corporate deductibility of compensation paid to Covered Employees, (B) Section 422 of the Code regarding incentive stock options
or (C) Rule 16b-3.

 

(viii)To
approve forms of Award Agreements for use under the Plan and to amend the terms of any one or more Awards, including, but not
limited to, amendments to provide terms more favorable to the Participant than previously provided in the Award Agreement, subject
to any specified limits in the Plan that are not subject to Board discretion; provided however, that a Participant’s
rights under any Award will not be impaired by any such amendment unless (A) the Company requests the consent of the affected
Participant, and (B) such Participant consents in writing. Notwithstanding the foregoing, (1) a Participant’s rights will
not be deemed to have been impaired by any such amendment if the Board, in its sole discretion, determines that the amendment,
taken as a whole, does not materially impair the Participant’s rights, and (2) subject to the limitations of applicable
law, if any, the Board may amend the terms of any one or more Awards without the affected Participant’s consent (A) to maintain
the qualified status of the Award as an Incentive Stock Option under Section 422 of the Code; (B) to change the terms of an Incentive
Stock Option, if such change results in impairment of the Award solely because it impairs the qualified status of the Award as
an Incentive Stock Option under Section 422 of the Code; (C) to clarify the manner of exemption from, or to bring the Award into
compliance with, Section 409A of the Code; or (D) to comply with other applicable laws or listing requirements.

 

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(ix)Generally,
to exercise such powers and to perform such acts as the Board deems necessary or expedient to promote the best interests of the
Company and that are not in conflict with the provisions of the Plan or Awards.

 

(x)To
adopt such procedures and sub-plans as are necessary or appropriate to permit participation in the Plan by Employees, Directors
or Consultants who are foreign nationals or employed outside the United States (provided that Board approval will not be necessary
for immaterial modifications to the Plan or any Award Agreement that are required for compliance with the laws of the relevant
foreign jurisdiction).

 

(xi)To
effect, with the consent of any adversely affected Participant, (A) the reduction of the exercise, purchase or strike price of
any outstanding Stock Award; (B) the cancellation of any outstanding Stock Award and the grant in substitution therefor of a new
(1) Option or SAR, (2) Restricted Stock Award, (3) Restricted Stock Unit Award, (4) Other Stock Award, (5) cash and/or (6) other
valuable consideration determined by the Board, in its sole discretion, with any such substituted award (x) covering the same
or a different number of shares of Common Stock as the cancelled Stock Award and (y) granted under the Plan or another equity
or compensatory plan of the Company; or (C) any other action that is treated as a repricing under generally accepted accounting
principles.

 

(c)Delegation
to Committee.

 

(i)General.
The Board may delegate some or all of the administration of the Plan to a Committee or Committees. If administration of the
Plan is delegated to a Committee, the Committee will have, in connection with the administration of the Plan, the powers theretofore
possessed by the Board that have been delegated to the Committee, including the power to delegate to a subcommittee of the Committee
any of the administrative powers the Committee is authorized to exercise (and references in this Plan to the Board will thereafter
be to the Committee or subcommittee, as applicable). Any delegation of administrative powers will be reflected in resolutions,
not inconsistent with the provisions of the Plan, adopted from time to time by the Board or Committee (as applicable). The Committee
may, at any time, abolish the subcommittee and/or revest in the Committee any powers delegated to the subcommittee. The Board
may retain the authority to concurrently administer the Plan with the Committee and may, at any time, revest in the Board some
or all of the powers previously delegated.

 

(ii)Section
162(m) and Rule 16b-3 Compliance. The Committee may consist solely of two (2) or more Outside Directors, in accordance with
Section 162(m) of the Code, or solely of two (2) or more Non-Employee Directors, in accordance with Rule 16b-3.

 

(d)Delegation
to an Officer. The Board may delegate to one (1) or more Officers the authority to do one or both of the following (i) designate
Employees who are not Officers to be recipients of Options, SARs, or, to the extent permitted by applicable law, other Stock Awards
and, to the extent permitted by applicable law, the terms of such Awards, and (ii) determine the number of shares of Common Stock
to be subject to such Stock Awards granted to such Employees; provided, however, that the Board resolutions regarding such
delegation will specify the total number of shares of Common Stock that may be subject to the Stock Awards granted by such Officer
and that such Officer may not grant a Stock Award to himself or herself. Any such Stock Awards will be granted on the form of
Award Agreement most recently approved for use by the Committee or the Board, unless otherwise provided in the resolutions approving
the delegation authority. The Board may not delegate authority to an Officer who is acting solely in the capacity of an Officer
(and not also as a Director) to determine the Fair Market Value pursuant to Section 13(x)(iii) below.

 

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(e)Effect
of Board’s Decision. All determinations, interpretations and constructions made by the Board in good faith will not
be subject to review by any person and will be final, binding and conclusive on all persons.

 

3.Shares
Subject to the Plan.

 

(a)Share
Reserve. 

 

(i)Subject
to Section 9(a) relating to Capitalization Adjustments, the aggregate number of shares of Common Stock that may be issued pursuant
to Stock Awards from and after the Effective Date will not exceed 14,000,000 (the “Share Reserve”).

 

(ii)Prior
to the first day of each fiscal year following the Effective Date and for a period of ten years, commencing on the first day of
the fiscal year following the fiscal year in which the Effective Date occurs, the Board may, without further shareholder approval,
approve an increase in the Share Reserve in an amount not more than 5% of the total number of shares of Capital Stock outstanding
on the last day of the preceding fiscal year. 

 

(iii)For
clarity, the Share Reserve in this Section 3(a) is a limitation on the number of shares of Common Stock that may be issued pursuant
to the Plan. Accordingly, this Section 3(a) does not limit the granting of Stock Awards except as provided in Section 7(a). Shares
may be issued in connection with a merger or acquisition as permitted by NASDAQ Listing Rule 5635(c) or, if applicable, NYSE Listed
Company Manual Section 303A.08, AMEX Company Guide Section 711 or other applicable rule, and such issuance will not reduce the
number of shares available for issuance under the Plan.

 

(b)Reversion
of Shares to the Share Reserve. If a Stock Award or any portion thereof (i) expires or otherwise terminates without all of
the shares covered by such Stock Award having been issued or (ii) is settled in cash (i.e., the Participant receives cash
rather than stock), such expiration, termination or settlement will not reduce (or otherwise offset) the number of shares of Common
Stock that may be available for issuance under the Plan. If any shares of Common Stock issued pursuant to a Stock Award are forfeited
back to or repurchased by the Company because of the failure to meet a contingency or condition required to vest such shares in
the Participant, then the shares that are forfeited or repurchased will revert to and again become available for issuance under
the Plan. Any shares reacquired by the Company in satisfaction of tax withholding obligations on a Stock Award or as consideration
for the exercise or purchase price of a Stock Award will again become available for issuance under the Plan.

 

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(c)Incentive
Stock Option Limit. Subject to the Share Reserve and Section 9(a) relating to Capitalization Adjustments, the aggregate maximum
number of shares of Common Stock that may be issued pursuant to the exercise of Incentive Stock Options will be 60,000,000 shares
of Common Stock.

 

(d)Section
162(m) Limitations. Subject to the Share Reserve and Section 9(a) relating to Capitalization Adjustments, at such time as
the Company may be subject to the applicable provisions of Section 162(m) of the Code, the following limitations will apply.

 

(i)A
maximum of 3,000,000 shares of Common Stock subject to Options, SARs and Other Stock Awards whose value is determined by reference
to an increase over an exercise or strike price of at least one hundred percent (100%) of the Fair Market Value on the date any
such Stock Award is granted may be granted to any Participant during any fiscal year. Notwithstanding the foregoing, if any additional
Options, SARs or Other Stock Awards whose value is determined by reference to an increase over an exercise or strike price of
at least one hundred percent (100%) of the Fair Market Value on the date the Stock Award are granted to any Participant during
any fiscal year, compensation attributable to the exercise of such additional Stock Awards will not satisfy the requirements to
be considered “qualified performance-based compensation” under Section 162(m) of the Code unless such additional Stock
Award is approved by the Company’s stockholders.

 

(ii)A
maximum of 3,000,000 shares of Common Stock subject to Performance Stock Awards may be granted to any one Participant during any
one fiscal year (whether the grant, vesting or exercise is contingent upon the attainment during the Performance Period of the
Performance Goals).

 

(iii)A
maximum of $1,500,000 may be granted as a Performance Cash Award to any one Participant
during any one fiscal year.

 

(e)Limitation
on Grants to Non-Employee Directors. The maximum number of shares of Common Stock subject to Stock Awards granted under the
Plan or otherwise during any one fiscal year to any Non-Employee Director, taken together with any cash fees paid by the Company
to such Non-Employee Director during such fiscal year for service on the Board, will not exceed $400,000 in total value (calculating
the value of any such Stock Awards based on the grant date fair value of such Stock Awards for financial reporting purposes).
The Board may make exceptions to the applicable limit in this Section 3(e) for individual Non-Employee Directors in extraordinary
circumstances (for example, to compensate such individual for interim service in the capacity of an officer of the Company), as
Board may determine in its discretion, provided that the Non-Employee Director receiving such additional compensation may not
participate in the decision to award such compensation or in other compensation decisions involving Non-Employee Directors.

 

(f)Source
of Shares. The stock issuable under the Plan will be shares of authorized but unissued or reacquired Common Stock, including
shares repurchased by the Company on the open market or otherwise.

 

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4.Eligibility.

 

(a)Eligibility
for Specific Stock Awards. Incentive Stock Options may be granted only to employees of the Company or a “parent corporation”
or “subsidiary corporation” thereof (as such terms are defined in Sections 424(e) and 424(f) of the Code). Stock Awards
other than Incentive Stock Options may be granted to Employees, Directors and Consultants; provided, however, that Stock Awards
may not be granted to Employees, Directors and Consultants who are providing Continuous Service only to any “parent”
of the Company, as such term is defined in Rule 405, unless (i) the stock underlying such Stock Awards is treated as “service
recipient stock” under Section 409A of the Code (for example, because the Stock Awards are granted pursuant to a corporate
transaction such as a spin off transaction) or (ii) the Company, in consultation with its legal counsel, has determined that such
Stock Awards are otherwise exempt from or alternatively comply with the distribution requirements of Section 409A of the Code.

 

(b)Ten
Percent Stockholders. A Ten Percent Stockholder will not be granted an Incentive Stock Option unless the exercise price of
such Option is at least one hundred ten percent (110%) of the Fair Market Value on the date of grant and the Option is not exercisable
after the expiration of five (5) years from the date of grant.

 

5.Provisions
Relating to Options and Stock Appreciation Rights.

 

Each
Option or SAR will be in such form and will contain such terms and conditions as the Board deems appropriate. All Options will
be separately designated Incentive Stock Options or Nonstatutory Stock Options at the time of grant, and, if certificates are
issued, a separate certificate or certificates will be issued for shares of Common Stock purchased on exercise of each type of
Option. If an Option is not specifically designated as an Incentive Stock Option, or if an Option is designated as an Incentive
Stock Option but some portion or all of the Option fails to qualify as an Incentive Stock Option under the applicable rules, then
the Option (or portion thereof) will be a Nonstatutory Stock Option. The provisions of separate Options or SARs need not be identical;
provided, however, that each Award Agreement will conform to (through incorporation of provisions hereof by reference in
the applicable Award Agreement or otherwise) the substance of each of the following provisions:

 

(a)Term.
Subject to the provisions of Section 4(b) regarding Ten Percent Stockholders, no Option or SAR will be exercisable after the
expiration of ten (10) years from the date of its grant or such shorter period specified in the Award Agreement.

 

(b)Exercise
Price. Subject to the provisions of Section 4(b) regarding Ten Percent Stockholders, the exercise or strike price of each
Option or SAR will be not less than one hundred percent (100%) of the Fair Market Value of the Common Stock subject to the Option
or SAR on the date the Award is granted. Notwithstanding the foregoing, an Option or SAR may be granted with an exercise or strike
price lower than one hundred percent (100%) of the Fair Market Value of the Common Stock subject to the Award if such Award is
granted pursuant to an assumption of or substitution for another option or stock appreciation right pursuant to a Corporate Transaction
and in a manner consistent with the provisions of Section 409A of the Code and, if applicable, Section 424(a) of the Code. Each
SAR will be denominated in shares of Common Stock equivalents.

 

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(c)Purchase
Price for Options. The purchase price of Common Stock acquired pursuant to the exercise of an Option may be paid, to the extent
permitted by applicable law and as determined by the Board in its sole discretion, by any combination of the methods of payment
set forth below. The Board will have the authority to grant Options that do not permit all of the following methods of payment
(or that otherwise restrict the ability to use certain methods) and to grant Options that require the consent of the Company to
use a particular method of payment. The permitted methods of payment are as follows:

 

(i)by
cash, check, bank draft or money order payable to the Company;

 

(ii)pursuant
to a program developed under Regulation T as promulgated by the Federal Reserve Board that, prior to the issuance of the stock
subject to the Option, results in either the receipt of cash (or check) by the Company or the receipt of irrevocable instructions
to pay the aggregate exercise price to the Company from the sales proceeds;

 

(iii)by
delivery to the Company (either by actual delivery or attestation) of shares of Common Stock;

 

(iv)if
an Option is a Nonstatutory Stock Option, by a “net exercise” arrangement pursuant to which the Company will reduce
the number of shares of Common Stock issuable upon exercise by the largest whole number of shares with a Fair Market Value that
does not exceed the aggregate exercise price; provided, however, that the Company will accept a cash or other payment from
the Participant to the extent of any remaining balance of the aggregate exercise price not satisfied by such reduction in the
number of whole shares to be issued. Shares of Common Stock will no longer be subject to an Option and will not be exercisable
thereafter to the extent that (A) shares issuable upon exercise are used to pay the exercise price pursuant to the “net
exercise,” (B) shares are delivered to the Participant as a result of such exercise, and (C) shares are withheld to satisfy
tax withholding obligations; or

 

(v)in
any other form of legal consideration that may be acceptable to the Board and specified in the applicable Award Agreement.

 

(d)Exercise
and Payment of a SAR. To exercise any outstanding SAR, the Participant must provide written notice of exercise to the Company
in compliance with the provisions of the Award Agreement evidencing such SAR. The appreciation distribution payable on the exercise
of a SAR will be not greater than an amount equal to the excess of (A) the aggregate Fair Market Value (on the date of the exercise
of the SAR) of a number of shares of Common Stock equal to the number of Common Stock equivalents in which the Participant is
vested under such SAR, and with respect to which the Participant is exercising the SAR on such date, over (B) the aggregate strike
price of the number of Common Stock equivalents with respect to which the Participant is exercising the SAR on such date. The
appreciation distribution may be paid in Common Stock, in cash, in any combination of the two or in any other form of consideration,
as determined by the Board and contained in the Award Agreement evidencing such SAR.

 

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(e)Transferability
of Options and SARs. The Board may, in its sole discretion, impose such limitations on the transferability of Options and
SARs as the Board will determine. In the absence of such a determination by the Board to the contrary, the following restrictions
on the transferability of Options and SARs will apply:

 

(i)Restrictions
on Transfer. An Option or SAR will not be transferable except by will or by the laws of descent and distribution (and pursuant
to Sections 5(e)(ii) and 5(e)(iii) below), and will be exercisable during the lifetime of the Participant only by the Participant.
The Board may permit transfer of the Option or SAR in a manner that is not prohibited by applicable tax and securities laws. Except
as explicitly provided in the Plan, neither an Option nor a SAR may be transferred for consideration. 

 

(ii)Domestic
Relations Orders. Subject to the approval of the Board or a duly authorized Officer, an Option or SAR may be transferred pursuant
to the terms of a domestic relations order, official marital settlement agreement or other divorce or separation instrument as
permitted by Treasury Regulations Section 1.421-1(b)(2). If an Option is an Incentive Stock Option, such Option may be deemed
to be a Nonstatutory Stock Option as a result of such transfer. 

 

(iii)Beneficiary
Designation. Subject to the approval of the Board or a duly authorized Officer, a Participant may, by delivering written notice
to the Company, in a form approved by the Company (or the designated broker), designate a third party who, upon the death of the
Participant, will thereafter be entitled to exercise the Option or SAR and receive the Common Stock or other consideration resulting
from such exercise. In the absence of such a designation, upon the death of the Participant, the executor or administrator of
the Participant’s estate will be entitled to exercise the Option or SAR and receive the Common Stock or other consideration
resulting from such exercise. However, the Company may prohibit designation of a beneficiary at any time, including due to any
conclusion by the Company that such designation would be inconsistent with the provisions of applicable laws.

 

(f)Vesting
Generally. The total number of shares of Common Stock subject to an Option or SAR may vest and become exercisable in periodic
installments that may or may not be equal. The Option or SAR may be subject to such other terms and conditions on the time or
times when it may or may not be exercised (which may be based on the satisfaction of Performance Goals or other criteria) as the
Board may deem appropriate. The vesting provisions of individual Options or SARs may vary. The provisions of this Section 5(f)
are subject to any Option or SAR provisions governing the minimum number of shares of Common Stock as to which an Option or SAR
may be exercised.

 

(g)Termination
of Continuous Service. Except as otherwise provided in the applicable Award Agreement or other agreement between the Participant
and the Company, if a Participant’s Continuous Service terminates (other than for Cause and other than upon the Participant’s
death or Disability), the Participant may exercise the Participant’s Option or SAR (to the extent that the Participant was
entitled to exercise such Award as of the date of termination of Continuous Service) within the period of time ending on the earlier
of (i) the date three (3) months following the termination of the Participant’s Continuous Service (or such longer or shorter
period specified in the applicable Award Agreement), and (ii) the expiration of the term of the Option or SAR as set forth in
the Award Agreement. If, after termination of Continuous Service, the Participant does not exercise his or her Option or SAR (as
applicable) within the applicable time frame, the Option or SAR will terminate.

 

    	8

    	 

    

 

(h)Extension
of Termination Date. Except as otherwise provided in the applicable Award Agreement or other agreement between the Participant
and the Company, if the exercise of an Option or SAR following the termination of the Participant’s Continuous Service
(other than for Cause and other than upon the Participant’s death or Disability) would be prohibited at any time solely
because the issuance of shares of Common Stock would violate the registration requirements under the Securities Act, then the
Option or SAR will terminate on the earlier of (i) the expiration of a total period of time (that need not be consecutive) equal
to the applicable post-termination exercise period after the termination of the Participant’s Continuous Service during
which the exercise of the Option or SAR would not be in violation of such registration requirements, or (ii) the expiration of
the term of the Option or SAR as set forth in the applicable Award Agreement. In addition, unless otherwise provided in a Participant’s
Award Agreement, if the sale of any Common Stock received upon exercise of an Option or SAR following the termination of the Participant’s
Continuous Service (other than for Cause) would violate the Company’s insider trading policy, then the Option or SAR will
terminate on the earlier of (i) the expiration of a period of time (that need not be consecutive) equal to the applicable post-termination
exercise period after the termination of the Participant’s Continuous Service during which the sale of the Common Stock
received upon exercise of the Option or SAR would not be in violation of the Company’s insider trading policy, or (ii) the
expiration of the term of the Option or SAR as set forth in the applicable Award Agreement.

 

(i)Disability
of Participant. Except as otherwise provided in the applicable Award Agreement or other agreement between the Participant
and the Company, if a Participant’s Continuous Service terminates as a result of the Participant’s Disability, the
Participant may exercise his or her Option or SAR (to the extent that the Participant was entitled to exercise such Option or
SAR as of the date of termination of Continuous Service), but only within such period of time ending on the earlier of (i) the
date twelve (12) months following such termination of Continuous Service (or such longer or shorter period specified in the Award
Agreement), and (ii) the expiration of the term of the Option or SAR as set forth in the Award Agreement. If, after termination
of Continuous Service, the Participant does not exercise his or her Option or SAR within the applicable time frame, the Option
or SAR (as applicable) will terminate.

 

(j)Death
of Participant. Except as otherwise provided in the applicable Award Agreement or other agreement between the Participant
and the Company, if (i) a Participant’s Continuous Service terminates as a result of the Participant’s death, or (ii)
the Participant dies within the period (if any) specified in the Award Agreement for exercisability after the termination of the
Participant’s Continuous Service (for a reason other than death), then the Option or SAR may be exercised (to the extent
the Participant was entitled to exercise such Option or SAR as of the date of death) by the Participant’s estate, by a person
who acquired the right to exercise the Option or SAR by bequest or inheritance or by a person designated to exercise the Option
or SAR upon the Participant’s death, but only within the period ending on the earlier of (i) the date eighteen (18) months
following the date of death (or such longer or shorter period specified in the Award Agreement), and (ii) the expiration of the
term of such Option or SAR as set forth in the Award Agreement. If, after the Participant’s death, the Option or SAR is
not exercised within the applicable time frame, the Option or SAR (as applicable) will terminate.

 

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(k)Termination
for Cause. Except as explicitly provided otherwise in a Participant’s Award Agreement or other individual written agreement
between the Company or any Affiliate and the Participant, if a Participant’s Continuous Service is terminated for Cause,
the Option or SAR will terminate immediately upon such Participant’s termination of Continuous Service, and the Participant
will be prohibited from exercising the Participant’s Option or SAR from and after the time of such termination of Continuous
Service.

 

(l)Non-Exempt
Employees. If an Option or SAR is granted to an Employee who is a non-exempt employee for purposes of the Fair Labor Standards
Act of 1938, as amended, the Option or SAR will not be first exercisable for any shares of Common Stock until at least six (6)
months following the date of grant of the Option or SAR (although the Award may vest prior to such date). Consistent with the
provisions of the Worker Economic Opportunity Act, (i) if such non-exempt employee dies or suffers a Disability, (ii) upon a Corporate
Transaction in which such Option or SAR is not assumed, continued, or substituted, (iii) upon a Change in Control, or (iv) upon
the Participant’s retirement (as such term may be defined in the Participant’s Award Agreement, in another agreement
between the Participant and the Company, or, if no such definition, in accordance with the Company’s then current employment
policies and guidelines), the vested portion of any Options and SARs may be exercised earlier than six (6) months following the
date of grant. The foregoing provision is intended to operate so that any income derived by a non-exempt employee in connection
with the exercise or vesting of an Option or SAR will be exempt from the employee’s regular rate of pay. To the extent permitted
and/or required for compliance with the Worker Economic Opportunity Act to ensure that any income derived by a non-exempt employee
in connection with the exercise, vesting or issuance of any shares under any other Stock Award will be exempt from the employee’s
regular rate of pay, the provisions of this Section 5(l) will apply to all Stock Awards and are hereby incorporated by reference
into such Stock Award Agreements.

 

6.Provisions
of Stock Awards Other than Options and SARs.

 

(a)Restricted
Stock Awards. Each Restricted Stock Award Agreement will be in such form and will contain such terms and conditions as the
Board deems appropriate. To the extent consistent with the Company’s bylaws, at the Board’s election, shares of Common
Stock underlying a Restricted Stock Award may be (i) held in book entry form subject to the Company’s instructions until
any restrictions relating to the Restricted Stock Award lapse; or (ii) evidenced by a certificate, which certificate will be held
in such form and manner as determined by the Board. The terms and conditions of Restricted Stock Award Agreements may change from
time to time, and the terms and conditions of separate Restricted Stock Award Agreements need not be identical. Each Restricted
Stock Award Agreement will conform to (through incorporation of the provisions hereof by reference in the agreement or otherwise)
the substance of each of the following provisions:

 

(i)Consideration.
A Restricted Stock Award may be awarded in consideration for (A) cash, check, bank draft or money order payable to the Company,
(B) past services to the Company or an Affiliate, or (C) any other form of legal consideration (including future services) that
may be acceptable to the Board, in its sole discretion, and permissible under applicable law.

 

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(ii)Vesting.
Shares of Common Stock awarded under the Restricted Stock Award Agreement may be subject to forfeiture to the Company in accordance
with a vesting schedule to be determined by the Board.

 

(iii)Termination
of Participant’s Continuous Service. If a Participant’s Continuous Service terminates, the Company may receive
through a forfeiture condition or a repurchase right any or all of the shares of Common Stock held by the Participant as of the
date of termination of Continuous Service under the terms of the Restricted Stock Award Agreement.

 

(iv)Transferability.
Rights to acquire shares of Common Stock under the Restricted Stock Award Agreement will be transferable by the Participant
only upon such terms and conditions as are set forth in the Restricted Stock Award Agreement, as the Board will determine in its
sole discretion, so long as Common Stock awarded under the Restricted Stock Award Agreement remains subject to the terms of the
Restricted Stock Award Agreement.

 

(v)Dividends.
A Restricted Stock Award Agreement may provide that any dividends paid on Restricted Stock will be subject to the same vesting
and forfeiture restrictions as apply to the shares subject to the Restricted Stock Award to which they relate.

 

(b)Restricted
Stock Unit Awards. Each Restricted Stock Unit Award Agreement will be in such form and will contain such terms and conditions
as the Board deems appropriate. The terms and conditions of Restricted Stock Unit Award Agreements may change from time to time,
and the terms and conditions of separate Restricted Stock Unit Award Agreements need not be identical. Each Restricted Stock Unit
Award Agreement will conform to (through incorporation of the provisions hereof by reference in the Agreement or otherwise) the
substance of each of the following provisions:

 

(i)Consideration.
At the time of grant of a Restricted Stock Unit Award, the Board will determine the consideration, if any, to be paid by the
Participant upon delivery of each share of Common Stock subject to the Restricted Stock Unit Award. The consideration to be paid
(if any) by the Participant for each share of Common Stock subject to a Restricted Stock Unit Award may be paid in any form of
legal consideration that may be acceptable to the Board, in its sole discretion, and permissible under applicable law.

 

(ii)Vesting.
At the time of the grant of a Restricted Stock Unit Award, the Board may impose such restrictions on or conditions to the
vesting of the Restricted Stock Unit Award as it, in its sole discretion, deems appropriate.

 

(iii)Payment.
A Restricted Stock Unit Award may be settled by the delivery of shares of Common Stock, their cash equivalent, any combination
thereof or in any other form of consideration, as determined by the Board and contained in the Restricted Stock Unit Award Agreement.

 

(iv)Additional
Restrictions. At the time of the grant of a Restricted Stock Unit Award, the Board, as it deems appropriate, may impose such
restrictions or conditions that delay the delivery of the shares of Common Stock (or their cash equivalent) subject to a Restricted
Stock Unit Award to a time after the vesting of such Restricted Stock Unit Award.

 

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(v)Dividend
Equivalents. Dividend equivalents may be credited in respect of shares of Common Stock covered by a Restricted Stock Unit
Award, as determined by the Board and contained in the Restricted Stock Unit Award Agreement. At the sole discretion of the Board,
such dividend equivalents may be converted into additional shares of Common Stock covered by the Restricted Stock Unit Award in
such manner as determined by the Board. Any additional shares covered by the Restricted Stock Unit Award credited by reason of
such dividend equivalents will be subject to all of the same terms and conditions of the underlying Restricted Stock Unit Award
Agreement to which they relate.

 

(vi)Termination
of Participant’s Continuous Service. Except as otherwise provided in the applicable Restricted Stock Unit Award Agreement,
such portion of the Restricted Stock Unit Award that has not vested will be forfeited upon the Participant’s termination
of Continuous Service.

 

(c)Performance
Awards.

 

(i)Performance
Stock Awards. A Performance Stock Award is a Stock Award (covering a number of shares not in excess of that set forth in Section
3(d)(ii)) that is payable (including that may be granted, vest or be exercised) contingent upon the attainment during a Performance
Period of certain Performance Goals. A Performance Stock Award may, but need not, require the Participant’s completion of
a specified period of Continuous Service. The length of any Performance Period, the Performance Goals to be achieved during the
Performance Period, and the measure of whether and to what degree such Performance Goals have been attained will be conclusively
determined by the Committee (or, if not required for compliance with Section 162(m) of the Code, the Board), in its sole discretion.
In addition, to the extent permitted by applicable law and the applicable Award Agreement, the Board may determine that cash may
be used in payment of Performance Stock Awards.

 

(ii)Performance
Cash Awards. A Performance Cash Award is a cash award (for a dollar value not in excess of that set forth in Section 3(d)(iii))
that is payable contingent upon the attainment during a Performance Period of certain Performance Goals. A Performance Cash Award
may also require the Participant’s completion of a specified period of Continuous Service. At the time of grant of a Performance
Cash Award, the length of any Performance Period, the Performance Goals to be achieved during the Performance Period, and the
measure of whether and to what degree such Performance Goals have been attained will be conclusively determined by the Committee
(or, if not required for compliance with Section 162(m) of the Code, the Board), in its sole discretion. The Board may specify
the form of payment of Performance Cash Awards, which may be cash or other property, or may provide for a Participant to have
the option for his or her Performance Cash Award, or such portion thereof as the Board may specify, to be paid in whole or in
part in cash or other property.

 

(iii)Board
Discretion. The Board retains the discretion to reduce or eliminate the compensation or economic benefit due upon attainment
of Performance Goals and to define the manner of calculating the Performance Criteria it selects to use for a Performance Period.

 

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(iv)Section
162(m) Compliance. Unless otherwise permitted in compliance with Section 162(m) of the Code with respect to an Award intended
to qualify as “performance-based compensation” thereunder, the Committee will establish the Performance Goals applicable
to, and the formula for calculating the amount payable under, the Award no later than the earlier of (A) the date ninety (90)
days after the commencement of the applicable Performance Period, and (B) the date on which twenty-five percent (25%) of the Performance
Period has elapsed, and in any event at a time when the achievement of the applicable Performance Goals remains substantially
uncertain. Prior to the payment of any compensation under an Award intended to qualify as “performance-based compensation”
under Section 162(m) of the Code, the Committee will certify the extent to which any Performance Goals and any other material
terms under such Award have been satisfied (other than in cases where the Performance Goals relate solely to the increase in the
value of the Common Stock). Notwithstanding satisfaction or any completion of any Performance Goals, shares subject to Options,
cash or other benefits granted, issued, retainable and/or vested under an Award on account of satisfaction of such Performance
Goals may be reduced by the Committee on the basis of any further considerations as the Committee, in its sole discretion, will
determine.

 

(d)Other
Stock Awards. Other forms of Stock Awards valued in whole or in part by reference to, or otherwise based on, Common Stock,
including the appreciation in value thereof (e.g., options or stock rights with an exercise price or strike price less than one
hundred percent (100%) of the Fair Market Value of the Common Stock at the time of grant) may be granted either alone or in addition
to Stock Awards granted under Section 5 and this Section 6. Subject to the provisions of the Plan, the Board will have sole and
complete authority to determine the persons to whom and the time or times at which such Other Stock Awards will be granted, the
number of shares of Common Stock (or the cash equivalent thereof) to be granted pursuant to such Other Stock Awards and all other
terms and conditions of such Other Stock Awards.

 

7.Covenants
of the Company.

 

(a)Availability
of Shares. The Company will keep available at all times the number of shares of Common Stock reasonably required to satisfy
then-outstanding Stock Awards.

 

(b)Securities
Law Compliance. The Company will seek to obtain from each regulatory commission or agency having jurisdiction over the Plan
the authority required to grant Stock Awards and to issue and sell shares of Common Stock upon exercise of the Stock Awards; provided,
however, that this undertaking will not require the Company to register under the Securities Act, the Plan, any Stock Award
or any Common Stock issued or issuable pursuant to any such Stock Award. If, after reasonable efforts and at a reasonable cost,
the Company is unable to obtain from any such regulatory commission or agency the authority that counsel for the Company deems
necessary for the lawful issuance and sale of Common Stock under the Plan, the Company will be relieved from any liability for
failure to issue and sell Common Stock upon exercise of such Stock Awards unless and until such authority is obtained. A Participant
will not be eligible for the grant of an Award or the subsequent issuance of cash or Common Stock pursuant to the Award if such
grant or issuance would be in violation of any applicable securities law.

 

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(c)No
Obligation to Notify or Minimize Taxes. The Company will have no duty or obligation to any Participant to advise such holder
as to the time or manner of exercising such Stock Award. Furthermore, the Company will have no duty or obligation to warn or otherwise
advise such holder of a pending termination or expiration of an Award or a possible period in which the Award may not be exercised.
The Company has no duty or obligation to minimize the tax consequences of an Award to the holder of such Award.

 

8.Miscellaneous.

 

(a)Use
of Proceeds from Sales of Common Stock. Proceeds from the sale of shares of Common Stock issued pursuant to Stock Awards will
constitute general funds of the Company.

 

(b)Corporate
Action Constituting Grant of Awards. Corporate action constituting a grant by the Company of an Award to any Participant will
be deemed completed as of the date of such corporate action, unless otherwise determined by the Board, regardless of when the
instrument, certificate, or letter evidencing the Award is communicated to, or actually received or accepted by, the Participant.
In the event that the corporate records (e.g., Board consents, resolutions or minutes) documenting the corporate action constituting
the grant contain terms (e.g., exercise price, vesting schedule or number of shares) that are inconsistent with those in the Award
Agreement or related grant documents as a result of a clerical error in the papering of the Award Agreement or related grant documents,
the corporate records will control and the Participant will have no legally binding right to the incorrect term in the Award Agreement
or related grant documents. 

 

(c)Stockholder
Rights. No Participant will be deemed to be the holder of, or to have any of the rights of a holder with respect to, any shares
of Common Stock subject to an Award unless and until (i) such Participant has satisfied all requirements for exercise of, or the
issuance of shares of Common Stock under, the Award pursuant to its terms, and (ii) the issuance of the Common Stock subject to
such Award has been entered into the books and records of the Company.

 

(d)No
Employment or Other Service Rights. Nothing in the Plan, any Award Agreement or any other instrument executed thereunder or
in connection with any Award granted pursuant thereto will confer upon any Participant any right to continue to serve the Company
or an Affiliate in the capacity in effect at the time the Award was granted or will affect the right of the Company or an Affiliate
to terminate (i) the employment of an Employee with or without notice and with or without Cause, (ii) the service of a Consultant
pursuant to the terms of such Consultant’s agreement with the Company or an Affiliate, or (iii) the service of a Director
pursuant to the bylaws of the Company or an Affiliate, and any applicable provisions of the corporate law of the state in which
the Company or the Affiliate is incorporated, as the case may be.

 

(e)Change
in Time Commitment. In the event a Participant’s regular level of time commitment in the performance of the Participant’s
services for the Company and any Affiliates is reduced (for example, and without limitation, if the Participant is an Employee
of the Company and the Employee has a change in status from a full-time Employee to a part-time Employee) after the date of grant
of any Award to the Participant, the Board has the right in its sole discretion to (x) make a corresponding reduction in the number
of shares or cash amount subject to any portion of such Award that is scheduled to vest or become payable after the date of such
change in time commitment, and (y) in lieu of or in combination with such a reduction, extend the vesting or payment schedule
applicable to such Award. In the event of any such reduction, the Participant will have no right with respect to any portion of
the Award that is so reduced or extended.

 

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(f)Incentive
Stock Option Limitations. To the extent that the aggregate Fair Market Value (determined at the time of grant) of Common Stock
with respect to which Incentive Stock Options are exercisable for the first time by any Optionholder during any calendar year
(under all plans of the Company and any Affiliates) exceeds one hundred thousand dollars ($100,000) (or such other limit established
in the Code) or otherwise does not comply with the rules governing Incentive Stock Options, the Options or portions thereof that
exceed such limit (according to the order in which they were granted) or otherwise do not comply with such rules will be treated
as Nonstatutory Stock Options, notwithstanding any contrary provision of the applicable Option Agreement(s).

 

(g)Investment
Assurances. The Company may require a Participant, as a condition of exercising or acquiring Common Stock under any Award,
(i) to give written assurances satisfactory to the Company as to the Participant’s knowledge and experience in financial
and business matters and/or to employ a purchaser representative reasonably satisfactory to the Company who is knowledgeable and
experienced in financial and business matters and that the Participant is capable of evaluating, alone or together with the purchaser
representative, the merits and risks of exercising the Award; and (ii) to give written assurances satisfactory to the Company
stating that the Participant is acquiring Common Stock subject to the Award for the Participant’s own account and not with
any present intention of selling or otherwise distributing the Common Stock. The foregoing requirements, and any assurances given
pursuant to such requirements, will be inoperative if (A) the issuance of the shares upon the exercise or acquisition of Common
Stock under the Stock Award has been registered under a then currently effective registration statement under the Securities Act,
or (B) as to any particular requirement, a determination is made by counsel for the Company that such requirement need not be
met in the circumstances under the then applicable securities laws. The Company may, upon advice of counsel to the Company, place
legends on stock certificates issued under the Plan as such counsel deems necessary or appropriate in order to comply with applicable
securities laws, including, but not limited to, legends restricting the transfer of the Common Stock.

 

(h)Withholding
Obligations. Unless prohibited by the terms of an Award Agreement, the Company may, in its sole discretion, satisfy any federal,
state or local tax withholding obligation relating to an Award by any of the following means or by a combination of such means:
(i) causing the Participant to tender a cash payment; (ii) withholding shares of Common Stock from the shares of Common Stock
issued or otherwise issuable to the Participant in connection with the Stock Award; provided, however, that no shares of
Common Stock are withheld with a value exceeding the minimum amount of tax required to be withheld by law (or such lesser amount
as may be necessary to avoid classification of the Stock Award as a liability for financial accounting purposes); (iii) withholding
cash from an Award settled in cash; (iv) withholding payment from any amounts otherwise payable to the Participant; or (v) by
such other method as may be set forth in the Award Agreement.

 

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(i)Electronic
Delivery. Any reference herein to a “written” agreement or document will include any agreement or document delivered
electronically, filed publicly at www.sec.gov (or any successor website thereto) or posted on the Company’s intranet (or
other shared electronic medium controlled by the Company to which the Participant has access).

 

(j)Deferrals.
To the extent permitted by applicable law, the Board, in its sole discretion, may determine that the delivery of Common Stock
or the payment of cash, upon the exercise, vesting or settlement of all or a portion of any Award may be deferred and may establish
programs and procedures for deferral elections to be made by Participants. Deferrals by Participants will be made in accordance
with Section 409A of the Code. Consistent with Section 409A of the Code, the Board may provide for distributions while a Participant
is still an employee or otherwise providing services to the Company. The Board is authorized to make deferrals of Awards and determine
when, and in what annual percentages, Participants may receive payments, including lump sum payments, following the Participant’s
termination of Continuous Service, and implement such other terms and conditions consistent with the provisions of the Plan and
in accordance with applicable law.

 

(k)Compliance
with Section 409A of the Code. To the extent that the Board determines that any Award granted hereunder is subject to Section
409A of the Code, the Award Agreement evidencing such Award will incorporate the terms and conditions necessary to avoid the consequences
specified in Section 409A(a)(1) of the Code. To the extent applicable, the Plan and Award Agreements will be interpreted in accordance
with Section 409A of the Code. Notwithstanding anything to the contrary in this Plan (and unless the Award Agreement specifically
provides otherwise), if the shares of Common Stock are publicly traded and a Participant holding an Award that constitutes “deferred
compensation” under Section 409A of the Code is a “specified employee” for purposes of Section 409A of the Code,
no distribution or payment of any amount will be made upon a “separation from service” before a date that is six (6)
months following the date of such Participant’s “separation from service” (as defined in Section 409A of the
Code without regard to alternative definitions thereunder) or, if earlier, the date of the Participant’s death.

 

(l)Clawback/Recovery.
All Awards granted under the Plan will be subject to recoupment in accordance with any clawback policy that the Company is required
to adopt pursuant to the listing standards of any national securities exchange or association on which the Company’s securities
are listed or as is otherwise required by the Dodd-Frank Wall Street Reform and Consumer Protection Act or other applicable law.
In addition, the Board may impose such other clawback, recovery or recoupment provisions in an Award Agreement as the Board determines
necessary or appropriate, including but not limited to a reacquisition right in respect of previously acquired shares of Common
Stock or other cash or property upon the occurrence of an event constituting Cause. No recovery of compensation under such a clawback
policy will be an event giving rise to a right to resign for “good reason” or “constructive termination”
(or similar term) under any agreement with the Company.

 

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9.Adjustments
upon Changes in Common Stock; Other Corporate Events.

 

(a)Capitalization
Adjustments. In the event of a Capitalization Adjustment, the Board will appropriately and proportionately adjust: (i) the
class(es) and maximum number of securities subject to the Plan pursuant to Section 3(a), (ii) the class(es) and maximum number
of securities that may be issued pursuant to the exercise of Incentive Stock Options pursuant to Section 3(c), (iii) the class(es)
and maximum number of securities that may be awarded to any person pursuant to Section 3(d), (iv) the class(es) and maximum number
of securities that may be awarded to any Non-Employee Director pursuant to Section 3(e) and (v) the class(es) and number of securities
and price per share of stock subject to outstanding Stock Awards. The Board will make such adjustments, and its determination
will be final, binding and conclusive.

 

(b)Dissolution.
Except as otherwise provided in the Stock Award Agreement, in the event of a Dissolution of the Company, all outstanding Stock
Awards (other than Stock Awards consisting of vested and outstanding shares of Common Stock not subject to a forfeiture condition
or the Company’s right of repurchase) will terminate immediately prior to the completion of such Dissolution, and the shares
of Common Stock subject to the Company’s repurchase rights or subject to a forfeiture condition may be repurchased or reacquired
by the Company notwithstanding the fact that the holder of such Stock Award is providing Continuous Service, provided, however,
that the Board may, in its sole discretion, cause some or all Stock Awards to become fully vested, exercisable and/or no longer
subject to repurchase or forfeiture (to the extent such Stock Awards have not previously expired or terminated) before the Dissolution
is completed but contingent on its completion. 

 

(c)Transactions.
The following provisions will apply to Stock Awards in the event of a Transaction unless otherwise provided in the Stock Award
Agreement or any other written agreement between the Company or any Affiliate and the Participant or unless otherwise expressly
provided by the Board at the time of grant of a Stock Award. In the event of a Transaction, then, notwithstanding any other provision
of the Plan, the Board may take one or more of the following actions with respect to Stock Awards, contingent upon the closing
or completion of the Transaction:

 

(i)arrange
for the surviving corporation or acquiring corporation (or the surviving or acquiring corporation’s parent company) to assume
or continue the Stock Award or to substitute a similar stock award for the Stock Award (including, but not limited to, an award
to acquire the same consideration paid to the stockholders of the Company pursuant to the Transaction);

 

(ii)arrange
for the assignment of any reacquisition or repurchase rights held by the Company in respect of Common Stock issued pursuant to
the Stock Award to the surviving corporation or acquiring corporation (or the surviving or acquiring corporation’s parent
company);

 

(iii)accelerate
the vesting, in whole or in part, of the Stock Award (and, if applicable, the time at which the Stock Award may be exercised)
to a date prior to the effective time of such Transaction as the Board determines (or, if the Board does not determine such a
date, to the date that is five (5) days prior to the effective date of the Transaction), with such Stock Award terminating if
not exercised (if applicable) at or prior to the effective time of the Transaction; provided, however, that the Board may
require Participants to complete and deliver to the Company a notice of exercise before the effective date of a Transaction, which
exercise is contingent upon the effectiveness of such Transaction;

 

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(iv)arrange
for the lapse, in whole or in part, of any reacquisition or repurchase rights held by the Company with respect to the Stock Award;

 

(v)cancel
or arrange for the cancellation of the Stock Award, to the extent not vested or not exercised prior to the effective time of the
Transaction, in exchange for such cash consideration or no consideration as the Board, in its sole discretion, may consider appropriate;
and

 

(vi)make
a payment, in such form as may be determined by the Board equal to the excess, if any, of (A) the value of the property the Participant
would have received upon the exercise of the Stock Award immediately prior to the effective time of the Transaction, over (B)
any exercise price payable by such holder in connection with such exercise. For clarity, this
payment may be zero ($0) if the value of the property is equal to or less than the exercise price. Payments under this provision
may be delayed to the same extent that payment of consideration to the holders of Common Stock in connection with the Transaction
is delayed as a result of escrows, earn outs, holdbacks or any other contingencies.

 

The
Board need not take the same action or actions with respect to all Stock Awards or portions thereof or with respect to all Participants.
The Board may take different actions with respect to the vested and unvested portions of a Stock Award.

 

(d)Change
in Control. A Stock Award may be subject to additional acceleration of vesting and exercisability upon or after a Change in
Control as may be provided in the Stock Award Agreement for such Stock Award or as may be provided in any other written agreement
between the Company or any Affiliate and the Participant, but in the absence of such provision, no such acceleration will occur.

 

10.Plan
Term; Earlier Termination or Suspension of the Plan.

 

(a)The
Board may suspend or terminate the Plan at any time. No Incentive Stock Option will be granted after
the tenth (10th) anniversary of the earlier of (i) the date the Plan is adopted by the Board, or (ii) the date the
Plan is approved by the stockholders of the Company. No Awards may be granted under the Plan while the Plan is suspended or after
it is terminated.

 

(b)No
Impairment of Rights. Suspension or termination of the Plan will not impair rights and obligations under any Award granted
while the Plan is in effect except with the written consent of the affected Participant or as otherwise permitted in the Plan.

 

11.Effective
Date of Plan.

 

This
Plan will become effective on the Effective Date.

 

    	18

    	 

    

 

12.Choice
of Law.

 

The
laws of the State of Delaware will govern all questions concerning the construction, validity and interpretation of this Plan,
without regard to that state’s conflict of laws rules.

 

13.Definitions.
As used in the Plan, the following definitions will apply to the capitalized terms indicated below:

 

(a)
“Affiliate” means, at the time of determination, any “parent” or “subsidiary”
of the Company as such terms are defined in Rule 405. The Board will have the authority to determine the time or times at which
“parent” or “subsidiary” status is determined within the foregoing definition.

 

(b)“Award”
means a Stock Award or a Performance Cash Award.

 

(c)“Award
Agreement” means a written agreement between the Company and a Participant evidencing the terms and conditions of
an Award.

 

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

 

(e)“Capitalization
Adjustment” means any change that is made in, or other events that occur with respect to, the Common Stock subject
to the Plan or subject to any Stock Award after the Effective Date without the receipt of consideration by the Company through
merger, consolidation, reorganization, recapitalization, reincorporation, stock dividend, dividend in property other than cash,
large nonrecurring cash dividend, stock split, reverse stock split, liquidating dividend, combination of shares, exchange of shares,
change in corporate structure or any similar equity restructuring transaction, as that term is used in Statement of Financial
Accounting Standards Board Accounting Standards Codification Topic 718 (or any successor thereto). Notwithstanding the foregoing,
the conversion of any convertible securities of the Company will not be treated as a Capitalization Adjustment.

 

(f)“Capital
Stock” means each and every class of common stock of the Company, regardless of the number of votes per share.

 

(g)
“Cause” will have the meaning ascribed to such term in any written agreement between
the Participant and the Company defining such term and, in the absence of such agreement, such term means, with respect to a Participant,
the occurrence of any of the following events: (i) such Participant’s commission of any felony or any crime involving fraud,
dishonesty or moral turpitude under the laws of the United States or any state thereof; (ii) such Participant’s attempted
commission of, or participation in, a fraud or act of dishonesty against the Company; (iii) such Participant’s intentional,
material violation of any contract or agreement between the Participant and the Company or of any statutory duty owed to the Company;
(iv) such Participant’s unauthorized use or disclosure of the Company’s confidential information or trade secrets;
or (v) such Participant’s gross misconduct. The determination that a termination of the Participant’s Continuous Service
is either for Cause or without Cause will be made by the Company, in its sole discretion. Any determination by the Company that
the Continuous Service of a Participant was terminated with or without Cause for the purposes of outstanding Awards held by such
Participant will have no effect upon any determination of the rights or obligations of the Company or such Participant for any
other purpose.

 

    	19

    	 

    

 

(h)
“Change in Control” means the occurrence, in a single transaction or in a series of related transactions,
of any one or more of the following events:

 

(i)any
Exchange Act Person becomes the Owner, directly or indirectly, of securities of the Company representing more than fifty percent
(50%) of the combined voting power of the Company’s then outstanding securities other than by virtue of a merger, consolidation
or similar transaction. Notwithstanding the foregoing, a Change in Control will not be deemed to occur (A) on account of the acquisition
of securities of the Company directly from the Company, (B) on account of the acquisition of securities of the Company by an investor,
any affiliate thereof or any other Exchange Act Person that acquires the Company’s securities in a transaction or series
of related transactions the primary purpose of which is to obtain financing for the Company through the issuance of equity securities,
or (C) solely because the level of Ownership held by any Exchange Act Person (the “Subject Person”)
exceeds the designated percentage threshold of the outstanding voting securities as a result of a repurchase or other acquisition
of voting securities by the Company reducing the number of shares outstanding, provided that if a Change in Control would occur
(but for the operation of this sentence) as a result of the acquisition of voting securities by the Company, and after such share
acquisition, the Subject Person becomes the Owner of any additional voting securities that, assuming the repurchase or other acquisition
had not occurred, increases the percentage of the then outstanding voting securities Owned by the Subject Person over the designated
percentage threshold, then a Change in Control will be deemed to occur;

 

(ii)there
is consummated a merger, consolidation or similar transaction involving (directly or indirectly) the Company and, immediately
after the consummation of such merger, consolidation or similar transaction, the stockholders of the Company immediately prior
thereto do not Own, directly or indirectly, either (A) outstanding voting securities representing more than fifty percent (50%)
of the combined outstanding voting power of the surviving Entity in such merger, consolidation or similar transaction or (B) more
than fifty percent (50%) of the combined outstanding voting power of the parent of the surviving Entity in such merger, consolidation
or similar transaction, in each case in substantially the same proportions as their Ownership of the outstanding voting securities
of the Company immediately prior to such transaction;

 

(iii)there
is consummated a sale, lease, exclusive license or other disposition of all or substantially all of the consolidated assets of
the Company and its Subsidiaries, other than a sale, lease, license or other disposition of all or substantially all of the consolidated
assets of the Company and its Subsidiaries to an Entity, more than fifty percent (50%) of the combined voting power of the voting
securities of which are Owned by stockholders of the Company in substantially the same proportions as their Ownership of the outstanding
voting securities of the Company immediately prior to such sale, lease, license or other disposition; or

 

(iv)individuals
who, on the date the Plan is adopted by the Board, are members of the Board (the “Incumbent Board”)
cease for any reason to constitute at least a majority of the members of the Board; provided, however, that if the appointment
or election (or nomination for election) of any new Board member was approved or recommended by a majority vote of the members
of the Incumbent Board then still in office, such new member will, for purposes of this Plan, be considered as a member of the
Incumbent Board.

 

    	20

    	 

    

 

Notwithstanding
the foregoing definition or any other provision of this Plan, (A) the term Change in Control will not include a sale of assets,
merger or other transaction effected exclusively for the purpose of changing the domicile of the Company, and (B) the definition
of Change in Control (or any analogous term) in an individual written agreement between the Company or any Affiliate and the Participant
will supersede the foregoing definition with respect to Awards subject to such agreement; provided, however, that if no
definition of Change in Control or any analogous term is set forth in such an individual written agreement, the foregoing definition
will apply.

 

(i)“Code”
means the Internal Revenue Code of 1986, as amended, including any applicable regulations and guidance thereunder.

 

(j)“Committee”
means a committee of one (1) or more Directors to whom authority has been delegated by the Board in accordance with Section 2(c).

 

(k)“Common
Stock” means the common stock of the Company.

 

(l)“Company”
means Bone Biologics Corporation, a Delaware corporation.

 

(m)
“Consultant” means any person, including an advisor, who is (i) engaged by the Company or an Affiliate
to render consulting or advisory services and is compensated for such services, or (ii) serving as a member of the board of directors
of an Affiliate and is compensated for such services. However, service solely as a Director, or payment of a fee for such service,
will not cause a Director to be considered a “Consultant” for purposes of the Plan. Notwithstanding
the foregoing, a person is treated as a Consultant under this Plan only if a Form S-8 Registration Statement under the Securities
Act is available to register either the offer or the sale of the Company’s securities to such person.

 

(n)“Continuous
Service” means that the Participant’s service with the Company or an Affiliate, whether as an Employee, Director
or Consultant, is not interrupted or terminated. A change in the capacity in which the Participant renders service to the Company
or an Affiliate as an Employee, Director or Consultant or a change in the Entity for which the Participant renders such service,
provided that there is no interruption or termination of the Participant’s service with the Company or an Affiliate, will
not terminate a Participant’s Continuous Service; provided, however, that if the Entity for which a Participant
is rendering services ceases to qualify as an Affiliate, as determined by the Board, in its sole discretion, such Participant’s
Continuous Service will be considered to have terminated on the date such Entity ceases to qualify as an Affiliate. For example,
a change in status from an Employee of the Company to a Consultant of an Affiliate or to a Director will not constitute an interruption
of Continuous Service. To the extent permitted by law, the Board or the chief executive officer of the Company, in that party’s
sole discretion, may determine whether Continuous Service will be considered interrupted in the case of (i) any leave of absence
approved by the Board or chief executive officer, including sick leave, military leave or any other personal leave, or (ii) transfers
between the Company, an Affiliate, or their successors. Notwithstanding the foregoing, a leave of absence will be treated as Continuous
Service for purposes of vesting in a Stock Award only to such extent as may be provided in the Company’s leave of absence
policy, in the written terms of any leave of absence agreement or policy applicable to the Participant, or as otherwise required
by law. 

 

    	21

    	 

    

 

(o)“Corporate
Transaction” means the consummation, in a single transaction or in a series of related transactions, of any one
or more of the following events:

 

(i)a
sale or other disposition of all or substantially all, as determined by the Board, in its sole discretion, of the consolidated
assets of the Company and its Subsidiaries;

 

(ii)a
sale or other disposition of more than 50% of the outstanding securities of the Company;

 

(iii)a
merger, consolidation or similar transaction following which the Company is not the surviving corporation; or

 

(iv)a
merger, consolidation or similar transaction following which the Company is the surviving corporation but the shares of Common
Stock outstanding immediately preceding the merger, consolidation or similar transaction are converted or exchanged by virtue
of the merger, consolidation or similar transaction into other property, whether in the form of securities, cash or otherwise.

 

(p)“Covered
Employee” will have the meaning provided in Section 162(m)(3) of the Code.

 

(q)“Director”
means a member of the Board.

 

(r)“Disability”
means, with respect to a Participant, the inability of such Participant to engage in any substantial gainful activity by reason
of any medically determinable physical or mental impairment that can be expected to result in death or that has lasted or can
be expected to last for a continuous period of not less than twelve (12) months, as provided in Sections 22(e)(3) and 409A(a)(2)(c)(i)
of the Code, and will be determined by the Board on the basis of such medical evidence as the Board deems warranted under the
circumstances.

 

(s)“Dissolution”
means when the Company, after having executed a certificate of dissolution with the State of Delaware, has completely wound
up its affairs. Conversion of the Company into a Limited Liability Company (or any other pass-through entity) will not be considered
a “Dissolution” for purposes of the Plan.

 

(t)“Effective
Date” means the effective date of this Plan, which is the earlier of (i) the date that this Plan is first approved
by the Company’s stockholders, and (ii) the date this Plan is adopted by the Board.

 

(u)“Employee”
means any person employed by the Company or an Affiliate. However, service solely as a Director, or payment of a fee for such
services, will not cause a Director to be considered an “Employee” for purposes of the Plan.

 

    	22

    	 

    

 

(v)“Entity”
means a corporation, partnership, limited liability company or other entity.

 

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

 

(x)“Exchange
Act Person” means any natural person, Entity or “group” (within the meaning of Section
13(d) or 14(d) of the Exchange Act), except that “Exchange Act Person” will not include (i) the Company or any Subsidiary
of the Company, (ii) any employee benefit plan of the Company or any Subsidiary of the Company or any trustee or other fiduciary
holding securities under an employee benefit plan of the Company or any Subsidiary of the Company, (iii) an underwriter temporarily
holding securities pursuant to an offering of such securities, (iv) an Entity Owned, directly or indirectly, by the stockholders
of the Company in substantially the same proportions as their Ownership of stock of the Company; or (v) any natural person, Entity
or “group” (within the meaning of Section 13(d) or 14(d) of the Exchange Act) that, as of the Effective Date, is the
Owner, directly or indirectly, of securities of the Company representing more than fifty percent (50%) of the combined voting
power of the Company’s then outstanding securities.

 

(y)
“Fair Market Value” means, as of any date, the value of the Common Stock determined as follows:

 

(i)If
the Common Stock is listed on any established stock exchange or traded on any established market, the Fair Market Value of a share
of Common Stock will be, unless otherwise determined by the Board, the closing sales price for such stock as quoted on such exchange
or market (or the exchange or market with the greatest volume of trading in the Common Stock) on the date of determination, as
reported in a source the Board deems reliable.

 

(ii)Unless
otherwise provided by the Board, if there is no closing sales price for the Common Stock on the date of determination, then the
Fair Market Value will be the closing selling price on the last preceding date for which such quotation exists.

 

(iii)In
the absence of such markets for the Common Stock, the Fair Market Value will be determined by the Board in good faith and in a
manner that complies with Sections 409A and 422 of the Code.

 

(z)“Incentive
Stock Option” means an option granted pursuant to Section 5 that is intended to be, and that qualifies as, an “incentive
stock option” within the meaning of Section 422 of the Code.

 

(aa)“Non-Employee
Director” means a Director who either (i) is not a current employee or officer of the Company or an Affiliate,
does not receive compensation, either directly or indirectly, from the Company or an Affiliate for services rendered as a consultant
or in any capacity other than as a Director (except for an amount as to which disclosure would not be required under Item 404(a)
of Regulation S-K promulgated pursuant to the Securities Act (“Regulation S-K”)), does not possess an
interest in any other transaction for which disclosure would be required under Item 404(a) of Regulation S-K, and is not engaged
in a business relationship for which disclosure would be required pursuant to Item 404(b) of Regulation S-K; or (ii) is otherwise
considered a “non-employee director” for purposes of Rule 16b-3.

 

    	23

    	 

    

 

(bb)“Nonstatutory
Stock Option” means any option granted pursuant to Section 5 that does not qualify as an Incentive Stock Option.

 

(cc)“Officer”
means a person who is an officer of the Company within the meaning of Section 16 of the Exchange Act.

 

(dd)“Option”
means an Incentive Stock Option or a Nonstatutory Stock Option to purchase shares of Common Stock granted pursuant to the Plan.

 

(ee)“Option
Agreement” means a written agreement between the Company and an Optionholder evidencing the terms and conditions
of an Option grant. Each Option Agreement will be subject to the terms and conditions of the Plan.

 

(ff)“Optionholder”
means a person to whom an Option is granted pursuant to the Plan or, if applicable, such other person who holds an outstanding
Option.

 

(gg)“Other
Stock Award” means an award based in whole or in part by reference to the Common Stock which is granted pursuant
to the terms and conditions of Section 6(d).

 

(hh)“Other
Stock Award Agreement” means a written agreement between the Company and a holder of an Other Stock
Award evidencing the terms and conditions of an Other Stock Award grant. Each Other Stock Award Agreement will be subject to the
terms and conditions of the Plan.

 

(ii)“Outside
Director” means a Director who either (i) is not a current employee of the Company or an “affiliated corporation”
(within the meaning of Treasury Regulations promulgated under Section 162(m) of the Code), is not a former employee of the Company
or an “affiliated corporation” who receives compensation for prior services (other than benefits under a tax-qualified
retirement plan) during the taxable year, has not been an officer of the Company or an “affiliated corporation,” and
does not receive remuneration from the Company or an “affiliated corporation,” either directly or indirectly, in any
capacity other than as a Director, or (ii) is otherwise considered an “outside director” for purposes of Section 162(m)
of the Code.

 

(jj)“Own,”
“Owned,” “Owner,” “Ownership”
A person or Entity will be deemed to “Own,” to have “Owned,” to be the “Owner” of, or to have
acquired “Ownership” of securities if such person or Entity, directly or indirectly, through any contract, arrangement,
understanding, relationship or otherwise, has or shares voting power, which includes the power to vote or to direct the voting,
with respect to such securities.

 

(kk)“Participant”
means a person to whom an Award is granted pursuant to the Plan or, if applicable, such other person who holds an outstanding
Stock Award.

 

(ll)“Performance
Cash Award” means an award of cash granted pursuant to the terms and conditions of Section 6(c)(ii).

 

    	24

    	 

    

 

(mm)
“Performance Criteria” means the one or more criteria that the Board will select for purposes of
establishing the Performance Goals for a Performance Period. The Performance Criteria that will be used to establish such Performance
Goals may be based on any one of, or combination of, the following as determined by the Board: (1) earnings (including earnings
per share and net earnings); (2) earnings before interest, taxes and depreciation; (3) earnings before interest, taxes, depreciation
and amortization; (4) total stockholder return; (5) return on equity or average stockholder’s equity; (6) return on assets,
investment, or capital employed; (7) stock price; (8) margin (including gross margin); (9) income (before or after taxes); (10)
operating income; (11) operating income after taxes; (12) pre-tax profit; (13) operating cash flow; (14) sales or revenue targets;
(15) increases in revenue or product revenue; (16) expenses and cost reduction goals; (17) improvement in or attainment of working
capital levels; (18) economic value added (or an equivalent metric); (19) market share; (20) cash flow; (21) cash flow per share;
(22) share price performance; (23) debt reduction; (24) customer satisfaction; (25) stockholders’ equity; (26) capital expenditures;
(27) debt levels; (28) operating profit or net operating profit; (29) workforce diversity; (30) growth of net income or operating
income; (31) billings; (32) pre-clinical development related compound goals; (33) financing; (34) regulatory milestones, including
approval of a compound; (35) stockholder liquidity; (36) corporate governance and compliance; (37) product commercialization;
(38) intellectual property; (39) personnel matters; (40) progress of internal research or clinical programs; (41) progress of
partnered programs; (42) partner satisfaction; (43) budget management; (44) clinical achievements; (45) completing
phases of a clinical study (including the treatment phase); (46) announcing or presenting preliminary or final data from clinical
studies; in each case, whether on particular timelines or generally; (47) timely completion of clinical trials; (48) submission
of INDs and NDAs and other regulatory achievements; (49) partner or collaborator achievements; (50) internal controls, including
those related to the Sarbanes-Oxley Act of 2002; (51) research progress, including the development of programs; (52) investor
relations, analysts and communication; (53) manufacturing achievements (including obtaining particular yields from manufacturing
runs and other measurable objectives related to process development activities); (54) strategic partnerships or transactions (including
in-licensing and out-licensing of intellectual property; (55) establishing relationships with commercial entities with respect
to the marketing, distribution and sale of the Company’s products (including with group purchasing organizations, distributors
and other vendors); (56) supply chain achievements (including establishing relationships with manufacturers or suppliers of active
pharmaceutical ingredients and other component materials and manufacturers of the Company’s products); (57) co-development,
co-marketing, profit sharing, joint venture or other similar arrangements; and (58) to the extent that an Award is not intended
to comply with Section 162(m) of the Code, other measures of performance selected by the Board.

 

(nn)“Performance
Goals” means, for a Performance Period, the one or more goals established by the Board for the Performance Period
based upon the Performance Criteria. Performance Goals may be based on a Company-wide basis, with respect to one or more business
units, divisions, Affiliates, or business segments, and in either absolute terms or relative to the performance of one or more
comparable companies or the performance of one or more relevant indices. Unless specified otherwise by the Board (i) in the Award
Agreement at the time the Award is granted or (ii) in such other document setting forth the Performance Goals at the time the
Performance Goals are established, the Board will appropriately make adjustments in the method of calculating the attainment of
Performance Goals for a Performance Period as follows: (1) to exclude restructuring and/or other nonrecurring charges; (2) to
exclude exchange rate effects; (3) to exclude the effects of changes to generally accepted accounting principles; (4) to exclude
the effects of any statutory adjustments to corporate tax rates; (5) to exclude the effects of any “extraordinary items”
as determined under generally accepted accounting principles; (6) to exclude the dilutive effects of acquisitions or joint ventures;
(7) to assume that any business divested by the Company achieved performance objectives at targeted levels during the balance
of a Performance Period following such divestiture; (8) to exclude the effect of any change in the outstanding shares of common
stock of the Company by reason of any stock dividend or split, stock repurchase, reorganization, recapitalization, merger, consolidation,
spin-off, combination or exchange of shares or other similar corporate change, or any distributions to common stockholders other
than regular cash dividends; (9) to exclude the effects of stock based compensation and the award of bonuses under the Company’s
bonus plans; (10) to exclude costs incurred in connection with potential acquisitions or divestitures that are required to expensed
under generally accepted accounting principles; (11) to exclude the goodwill and intangible asset impairment charges that are
required to be recorded under generally accepted accounting principles and (12) to exclude the effect of any other unusual, non-recurring
gain or loss or other extraordinary item.

 

    	25

    	 

    

 

(oo)“Performance
Period” means the period of time selected by the Board over which the attainment of one or more Performance Goals
will be measured for the purpose of determining a Participant’s right to and the payment of a Stock Award or a Performance
Cash Award. Performance Periods may be of varying and overlapping duration, at the sole discretion of the Board.

 

(pp)“Performance
Stock Award” means a Stock Award granted under the terms and conditions of Section 6(c)(i).

 

(qq)“Plan”
means this Bone Biologics Corporation 2015 Equity Incentive Plan, as it may be amended from time to time.

 

(rr)“Restricted
Stock Award” means an award of shares of Common Stock which is granted pursuant to the terms and conditions of Section
6(a).

 

(ss)“Restricted
Stock Award Agreement” means a written agreement between the Company and a holder of a Restricted Stock Award evidencing
the terms and conditions of a Restricted Stock Award grant. Each Restricted Stock Award Agreement will be subject to the terms
and conditions of the Plan.

 

(tt)“Restricted
Stock Unit Award” means a right to receive shares of Common Stock which is granted pursuant to the
terms and conditions of Section 6(b).

 

(uu)“Restricted
Stock Unit Award Agreement” means a written agreement between the Company and a holder of a Restricted
Stock Unit Award evidencing the terms and conditions of a Restricted Stock Unit Award grant. Each Restricted Stock Unit Award
Agreement will be subject to the terms and conditions of the Plan.

 

(vv)“Rule
16b-3” means Rule 16b-3 promulgated under the Exchange Act or any successor to Rule 16b-3, as in effect from time
to time.

 

    	26

    	 

    

 

(ww)“Rule
405” means Rule 405 promulgated under the Securities Act. 

 

(xx)“Rule
701” means Rule 701 promulgated under the Securities Act. 

 

(yy)“Securities
Act” means the Securities Act of 1933, as amended.

 

(zz)“Stock
Appreciation Right” or “SAR” means a right to receive the appreciation on
Common Stock that is granted pursuant to the terms and conditions of Section 5.

 

(aaa)“Stock
Appreciation Right Agreement” means a written agreement between the Company and a holder of a Stock Appreciation
Right evidencing the terms and conditions of a Stock Appreciation Right grant. Each Stock Appreciation Right Agreement will be
subject to the terms and conditions of the Plan.

 

(bbb)“Stock
Award” means any right to receive Common Stock granted under the Plan, including an Incentive Stock Option, a Nonstatutory
Stock Option, a Restricted Stock Award, a Restricted Stock Unit Award, a Stock Appreciation Right, a Performance Stock Award or
any Other Stock Award.

 

(ccc)“Stock
Award Agreement” means a written agreement between the Company and a Participant evidencing the terms and conditions
of a Stock Award grant. Each Stock Award Agreement will be subject to the terms and conditions of the Plan.

 

(ddd)“Subsidiary”
means, with respect to the Company, (i) any corporation of which more than fifty percent (50%) of the outstanding capital stock
having ordinary voting power to elect a majority of the board of directors of such corporation (irrespective of whether, at the
time, stock of any other class or classes of such corporation will have or might have voting power by reason of the happening
of any contingency) is at the time, directly or indirectly, Owned by the Company, and (ii) any partnership, limited liability
company or other entity in which the Company has a direct or indirect interest (whether in the form of voting or participation
in profits or capital contribution) of more than fifty percent (50%).

 

(eee)“Ten
Percent Stockholder” means a person who Owns (or is deemed to Own pursuant to Section 424(d) of the Code) stock
possessing more than ten percent (10%) of the total combined voting power of all classes of stock of the Company or any Affiliate.

 

(fff)“Transaction”
means a Corporate Transaction or a Change in Control.

 

    	27

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