Document:

linta_Ex_10_9

		
			Exhibit 10.9
		

		
			 
		

		
			LIBERTY INTERACTIVE CORPORATION
2011 NONEMPLOYEE DIRECTOR INCENTIVE PLAN
		

		
			 
		

		
			(Amended and Restated, as of December 17, 2015)
		

		
			 
		

		
			ARTICLE I
Purpose of Plan; Amendment and Restatement of Plan
		

		
			1.1Purpose.  The purpose of the Plan is to provide a method whereby eligible Nonemployee Directors of the Company may be awarded additional remuneration for services rendered and encouraged to invest in capital stock of the Company, thereby increasing their proprietary interest in the Company’s businesses and increasing their personal interest in the continued success and progress of the Company.  The Plan is also intended to aid in attracting Persons of exceptional ability to become Nonemployee Directors of the Company.
		

		
			1.2Amendment and Restatement of Plan.  The Plan was amended and restated effective November 7, 2011 by the Board of the Company to make certain clarifying changes throughout the Plan, including but not limited to Section 4.1 hereof. The Plan was amended on August 5, 2013 and amended and restated as of May 6, 2015.  The Plan is hereby further amended and restated as of December 17, 2015.
		

		
			ARTICLE II
Definitions
		

		
			2.1Certain Defined Terms.  Capitalized terms not defined elsewhere in the Plan shall have the following meanings (whether used in the singular or plural):
		

		
			“Account” has the meaning ascribed thereto in Section 8.2.
		

		
			“Affiliate” of the Company means any corporation, partnership, or other business association that, directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with the Company.
		

		
			“Agreement” means a stock option agreement, stock appreciation rights agreement, restricted shares agreement, restricted stock units agreement, or an agreement evidencing more than one type of Award, specified in Section 10.4, as any such Agreement may be supplemented or amended from time to time.
		

		
			“Approved Transaction” means any transaction in which the Board (or, if approval of the Board is not required as a matter of law, the stockholders of the Company) shall approve (i) any consolidation or merger of the Company, or binding share exchange, pursuant to which shares of Common Stock of the Company would be changed or converted into or exchanged for cash, securities, or other property, other than any such transaction in which the common stockholders of the Company immediately prior to such transaction have the same proportionate ownership of the Common Stock of, and voting power with respect to, the surviving corporation immediately after such transaction, 

		 

 

(ii) any merger, consolidation, or binding share exchange to which the Company is a party as a result of which the Persons who are common stockholders of the Company immediately prior thereto have less than a majority of the combined voting power of the outstanding capital stock of the Company ordinarily (and apart from the rights accruing under special circumstances) having the right to vote in the election of directors immediately following such merger, consolidation, or binding share exchange, (iii) the adoption of any plan or proposal for the liquidation or dissolution of the Company, or (iv) any sale, lease, exchange, or other transfer (in one transaction or a series of related transactions) of all, or substantially all, of the assets of the Company. 
		

		
			“Award” means a grant of Options, SARs, Restricted Shares, Restricted Stock Units and/or cash under the Plan.
		

		
			“Board” means the Board of Directors of the Company.
		

		
			“Board Change” means, during any period of two consecutive years, individuals who at the beginning of such period constituted the entire Board cease for any reason to constitute a majority thereof unless the election, or the nomination for election, of each new director was approved by a vote of at least two‐thirds of the directors then still in office who were directors at the beginning of the period.
		

		
			“Code” means the Internal Revenue Code of 1986, as amended from time to time, or any successor statute or statutes thereto.  Reference to any specific Code section shall include any successor section.
		

		
			“Common Stock” means each or any (as the context may require) series of the Company’s common stock.
		

		
			“Company” means Liberty Interactive Corporation, a Delaware corporation (formerly known as Liberty Media Corporation).
		

		
			“Control Purchase” means any transaction (or series of related transactions) in which any person (as such term is defined in Sections 13(d)(3) and 14(d)(2) of the Exchange Act), corporation, or other entity (other than the Company, any Subsidiary of the Company, or any employee benefit plan sponsored by the Company or any Subsidiary of the Company or any Exempt Person (as defined below)) shall become the “beneficial owner” (as such term is defined in Rule 13d‐3 under the Exchange Act), directly or indirectly, of securities of the Company representing 20% or more of the combined voting power of the then outstanding securities of the Company ordinarily (and apart from the rights accruing under special circumstances) having the right to vote in the election of directors (calculated as provided in Rule 13d‐3(d) under the Exchange Act in the case of rights to acquire the Company’s securities), other than in a transaction (or series of related transactions) approved by the Board.  For purposes of this definition, “Exempt Person” means each of (a) the Chairman of the Board, the President and each of the directors of the Company as the Effective Date, and (b) the respective family members, estates, and heirs of each of the Persons referred to in clause (a) above and any trust or other investment vehicle for the primary benefit of any of such Persons or their respective family members 

		 

		

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or heirs.  As used with respect to any Person, the term “family member” means the spouse, siblings and lineal descendants of such Person.
		

		
			“Director Compensation” means the annual retainer and meeting fees, and any other regular cash compensation payable by the Company to a Nonemployee Director for service on the Board.
		

		
			“Disability” means the inability to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or which has lasted or can be expected to last for a continuous period of not less than 12 months.
		

		
			“Dividend Equivalents” means, with respect to Restricted Stock Units, to the extent specified by the Board only, an amount equal to all dividends and other distributions (or the economic equivalent thereof) which are payable to stockholders of record during the Restriction Period on a like number and kind of shares of Common Stock.
		

		
			“Domestic Relations Order” means a domestic relations order as defined by the Code or Title I of the Employee Retirement Income Security Act of 1974, as amended, or the rules thereunder.
		

		
			“Effective Date” means September 7, 2011.
		

		
			“Equity Security” shall have the meaning ascribed to such term in Section 3(a)(11) of the Exchange Act, and an equity security of an issuer shall have the meaning ascribed thereto in Rule 16a‐1 promulgated under the Exchange Act, or any successor Rule.
		

		
			“Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time, or any successor statute or statutes thereto.  Reference to any specific Exchange Act section shall include any successor section.
		

		
			“Fair Market Value” of a share of any series of Common Stock on any day means (i) for Option and SAR exercise transactions effected on any third-party incentive award administration system provided by the Company, the current high bid price of a share of any series of Common Stock as reported on the consolidated transaction reporting system on the principal national securities exchange on which shares of such series of Common Stock are listed on such day or if such shares are not then listed on a national securities exchange, then as quoted by OTC Markets Group Inc., or (ii) for all other purposes under the Plan, the closing price of a share of such series of Common Stock on such day (or if such day is not a trading day, on the next preceding trading day) as reported on the consolidated transaction reporting system for the principal national securities exchange on which shares of such series of Common Stock are listed on such day or if such shares are not then listed on a national securities exchange, then as quoted by OTC Markets Group Inc.  If for any day the Fair Market Value of a share of the applicable series of Common Stock is not determinable by any of the foregoing means, or if there is insufficient trading volume in the applicable series of Common Stock on such trading day, then the Fair Market Value for such day shall be determined in good faith by the Board on the basis of such quotations and other considerations as the Board deems appropriate.
		

		
			

		 

		

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“Free Standing SAR” has the meaning ascribed thereto in Section 7.1.
		

		
			“Holder” means a Person who has received an Award under the Plan.
		

		
			“Nonemployee Director” means an individual who is a member of the Board and who is neither an officer nor an employee of the Company or any Subsidiary.
		

		
			“Option” means a stock option granted under Article VI.
		

		
			“Person” means an individual, corporation, limited liability company, partnership, trust, incorporated or unincorporated association, joint venture or other entity of any kind.
		

		
			“Plan” means this Liberty Interactive Corporation 2011 Nonemployee Director Incentive Plan, amended and restated as of December 17, 2015.
		

		
			“Restricted Shares” means shares of any series of Common Stock awarded pursuant to Section 8.1. 
		

		
			“Restricted Stock Unit” means a unit evidencing the right to receive in specified circumstances one share of the specified series of Common Stock or the equivalent value in cash, which right may be subject to a Restriction Period or forfeiture provisions.
		

		
			“Restriction Period” means a period of time beginning on the date of each Award of Restricted Shares or Restricted Stock Units and ending on the Vesting Date with respect to such Award.
		

		
			“Retained Distribution” has the meaning ascribed thereto in Section 8.3.
		

		
			“SARs” means stock appreciation rights, awarded pursuant to Article VII, with respect to shares of any specified series of Common Stock.
		

		
			“Subsidiary” of a Person means any present or future subsidiary (as defined in Section 424(f) of the Code) of such Person or any business entity in which such Person owns, directly or indirectly, 50% or more of the voting, capital, or profits interests.  An entity shall be deemed a subsidiary of a Person for purposes of this definition only for such periods as the requisite ownership or control relationship is maintained.
		

		
			“Tandem SARs” has the meaning ascribed thereto in Section 7.1.
		

		
			“Vesting Date,” with respect to any Restricted Shares or Restricted Stock Units awarded hereunder, means the date on which such Restricted Shares or Restricted Stock Units cease to be subject to a risk of forfeiture, as designated in or determined in accordance with the Agreement with respect to such Award of Restricted Shares or Restricted Stock Units pursuant to Article VIII.  If more than one Vesting Date is designated for an Award of Restricted Shares or Restricted Stock Units, reference in the Plan to a Vesting Date in respect of such Award shall be deemed to refer to each part of such Award and the Vesting Date for such part. The Vesting Date for a particular Award will be established by the Board and, for the avoidance of doubt, may be contemporaneous with the date of grant.
		

		
			

		 

		

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ARTICLE III
		

		
			Administration
		

		
			3.1Administration.  The Plan shall be administered by the Board, provided that it may delegate to employees of the Company certain administrative or ministerial duties in carrying out the purposes of the Plan. 
		

		
			3.2Powers.  The Board shall have full power and authority to grant to eligible Persons Options under Article VI of the Plan, SARs under Article VII of the Plan, Restricted Shares under Article VIII of the Plan, and/or Stock Units under Article IX of the Plan, to determine the terms and conditions (which need not be identical) of all Awards so granted, to interpret the provisions of the Plan and any Agreements relating to Awards granted under the Plan, and to supervise the administration of the Plan.  The Board in making an Award may provide for the granting or issuance of additional, replacement, or alternative Awards upon the occurrence of specified events, including the exercise of the original Award.  The Board shall have sole authority in the selection of Persons to whom Awards may be granted under the Plan and in the determination of the timing, pricing, and amount of any such Award, subject only to the express provisions of the Plan.  In making determinations hereunder, the Board may take into account such factors as the Board in its discretion deems relevant.
		

		
			3.3Interpretation.  The Board is authorized, subject to the provisions of the Plan, to establish, amend, and rescind such rules and regulations as it deems necessary or advisable for the proper administration of the Plan and to take such other action in connection with or in relation to the Plan as it deems necessary or advisable.  Each action and determination made or taken pursuant to the Plan by the Board, including any interpretation or construction of the Plan, shall be final and conclusive for all purposes and upon all Persons.  No member of the Board shall be liable for any action or determination made or taken by such member or the Board in good faith with respect to the Plan.
		

		
			ARTICLE IV
Shares Subject to the Plan
		

		
			4.1Number of Shares.  Subject to the provisions of this Article IV, the maximum number of shares of Common Stock (i) which may be issued in lieu of Director Compensation pursuant to Section 9.1 and (ii) with respect to which Awards may be granted during the term of the Plan shall be 1,014,000 shares.  Shares of Common Stock will be made available from the authorized but unissued shares of the Company or from shares reacquired by the Company, including shares purchased in the open market.  The shares of Common Stock subject to (i) any Award granted under the Plan that shall expire, terminate or be cancelled or annulled for any reason without having been exercised (or considered to have been exercised as provided in Section 7.2), (ii) any Award of any SARs granted under the Plan the terms of which provide for settlement in cash, and (iii) any Award of Restricted Shares or Restricted Stock Units that shall be forfeited prior to becoming vested (provided that the Holder received no benefits of ownership of such Restricted Shares or Restricted Stock Units other than voting rights and the accumulation of Retained Distributions and unpaid Dividend Equivalents that are likewise forfeited) shall again be available for purposes of the Plan.  Notwithstanding the foregoing, the following shares of Common Stock may not again be made available for issuance as Awards under the Plan: (a) shares of Common 
		

		
			
		

		
			

		 

		

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Stock not issued or delivered as a result of the net settlement of an outstanding Option or SAR, (b) shares of Common Stock used to pay the purchase price or withholding taxes related to an outstanding Award, or (c) shares of Common Stock repurchased on the open market with the proceeds of an Option purchase price.  No Nonemployee Director may be granted during any calendar year Awards having a value determined on the date of grant in excess of $3 million.
		

		
			4.2Adjustments.
		

		
			(a)If the Company subdivides its outstanding shares of any series of Common Stock into a greater number of shares of such series of Common Stock (by stock dividend, stock split, reclassification, or otherwise) or combines its outstanding shares of any series of Common Stock into a smaller number of shares of such series of Common Stock (by reverse stock split, reclassification, or otherwise) or if the Board determines that any stock dividend, extraordinary cash dividend, reclassification, recapitalization, reorganization, stock redemption, split‐up, spin‐off, combination, exchange of shares, warrants or rights offering to purchase such series of Common Stock or other similar corporate event (including mergers or consolidations other than those which constitute Approved Transactions, adjustments with respect to which shall be governed by Section 10.1(b)) affects any series of Common Stock so that an adjustment is required to preserve the benefits or potential benefits intended to be made available under the Plan, then the Board, in such manner as the Board, in its sole discretion, deems equitable and appropriate, shall make such adjustments to any or all of (i) the number and kind of shares of stock which thereafter may be awarded, optioned or otherwise made subject to the benefits contemplated by the Plan, (ii) the number and kind of shares of stock subject to outstanding Awards, and (iii) the purchase or exercise price and the relevant appreciation base with respect to any of the foregoing, provided, however, that the number of shares subject to any Award shall always be a whole number.  The Board may, if deemed appropriate, provide for a cash payment to any Holder of an Award in connection with any adjustment made pursuant to this Section 4.2.  
		

		
			(b)Notwithstanding any provision of the Plan to the contrary, in the event of a corporate merger, consolidation, acquisition of property or stock, separation, reorganization or liquidation, the Board shall be authorized, in its discretion, (i) to provide, prior to the transaction, for the acceleration of the vesting and exercisability of, or lapse of restrictions with respect to, the Award and, if the transaction is a cash merger, provide for the termination of any portion of the Award that remains unexercised at the time of such transaction, or (ii) to cancel any such Awards and to deliver to the Holders cash in an amount that the Board shall determine in its sole discretion is equal to the fair market value of such Awards on the date of such event, which in the case of Options or SARs shall be the excess of the Fair Market Value (as determined in sub-section (ii) of the definition of such term) of Common Stock on such date over the purchase price of the Options or the base price of the SARs, as applicable. For the avoidance of doubt, if the purchase price of the Options or base price of the SARs, as applicable, is greater than such Fair Market Value, the Options or SARs may be canceled for no consideration pursuant to this section.
		

		
			

		 

		

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(c)No adjustment or substitution pursuant to this Section 4.2 shall be made in a manner that results in noncompliance with the requirements of Section 409A of the Code, to the extent applicable.
		

		
			ARTICLE V
Eligibility
		

		
			5.1General.  The Persons who shall be eligible to participate in the Plan and to receive Awards under the Plan shall, subject to Section 5.2, be such Persons who are Nonemployee Directors as the Board shall select.  Awards may be made to Nonemployee Directors who hold or have held Awards under this Plan or any similar or other awards under any other plan of the Company or any of its Affiliates.
		

		
			5.2Ineligibility.  No Person who is not a Nonemployee Director shall be eligible to receive an Award.
		

		
			ARTICLE VI
Stock Options
		

		
			6.1Grant of Options.  Subject to the limitations of the Plan, the Board shall designate from time to time those eligible Persons to be granted Options, the time when each Option shall be granted to such eligible Persons, the series and number of shares of Common Stock subject to such Option, and, subject to Section 6.2, the purchase price of the shares of Common Stock subject to such Option.
		

		
			6.2Option Price.  The price at which shares may be purchased upon exercise of an Option shall be fixed by the Board and may be no less than the Fair Market Value of the shares of the applicable series of Common Stock subject to the Option as of the date the Option is granted.
		

		
			6.3Term of Options.  Subject to the provisions of the Plan with respect to death, retirement and termination of service, the term of each Option shall be for such period as the Board shall determine as set forth in the applicable Agreement; provided that such term may not exceed ten years.    However, if the term of an Option expires when trading in the Common Stock is prohibited by law or the Company’s insider trading policy, then the term of such Option shall expire on the 30th day after the expiration of such prohibition.
		

		
			6.4Exercise of Options.  An Option granted under the Plan shall become (and remain) exercisable during the term of the Option to the extent provided in the applicable Agreement and the Plan and, unless the Agreement otherwise provides, may be exercised to the extent exercisable, in whole or in part, at any time and from time to time during such term; provided, however, that subsequent to the grant of an Option, the Board, at any time before complete termination of such Option, may accelerate the time or times at which such Option may be exercised in whole or in part (without reducing the term of such Option).
		

		
			6.5Manner of Exercise.
		

		
			(a)Form of Payment.  An Option shall be exercised by written notice to the Company upon such terms and conditions as the Agreement may provide and in accordance 

		 

		

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with such other procedures for the exercise of Options as the Board may establish from time to time.  The method or methods of payment of the purchase price for the shares to be purchased upon exercise of an Option and of any amounts required by Section 10.8 shall be determined by the Board and may consist of (i) cash, (ii) check, (iii) promissory note (subject to applicable law), (iv) whole shares of any series of Common Stock, (v) the withholding of shares of the applicable series of Common Stock issuable upon such exercise of the Option, (vi) the delivery, together with a properly executed exercise notice, of irrevocable instructions to a broker to deliver promptly to the Company the amount of sale or loan proceeds required to pay the purchase price, or (vii) any combination of the foregoing methods of payment, or such other consideration and method of payment as may be permitted for the issuance of shares under the Delaware General Corporation Law.  The permitted method or methods of payment of the amounts payable upon exercise of an Option, if other than in cash, shall be set forth in the applicable Agreement and may be subject to such conditions as the Board deems appropriate.
		

		
			(b)Value of Shares.  Unless otherwise determined by the Board and provided in the applicable Agreement, shares of any series of Common Stock delivered in payment of all or any part of the amounts payable in connection with the exercise of an Option, and shares of any series of Common Stock withheld for such payment, shall be valued for such purpose at their Fair Market Value as of the exercise date.
		

		
			(c)Issuance of Shares.  The Company shall effect the transfer of the shares of Common Stock purchased under the Option as soon as practicable after the exercise thereof and payment in full of the purchase price therefor and of any amounts required by Section 10.8, and within a reasonable time thereafter, such transfer shall be evidenced on the books of the Company.  Unless otherwise determined by the Board and provided in the applicable Agreement, (i) no Holder or other Person exercising an Option shall have any of the rights of a stockholder of the Company with respect to shares of Common Stock subject to an Option granted under the Plan until due exercise and full payment has been made, and (ii) no adjustment shall be made for cash dividends or other rights for which the record date is prior to the date of such due exercise and full payment.
		

		
			ARTICLE VII
SARs
		

		
			7.1Grant of SARs.  Subject to the limitations of the Plan, SARs may be granted by the Board to such eligible Persons in such numbers, with respect to any specified series of Common Stock, and at such times during the term of the Plan as the Board shall determine.  A SAR may be granted to a Holder of an Option (hereinafter called a “related Option”) with respect to all or a portion of the shares of Common Stock subject to the related Option (a “Tandem SAR”) or may be granted separately to an eligible Nonemployee Director (a “Free Standing SAR”).  Subject to the limitations of the Plan, SARs shall be exercisable in whole or in part upon notice to the Company upon such terms and conditions as are provided in the Agreement.
		

		
			7.2Tandem SARs.  A Tandem SAR may be granted either concurrently with the grant of the related Option or at any time thereafter prior to the complete exercise, termination, expiration, or cancellation of such related Option.  Tandem SARs shall be exercisable only at the 

		 

		

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time and to the extent that the related Option is exercisable (and may be subject to such additional limitations on exercisability as the Agreement may provide) and in no event after the complete termination or full exercise of the related Option.  Upon the exercise or termination of the related Option, the Tandem SARs with respect thereto shall be canceled automatically to the extent of the number of shares of Common Stock with respect to which the related Option was so exercised or terminated. Subject to the limitations of the Plan, upon the exercise of a Tandem SAR and unless otherwise determined by the Board and provided in the applicable Agreement, (i) the Holder thereof shall be entitled to receive from the Company, for each share of the applicable series of Common Stock with respect to which the Tandem SAR is being exercised, consideration (in the form determined as provided in Section 7.4) equal in value to the excess of the Fair Market Value of a share of the applicable series of Common Stock with respect to which the Tandem SAR was granted on the date of exercise over the related Option purchase price per share, and (ii) the related Option with respect thereto shall be canceled automatically to the extent of the number of shares of Common Stock with respect to which the Tandem SAR was so exercised.
		

		
			7.3Free Standing SARs.  Free Standing SARs shall be exercisable at the time, to the extent and upon the terms and conditions set forth in the applicable Agreement.  The base price of a Free Standing SAR may be no less than the Fair Market Value of the applicable series of Common Stock with respect to which the Free Standing SAR was granted as of the date the Free Standing SAR is granted.  Subject to the limitations of the Plan, upon the exercise of a Free Standing SAR and unless otherwise determined by the Board and provided in the applicable Agreement,  the Holder thereof shall be entitled to receive from the Company, for each share of the applicable series of Common Stock with respect to which the Free Standing SAR is being exercised, consideration (in the form determined as provided in Section 7.4) equal in value to the excess of the Fair Market Value of a share of the applicable series of Common Stock with respect to which the Free Standing SAR was granted on the date of exercise over the base price per share of such Free Standing SAR.  The term of a Free Standing SAR may not exceed ten years.  However, if the term of a Free Standing SAR expires when trading in the Common Stock is prohibited by law or the Company’s insider trading policy, then the term of such Free Standing SAR shall expire on the 30th day after the expiration of such prohibition.
		

		
			7.4Consideration.  The consideration to be received upon the exercise of a SAR by the Holder shall be paid in cash, shares of the applicable series of Common Stock with respect to which the SAR was granted (valued at Fair Market Value on the date of exercise of such SAR), a combination of cash and such shares of the applicable series of Common Stock or such other consideration, in each case, as provided in the Agreement.  No fractional shares of Common Stock shall be issuable upon exercise of a SAR, and unless otherwise provided in the applicable Agreement, the Holder will receive cash in lieu of fractional shares.  Unless the Board shall otherwise determine, to the extent a Free Standing SAR is exercisable, it will be exercised automatically for cash on its expiration date.
		

		
			7.5Limitations.  The applicable Agreement may provide for a limit on the amount payable to a Holder upon exercise of SARs at any time or in the aggregate, for a limit on the number of SARs that may be exercised by the Holder in whole or in part for cash during any specified period, for a limit on the time periods during which a Holder may exercise SARs, and for such other limits on the rights of the Holder and such other terms and conditions of the SAR, including a condition that the SAR may be exercised only in accordance with rules and regulations 

		 

		

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adopted from time to time, as the Board may determine.  Unless otherwise so provided in the applicable Agreement, any such limit relating to a Tandem SAR shall not restrict the exercisability of the related Option.  Such rules and regulations may govern the right to exercise SARs granted prior to the adoption or amendment of such rules and regulations as well as SARs granted thereafter.
		

		
			7.6Exercise.  For purposes of this Article VII, the date of exercise of a SAR shall mean the date on which the Company shall have received notice from the Holder of the SAR of the exercise of such SAR (unless otherwise determined by the Board and provided in the applicable Agreement).
		

		
			ARTICLE VIII
Restricted Shares and Restricted Stock Units
		

		
			8.1Grant of Restricted Shares.  Subject to the limitations of the Plan, the Board shall designate those eligible Persons to be granted Awards of Restricted Shares, shall determine the time when each such Award shall be granted, and shall designate (or set forth the basis for determining) the Vesting Date or Vesting Dates for each Award of Restricted Shares, and may prescribe other restrictions, terms and conditions applicable to the vesting of such Restricted Shares in addition to those provided in the Plan.  The Board shall determine the price, if any, to be paid by the Holder for the Restricted Shares; provided, however, that the issuance of Restricted Shares shall be made for at least the minimum consideration necessary to permit such Restricted Shares to be deemed fully paid and nonassessable.  All determinations made by the Board pursuant to this Section 8.1 shall be specified in the Agreement.
		

		
			8.2Issuance of Restricted Shares.  An Award of Restricted Shares shall be registered in a book entry account (the “Account”) in the name of the Holder to whom such Restricted Shares shall have been awarded. During the Restriction Period, the Account, any statement of ownership representing the Restricted Shares that may be issued during the Restriction Period and any securities constituting Retained Distributions shall bear a restrictive legend to the effect that ownership of the Restricted Shares (and such Retained Distributions), and the enjoyment of all rights appurtenant thereto, are subject to the restrictions, terms, and conditions provided in the Plan and the applicable Agreement.
		

		
			8.3Restrictions with Respect to Restricted Shares.  During the Restriction Period, Restricted Shares shall constitute issued and outstanding shares of the applicable series of Common Stock for all corporate purposes.  The Holder will have the right to vote such Restricted Shares, to receive and retain such dividends and distributions, as the Board may designate, paid or distributed on such Restricted Shares, and to exercise all other rights, powers and privileges of a Holder of shares of the applicable series of Common Stock with respect to such Restricted Shares; except, that, unless otherwise determined by the Board and provided in the applicable Agreement, (i) the Holder will not be entitled to delivery of the Restricted Shares until the Restriction Period shall have expired and unless all other vesting requirements with respect thereto shall have been fulfilled or waived; (ii) the Company or its designee will retain custody of the Restricted Shares during the Restriction Period as provided in Section 8.2; (iii) other than such dividends and distributions as the Board may designate, the Company or its designee will retain custody of all distributions (“Retained Distributions”) made or declared with respect to the Restricted Shares 

		 

		

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(and such Retained Distributions will be subject to the same restrictions, terms and vesting, and other conditions as are applicable to the Restricted Shares) until such time, if ever, as the Restricted Shares with respect to which such Retained Distributions shall have been made, paid or declared shall have become vested, and such Retained Distributions shall not bear interest or be segregated in a separate account; (iv) the Holder may not sell, assign, transfer, pledge, exchange, encumber or dispose of the Restricted Shares or any Retained Distributions or such Holder’s interest in any of them during the Restriction Period; and (v) a breach of any restrictions, terms or conditions provided in the Plan or established by the Board with respect to any Restricted Shares or Retained Distributions will cause a forfeiture of such Restricted Shares and any Retained Distributions with respect thereto.
		

		
			8.4Grant of Restricted Stock Units.  Subject to the limitations of the Plan, the Board shall designate those eligible Persons to be granted Awards of Restricted Stock Units, the value of which is based, in whole or in part, on the Fair Market Value of the shares of any specified series of Common Stock.  Subject to the provisions of the Plan, including any rules established pursuant to Section 8.5, Awards of Restricted Stock Units shall be subject to such terms, restrictions, conditions, vesting requirements and payment rules as the Board may determine in its discretion, which need not be identical for each Award.  Such Awards may provide for the payment of cash consideration by the Person to whom such Award is granted or provide that the Award, and any shares of Common Stock to be issued in connection therewith, if applicable, shall be delivered without the payment of cash consideration; provided, however, that the issuance of any shares of Common Stock in connection with an Award of Restricted Stock Units shall be for at least the minimum consideration necessary to permit such shares to be deemed fully paid and nonassessable.  The determinations made by the Board pursuant to this Section 8.4 shall be specified in the applicable Agreement.
		

		
			8.5Restrictions with Respect to Restricted Stock Units.  Any Award of Restricted Stock Units, including any shares of Common Stock which are part of an Award of Restricted Stock Units, may not be assigned, sold, transferred, pledged or otherwise encumbered prior to the date on which the shares are issued or, if later, the date provided by the Board at the time of the Award.  A breach of any restrictions, terms or conditions provided in the Plan or established by the Board with respect to any Award of Restricted Stock Units will cause a forfeiture of such Restricted Stock Units and any Dividend Equivalents with respect thereto.
		

		
			8.6Issuance of Restricted Stock Units.  Restricted Stock Units shall be issued at the end of the Restriction Period, shall not constitute issued and outstanding shares of the applicable series of Common Stock, and the Holder shall not have any of the rights of a stockholder with respect to the shares of Common Stock covered by such an Award of Restricted Stock Units, in each case until such shares shall have been issued to the Holder at the end of the Restriction Period.  If and to the extent that shares of Common Stock are to be issued at the end of the Restriction Period, the Holder shall be entitled to receive Dividend Equivalents with respect to the shares of Common Stock covered thereby either (i) during the Restriction Period or (ii) in accordance with the rules applicable to Retained Distributions, as the Board may specify in the Agreement.
		

		
			8.7Cash Payments.  In connection with any Award of Restricted Shares or Restricted Stock Units, an Agreement may provide for the payment of a cash amount to the Holder of such Awards at any time after such Awards shall have become vested.  Such cash amounts shall be 

		 

		

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payable in accordance with such additional restrictions, terms, and conditions as shall be prescribed by the Board in the Agreement and shall be in addition to any other compensation payments which such Holder shall be otherwise entitled or eligible to receive from the Company.
		

		
			8.8Completion of Restriction Period.  On the Vesting Date with respect to each Award of Restricted Shares or Restricted Stock Units and the satisfaction of any other applicable restrictions, terms, and conditions, (a) all or the applicable portion of such Restricted Shares or Restricted Stock Units shall become vested, (b) any Retained Distributions with respect to such Restricted Shares and any unpaid Dividend Equivalents with respect to such Restricted Stock Units shall become vested to the extent that the Awards related thereto shall have become vested, and (c) any cash amount to be received by the Holder with respect to such Restricted Shares or Restricted Stock Units shall become payable, all in accordance with the terms of the applicable Agreement. Any such Restricted Shares, Restricted Stock Units, Retained Distributions, and any unpaid Dividend Equivalents that shall not become vested shall be forfeited to the Company, and the Holder shall not thereafter have any rights (including dividend and voting rights) with respect to such Restricted Shares, Restricted Stock Units, Retained Distributions, and any unpaid Dividend Equivalents that shall have been so forfeited. The Board may, in its discretion, provide that the delivery of any Restricted Shares, Restricted Stock Units, Retained Distributions, and unpaid Dividend Equivalents that shall have become vested, and payment of any related cash amounts that shall have become payable under this Article VIII, shall be deferred until such date or dates as the recipient may elect. Any election of a recipient pursuant to the preceding sentence shall be filed in writing with the Board in accordance with such rules and regulations, including any deadline for the making of such an election, as the Board may provide, and shall be made in compliance with Section 409A of the Code.
		

		
			ARTICLE IX
Stock Awards in Lieu of Cash Director Fees
		

		
			9.1General.  Each Nonemployee Director shall have the option to elect to receive shares of one or more series of Common Stock, as prescribed by the Board, in lieu of all or part of the Director Compensation otherwise payable by the Company during each calendar quarter.  Subject to any applicable Purchase Restriction as described in Section 9.3, to the extent a Nonemployee Director has elected in writing to receive stock in lieu of Director Compensation, such Nonemployee Director will receive shares of Common Stock on the last day of the calendar quarter for which the Director Compensation was earned.  The Director Compensation shall be converted to a number of shares of Common Stock equal in value to such Director Compensation based on the Fair Market Value of such shares on the last day of the calendar quarter for which the Director Compensation would otherwise be payable to the Nonemployee Director, with any fractional shares paid in cash.  For this purpose, if the last day of the calendar quarter is not a trading day, then Fair Market Value shall be determined as of the next succeeding trading day.  Any shares issued in lieu of Director Compensation shall be issued free of all restrictions except as required by law.
		

		
			9.2Timing of Election.  A Nonemployee Director’s election pursuant to Section 9.1 must be made no later than the 30th calendar day (or such other day as the Board may prescribe) prior to the end of the calendar quarter to which the election applies in accordance with the procedures established by the Board.  Once an election is made with respect to a particular calendar 

		 

		

			12

		

 

quarter, it may not be withdrawn or substituted unless the Board determines, in its sole discretion, that the withdrawal or substitution is occasioned by an extraordinary or unanticipated event.
		

		
			9.3Election Void During Restricted Period.  If, on the date shares would be purchased pursuant to an election under Section 9.1, there is in place any restriction under applicable law (including a blackout period under the Sarbanes-Oxley Act of 2002) or the rules of the principal national securities exchange on which shares of the applicable series of Common Stock are traded (a “Purchase Restriction”) which would prohibit the Nonemployee Director from making such a purchase, then such shares shall be purchased on the first trading day following the lapse or removal of the Purchase Restriction based on the Fair Market Value of the shares on such trading day.
		

		
			9.4Conditions.  Nothing contained herein shall preclude the Board, in its sole discretion, from imposing conditions on any election made under Section 9.1, including the conditions described in Section 9.3.
		

		
			ARTICLE X
General Provisions
		

		
			10.1Acceleration of Awards.
		

		
			(a)Death or Disability.  If a Holder’s service shall terminate by reason of death or Disability, notwithstanding any contrary waiting period, installment period, vesting schedule, or Restriction Period in any Agreement or in the Plan, unless the applicable Agreement provides otherwise:  (i) in the case of an Option or SAR, each outstanding Option or SAR granted under the Plan shall immediately become exercisable in full in respect of the aggregate number of shares covered thereby; (ii) in the case of Restricted Shares, the Restriction Period applicable to each such Award of Restricted Shares shall be deemed to have expired and all such Restricted Shares and any related Retained Distributions shall become vested and any related cash amounts payable pursuant to the applicable Agreement shall be adjusted in such manner as may be provided in the Agreement; and (iii) in the case of Restricted Stock Units, the Restriction Period applicable to each such Award of Restricted Stock Units shall be deemed to have expired and all such Restricted Stock Units and any unpaid Dividend Equivalents shall become vested and any related cash amounts payable pursuant to the applicable Agreement shall be adjusted in such manner as may be provided in the Agreement.
		

		
			(b)Approved Transactions; Board Change; Control Purchase.  In the event of any Approved Transaction, Board Change or Control Purchase, notwithstanding any contrary waiting period, installment period, vesting schedule, or Restriction Period in any Agreement or in the Plan, unless the applicable Agreement provides otherwise:  (i) in the case of an Option or SAR, each such outstanding Option or SAR granted under the Plan shall become exercisable in full in respect of the aggregate number of shares covered thereby; (ii) in the case of Restricted Shares, the Restriction Period applicable to each such Award of Restricted Shares shall be deemed to have expired and all such Restricted Shares and any related Retained Distributions shall become vested and any related cash amounts payable pursuant to the applicable Agreement shall be adjusted in such manner as may be 

		 

		

			13

		

 

provided in the Agreement; and (iii) in the case of Restricted Stock Units, the Restriction Period applicable to each such Award of Restricted Stock Units shall be deemed expired and all such Restricted Stock Units and any unpaid Dividend Equivalents shall become vested and any related cash amounts payable pursuant to the applicable Agreement shall be adjusted in such manner as may be provided in the Agreement, in each case effective upon the Board Change or Control Purchase or immediately prior to consummation of the Approved Transaction.  Notwithstanding the foregoing, unless otherwise provided in the applicable Agreement, the Board may, in its discretion, determine that any or all outstanding Awards of any or all types granted pursuant to the Plan will not vest or become exercisable on an accelerated basis in connection with an Approved Transaction if effective provision has been made for the taking of such action which, in the opinion of the Board, is equitable and appropriate to substitute a new Award for such Award or to assume such Award and to make such new or assumed Award, as nearly as may be practicable, equivalent to the old Award (before giving effect to any acceleration of the vesting or exercisability thereof), taking into account, to the extent applicable, the kind and amount of securities, cash, or other assets into or for which the applicable series of Common Stock may be changed, converted, or exchanged in connection with the Approved Transaction.
		

		
			10.2Termination of Service.
		

		
			(a)General.  If a Holder’s service shall terminate prior to an Option or SAR becoming exercisable or being exercised (or deemed exercised, as provided in Section 7.2), in full, or during the Restriction Period with respect to any Restricted Shares or any Restricted Stock Units, then such Option or SAR shall thereafter become or be exercisable, and the Holder’s rights to any unvested Restricted Shares, Retained Distributions and related cash amounts and any unvested Restricted Stock Units, unpaid Dividend Equivalents and related cash amounts shall thereafter vest, in each case solely to the extent provided in the applicable Agreement; provided, however, that, unless otherwise determined by the Board and provided in the applicable Agreement, (i) no Option or SAR may be exercised after the scheduled expiration date thereof; (ii) if the Holder’s service terminates by reason of death or Disability, the Option or SAR shall remain exercisable for a period of at least one year following such termination (but not later than the scheduled expiration of such Option or SAR); and (iii) any termination of the Holder’s service for cause will be treated in accordance with the provisions of Section 10.2(b).  For the avoidance of doubt, in the discretion of the Board, an Award may provide that a Holder’s service shall be deemed to have continued for purposes of the Award while a Holder provides services to the Company, any Subsidiary, or any former affiliate of the Company or any Subsidiary.
		

		
			(b)Termination for Cause.  If a Holder’s service on the Board shall be terminated by the Company during the Restriction Period with respect to any Restricted Shares or Restricted Stock Units, or prior to any Option or SAR becoming exercisable or being exercised in full, for “cause” (for these purposes, cause shall include, but not be limited to, insubordination, dishonesty, incompetence, moral turpitude, other misconduct of any kind, and the refusal to perform such Holder’s duties and responsibilities for any reason other than illness or incapacity; provided, however, that if such termination occurs within 12 months after an Approved Transaction or Control Purchase or Board Change, 

		 

		

			14

		

 

termination for cause shall mean only a felony conviction for fraud, misappropriation, or embezzlement), then, unless otherwise determined by the Board and provided in the applicable Agreement,  (i) all Options and SARs held by such Holder shall immediately terminate and (ii) such Holder’s rights to all Restricted Shares, Restricted Stock Units, Retained Distributions, any unpaid Dividend Equivalents and any related cash amounts shall be forfeited immediately.
		

		
			10.3Nonalienation of Benefits.  Except as set forth herein, no right or benefit under the Plan shall be subject to anticipation, alienation, sale, assignment, hypothecation, pledge, exchange, transfer, encumbrance, or charge, and any attempt to anticipate, alienate, sell, assign, hypothecate, pledge, exchange, transfer, encumber or charge the same shall be void.  No right or benefit hereunder shall in any manner be liable for or subject to the debts, contracts, liabilities, or torts of the Person entitled to such benefits.
		

		
			10.4Written Agreement.  Each Award under the Plan shall be evidenced by a written agreement, in such form as the Board shall approve from time to time in its discretion, specifying the terms and provisions of such Award which may not be inconsistent with the provisions of the Plan; provided,  however, that if more than one type of Award is made to the same Holder, such Awards may be evidenced by a single Agreement with such Holder.  Each grantee of an Option, SAR, Restricted Shares or Restricted Stock Units shall be notified promptly of such grant, and a written Agreement shall be promptly delivered by the Company.  Any such written Agreement may contain (but shall not be required to contain) such provisions as the Board deems appropriate (i) to insure that the penalty provisions of Section 4999 of the Code will not apply to any stock or cash received by the Holder from the Company or (ii) to provide cash payments to the Holder to mitigate the impact of such penalty provisions upon the Holder.  Any such Agreement may be supplemented or amended from time to time as approved by the Board as contemplated by Section 10.6(b).
		

		
			10.5Nontransferability.  Unless otherwise determined by the Board and expressly provided for in an Agreement, Awards are not transferable (either voluntarily or involuntarily), before or after a Holder’s death, except as follows: (a) during the Holder’s lifetime, pursuant to a Domestic Relations Order, issued by a court of competent jurisdiction, that is not contrary to the terms and conditions of the Plan or any applicable Agreement, and in a form acceptable to the Board; or (b) after the Holder’s death, by will or pursuant to the applicable laws of descent and distribution, as may be the case.  Any person to whom Awards are transferred in accordance with the provisions of the preceding sentence shall take such Awards subject to all of the terms and conditions of the Plan and any applicable Agreement.
		

		
			10.6Termination and Amendment.
		

		
			(a)General.  Unless the Plan shall theretofore have been terminated as hereinafter provided, no Awards may be made under the Plan on or after the fifth anniversary of the Effective Date.  The Plan may be terminated at any time prior to such date and may, from time to time, be suspended or discontinued or modified or amended if such action is deemed advisable by the Board.
		

		
			

		 

		

			15

		

 

(b)Modification.  No termination, modification or amendment of the Plan may, without the consent of the Person to whom any Award shall theretofore have been granted, adversely affect the rights of such Person with respect to such Award.  No modification, extension, renewal, or other change in any Award granted under the Plan shall be made after the grant of such Award, unless the same is consistent with the provisions of the Plan.  With the consent of the Holder and subject to the terms and conditions of the Plan (including Section 10.6(a)), the Board may amend outstanding Agreements with any Holder, including any amendment which would (i) accelerate the time or times at which the Award may be exercised and/or (ii) extend the scheduled expiration date of the Award.  Without limiting the generality of the foregoing, the Board may, but solely with the Holder’s consent unless otherwise provided in the Agreement, agree to cancel any Award under the Plan and grant a new Award in substitution therefor, provided that the Award so substituted shall satisfy all of the requirements of the Plan as of the date such new Award is made.  Nothing contained in the foregoing provisions of this Section 10.6(b) shall be construed to prevent the Board from providing in any Agreement that the rights of the Holder with respect to the Award evidenced thereby shall be subject to such rules and regulations as the Board may, subject to the express provisions of the Plan, adopt from time to time or impair the enforceability of any such provision.
		

		
			10.7Government and Other Regulations.  The obligation of the Company with respect to Awards shall be subject to all applicable laws, rules, and regulations and such approvals by any governmental agencies as may be required, including the effectiveness of any registration statement required under the Securities Act of 1933, and the rules and regulations of any securities exchange or association on which the Common Stock may be listed or quoted.  For so long as any series of Common Stock are registered under the Exchange Act, the Company shall use its reasonable efforts to comply with any legal requirements (i) to maintain a registration statement in effect under the Securities Act of 1933 with respect to all shares of the applicable series of Common Stock that may be issuable, from time to time, to Holders under the Plan and (ii) to file in a timely manner all reports required to be filed by it under the Exchange Act.
		

		
			10.8Withholding.  The Company’s obligation to deliver shares of Common Stock or pay cash in respect of any Award under the Plan shall be subject to applicable federal, state, and local tax withholding requirements.  Federal, state, and local withholding tax due at the time of an Award, upon the exercise of any Option or SAR or upon the vesting of, or expiration of restrictions with respect to, Restricted Shares or Restricted Stock Units, as appropriate, may, in the discretion of the Board, be paid in shares of Common Stock already owned by the Holder or through the withholding of shares otherwise issuable to such Holder, upon such terms and conditions (including the conditions referenced in Section 6.5) as the Board shall determine.  If the Holder shall fail to pay, or make arrangements satisfactory to the Board for the payment to the Company of, all such federal, state and local taxes required to be withheld by the Company, then the Company shall, to the extent permitted by law, have the right to deduct from any payment of any kind otherwise due to such Holder an amount equal to any federal, state, or local taxes of any kind required to be withheld by the Company with respect to such Award.
		

		
			10.9Nonexclusivity of the Plan.  The adoption of the Plan by the Board shall not be construed as creating any limitations on the power of the Board to adopt such other incentive arrangements as it may deem desirable, including the granting of stock options and the awarding 

		 

		

			16

		

 

of stock and cash otherwise than under the Plan, and such arrangements may be either generally applicable or applicable only in specific cases.
		

		
			10.10Exclusion from Other Plans.  By acceptance of an Award, unless otherwise provided in the applicable Agreement, each Holder shall be deemed to have agreed that such Award is special incentive compensation that will not be taken into account, in any manner, as compensation or bonus in determining the amount of any payment under any pension, retirement or other benefit plan, program, or policy of the Company or any Subsidiary of the Company.  In addition, each beneficiary of a deceased Holder shall be deemed to have agreed that such Award will not affect the amount of any life insurance coverage, if any, provided by the Company on the life of the Holder which is payable to such beneficiary under any life insurance plan of the Company or any Subsidiary of the Company. Director Compensation elected to be received in the form of stock in lieu of cash shall be treated as regular compensation for purposes of any Director retirement or life insurance plan.
		

		
			10.11Unfunded Plan.  Neither the Company nor any Subsidiary of the Company shall be required to segregate any cash or any shares of Common Stock which may at any time be represented by Awards, and the Plan shall constitute an “unfunded” plan of the Company.  Except as provided in Article VIII with respect to Awards of Restricted Shares and except as expressly set forth in an Agreement, no Holder shall have voting or other rights with respect to the shares of Common Stock covered by an Award prior to the delivery of such shares.  Neither the Company nor any Subsidiary of the Company shall, by any provisions of the Plan, be deemed to be a trustee of any shares of Common Stock or any other property, and the liabilities of the Company and any Subsidiary of the Company to any Holder pursuant to the Plan shall be those of a debtor pursuant to such contract obligations as are created by or pursuant to the Plan, and shall be limited to those of a general creditor of the Company or the applicable Subsidiary of the Company, as the case may be.  In its sole discretion, the Board may authorize the creation of trusts or other arrangements to meet the obligations of the Company under the Plan, provided, however, that the existence of such trusts or other arrangements is consistent with the unfunded status of the Plan.
		

		
			10.12Governing Law.  The Plan shall be governed by, and construed in accordance with, the laws of the State of Delaware.
		

		
			10.13Accounts.  The delivery of any shares of Common Stock and the payment of any amount in respect of an Award shall be for the account of the Company or the applicable Subsidiary of the Company, as the case may be, and any such delivery or payment shall not be made until the recipient shall have paid or made satisfactory arrangements for the payment of any applicable withholding taxes as provided in Section 10.8.
		

		
			10.14Legends.  Any statement of ownership evidencing shares of Common Stock subject to an Award shall bear such legends as the Board deems necessary or appropriate to reflect or refer to any terms, conditions, or restrictions of the Award applicable to such shares, including any to the effect that the shares represented thereby may not be disposed of unless the Company has received an opinion of counsel, acceptable to the Company, that such disposition will not violate any federal or state securities laws.
		

		
			

		 

		

			17

		

 

10.15Company’s Rights.  The grant of Awards pursuant to the Plan shall not affect in any way the right or power of the Company to make reclassifications, reorganizations, or other changes of or to its capital or business structure or to merge, consolidate, liquidate, sell, or otherwise dispose of all or any part of its business or assets.
		

		
			10.16Section 409A.  It is the intent of the Company that Awards under this Plan comply with the requirements of, or be exempt from the application of, Section 409A of the Code and related regulations and United States Department of the Treasury pronouncements (“Section 409A”), and the provisions of this Plan will be administered, interpreted and construed accordingly.  Notwithstanding anything in this Plan to the contrary, if any Plan provision or Award under the Plan would result in the imposition of an additional tax under Section 409A, that Plan provision or Award will be construed or reformed to avoid imposition of the applicable tax and no action taken to comply with Section 409A shall be deemed to adversely affect the Holder’s rights to an Award.
		

		 

		

			18SUBSCRIPTION
AGREEMENT

 

THE
SHARES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 OR THE SECURITIES LAWS OF ANY STATE OR ANY OTHER JURISDICTION.
THERE ARE FURTHER RESTRICTIONS ON THE TRANSFERABILITY OF THE SHARES DESCRIBED HEREIN.

 

THE
PURCHASE OF THE SHARES INVOLVES A HIGH DEGREE OF RISK AND SHOULD BE CONSIDERED ONLY BY PERSONS WHO CAN BEAR THE RISK OF THE LOSS
OF THEIR ENTIRE INVESTMENT.

 

1.The
Parties. THIS SUBSCRIPTION AGREEMENT (this “Subscription Agreement”) is entered into effective as of the
date set forth in the Signature pages of the Agreement by and between BONE BIOLOGICS CORPORATION, a Delaware corporation (alternatively
referred to herein as the “Issuer” or the “Company”), and Purchaser identified on the signature
page of this Agreement attached hereto and incorporated herein by reference (“Purchaser” or “Subscriber”).
The Company and Purchaser are sometimes referred to collectively herein as the “Parties,” and each individually
as a “Party.”

 

2.Recitals.
Purchaser acknowledges and understands that the Company is currently offering (the “Offering”) for sale shares
of its Common Stock, $0.001 par value per share (the “Shares”). Purchaser further understands that the Offering
is being made without registration of the Shares under the Securities Act of 1933, as amended (the “Securities Act”),
and is being made to Purchaser in its capacity as an “accredited investor” (as defined in Rule 501 of Regulation D
under the Securities Act).

 

3.Subscription.
Subject to the terms and conditions hereof, Purchaser hereby irrevocably subscribes for that number of Shares referenced below
on the signature page (the “Purchased Shares”) for the total purchase price also referenced below on the signature
page. The purchase price is payable in accordance with Section 6, below. The Parties acknowledge that the Shares will be subject
to restrictions on transfer pursuant this Agreement.

 

4.Acceptance
of Subscription and Issuance of Shares; Escrow. It is understood and agreed that the Company shall have the sole right, at
its complete discretion, to accept or reject this subscription, in whole or in part, for any reason and that the same shall be
deemed to be accepted by the Company only when it is signed by a duly authorized officer of the Company and delivered to Purchaser
at the Closing referred to in Section 5 hereof. Notwithstanding anything in this Agreement to the contrary, the Company shall
have no obligation to issue any of the Shares to any person who is a resident of a jurisdiction in which the issuance of Shares
to it would constitute a violation of the securities, “blue sky” or other similar laws of such jurisdiction (collectively
referred to as the “State Securities Laws”). Pending the Closing, all funds will be deposited into escrow with
David Kagel, Esq., as escrow agent (the “Escrow Agent”).

 

5.Closing
and Closing Date. The closing of the purchase and sale of the Shares (the “Closing”) shall take place at
the offices of the Company, on the day designated by the Company (the “Closing Date”), or at such place as
the Parties may agree after satisfaction of the conditions precedent set forth herein.

 

    			 

    	 	 	 

    

 

6.Payment
for Shares. Upon execution of this Agreement, payment for the Shares shall be received by the Company from Purchaser by wire
transfer of immediately available funds to the account of the Escrow Agent as set forth on the Instructions. As soon as practicable
after the Closing the Company shall deliver to Purchaser a certificate for the Purchased Shares. The Company shall deliver certificates
representing the Purchased Shares to the undersigned at the Closing bearing an appropriate legend referring to the fact that the
Purchased Shares were sold in reliance upon an exemption from registration under the Securities Act.

 

7.Representations,
Warranties and Covenants of the Company. The Company represents, warrants and covenants that:

 

(a)The
Company is duly incorporated, validly existing and in good standing under the laws of the State of Delaware, with full power and
authority to conduct its business as it is currently being conducted and to own its assets and has secured any other authorizations,
approvals, permits and orders required by law for the conduct by the Company of its business as it is currently being conducted.

 

(b)The
Company has duly authorized the issuance and sale of the Purchased Shares upon the terms of their offer by all requisite corporate
action. The Company has reserved for issuance such number of Shares.

 

(c)The
Purchased Shares, when issued and paid for, will represent validly authorized, duly issued and fully paid and nonassessable Shares
of the Company, and the issuance thereof will not conflict with the Certificate of Incorporation or bylaws of the Company nor,
except as described below, with any outstanding warrant, option, call, preemptive right or commitment of any type relating to
the Company’s capital stock.

 

(d)The
proceeds from the sale of the Purchased Shares shall be used for the following expenses:

 

	 	●	Protein
    development,
	 	 	 
	 	●	Laboratory
    and testing expenses necessary to support that development,
	 	 	 
	 	●	Regulatory
    and clinical expenses, and
	 	 	 
	 	●	Development
    work to extend the patent life of NELL. 

 

(e)We
do not anticipate any other offering expenses in this Offering other than legal, accounting and filings costs.

 

8.Representations
and Warranties of Purchaser. Purchaser hereby represents and warrants that:

 

8.1General.

 

(a)Purchaser
has all requisite authority to enter into this Agreement and to perform all the obligations required to be performed by Purchaser
hereunder, and the purchase of the Purchased Shares will not contravene any law, rule or regulation binding on the undersigned
or any investment guideline or restriction applicable to Purchaser.

 

    	 	2	 

    	 	 	 

    

 

(b)Purchaser
is a resident of the state (or, was formed in the state, as appropriate) referenced below on the signature page.

 

(c)Purchaser
is not acquiring the Purchased Shares as an agent or otherwise for any other person.

 

(d)As
of the Closing, the consummation by Purchaser of the transactions herein contemplated, including the execution, delivery and consummation
of this Agreement, will not violate any requirement of law applicable to or binding upon Purchaser.

 

(e)Purchaser
will comply with all applicable laws and regulations in effect in any jurisdiction in which Purchaser purchases or sells Shares
and obtain any consent, approval or permission required for such purchases or sales under the laws and regulations of any jurisdiction
to which the undersigned is subject or in which the undersigned makes such purchases or sales, and the Company shall have no responsibility
therefor

 

8.2Information
Concerning the Company.

 

(a)Purchaser
has reviewed or has been given the opportunity to review the Company’s securities filings (the “Securities Filings”)
which have been filed with the Securities and Exchange Commission (“SEC”) and are available at www.sec.gov.
The undersigned has not been furnished any offering literature and has relied only on the information contained\ in the Securities
Filings.

 

(b)Purchaser
is familiar with the business and financial condition, properties, operations, and prospects of the Company, and that there are
no guarantees of the success of the Company. Purchaser has been given the opportunity to obtain any information necessary to verify
the accuracy of the information set forth in the Securities Filings, and has had access to such information concerning the Company
and the Shares as it deems necessary to enable it to make an informed investment decision concerning the purchase of the Purchased
Shares.

 

(c)Purchaser
understands that, unless it notifies the Company in writing to the contrary at or before the Closing, all of the representations
and warranties contained in Section 8 of this Agreement will be deemed true and correct as of the Closing by Purchaser in all
respect with the same effect as though made on closing taking into account all information received by Purchaser from the Company.

 

(d)Purchaser
understands that the purchase of the Purchased Shares involves various risks. Purchaser represents that it is able to bear any
loss associated with an investment in the Shares.

 

(e)Purchaser
confirms that it is not relying on any communication (written or oral) of the Company or any of its affiliates, as investment
advice or as a recommendation to purchase the Purchased Shares. It is understood that information and explanations related to
the terms and conditions of the Purchased Shares provided by the Company or any of its affiliates shall not be considered investment
advice or a recommendation to purchase the Purchased Shares, and that neither the Company nor any of its affiliates is acting
or has acted as an advisor to Purchaser in deciding to invest in the Purchased Shares. Purchaser acknowledges that neither the
Company nor any of its affiliates has made any representation regarding the proper characterization of the Purchased Shares for
purposes of determining Purchaser’s authority to invest in the Purchased Shares.

 

    	 	3	 

    	 	 	 

    

 

(f)Purchaser
acknowledges that the Company has the right in its sole and absolute discretion to abandon this private placement at any time
prior to the completion of the offering. This Agreement shall thereafter have no force or effect and the Company shall return
the previously paid subscription price of the Shares, without interest thereon, to Purchaser.

 

(g)Purchaser
understands that no federal or state agency has passed upon the Purchased Shares or made any finding or determination concerning
the fairness or advisability of this investment.

 

(h)The
Shares offered hereby are highly speculative, involve a high degree of risk and immediate dilution, and should be purchased only
by persons who can afford the loss of their entire investment. Prospective investors are urged to consult their own tax advisors
with respect to the U.S. federal income and other tax consequences of purchasing, holding and disposing of the Shares.

 

(i)Purchaser
confirms that the Company has not (A) given any guarantee or representation as to the potential success, return, effect or benefit
(either legal, regulatory, tax, financial, accounting or otherwise) of an investment in the Shares or (B) made any representation
to the undersigned regarding the legality of an investment in the Shares under applicable legal investment or similar laws or
regulations. In deciding to purchase the Shares, the undersigned is not relying on the advice or recommendations of the Company
and the undersigned has made its own independent decision that the investment in the Shares is suitable and appropriate for the
undersigned.

 

8.3The
Company plans to use the net proceeds of the Offering as working capital. The Company reserves the right to change the uses of
the proceeds of this Offering if unanticipated events or developments make it desirable for it to redirect its priorities and
reallocate the proceeds accordingly. We do not anticipate any other offering expenses in this Offering other than legal, accounting
and filing costs.

 

8.4Accredited
Investor Status.

 

(a)Purchaser
is an “accredited investor” as defined in Rule 501(a) under Regulation D of the Securities Act. Purchaser agrees to
furnish any additional information reasonably requested to assure compliance with applicable federal and State Securities Laws
in connection with the purchase and sale of the Shares and further acknowledges that it has completed the Accredited Investor
Questionnaire, attached hereto as Exhibit A and that the information contained therein is complete and accurate
as of the date thereof and is hereby affirmed as of the date of the Closing. Any information that has been furnished or that will
be furnished by Purchaser to evidence its status as an accredited investor is accurate and complete, and does not contain any
misrepresentation or material omission

 

(b)Purchaser
has such knowledge, skill, and experience in business, financial and investment matters so that it is capable of evaluating the
merits and risks of an investment in the Purchased Shares. To the extent necessary, it has retained, at its own expense, and relied
upon, appropriate professional advice regarding the investment, tax and legal merits and consequences of this Agreement and owning
the Purchased Shares. Purchaser has considered the suitability of the Purchased Shares as an investment in light of its own circumstances
and financial condition and the undersigned is able to bear the risks associated with an investment in the Purchased Shares and
its authority to invest in the Purchased Shares.

 

    	 	4	 

    	 	 	 

    

 

8.5Purchase
Transaction and Restrictions on Transfer or Sale of the Shares.

 

(a)Purchaser
is acquiring the Purchased Shares solely for its own beneficial account, for investment purposes, and not with a view to, or for
resale in connection with, any distribution of the Purchased Shares. Purchaser understands that the Purchased Shares have not
been registered under the Securities Act or any State Securities Laws by reason of specific exemptions under the provisions thereof
which depend in part upon the investment intent of Purchaser and of the other representations made by Purchaser in this Agreement.
Purchaser understands that the Company is relying upon the representations and agreements contained in this Agreement (and any
supplemental information) for the purpose of determining whether this transaction meets the requirements for such exemptions.

 

(b)As
of the Closing Purchaser will be purchasing the Purchased Shares based upon its own independent investigation and evaluation of
the Company and its prospects, and the covenants, representations, and warranties of the Company set forth herein. Purchaser is
expressly not relying on any oral representations made by the Company or any of its agents.

 

(c)Purchaser
understands that the Purchased Shares are “restricted securities” under applicable federal securities laws and that
(a) the Securities Act and the rules of the SEC provide in substance that Purchaser may dispose of the Purchased Shares only pursuant
to an effective registration statement under the Securities Act and all applicable state securities laws or in a transaction which
is exempt from the registration provisions of the Securities Act and all applicable State Securities Laws. As a consequence, Purchaser
understands that it must bear the economic risks of the investment in the Purchased Shares for an indefinite period of time.

 

(d)Purchaser
has not offered or sold any portion of the Purchased Shares and has no present intention of dividing the Purchased Shares with
others or of reselling or otherwise disposing of any portion of the Purchased Shares.

 

(e)Purchaser
acknowledges that acknowledges that neither the Company nor any other person offered to sell the Purchased Shares to it by means
of any form of general solicitation or advertising, including but not limited to: (A) any advertisement, article, notice or other
communication published in any newspaper, magazine or similar media or broadcast over television or radio or (B) any seminar or
meeting whose attendees were invited by any general solicitation or general advertising.

 

(f)Purchaser
has not used any person as a “purchaser representative” within the meaning of SEC Regulation D to represent it in
determining whether it should purchase the Shares, unless otherwise specifically disclosed to, and acknowledged by, the Company
in writing.

 

9.Obligations
Irrevocable; Conditions Precedent. The obligations of Purchaser to effect the purchase hereunder shall be irrevocable, except
in the event of a breach of a material provision of this Agreement by the Company. Notwithstanding the foregoing, the obligation
of Purchaser to purchase the Shares is subject to satisfaction of the following conditions;

 

    	 	5	 

    	 	 	 

    

 

(a)Purchaser
shall have received evidence reasonably satisfactory to it that no Event of Default has occurred under the Company’s Convertible
Secured Promissory Notes dated October 24, 2014 and May 4, 2015 in favor of Hankey Capital, LLC.

 

(b)The
Company shall have received at least (a) $2,500,000 in gross proceeds from the sale of Shares pursuant to this Purchase Agreement,
and (b) $1,250,000 from the exercise of outstanding warrants at an exercise price of $1.58 per share.

 

10.Legend.
Each certificate for Purchased Shares will be imprinted with a legend in substantially the following form:

 

“THE
SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE SECURITIES LAWS, AND MAY NOT BE SOLD OR TRANSFERRED OR OFFERED FOR SALE OR TRANSFER UNLESS A REGISTRATION
STATEMENT UNDER THE SECURITIES ACT AND OTHER APPLICABLE SECURITIES LAWS WITH RESPECT TO SUCH SECURITIES IS THEN IN EFFECT, OR
IN THE OPINION OF COUNSEL, SUCH REGISTRATION UNDER THE SECURITIES ACT AND OTHER APPLICABLE SECURITIES LAWS IS NOT REQUIRED.”

 

11.Brokers.
Purchaser has not entered into any agreement to pay any broker’s or finder’s fee to any Person with respect to this
Agreement or the transactions contemplated hereby. In the sole discretion of the Company it may retain brokers and finders, the
payment which, if any, will be the sole responsibility of the Company.

 

12.Registration
Rights.

 

12.1Demand
Registration Rights. One or more Purchasers (collectively, the “Demand Holder”) holding not less than 500,000
Shares, may make a written request, which request will specify the aggregate number of Shares to be registered and will also specify
the intended methods of disposition thereof (the “Request Notice”) to the Company for registration with the SEC under
and in accordance with the provisions of the Securities Act of all or part of the Shares then owned by the Demand Holder (a “Demand
Registration”). Upon any request for a Demand Registration, the Company will use commercially reasonable efforts to effect
the prompt registration under the Securities Act of the Shares which the company has been so requested to register by the Demand
Holder as contained in the Request Notice, all to the extent required to permit the disposition of the Shares so to be registered
in accordance with the intended method or methods of disposition of each seller of such Shares. The Company will not be required
to effect more than an aggregate of one Demand Registration. It shall be a condition precedent to the obligations of the Company
to take any action that Purchasers requesting inclusion in any registration shall furnish to the Company such information regarding
them, the Shares held by them, the intended method of disposition of such Shares and other matters as the Company shall reasonably
request and as shall be required in connection with the action to be taken by the Company. The obligations hereunder shall expire
at such time as the Shares may be sold to the pubic without registration without regard to the volume and manner requirements
under Rule 144.

 

    	 	6	 

    	 	 	 

    

 

13.Additional
Provisions.

 

13.1Executed
Counterparts. This Agreement may be executed in any number of counterparts, all of which when taken together shall be considered
one and the same agreement, it being understood that all Parties need not sign the same counterpart. In the event that any signature
is delivered by fax or by e-mail delivery of a “.pdf” format data file, such signature shall create a valid and binding
obligation of the Party executing (or on whose behalf such signature is executed) with the same force and effect as if such facsimile
or “.pdf” signature page were an original thereof. Each of the Parties hereby expressly forever waives any and all
rights to raise the use of a fax machine or E-Mail to deliver a signature, or the fact that any signature or agreement or instrument
was transmitted or communicated through the use of a fax machine or E-Mail, as a defense to the formation of a contract.

 

13.2Successors
and Assigns. Except as expressly provided in this Agreement, each and all of the covenants, terms, provisions, conditions
and agreements herein contained shall be binding upon and shall inure to the benefit of the successors and assigns of the Parties
hereto.

 

13.3Article
and Section Headings. The article and section headings used in this Agreement are inserted for convenience and identification
only and are not to be used in any manner to interpret this Agreement.

 

13.4Severability.
Each and every provision of this Agreement is severable and independent of any other term or provision of this Agreement. If any
term or provision hereof is held void or invalid for any reason by a court of competent jurisdiction, such invalidity shall not
affect the remainder of this Agreement.

 

13.5Governing
Law. This Agreement shall be governed by the laws of the State of Delaware, without giving effect to any choice or conflict
of law provision or rule (whether of the State of Delaware or any other jurisdiction) that would cause the application of the
laws of any jurisdiction other than the State of Delaware. The laws of the State of Delaware shall only apply to the extent necessary
to comply with such law in light of the fact that the Company is a Delaware corporation. Each Party agrees that all legal proceedings
concerning the interpretations, enforcement and defense of the transactions contemplated by this Agreement (whether brought against
a Party or its respective affiliates, directors, officers, shareholders, employees or agents) shall be commenced exclusively in
the state and federal courts sitting in the County of New Castle, Each Party hereby irrevocably submits to the exclusive jurisdiction
of the state and federal courts sitting in the County of New Castle, State of Delaware, for the adjudication of any dispute hereunder
or in connection herewith or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and
agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any
such court, that such suit, action or proceeding is improper or is an inconvenient venue for such proceeding.

 

13.6Waiver
of Jury Trial. PURCHASER IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY WITH RESPECT TO ANY LEGAL PROCEEDING ARISING
OUT OF THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT.

 

13.7Entire
Agreement. This Agreement, and all references, documents, or instruments referred to herein, contains the entire agreement
and understanding of the Parties hereto in respect to the subject matter contained herein. The Parties have expressly not relied
upon any promises, representations, warranties, agreements, covenants, or undertakings, other than those expressly set forth or
referred to herein. This Agreement supersedes any and all prior written or oral agreements, understandings, and negotiations between
the Parties with respect to the subject matter contained herein.

 

    	 	7	 

    	 	 	 

    

 

13.8Additional
Documentation. The Parties hereto agree to execute, acknowledge, and cause to be filed and recorded, if necessary, any and
all documents, amendments, notices, and certificates which may be necessary or convenient under the laws of the State of Delaware.

 

13.9Amendment.
This Agreement may be amended or modified only by a writing signed by all Parties.

 

13.10Remedies.

 

(a)Specific
Performance. The Parties hereby declare that it is impossible to measure in money the damages which will result from a failure
to perform any of the obligations under this Agreement. Therefore, each Party waives the claim or defense that an adequate remedy
at law exists in any action or proceeding brought to enforce the provisions hereof.

 

(b)Cumulative.
The remedies of the Parties under this Agreement are cumulative and shall not exclude any other remedies to which any person may
be lawfully entitled.

 

13.11Waiver.
No failure by any Party to insist on the strict performance of any covenant, duty, agreement, or condition of this Agreement or
to exercise any right or remedy on a breach shall constitute a waiver of any such breach or of any other covenant, duty, agreement,
or condition.

 

13.12Assignability.
This Agreement is not assignable by either Party without the expressed written consent of all other Parties.

 

13.13Notices.

 

(a)Method
and Delivery. All notices, requests and demands hereunder shall be in writing and delivered by hand, by Electronic Transmission,
by mail, by telegram, or by recognized commercial over-night delivery service (such as Federal Express, UPS, or DHL) to the address
of the respective Party as set forth on the signature page hereto, and shall be deemed given (a) if by hand delivery, upon such
delivery; (b) if by Electronic Transmission, upon telephone confirmation of receipt of same; (c) if by mail, forty eight (48)
hours after deposit in the United States mail, first class, registered or certified mail, postage prepaid; (d) if by telegram,
upon telephone confirmation of receipt of same; or, (e) if by recognized commercial over-night delivery service, upon such delivery.

 

(b)Consent
to Electronic Transmissions. Each Party hereby expressly consents to the use of Electronic Transmissions for communications
and notices under this Agreement. For purposes of this Agreement, “Electronic Transmissions” means a communication
(i) delivered by facsimile telecommunication or electronic mail when directed to the facsimile number or electronic mail address,
respectively, for that recipient on record with the sending Party; and, (ii) that creates a record that is capable of retention,
retrieval, and review, and that may thereafter be rendered into clearly legible tangible form.

 

    	 	8	 

    	 	 	 

    

 

13.14Time.
All Parties agree that time is of the essence as to this Agreement.

 

13.15Provision
Not Construed Against Party Drafting Agreement. This Agreement is the result of negotiations by and between the Parties, and
each Party has had the opportunity to be represented by independent legal counsel of its choice. In the event of a dispute, no
Party hereto shall be entitled to claim that any provision should be construed against any other Party by reason of the fact that
it was drafted by one particular Party.

 

13.16Incorporation
of Exhibits and Schedules. The Exhibits and Schedules identified in this Agreement are incorporated herein by reference and
made a part hereof as if set out in full herein.

 

13.17Recitals.
The facts recited in Section 2, above, are hereby conclusively presumed to be true as between and affecting the Parties.

 

13.18Consents,
Approvals, and Discretion. Except as herein expressly provided to the contrary, whenever this Agreement requires consent or
approval to be given by a Party, or a Party must or may exercise discretion, the Parties agree that such consent or approval shall
not be unreasonably withheld, conditioned, or delayed, and such discretion shall be reasonably exercised.

 

13.19Definitional
Provisions. For purposes of this Agreement, (i) those words, names, or terms which are specifically defined herein shall have
the meaning specifically ascribed to them; (ii) wherever from the context it appears appropriate, each term stated either in the
singular or plural shall include the singular and plural; (iii) wherever from the context it appears appropriate, the masculine,
feminine, or neuter gender, shall each include the others; (iv) the words “hereof”, “herein”, “hereunder”,
and words of similar import, when used in this Agreement, shall refer to this Agreement as a whole, and not to any particular
provision of this Agreement; (v) all references to designated “Articles”, “Sections”, and to other subdivisions
are to the designated Articles, Sections, and other subdivisions of this Agreement as originally executed; (vi) all references
to “Dollars” or “$” shall be construed as being United States dollars; (vii) the term “including”
is not limiting and means “including without limitation”; and, (viii) all references to all statutes, statutory provisions,
regulations, or similar administrative provisions shall be construed as a reference to such statute, statutory provision, regulation,
or similar administrative provision as in force at the date of this Agreement and as may be subsequently amended.

 

13.20Survival.
All representations, warranties and covenants contained in this Agreement shall survive (i) the acceptance of the subscription
by the Company and the Closing, (ii) changes in the transactions, documents and instruments described in the Offering Documents
which are not material or which are to the benefit of the undersigned and (iii) the death or disability of Purchaser.

 

13.21Notification
of Changes. Purchaser hereby covenants and agrees to notify the Company upon the occurrence of any event prior to the closing
of the purchase of the Purchased Shares pursuant to this Agreement which would cause any representation, warranty, or covenant
of the undersigned contained in this Agreement to be false or incorrect.

 

[Signature
Page follows]

 

    	 	9	 

    	 	 	 

    

 

PURCHASER
INFORMATION AND EXECUTION

 

Purchaser
hereby subscribes for such number of shares of Stock as set forth below and agrees to be bound by the terms and conditions of
this Agreement.

 

	 	1.Purchaser
    Name:	 	Musculoskeletal
    Transplant Foundation, Inc.
	 	 	 	 
	 	2.Purchaser’s
    Contact Info:	 	 

 

	 	Address:	 	Attention:	Michael J. Kawas, EVP/CFO
	 	 	 		125 May Street, Suite 300
	 	 	 		Edison, NJ 08837

 

	 	E-mail:	 	Michael_Kawas@MTF.org
	 	Phone:	 	732-661-2290
	 	Fax:	 	732-661-2297

 

	 	3.Number
    of Shares Purchased:	 	731,707
	 	 	 	 
	 	4.Total
    Purchase Price	 	$1,500,000

 

	/s/
    Michael J. Kawas, EVP/CFO	 	 
	Signature
    of Purchaser	 	 
	(and
    title, if applicable)	 	 
	22-2803458	 	 
	Taxpayer
    Identification or Social Security Number	 	 
	 	 	 
	DATED:
    February 19, 2016	 	 
	 	 	 
	Name
    as it should appear on Stock Certificate:	 	Musculoskeletal
    Transplant Foundation, Inc.
	 	 	 
	ACCEPTED
    BY:	 	 
	 	 	 
	Bone
    Biologics Corporation, a Delaware corporation	 	 

 

	By:	/s/
    Stephen R. LaNeve	 	 
	Name:	Stephen
    R. LaNeve	 	 
	Title:	CEO	 	 

 

	DATED:	2/22/16	 	 

 

	Company’s
    contact information:	 	 	Attention:Stephen
    R. LaNeve
	 	 	 	Bone
    Biologics Corporation
	 	 	 	321
    Columbus Avenue
	 	 	 	Boston,
    Massachusetts 02116
	E-mail:	 	 	stevelaneve@gmail.com
	Phone:	 	 	(617)
    583-0208

 

    	 	10

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