Document:

Bone
Biologics Corporation

Stock Option Grant Notice

(2015 Equity Incentive Plan)

 

Bone
Biologics Corporation (the “Company”), pursuant to its 2015 Equity Incentive Plan (the “Plan”),
hereby grants to Optionholder an option to purchase the number of shares of the Company’s Common Stock set forth below.
This option is subject to all of the terms and conditions as set forth in this notice, in the Option Agreement, the Plan and the
Notice of Exercise, all of which are attached hereto and incorporated herein in their entirety. Capitalized terms not explicitly
defined herein but defined in the Plan or the Option Agreement will have the same definitions as in the Plan or the Option Agreement.
If there is any conflict between the terms in this notice and the Plan, the terms of the Plan will control.

 

	Optionholder:	 
	Date of Grant:	 
	Vesting Commencement Date:	 
	Number of Shares Subject to Option:	 
	Exercise Price (Per Share):	$
	Total Exercise Price:	$
	Expiration Date:	 

 

Type
of Grant:[  ] Incentive Stock Option1                             [  ] Nonstatutory Stock Option

 

Exercise
Schedule:Same as Vesting Schedule

 

Vesting
Schedule: [____________________________________________]

 

	Payment:	By
    one or a combination of the following items (described in the Option Agreement):
	 	 	 
	 	[X]
    	By
    cash, check, bank draft or money order payable to the Company
	 	 	 
	 	[X]	Pursuant
    to a Regulation T Program if the shares are publicly traded
	 	 	 
	 	[X]	By
    delivery of already-owned shares if the shares are publicly traded
	 	 	 
	 	[X]	Subject
    to the Company’s consent at the time of exercise, by a “net exercise” arrangement

  

Additional
Terms/Acknowledgements: Optionholder acknowledges receipt of, and understands and agrees to, this Stock Option Grant Notice,
the Option Agreement and the Plan. Optionholder acknowledges and agrees that this Stock Option Grant Notice and the Option Agreement
may not be modified, amended or revised except as provided in the Plan. Optionholder
further acknowledges that as of the Date of Grant, this Stock Option Grant Notice, the Option Agreement, and the Plan set forth
the entire understanding between Optionholder and the Company regarding this option award and supersede all prior oral and written
agreements, promises and/or representations on that subject with the exception of (i) options previously granted and delivered
to Optionholder, (ii) any compensation recovery policy that is adopted by the Company or is otherwise required by applicable law
and (iii) any written employment or severance arrangement that would provide for vesting acceleration of this option upon the
terms and conditions set forth therein. 

 

 

1
If this is an Incentive Stock Option, it (plus other outstanding Incentive Stock Options) cannot be first exercisable
for more than $100,000 in value (measured by exercise price) in any calendar year. Any excess over $100,000 is a Nonstatutory
Stock Option.

 

    	 	1.	 

    	 	 	 

    

 

By
accepting this option, Optionholder consents to receive such documents by electronic delivery and to participate in the Plan through
an online or electronic system established and maintained by the Company or another third party designated by the Company.

  

	Bone
        Biologics Corporation

         
	 	Optionholder:

 

	By:	 	 	 	 
	 	Signature	 	 	Signature

	 	 	 	 	 
	Title:	 	 	Date:	 
	 	 	 	 	 
	Date:	 	 	 	 

 

Attachments:
Option Agreement, 2015 Equity Incentive Plan and Notice of Exercise

  

    	 	2.	 

    	 	 	 

    

 

Attachment I

 

Option
Agreement

 

    	 	 	 

    	 	 	 

    

 

Bone
Biologics Corporation

2015 Equity Incentive Plan

 

Option
Agreement

(Incentive Stock Option or Nonstatutory Stock Option)

 

Pursuant
to your Stock Option Grant Notice (“Grant Notice”) and this Option Agreement, Bone Biologics Corporation
(the “Company”) has granted you an option under its 2015 Equity Incentive Plan (the “Plan”)
to purchase the number of shares of the Company’s Common Stock indicated in your Grant Notice at the exercise price indicated
in your Grant Notice. The option is granted to you effective as of the date of grant set forth in the Grant Notice (the “Date
of Grant”). If there is any conflict between the terms in this Option Agreement and the Plan, the terms of the Plan
will control. Capitalized terms not explicitly defined in this Option Agreement or in the Grant Notice but defined in the Plan
will have the same definitions as in the Plan.

 

The
details of your option, in addition to those set forth in the Grant Notice and the Plan, are as follows:

 

1.Vesting.
Subject to the provisions contained herein, your option will vest as provided in your Grant Notice. Vesting will cease
upon the termination of your Continuous Service.

 

2.Number
of Shares and Exercise Price. The number of shares of Common Stock subject to your option and your exercise price per
share in your Grant Notice will be adjusted for Capitalization Adjustments.

 

3.Exercise
Restriction for Non-Exempt Employees. If you are an Employee eligible for overtime compensation under the Fair Labor
Standards Act of 1938, as amended (that is, a “Non-Exempt Employee”), and except as otherwise provided
in the Plan, you may not exercise your option until you have completed at least six (6) months of Continuous Service measured
from the Date of Grant, even if you have already been an employee for more than six (6) months. Consistent with the provisions
of the Worker Economic Opportunity Act, you may exercise your option as to any vested portion prior to such six (6) month anniversary
in the case of (i) your death or disability, (ii) a Corporate Transaction in which your option is not assumed, continued or substituted,
(iii) a Change in Control or (iv) your termination of Continuous Service on your “retirement” (as defined in the Company’s
benefit plans). 

 

4.Method
of Payment. You must pay the full amount of the exercise price for the shares you wish to exercise. You may pay the
exercise price in cash or by check, bank draft or money order payable to the Company or in any other manner permitted by
your Grant Notice, which may include one or more of the following:

 

(a)Provided
that at the time of exercise the Common Stock is publicly traded, pursuant to a program developed under Regulation T as promulgated
by the Federal Reserve Board that, prior to the issuance of Common Stock, 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.
This manner of payment is also known as a “broker-assisted exercise”, “same day sale”, or “sell
to cover”.

 

    	 	 1.	 

     

    

(b)Provided
that at the time of exercise the Common Stock is publicly traded, by delivery to the Company (either by actual delivery or attestation)
of already-owned shares of Common Stock that are owned free and clear of any liens, claims, encumbrances or security interests,
and that are valued at Fair Market Value on the date of exercise. “Delivery” for these purposes, in the sole discretion
of the Company at the time you exercise your option, will include delivery to the Company of your attestation of ownership of
such shares of Common Stock in a form approved by the Company. You may not exercise your option by delivery to the Company of
Common Stock if doing so would violate the provisions of any law, regulation or agreement restricting the redemption of the Company’s
stock.

 

(c)If
this option is a Nonstatutory Stock Option, subject to the consent of the Company at the time of exercise, by a “net exercise”
arrangement pursuant to which the Company will reduce the number of shares of Common Stock issued upon exercise of your option
by the largest whole number of shares with a Fair Market Value that does not exceed the aggregate exercise price. You must pay
any remaining balance of the aggregate exercise price not satisfied by the “net exercise” in cash or other permitted
form of payment. Shares of Common Stock will no longer be outstanding under your option and will not be exercisable thereafter
if those shares (i) are used to pay the exercise price pursuant to the “net exercise,” (ii) are delivered to you as
a result of such exercise, and (iii) are withheld to satisfy your tax withholding obligations.

 

5.Whole
Shares. You may exercise your option only for whole shares of Common Stock.

 

6.Securities
Law Compliance. In no event may you exercise your option unless the shares of Common Stock issuable upon exercise are
then registered under the Securities Act or, if not registered, the Company has determined that your exercise and the issuance
of the shares would be exempt from the registration requirements of the Securities Act. The exercise of your option also must
comply with all other applicable laws and regulations governing your option, and you may not exercise your option if the Company
determines that such exercise would not be in material compliance with such laws and regulations (including any restrictions on
exercise required for compliance with Treas. Reg. 1.401(k)-1(d)(3), if applicable).

 

7.Term.
You may not exercise your option before the Date of Grant or after the expiration of the option’s term. The term
of your option expires, subject to the provisions of Sections 5(h) and 9(c) of the Plan, upon the earliest of the following:

 

(a)immediately
upon the termination of your Continuous Service for Cause;

 

(b)three
(3) months after the termination of your Continuous Service for any reason other than Cause, your Disability or your death
(except as otherwise provided in Section 7(d) below). Notwithstanding the foregoing, if (i) you are a Non-Exempt Employee, (ii)
your Continuous Service terminates within six (6) months after the Date of Grant, and (iii) you have vested in a portion of your
option at the time of your termination of Continuous Service, your option will not expire until the earlier of (x) the later of
(A) the date that is seven (7) months after the Date of Grant, and (B) the date that is three (3) months after the termination
of your Continuous Service, and (y) the Expiration Date;

 

(c)twelve
(12) months after the termination of your Continuous Service due to your Disability (except as otherwise provided in Section 7(d)
below);

 

    	 	 2.	 

     

    

(d)eighteen
(18) months after your death if you die either during your Continuous Service or within three (3) months after your Continuous
Service terminates for any reason other than Cause;

 

(e)the
Expiration Date indicated in your Grant Notice; or

 

(f)the
day before the tenth (10th) anniversary of the Date of Grant.

 

If
your option is an Incentive Stock Option, note that to obtain the federal income tax advantages associated with an Incentive Stock
Option, the Code requires that at all times beginning on the Date of Grant and ending on the day three (3) months before the date
of your option’s exercise, you must be an employee of the Company or an Affiliate, except in the event of your death or
Disability. The Company has provided for extended exercisability of your option under certain circumstances for your benefit but
cannot guarantee that your option will necessarily be treated as an Incentive Stock Option if you continue to provide services
to the Company or an Affiliate as a Consultant or Director after your employment terminates or if you otherwise exercise your
option more than three (3) months after the date your employment with the Company or an Affiliate terminates.

 

8.Exercise.

 

(a)You
may exercise the vested portion of your option (and the unvested portion of your option if your Grant Notice so permits) during
its term by (i) delivering a Notice of Exercise (in a form designated by the Company) or completing such other documents and/or
procedures designated by the Company for exercise and (ii) paying the exercise price and any applicable withholding taxes to the
Company’s Secretary, stock plan administrator, or such other person as the Company may designate, together with such additional
documents as the Company may then require.

 

(b)By
exercising your option you agree that, as a condition to any exercise of your option, the Company may require you to enter into
an arrangement providing for the payment by you to the Company of any tax withholding obligation of the Company arising by reason
of (i) the exercise of your option, (ii) the lapse of any substantial risk of forfeiture to which the shares of Common Stock are
subject at the time of exercise, or (iii) the disposition of shares of Common Stock acquired upon such exercise.

 

(c)If
your option is an Incentive Stock Option, by exercising your option you agree that you will notify the Company in writing within
fifteen (15) days after the date of any disposition of any of the shares of the Common Stock issued upon exercise of your option
that occurs within two (2) years after the Date of Grant or within one (1) year after such shares of Common Stock are transferred
upon exercise of your option.

 

9.Transferability.
Except as otherwise provided in this Section 9, your option is not transferable, except by will or by the laws of descent
and distribution, and is exercisable during your life only by you. 

 

(a)Certain
Trusts. Upon receiving written permission from the Board or its duly authorized designee, you may transfer your option to
a trust if you are considered to be the sole beneficial owner (determined under Section 671 of the Code and applicable state law)
while the option is held in the trust. You and the trustee must enter into transfer and other agreements required by the Company.

 

    	 	 3.	 

     

    

(b)Domestic
Relations Orders. Upon receiving written permission from the Board or its duly authorized designee, and provided that you
and the designated transferee enter into transfer and other agreements required by the Company, you may transfer your option pursuant
to the terms of a domestic relations order, official marital settlement agreement or other divorce or separation instrument as
permitted by Treasury Regulation 1.421-1(b)(2) that contains the information required by the Company to effectuate the transfer.
You are encouraged to discuss the proposed terms of any division of this option with the Company prior to finalizing the domestic
relations order or marital settlement agreement to help ensure the required information is contained within the domestic relations
order or marital settlement agreement. If this option is an Incentive Stock Option, this option may be deemed to be a Nonstatutory
Stock Option as a result of such transfer.

 

(c)Beneficiary
Designation. Upon receiving written permission from the Board or its duly authorized designee, you may, by delivering written
notice to the Company, in a form approved by the Company and any broker designated by the Company to handle option exercises,
designate a third party who, on your death, will thereafter be entitled to exercise this option and receive the Common Stock or
other consideration resulting from such exercise. In the absence of such a designation, your executor or administrator of your
estate will be entitled to exercise this option and receive, on behalf of your estate, the Common Stock or other consideration
resulting from such exercise.

 

10.Option
not a Service Contract. Your option is not an employment or service contract, and nothing in your option will be deemed
to create in any way whatsoever any obligation on your part to continue in the employ of the Company or an Affiliate, or of the
Company or an Affiliate to continue your employment. In addition, nothing in your option will obligate the Company or an Affiliate,
their respective stockholders, boards of directors, officers or employees to continue any relationship that you might have as
a Director or Consultant for the Company or an Affiliate.

 

11.Withholding
Obligations.

 

(a)At
the time you exercise your option, in whole or in part, and at any time thereafter as requested by the Company, you hereby authorize
withholding from payroll and any other amounts payable to you, and otherwise agree to make adequate provision for (including by
means of a “same day sale” pursuant to a program developed under Regulation T as promulgated by the Federal Reserve
Board to the extent permitted by the Company), any sums required to satisfy the federal, state, local and foreign tax withholding
obligations of the Company or an Affiliate, if any, which arise in connection with the exercise of your option. 

 

(b)If
this option is a Nonstatutory Stock Option, then upon your request and subject to approval by the Company, and compliance with
any applicable legal conditions or restrictions, the Company may withhold from fully vested shares of Common Stock otherwise issuable
to you upon the exercise of your option a number of whole shares of Common Stock having a Fair Market Value, determined by the
Company as of the date of exercise, not in excess of the minimum amount of tax required to be withheld by law (or such lower amount
as may be necessary to avoid classification of your option as a liability for financial accounting purposes). Notwithstanding
the filing of such election, shares of Common Stock shall be withheld solely from fully vested shares of Common Stock determined
as of the date of exercise of your option that are otherwise issuable to you upon such exercise. Any adverse consequences to you
arising in connection with such share withholding procedure shall be your sole responsibility.

 

(c)You
may not exercise your option unless the tax withholding obligations of the Company and/or any Affiliate are satisfied. Accordingly,
you may not be able to exercise your option when desired even though your option is vested, and the Company will have no obligation
to issue a certificate for such shares of Common Stock or release such shares of Common Stock from any escrow provided for herein,
if applicable, unless such obligations are satisfied.

 

    	 	 4.	 

     

    

12.Tax
Consequences. You hereby agree that the Company does not have a duty to design or administer the Plan or its other
compensation programs in a manner that minimizes your tax liabilities. You will not make any claim against the Company, or any
of its Officers, Directors, Employees or Affiliates related to tax liabilities arising from your option or your other compensation.
In particular, you acknowledge that this option is exempt from Section 409A of the Code only if the exercise price per share specified
in the Grant Notice is at least equal to the “fair market value” per share of the Common Stock on the Date of Grant
and there is no other impermissible deferral of compensation associated with the option. 

 

13.Notices.
Any notices provided for in your option or the Plan will be given in writing (including electronically) and will be
deemed effectively given upon receipt or, in the case of notices delivered by mail by the Company to you, five (5) days after
deposit in the United States mail, postage prepaid, addressed to you at the last address you provided to the Company. The Company
may, in its sole discretion, decide to deliver any documents related to participation in the Plan and this option by electronic
means or to request your consent to participate in the Plan by electronic means. By accepting this option, you consent to receive
such documents by electronic delivery and to participate in the Plan through an on-line or electronic system established and maintained
by the Company or another third party designated by the Company.

 

14.Governing
Plan Document. Your option is subject to all the provisions of the Plan, the provisions of which are hereby made a
part of your option, and is further subject to all interpretations, amendments, rules and regulations, which may from time to
time be promulgated and adopted pursuant to the Plan. If there is any conflict between the provisions of your option and those
of the Plan, the provisions of the Plan will control. In addition, your option (and any compensation paid or shares issued under
your option) is subject to recoupment in accordance with The Dodd–Frank Wall Street Reform and Consumer Protection Act and
any implementing regulations thereunder, any clawback policy adopted by the Company and any compensation recovery policy otherwise
required by applicable law.

 

15.Other
Documents. You hereby acknowledge receipt of and the right to receive a document providing the information required
by Rule 428(b)(1) promulgated under the Securities Act, which includes the Plan prospectus. In addition, you acknowledge receipt
of the Company’s policy permitting certain individuals to sell shares only during certain “window” periods and
the Company’s insider trading policy, in effect from time to time.

 

16.Effect
on Other Employee Benefit Plans. The value of this option will not be included as compensation, earnings, salaries,
or other similar terms used when calculating your benefits under any employee benefit plan sponsored by the Company or any Affiliate,
except as such plan otherwise expressly provides. The Company expressly reserves its rights to amend, modify, or terminate any
of the Company’s or any Affiliate’s employee benefit plans.

 

17.Voting
Rights. You will not have voting or any other rights as a stockholder of the Company with respect to the shares to
be issued pursuant to this option until such shares are issued to you. Upon such issuance, you will obtain full voting and other
rights as a stockholder of the Company. Nothing contained in this option, and no action taken pursuant to its provisions, will
create or be construed to create a trust of any kind or a fiduciary relationship between you and the Company or any other person.

 

18.Severability.
If all or any part of this Option Agreement or the Plan is declared by any court or governmental authority to be unlawful or invalid,
such unlawfulness or invalidity will not invalidate any portion of this Option Agreement or the Plan not declared to be unlawful
or invalid. Any Section of this Option Agreement (or part of such a Section) so declared to be unlawful or invalid shall, if possible,
be construed in a manner which will give effect to the terms of such Section or part of a Section to the fullest extent possible
while remaining lawful and valid.

 

    	 	 5.	 

     

    

19.Miscellaneous.

 

(a)The
rights and obligations of the Company under your option will be transferable to any one or more persons or entities, and all covenants
and agreements hereunder will inure to the benefit of, and be enforceable by the Company’s successors and assigns. 

 

(b)You
agree upon request to execute any further documents or instruments necessary or desirable in the sole determination of the Company
to carry out the purposes or intent of your option.

 

(c)You
acknowledge and agree that you have reviewed your option in its entirety, have had an opportunity to obtain the advice of counsel
prior to executing and accepting your option, and fully understand all provisions of your option.

 

(d)This
Option Agreement will be subject to all applicable laws, rules, and regulations, and to such approvals by any governmental agencies
or national securities exchanges as may be required.

 

(e)All
obligations of the Company under the Plan and this Option Agreement will be binding on any successor to the Company, whether the
existence of such successor is the result of a direct or indirect purchase, merger, consolidation, or otherwise, of all or substantially
all of the business and/or assets of the Company.

  

*** 

 

This
Option Agreement will be deemed to be signed by you upon the signing by you of the Grant Notice to which it is attached.

  

    	 	 6.	 

     

    

 

Attachment
II

 

2015 Equity Incentive Plan

 

    	 	 	 

    	 	 	 

    

 

Attachment
III

 

Notice
of Exercise

  

    	 	 	 

    	 	 	 

    

 

NOTICE
OF EXERCISE

 

Bone
Biologics Corporation

Attention:
[Stock Plan Administrator]

321
Columbus Ave.

	Boston,
MA	Date
of Exercise: _______________

 

This
constitutes notice to Bone Biologics Corporation (the “Company”) under my stock option that I elect
to purchase the below number of shares of Common Stock of the Company (the “Shares”) for the price set
forth below.

 

	Type
    of option (check one):	Incentive
    [  ]	Nonstatutory
    [  ]
	 	 	 
	Stock
    option dated:	_______________	_______________
	 	 	 
	Number
    of Shares as

    to which option is

    exercised:	_______________	_______________
	 	 	 
	Certificates
    to be

    issued in name of:	_______________	_______________
	 	 	 
	Total
    exercise price:	$______________	$______________
	 	 	 
	Cash
    payment delivered

    herewith:	$______________	$______________
	 	 	 
	[Value
    of ________ Shares delivered herewith:	$______________	$______________]
	 	 	 
	[Regulation
    T Program (cashless exercise):	$______________	$______________]
	 	 	 
	[Value
    of ________ Shares pursuant to net exercise2:	$______________	$______________]

 

By
this exercise, I agree (i) to provide such additional documents as you may require pursuant to the terms of the Bone Biologics
Corporation 2015 Equity Incentive Plan, (ii) to provide for the payment by me to you (in the manner designated by you) of your
withholding obligation, if any, relating to the exercise of this option, and (iii) if this exercise relates to an Incentive Stock
Option, to notify you in writing within fifteen (15) days after the date of any disposition of any of the Shares issued upon exercise
of this option that occurs within two (2) years after the date of grant of this option or within one (1) year after such Shares
are issued upon exercise of this option.

 

		Sincerely,
	 	 
	 	 

 

 

2
The option must be a Nonstatutory Stock Option, and the Company must have established net exercise procedures at the
time of exercise, in order to utilize this payment method.Bone
Biologics Corporation

Restricted
Stock Unit Grant Notice

(2015 Equity Incentive Plan)

 

Bone
Biologics Corporation (the “Company”), pursuant to Section 6(b) of the Company’s 2015 Equity Incentive
Plan (the “Plan”), hereby awards to Participant a Restricted Stock Unit Award for the number of shares
of the Company’s Common Stock (“Restricted Stock Units”) set forth below (the “Award”).
The Award is subject to all of the terms and conditions as set forth in this notice of grant (this “Restricted Stock
Unit Grant Notice”) and in the Plan and the Restricted Stock Unit Agreement (the “Award Agreement”),
both of which are attached hereto and incorporated herein in their entirety. Capitalized terms not otherwise defined herein shall
have the meanings set forth in the Plan or the Award Agreement. In the event of any conflict between the terms in the Award and
the Plan, the terms of the Plan shall control.

 

	Participant:	 
	ID:	 
	Date of Grant:	 
	Grant Number:	 
	Vesting Commencement
    Date: 	 
	Number of Restricted
    Stock Units/Shares:	 
	Consideration:	Participant’s
    services

 

	Vesting
    Schedule: 	[___________________,
    subject to the Participant’s Continuous Service through such dates]
	 	 
	Issuance
    Schedule:	Subject
    to any change on a Capitalization Adjustment, one share of Common Stock will be issued for each Restricted Stock Unit that
    vests at the time set forth in Section 6 of the Award Agreement.

 

Additional
Terms/Acknowledgements: Participant acknowledges receipt of, and understands and agrees to, this Restricted Stock Unit Grant
Notice, the Award Agreement and the Plan. Participant further acknowledges that as of the Date of Grant, this Restricted Stock
Unit Grant Notice, the Award Agreement and the Plan set forth the entire understanding between Participant and the Company regarding
the acquisition of the Common Stock pursuant to the Award specified above and supersede all prior oral and written agreements
on the terms of this Award with the exception, if applicable, of (i) the written employment agreement, offer letter or other written
agreement entered into between the Company and Participant specifying the terms that should govern this specific Award, and (ii)
any compensation recovery policy that is adopted by the Company or is otherwise required by applicable law.

 

By
accepting this Award, Participant acknowledges having received and read the Restricted Stock Unit Grant Notice, the Award Agreement
and the Plan and agrees to all of the terms and conditions set forth in these documents. Participant consents to receive Plan
documents by electronic delivery and to participate in the Plan through an on-line or electronic system established and maintained
by the Company or another third party designated by the Company.

 

    	 

    	 	 	 

    

 

	Other
    Agreements: 	 

 

	Bone
    Biologics Corporation	 	Participant
	 	 	 	 	 
	By: 	 	 	 	 
	 	Signature	 	 	Signature
	Title: 	 	 	Date: 	 
	Date:	 	 	 	 

 

Attachments:
Award Agreement and 2015 Equity Incentive Plan.

 

    	 

    	 	 	 

    

 

Bone
Biologics Corporation

2015
Equity Incentive Plan

Restricted
Stock Unit Agreement

 

Pursuant
to the Restricted Stock Unit Grant Notice (the “Grant Notice”) and this Restricted Stock Unit Agreement
(the “Award Agreement”) and in consideration of your services, Bone Biologics Corporation (the “Company”)
has awarded you (“Participant”) a Restricted Stock Unit Award (the “Award”)
pursuant to Section 6(b) of the Company’s 2015 Equity Incentive Plan (the “Plan”) for the number
of Restricted Stock Units/shares indicated in the Grant Notice. Capitalized terms not explicitly defined in this Award Agreement
or the Grant Notice shall have the same meanings given to them in the Plan. The terms of your Award, in addition to those set
forth in the Grant Notice, are as follows.

 

1.
Grant of the Award. This Award represents the right to be issued on a future
date one (1) share of Common Stock for each Restricted Stock Unit that vests on the applicable vesting date(s) (subject to any
adjustment under Section 3 below) as indicated in the Grant Notice. As of the Date of Grant, the Company will credit to a bookkeeping
account maintained by the Company for your benefit (the “Account”) the number of Restricted Stock Units/shares
of Common Stock subject to the Award. This Award was granted in consideration of your services to the Company. Except as otherwise
provided herein, you will not be required to make any payment to the Company or an Affiliate (other than services to the Company
or an Affiliate) with respect to your receipt of the Award, the vesting of the Stock Units or the delivery of the Company’s
Common Stock to be issued in respect of the Award. Notwithstanding the foregoing, the Company reserves the right to issue you
the cash equivalent of Common Stock, in part or in full satisfaction of the delivery of Common Stock upon vesting of your Stock
Units, and, to the extent applicable, references in this Award Agreement and the Grant Notice to Common Stock issuable in connection
with your Stock Units will include the potential issuance of its cash equivalent pursuant to such right.

 

2.
Vesting. Subject to the limitations contained herein, your Award will vest,
if at all, in accordance with the vesting schedule provided in the Grant Notice, provided that vesting will cease upon the termination
of your Continuous Service. Upon such termination of your Continuous Service, the Restricted Stock Units/shares of Common Stock
credited to the Account that were not vested on the date of such termination will be forfeited at no cost to the Company and you
will have no further right, title or interest in or to such underlying shares of Common Stock.

 

3.
Number of Shares. The number of Restricted Stock Units/shares subject to your
Award may be adjusted from time to time for Capitalization Adjustments, as provided in the Plan. Any additional Restricted Stock
Units, shares, cash or other property that becomes subject to the Award pursuant to this Section 3, if any, shall be subject,
in a manner determined by the Board, to the same forfeiture restrictions, restrictions on transferability, and time and manner
of delivery as applicable to the other Restricted Stock Units and shares covered by your Award. Notwithstanding the provisions
of this Section 3, no fractional shares or rights for fractional shares of Common Stock shall be created pursuant to this Section
3. Any fraction of a share will be rounded down to the nearest whole share.

 

    	1.

    	 	 	 

    

 

4.
Securities Law Compliance. You may not be issued any Common Stock under your
Award unless the shares of Common Stock underlying the Restricted Stock Units are either (i) then registered under the Securities
Act, or (ii) the Company has determined that such issuance would be exempt from the registration requirements of the Securities
Act. Your Award must also comply with other applicable laws and regulations governing the Award, and you shall not receive such
Common Stock if the Company determines that such receipt would not be in material compliance with such laws and regulations.

 

5.
Transfer Restrictions. Prior to the time that shares of Common Stock have been
delivered to you, you may not transfer, pledge, sell or otherwise dispose of this Award or the shares issuable in respect of your
Award, except as expressly provided in this Section 5. For example, you may not use shares that may be issued in respect of your
Restricted Stock Units as security for a loan. The restrictions on transfer set forth herein will lapse upon delivery to you of
shares in respect of your vested Restricted Stock Units.

 

(a)
Death. Your Award is transferable by will and by the laws of descent and distribution. At your death, vesting of your Award
will cease and your executor or administrator of your estate shall be entitled to receive, on behalf of your estate, any Common
Stock or other consideration that vested but was not issued before your death.

 

(b)
Domestic Relations Orders. Upon receiving written permission from the Board or its duly authorized designee, and provided
that you and the designated transferee enter into transfer and other agreements required by the Company, you may transfer your
right to receive the distribution of Common Stock or other consideration hereunder, pursuant to a domestic relations order or
marital settlement agreement that contains the information required by the Company to effectuate the transfer. You are encouraged
to discuss the proposed terms of any division of this Award with the Company General Counsel prior to finalizing the domestic
relations order or marital settlement agreement to verify that you may make such transfer, and if so, to help ensure the required
information is contained within the domestic relations order or marital settlement agreement.

 

6.
Date of Issuance.

 

(a)
The issuance of shares in respect of the Restricted Stock Units is intended to comply with Treasury Regulations Section 1.409A-1(b)(4)
and will be construed and administered in such a manner. Subject to the satisfaction of the withholding obligations set forth
in this Award Agreement, in the event one or more Restricted Stock Units vests, the Company shall issue to you one (1) share of
Common Stock for each Restricted Stock Unit that vests on the applicable vesting date(s) (subject to any adjustment under Section
3 above). The issuance date determined by this paragraph is referred to as the “Original Issuance Date”.

 

    	2.

    	 	 	 

    

 

(b)
If the Original Issuance Date falls on a date that is not a business day, delivery shall instead occur on the next following
business day. In addition, if:

 

(i)
the Original Issuance Date does not occur (1) during an “open window period” applicable to you, as determined
by the Company in accordance with the Company’s then-effective policy on trading in Company securities, or (2) on a date
when you are otherwise permitted to sell shares of Common Stock on an established stock exchange or stock market (including but
not limited to under a previously established written trading plan that meets the requirements of Rule 10b5-1 under the Exchange
Act and was entered into in compliance with the Company’s policies (a “10b5-1 Plan”)), and

 

(ii)
either (1) Withholding Taxes do not apply, or (2) the Company decides, prior to the Original Issuance Date, (A) not to satisfy
the Withholding Taxes by withholding shares of Common Stock from the shares otherwise due, on the Original Issuance Date, to you
under this Award, and (B) not to permit you to enter into a “same day sale” commitment with a broker-dealer pursuant
to Section 11 of this Agreement (including but not limited to a commitment under a 10b5-1 Plan) and (C) not to permit you to pay
the Withholding Taxes in cash or from other compensation otherwise payable to you by the Company,

 

then
the shares that would otherwise be issued to you on the Original Issuance Date will not be delivered on such Original
Issuance Date and will instead be delivered on the first business day when you are not prohibited from selling shares of the
Company’s Common Stock in the open public market, but in no event later than December 31 of the calendar year in which
the Original Issuance Date occurs (that is, the last day of your taxable year in which the Original Issuance Date occurs),
or, if and only if permitted in a manner that complies with Treasury Regulations Section 1.409A-1(b)(4), no later than
the date that is the 15th day of the third calendar month of the applicable year following the year in which the shares of
Common Stock under this Award are no longer subject to a “substantial risk of forfeiture” within the meaning of
Treasury Regulations Section 1.409A-1(d).

 

(c)
The form of delivery of the shares of Common Stock in respect of your Award (e.g., a stock certificate or electronic
entry evidencing such shares) shall be determined by the Company.

 

7.
Dividends. You shall receive no benefit or adjustment to your Award with respect
to any cash dividend, stock dividend or other distribution that does not result from a Capitalization Adjustment; provided, however,
that this sentence will not apply with respect to any shares of Common Stock that are delivered to you in connection with your
Award after such shares have been delivered to you.

 

8.
Restrictive Legends. The shares of Common Stock issued under your Award shall
be endorsed with appropriate legends as determined by the Company.

 

    	3.

    	 	 	 

    

 

9.
Execution of Documents. You hereby acknowledge and agree that the manner selected
by the Company by which you indicate your consent to your Grant Notice is also deemed to be your execution of your Grant Notice
and of this Award Agreement. You further agree that such manner of indicating consent may be relied upon as your signature for
establishing your execution of any documents to be executed in the future in connection with your Award.

 

10.
Award not a Service Contract.

 

(a)
Nothing in this Award Agreement (including, but not limited to, the vesting of your Award or the issuance of the shares subject
to your Award), the Plan or any covenant of good faith and fair dealing that may be found implicit in this Award Agreement or
the Plan shall: (i) confer upon you any right to continue in the employ of, or affiliation with, the Company or an Affiliate;
(ii) constitute any promise or commitment by the Company or an Affiliate regarding the fact or nature of future positions, future
work assignments, future compensation or any other term or condition of employment or affiliation; (iii) confer any right or benefit
under this Award Agreement or the Plan unless such right or benefit has specifically accrued under the terms of this Award Agreement
or Plan; or (iv) deprive the Company of the right to terminate you at will and without regard to any future vesting opportunity
that you may have.

 

(b)
The Company has the right to reorganize, sell, spin-out or otherwise restructure one or more of its businesses or Affiliates
at any time or from time to time, as it deems appropriate (a “reorganization”). Such a reorganization
could result in the termination of your Continuous Service, or the termination of Affiliate status of your employer and the loss
of benefits available to you under this Award Agreement, including but not limited to, the termination of the right to continue
vesting in the Award. This Award Agreement, the Plan, the transactions contemplated hereunder and the vesting schedule set forth
herein or any covenant of good faith and fair dealing that may be found implicit in any of them do not constitute an express or
implied promise of continued engagement as an employee or consultant for the term of this Award Agreement, for any period, or
at all, and shall not interfere in any way with the Company’s right to conduct a reorganization.

 

11.
Withholding Obligations.

 

(a)
On each vesting date, and on or before the time you receive a distribution of the shares underlying your Restricted Stock
Units, and at any other time as reasonably requested by the Company in accordance with applicable tax laws, you hereby authorize
any required withholding from the Common Stock issuable to you and/or otherwise agree to make adequate provision in cash for any
sums required to satisfy the federal, state, local and foreign tax withholding obligations of the Company or any Affiliate that
arise in connection with your Award (the “Withholding Taxes”). Additionally, the Company or any Affiliate
may, in its sole discretion, satisfy all or any portion of the Withholding Taxes obligation relating to your Award by any of the
following means or by a combination of such means: (i) withholding from any compensation otherwise payable to you by the Company
or an Affiliate; (ii) causing you to tender a cash payment; (iii) permitting or requiring you to enter into a “same day
sale” commitment, if applicable, with a broker-dealer that is a member of the Financial Industry Regulatory Authority (a
“FINRA Dealer”) whereby you irrevocably elect to sell a portion of the shares to be delivered in connection
with your Restricted Stock Units to satisfy the Withholding Taxes and whereby the FINRA Dealer irrevocably commits to forward
the proceeds necessary to satisfy the Withholding Taxes directly to the Company and/or its Affiliates; or (iv) withholding shares
of Common Stock from the shares of Common Stock issued or otherwise issuable to you in connection with the Award with a Fair Market
Value (measured as of the date shares of Common Stock are issued to pursuant to Section 6) equal to the amount of such Withholding
Taxes; provided, however, that the number of such shares of Common Stock so withheld will not exceed the amount
necessary to satisfy the Company’s required tax withholding obligations using the minimum statutory withholding rates for
federal, state, local and, if applicable, foreign tax purposes, including payroll taxes, that are applicable to supplemental taxable
income; and provided, further, that to the extent necessary to qualify for an exemption from application of Section 16(b)
of the Exchange Act, if applicable, such share withholding procedure will be subject to the express prior approval of the Company’s
Compensation Committee.

 

    	4.

    	 	 	 

    

 

(b)
Unless the tax withholding obligations of the Company and/or any Affiliate are satisfied, the Company shall have no obligation
to deliver to you any Common Stock or other consideration pursuant to this Award.

 

(c)
In the event the Company’s obligation to withhold arises prior to the delivery to you of Common Stock or it is determined
after the delivery of Common Stock to you that the amount of the Company’s withholding obligation was greater than the amount
withheld by the Company, you agree to indemnify and hold the Company harmless from any failure by the Company to withhold the
proper amount.

 

12.
Tax Consequences. The Company has no duty or obligation to minimize the tax
consequences to you of this Award and shall not be liable to you for any adverse tax consequences to you arising in connection
with this Award. You are hereby advised to consult with your own personal tax, financial and/or legal advisors regarding the tax
consequences of this Award and by signing the Grant Notice, you have agreed that you have done so or knowingly and voluntarily
declined to do so. You understand that you (and not the Company) shall be responsible for your own tax liability that may arise
as a result of this investment or the transactions contemplated by this Award Agreement.

 

13.
Unsecured Obligation. Your Award is unfunded, and as a holder of a vested Award,
you shall be considered an unsecured creditor of the Company with respect to the Company’s obligation, if any, to issue
shares or other property pursuant to this Award Agreement. You shall not have voting or any other rights as a stockholder of the
Company with respect to the shares to be issued pursuant to this Award Agreement until such shares are issued to you pursuant
to Section 6 of this Award Agreement. Upon such issuance, you will obtain full voting and other rights as a stockholder of the
Company. Nothing contained in this Award Agreement, and no action taken pursuant to its provisions, shall create or be construed
to create a trust of any kind or a fiduciary relationship between you and the Company or any other person.

 

14.
Notices. Any notice or request required or permitted hereunder shall be given
in writing to each of the other parties hereto and shall be deemed effectively given on the earlier of (i) the date of personal
delivery, including delivery by express courier, or delivery via electronic means, or (ii) the date that is five (5) days after
deposit in the United States Post Office (whether or not actually received by the addressee), by registered or certified mail
with postage and fees prepaid, addressed at the following addresses, or at such other address(es) as a party may designate by
ten (10) days’ advance written notice to each of the other parties hereto:

 

    	5.

    	 	 	 

    

 

	 	Company:	Bone
    Biologics Corporation
	 	 	Attn:
    [Stock Plan Administrator]
	 	 	321
    Columbus Ave., Boston, MA 02116
	 	 	 
	 	Participant:	Your
    address as on file with the Company at
    the time notice is given

 

15.
Headings. The headings of the Sections in this Award Agreement are inserted
for convenience only and shall not be deemed to constitute a part of this Award Agreement or to affect the meaning of this Award
Agreement.

 

16.
Additional Acknowledgements. You hereby consent and acknowledge that:

 

(a)
Participation in the Plan is voluntary and therefore you must accept the terms and conditions of the Plan and this Award Agreement
and Grant Notice as a condition to participating in the Plan and receipt of this Award. This Award and any other awards under
the Plan are voluntary and occasional and do not create any contractual or other right to receive future awards or other benefits
in lieu of future awards, even if similar awards have been granted repeatedly in the past. All determinations with respect to
any such future awards, including, but not limited to, the time or times when such awards are made, the size of such awards and
performance and other conditions applied to the awards, will be at the sole discretion of the Company.

 

(b)
The future value of your Award is unknown and cannot be predicted with certainty. You do not have, and will not assert, any
claim or entitlement to compensation, indemnity or damages arising from the termination of this Award or diminution in value of
this Award and you irrevocably release the Company, its Affiliates and, if applicable, your employer, if different from the Company,
from any such claim that may arise.

 

(c)
The rights and obligations of the Company under your Award shall be transferable by the Company to any one or more persons
or entities, and all covenants and agreements hereunder shall inure to the benefit of, and be enforceable by, the Company’s
successors and assigns.

 

(d)
You agree upon request to execute any further documents or instruments necessary or desirable in the sole determination of
the Company to carry out the purposes or intent of your Award.

 

(e)
You acknowledge and agree that you have reviewed your Award in its entirety, have had an opportunity to obtain the advice
of counsel prior to executing and accepting your Award and fully understand all provisions of your Award.

 

    	6.

    	 	 	 

    

 

(f)
This Award Agreement shall be subject to all applicable laws, rules, and regulations, and to such approvals by any governmental
agencies or national securities exchanges as may be required.

 

(g)
All obligations of the Company under the Plan and this Award Agreement shall be binding on any successor to the Company, whether
the existence of such successor is the result of a direct or indirect purchase, merger, consolidation, or otherwise, of all or
substantially all of the business and/or assets of the Company.

 

17.
Governing Plan Document. Your Award is subject to all the provisions of the
Plan, the provisions of which are hereby made a part of your Award, and is further subject to all interpretations, amendments,
rules and regulations which may from time to time be promulgated and adopted pursuant to the Plan. Your Award (and any compensation
paid or shares issued under your Award) is subject to recoupment in accordance with The Dodd–Frank Wall Street Reform and
Consumer Protection Act and any implementing regulations thereunder, any clawback policy adopted by the Company and any compensation
recovery policy otherwise required by applicable law. No recovery of compensation under such a clawback policy will be an event
giving rise to a right to voluntarily terminate employment upon a resignation for “good reason,” or for a “constructive
termination” or any similar term under any plan of or agreement with the Company.

 

18.
Effect on Other Employee Benefit Plans. The value of the Award subject to this
Award Agreement shall not be included as compensation, earnings, salaries, or other similar terms used when calculating benefits
under any employee benefit plan (other than the Plan) sponsored by the Company or any Affiliate except as such plan otherwise
expressly provides. The Company expressly reserves its rights to amend, modify, or terminate any or all of the employee benefit
plans of the Company or any Affiliate.

 

19.
Choice of Law. The interpretation, performance and enforcement of this Award
Agreement shall be governed by the law of the State of Delaware without regard to that state’s conflicts of laws rules.

 

20.
Severability. If all or any part
of this Award Agreement or the Plan is declared by any court or governmental authority to be unlawful or invalid, such unlawfulness
or invalidity shall not invalidate any portion of this Award Agreement or the Plan not declared to be unlawful or invalid. Any
Section of this Award Agreement (or part of such a Section) so declared to be unlawful or invalid shall, if possible, be construed
in a manner which will give effect to the terms of such Section or part of a Section to the fullest extent possible while remaining
lawful and valid.

 

21.
Other Documents. You hereby acknowledge receipt or the right to receive a document
providing the information required by Rule 428(b)(1) promulgated under the Securities Act. In addition, you acknowledge receipt
of the Company’s Insider Trading Policy and the Company’s Window Period Policy.

 

22.
Amendment. This Award Agreement may not be modified, amended or terminated except
by an instrument in writing, signed by you and by a duly authorized representative of the Company. Notwithstanding the foregoing,
this Award Agreement may be amended solely by the Board by a writing which specifically states that it is amending this Award
Agreement, so long as a copy of such amendment is delivered to you, and provided that, except as otherwise expressly provided
in the Plan, no such amendment materially adversely affecting your rights hereunder may be made without your written consent.
Without limiting the foregoing, the Board reserves the right to change, by written notice to you, the provisions of this Award
Agreement in any way it may deem necessary or advisable to carry out the purpose of the Award as a result of any change in applicable
laws or regulations or any future law, regulation, ruling, or judicial decision, provided that any such change shall be applicable
only to rights relating to that portion of the Award which is then subject to restrictions as provided herein.

 

    	7.

    	 	 	 

    

 

23.
Compliance with Section 409A of the Code. This Award is intended to comply
with the “short-term deferral” rule set forth in Treasury Regulation Section 1.409A-1(b)(4). Notwithstanding the foregoing,
if it is determined that the Award fails to satisfy the requirements of the short-term deferral rule and is otherwise deferred
compensation subject to Section 409A, and if you are a “Specified Employee” (within the meaning set forth in Section
409A(a)(2)(B)(i) of the Code) as of the date of your “separation from service” (within the meaning of Treasury Regulation
Section 1.409A-1(h) and without regard to any alternative definition thereunder), then the issuance of any shares that would otherwise
be made upon the date of the separation from service or within the first six (6) months thereafter will not be made on the originally
scheduled date(s) and will instead be issued in a lump sum on the earlier of: (i) the fifth business day following your death,
or (ii) the date that is six (6) months and one day after the date of the separation from service, with the balance of the shares
issued thereafter in accordance with the original vesting and issuance schedule set forth above, but if and only if such delay
in the issuance of the shares is necessary to avoid the imposition of adverse taxation on you in respect of the shares under Section
409A of the Code. Each installment of shares that vests is intended to constitute a “separate payment” for purposes
of Treasury Regulation Section 1.409A-2(b)(2).

 

*
* * * *

 

This
Award Agreement shall be deemed to be signed by the Company and the Participant upon the signing or electronic acceptance by the
Participant of the Restricted Stock Unit Grant Notice to which it is attached.

 

    	8.

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