Document:

BONE
BIOLOGICS, CORP.

NOTICE
OF GRANT OF STOCK OPTION

 

Bone
Biologics, Corp. (the “Company”) has granted to the Participant an option (the “Option”)
to purchase certain shares of Stock (the “Option Shares”) pursuant to the Bone Biologics, Corp. 2014
Stock Plan (the “Plan”), as follows:

 

	Participant:	 	___________	Award
    No.:	 	 
	 	 	 	 	 	 
	Date
    of Grant:	 	___________	 	 	 
	 	 	 	 	 	 
	Number
    of Option Shares:	 	___________,
    subject to adjustment as provided by the Option Agreement.
	 	 	 
	Exercise
    Price per Share:	 	$__________	 	 	 
	 	 	 	 	 	 
	Vesting
    Start Date:	 	___________	 	 	 
	 	 	 	 	 	 
	Option
    Expiration Date:	 	The
    tenth anniversary of the Date of Grant
	 	 	 
	Tax
    Status of Option:	 	___________ Stock
Option. (Enter “Incentive” or “Nonstatutory.” If blank, this Option will be a Nonstatutory Stock Option.)
	 	 	 
	Vested
    Shares:	 	Except
    as provided in the Option Agreement and provided the Participant’s Service has not terminated prior to the applicable
    date, the number of Vested Shares (disregarding any resulting fractional share) as of any date is determined by multiplying
    the Number of Option Shares by the “Vested Ratio” determined as of such date, as follows:
	 	 	 
	 	 	 	 	Vested
    Ratio
	 	 	Prior
    to first anniversary of Vesting Start Date 	 	0
	 	 	 	 	 
	 	 	On
    first anniversary of Vesting Start Date (the “Initial Vesting Date”) 	 	 1/3
	 	 	 	 	 
	 	 	Plus	 	 
	 	 	 	 	 
	 	 	For
    each additional one year of the Participant’s Service from the Initial Vesting Date until the Vested Ratio equals 1/1,
    an additional 	 	 1/3
	 	 	 	 	 
	Accelerated
    Vesting:	 	Notwithstanding
    any other provision contained in this Notice of Grant or the Option Agreement, the Total Number of Option Shares shall become
    Vested Shares upon the termination of Participant’s Service without Cause (as defined in the Superseding Agreement or,
    in the absence of one, the Plan) by the Participating Company Group (or its successor) or by the Participant for Good Reason
    (as defined in the Superseding Agreement or, in the absence of one, the Option Agreement) within ten days prior to, or during
    the one-year period from and after, the date a Change in Control is consummated.	 	 

 

    	 

    	 

    

 

	Suspension
    of Vesting:	 	During
    any authorized leave of absence, the vesting of the Option as provided by this Notice of Grant shall be suspended after the
    leave of absence exceeds a period of ninety (90) days. Vesting of the Option shall resume upon the Participant’s termination
    of the leave of absence and return to Service. The period of Service required for each subsequent Vested Share installment
    determined in accordance with the vesting schedule above shall be extended by the length of the suspension. Any extension
    of the vesting schedule shall not defer the Option Expiration Date.
	 	 	 
	Superseding
    Agreement:	 	[Employment
    Agreement, dated , between the Company and the Participant.]

 

By
their signatures below or by electronic acceptance or authentication in a form authorized by the Company, the Company and the
Participant agree that the Option is governed by this Notice of Grant and by the provisions of the Option Agreement and the Plan,
both of which are made a part of this document, and by the Superseding Agreement, if any. The Participant acknowledges that copies
of the Plan, the Option Agreement and the prospectus for the Plan are available on the Company’s internal web site and may
be viewed and printed by the Participant for attachment to the Participant’s copy of this Notice of Grant. The Participant
represents that the Participant has read and is familiar with the provisions of the Option Agreement and the Plan, and hereby
accepts the Option subject to all of their terms and conditions.

 

	BONE BIOLOGICS, CORP.	 	PARTICIPANT
	 	 	 	 
	By:	 	 	 
	Name:	 	 	Signature
	Title:	 	 	 
	 	 	 	Date
	Address:	175
    May Street, Suite 400	 	 
	 	Edison,
    NJ 08837	 	Address
	 	 	 	 

 

	ATTACHMENTS:	2014
    Stock Plan, as amended to the Date of Grant; Stock Option Agreement; Exercise Notice; and Plan Prospectus

 

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BONE
BIOLOGICS, CORP.

STOCK
OPTION AGREEMENT

 

Bone
Biologics, Corp. (the “Company”) has granted to the Participant named in the Notice of Grant of Stock
Option (the “Notice of Grant”) to which this Stock Option Agreement (the “Option Agreement”)
is attached an option (the “Option”) to purchase certain shares of Stock upon the terms and conditions
set forth in the Notice of Grant and this Option Agreement. The Option has been granted pursuant to and shall in all respects
be subject to the terms and conditions of the Bone Biologics, Corp. 2014 Stock Plan (the “Plan”), as
amended to the Date of Grant, the provisions of which are incorporated herein by reference. By signing the Notice of Grant, the
Participant: (a) acknowledges receipt of, and represents that the Participant has read and is familiar with, the Notice of Grant,
this Option Agreement, the Plan and a prospectus for the Plan prepared in connection with
the registration with the Securities and Exchange Commission of shares issuable pursuant to the Option (the “Plan
Prospectus”), (b) accepts the Option subject to all of the terms and conditions of the Notice of Grant, this
Option Agreement and the Plan and (c) agrees to accept as binding, conclusive and final all decisions or interpretations of the
Committee upon any questions arising under the Notice of Grant, this Option Agreement or the Plan.

 

1.
Definitions and Construction.

 

1.1
Definitions. Unless otherwise defined herein, capitalized terms shall have the meanings assigned to such terms in
the Notice of Grant or the Plan.

 

(a)
“Good Reason” shall mean that any one or more of the following events have occurred without the Participant’s
express prior written consent:

 

(i)
A material adverse change in the Participant’s authority, duties and/or responsibilities such that the Participant’s
authority, duties and/or responsibilities are no longer commensurate with the Participant’s position on the Date of Grant;

 

(ii)
The relocation of the Participant’s primary workplace on the Date of Grant to a location that increases the Participant’s
daily commute by more than thirty (30) miles; or

 

(iii)
Any material reduction by the Company (or its successor) of (A) the Participant’s base salary on the Date of Grant or (B)
the Participant’s target bonus on the Date of Grant, unless any such reduction is made as part of, and is generally consistent
with, a general reduction of base salaries or target bonuses, respectively, of similarly situated employees, in which case such
a reduction shall not constitute Good Reason.

 

In
order to resign the Participant’s employment for Good Reason, the Participant must within sixty (60) days of the Participant’s
awareness of the applicable Good Reason event(s) provide the Company with written notice informing the Company about the Participant’s
intention to resign the Participant’s employment for Good Reason unless such event(s) is cured or remedied by the Company
(“Good Reason Notice”). The Company will have thirty (30) days after its receipt of such Good Reason
Notice to cure or remedy the Good Reason event(s). If Company does not timely cure or remedy the Good Reason event(s), then the
Participant can resign the Participant’s employment for Good Reason at any time within thirty (30) days following the expiration
of the thirty (30) day cure/remedy period. This “Good Reason” definition and process is intended to constitute an
involuntary separation from service as provided under Treasury Regulations Section 1.409A-1(n) and shall be interpreted accordingly.

 

    	 

    	 

    

 

1.2
Construction. Captions and titles contained herein are for convenience only and shall not affect the meaning or
interpretation of any provision of this Option Agreement. Except when otherwise indicated by the context, the singular shall include
the plural and the plural shall include the singular. Use of the term “or” is not intended to be exclusive, unless
the context clearly requires otherwise.

 

2.
Tax Consequences.

 

2.1
Tax Status of Option. This Option is intended to have the tax status designated in the Notice of Grant.

 

(a)
Incentive Stock Option. If the Notice of Grant so designates, this Option is intended to be an Incentive Stock Option
within the meaning of Section 422(b) of the Code, but the Company does not represent or warrant that this Option qualifies as
such. The Participant should consult with the Participant’s own tax advisor regarding the tax effects of this Option and
the requirements necessary to obtain favorable income tax treatment under Section 422 of the Code, including, but not limited
to, holding period requirements. (NOTE TO PARTICIPANT: If the Option is exercised more than three (3) months after the date on
which you cease to be an Employee (other than by reason of your death or permanent and total disability as defined in Section
22(e)(3) of the Code), the Option will be treated as a Nonstatutory Stock Option and not as an Incentive Stock Option to the extent
required by Section 422 of the Code.)

 

(b)
Nonstatutory Stock Option. If the Notice of Grant so designates, this Option is intended to be a Nonstatutory Stock
Option and shall not be treated as an Incentive Stock Option within the meaning of Section 422(b) of the Code.

 

2.2
ISO Fair Market Value Limitation. If the Notice of Grant designates this Option as an Incentive Stock Option, then
to the extent that the Option (together with all Incentive Stock Options granted to the Participant under all stock option plans
of the Participating Company Group, including the Plan) becomes exercisable for the first time during any calendar year for shares
having a Fair Market Value greater than One Hundred Thousand Dollars ($100,000), the portion of such options which exceeds such
amount will be treated as Nonstatutory Stock Options. For purposes of this Section 2.2, options designated as Incentive Stock
Options are taken into account in the order in which they were granted, and the Fair Market Value of Stock is determined as of
the time the option with respect to such Stock is granted. If the Code is amended to provide for a different limitation from that
set forth in this Section 2.2, such different limitation shall be deemed incorporated herein effective as of the date required
or permitted by such amendment to the Code. If the Option is treated as an Incentive Stock Option in part and as a Nonstatutory
Stock Option in part by reason of the limitation set forth in this Section 2.2, the Participant may designate which portion of
such Option the Participant is exercising. In the absence of such designation, the Participant shall be deemed to have exercised
the Incentive Stock Option portion of the Option first. Separate certificates representing each such portion shall be issued upon
the exercise of the Option. (NOTE TO PARTICIPANT: If the aggregate Exercise Price of the Option (that is, the Exercise Price multiplied
by the Number of Option Shares) plus the aggregate exercise price of any other Incentive Stock Options you hold (whether granted
pursuant to the Plan or any other stock option plan of the Participating Company Group) is greater than $100,000, you should contact
the Chief Financial Officer of the Company to ascertain whether the entire Option qualifies as an Incentive Stock Option.)

 

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3.
Administration.

 

All
questions of interpretation concerning the Notice of Grant, this Option Agreement, the Plan or any other form of agreement or
other document employed by the Company in the administration of the Plan or the Option shall be determined by the Committee. All
such determinations by the Committee shall be final, binding and conclusive upon all persons having an interest in the Option,
unless fraudulent or made in bad faith. Any and all actions, decisions and determinations taken or made by the Committee in the
exercise of its discretion pursuant to the Plan or the Option or other agreement thereunder (other than determining questions
of interpretation pursuant to the preceding sentence) shall be final, binding and conclusive upon all persons having an interest
in the Option. Any Officer shall have the authority to act on behalf of the Company with respect to any matter, right, obligation,
or election which is the responsibility of or which is allocated to the Company herein, provided the Officer has apparent authority
with respect to such matter, right, obligation, or election.

 

4.
Exercise of the Option.

 

4.1
Right to Exercise. Except as otherwise provided herein, the Option shall be exercisable on and after the Initial
Vesting Date and prior to the termination of the Option (as provided in Section 6) in an amount not to exceed the number of Vested
Shares less the number of shares previously acquired upon exercise of the Option. In no event shall the Option be exercisable
for more shares than the Number of Option Shares, as adjusted pursuant to Section 9.

 

4.2
Method of Exercise. Exercise of the Option shall be by means of electronic or written notice (the “Exercise
Notice”) in a form authorized by the Company. An electronic Exercise Notice must be digitally signed or authenticated
by the Participant in such manner as required by the notice and transmitted to the Company or an authorized representative of
the Company (including a third-party administrator designated by the Company). In the event that the Participant is not authorized
or is unable to provide an electronic Exercise Notice, the Option shall be exercised by a written Exercise Notice addressed to
the Company, which shall be signed by the Participant and delivered in person, by certified or registered mail, return receipt
requested, by confirmed facsimile transmission, or by such other means as the Company may permit, to the Company, or an authorized
representative of the Company (including a third-party administrator designated by the Company). Each Exercise Notice, whether
electronic or written, must state the Participant’s election to exercise the Option, the number of whole shares of Stock
for which the Option is being exercised and such other representations and agreements as to the Participant’s investment
intent with respect to such shares as may be required pursuant to the provisions of this Option Agreement. Further, each Exercise
Notice must be received by the Company prior to the termination of the Option as set forth in Section 6 and must be accompanied
by full payment of the aggregate Exercise Price for the number of shares of Stock being purchased. The Option shall be deemed
to be exercised upon receipt by the Company of such electronic or written Exercise Notice and the aggregate Exercise Price.

 

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4.3
Payment of Exercise Price.

 

(a)
Forms of Consideration Authorized. Except as otherwise provided below, payment of the aggregate Exercise Price for
the number of shares of Stock for which the Option is being exercised shall be made (i) in cash, by check or in cash equivalent;
(ii) if permitted by the Company and subject to the limitations contained in Section 4.3(b), by means of (1) a Cashless Exercise,
(2) a Net-Exercise, or (3) a Stock Tender Exercise; or (iii) by any combination of the foregoing.

 

(b)
Limitations on Forms of Consideration. The Company reserves, at any and all times, the right, in the Company’s
sole and absolute discretion, to establish, decline to approve or terminate any program or procedure providing for payment of
the Exercise Price through any of the means described below, including with respect to the Participant notwithstanding that such
program or procedures may be available to others.

 

(i)
Cashless Exercise. A “Cashless Exercise” means the delivery of a properly executed Exercise Notice
together with irrevocable instructions to a broker in a form acceptable to the Company providing for the assignment to the Company
of the proceeds of a sale or loan with respect to shares of Stock acquired upon the exercise of the Option in an amount not less
than the aggregate Exercise Price for such shares (including, without limitation, through an exercise complying with the provisions
of Regulation T as promulgated from time to time by the Board of Governors of the Federal Reserve System).

 

(ii)
Net-Exercise. A “Net-Exercise” means the delivery of a properly executed Exercise Notice electing
a procedure pursuant to which (1) the Company will reduce the number of shares otherwise issuable to the Participant upon the
exercise of the Option by the largest whole number of shares having a Fair Market Value that does not exceed the aggregate Exercise
Price for the shares with respect to which the Option is exercised, and (2) the Participant shall pay to the Company in cash the
remaining balance of such aggregate Exercise Price not satisfied by such reduction in the number of whole shares to be issued.
Following a Net-Exercise, the number of shares remaining subject to the Option, if any, shall be reduced by the sum of (1) the
net number of shares issued to the Participant upon such exercise, and (2) the number of shares deducted by the Company for payment
of the aggregate Exercise Price.

 

(iii)
Stock Tender Exercise. A “Stock Tender Exercise” means the delivery of a properly executed Exercise
Notice accompanied by (1) the Participant’s tender to the Company, or attestation to the ownership, in a form acceptable
to the Company of whole shares of Stock having a Fair Market Value that does not exceed the aggregate Exercise Price for the shares
with respect to which the Option is exercised, and (2) the Participant’s payment to the Company in cash of the remaining
balance of such aggregate Exercise Price not satisfied by such shares’ Fair Market Value. A Stock Tender Exercise shall
not be permitted if it would constitute a violation of the provisions of any law, regulation or agreement restricting the redemption
of the Company’s Stock. If required by the Company, the Option may not be exercised by tender to the Company, or attestation
to the ownership, of shares of Stock unless such shares either have been owned by the Participant for a period of time required
by the Company (and not used for another option exercise by attestation during such period) or were not acquired, directly or
indirectly, from the Company.

 

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4.4
Tax Withholding.

 

(a)
In General. At the time the Option is exercised, in whole or in part, or at any time thereafter as requested by
a Participating Company, the Participant hereby authorizes withholding from payroll and any other amounts payable to the Participant,
and otherwise agrees to make adequate provision for (including by means of a Cashless Exercise to the extent permitted by the
Company), any sums required to satisfy the federal, state, local and foreign tax (including any social insurance) withholding
obligations of the Participating Company Group, if any, which arise in connection with the Option. The Company shall have no obligation
to deliver shares of Stock until the tax withholding obligations of the Participating Company Group have been satisfied by the
Participant.

 

(b)
Withholding in Shares. The Company shall have the right, but not the obligation, to require the Participant to satisfy
all or any portion of a Participating Company’s tax withholding obligations upon exercise of the Option by deducting from
the shares of Stock otherwise issuable to the Participant upon such exercise a number of whole shares having a fair market value,
as determined by the Company as of the date of exercise, not in excess of the amount of such tax withholding obligations determined
by the applicable minimum statutory withholding rates.

 

4.5
Beneficial Ownership of Shares; Certificate Registration. The Participant hereby authorizes the Company, in its
sole discretion, to deposit for the benefit of the Participant with any broker with which the Participant has an account relationship
of which the Company has notice any or all shares acquired by the Participant pursuant to the exercise of the Option. Except as
provided by the preceding sentence, a certificate for the shares as to which the Option is exercised shall be registered in the
name of the Participant, or, if applicable, in the names of the heirs of the Participant.

 

4.6
Restrictions on Grant of the Option and Issuance of Shares. The grant of the Option and the issuance of shares of
Stock upon exercise of the Option shall be subject to compliance with all applicable requirements of federal, state or foreign
law with respect to such securities. The Option may not be exercised if the issuance of shares of Stock upon exercise would constitute
a violation of any applicable federal, state or foreign securities laws or other law or regulations or the requirements of any
stock exchange or market system upon which the Stock may then be listed. In addition, the Option may not be exercised unless (i)
a registration statement under the Securities Act shall at the time of exercise of the Option be in effect with respect to the
shares issuable upon exercise of the Option or (ii) in the opinion of legal counsel to the Company, the shares issuable upon exercise
of the Option may be issued in accordance with the terms of an applicable exemption from the registration requirements of the
Securities Act. THE PARTICIPANT IS CAUTIONED THAT THE OPTION MAY NOT BE EXERCISED UNLESS THE FOREGOING CONDITIONS ARE SATISFIED.
ACCORDINGLY, THE PARTICIPANT MAY NOT BE ABLE TO EXERCISE THE OPTION WHEN DESIRED EVEN THOUGH THE OPTION IS VESTED. The inability
of the Company to obtain from any regulatory body having jurisdiction the authority, if any, deemed by the Company’s legal
counsel to be necessary to the lawful issuance and sale of any shares subject to the Option shall relieve the Company of any liability
in respect of the failure to issue or sell such shares as to which such requisite authority shall not have been obtained. As a
condition to the exercise of the Option, the Company may require the Participant to satisfy any qualifications that may be necessary
or appropriate, to evidence compliance with any applicable law or regulation and to make any representation or warranty with respect
thereto as may be requested by the Company.

 

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4.7
Fractional Shares. The Company shall not be required to issue fractional shares upon the exercise of the Option.

 

5.
Nontransferability of the Option.

 

During
the lifetime of the Participant, the Option shall be exercisable only by the Participant or the Participant’s guardian or
legal representative. The Option shall not be subject in any manner to anticipation, alienation, sale, exchange, transfer, assignment,
pledge, encumbrance, or garnishment by creditors of the Participant or the Participant’s beneficiary, except transfer by
will or by the laws of descent and distribution. Following the death of the Participant, the Option, to the extent provided in
Section 7, may be exercised by the Participant’s legal representative or by any person empowered to do so under the deceased
Participant’s will or under the then applicable laws of descent and distribution.

 

6.
Termination of the Option.

 

The
Option shall terminate and may no longer be exercised after the first to occur of (a) the close of business on the Option Expiration
Date, (b) the close of business on the last date for exercising the Option following termination of the Participant’s Service
as described in Section 7, or (c) a Change in Control to the extent provided in Section 8.

 

7.
Effect of Termination of Service.

 

7.1
Option Exercisability. The Option shall terminate immediately upon the Participant’s termination of Service to the
extent that it is then unvested and shall be exercisable after the Participant’s termination of Service to the extent it
is then vested only during the applicable time period as determined below and thereafter shall terminate.

 

(a)
Retirement. If the Participant’s Service terminates other than for Cause after the Participant has both (i)
attained age fifty-five (55) and (ii) completed ten (10) years of continuous Service (such combination of age and continuous Service,
“Retirement Eligibility”), the Option, to the extent unexercised and exercisable for Vested Shares on
the date on which the Participant’s Service terminated, may be exercised by the Participant (or the Participant’s
guardian or legal representative) at any time prior to the Option Expiration Date.

 

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(b)
Disability. If the Participant’s Service terminates because of the Disability of the Participant, the Option,
to the extent unexercised and exercisable for Vested Shares on the date on which the Participant’s Service terminated, may
be exercised by the Participant (or the Participant’s guardian or legal representative) at any time prior to the expiration
of twelve (12) months after the date on which the Participant’s Service terminated, but in any event no later than the Option
Expiration Date. Notwithstanding the foregoing, if the Participant’s Service terminates because of the Disability of the
Participant after the Participant achieves Retirement Eligibility, the Option, to the extent unexercised and exercisable for Vested
Shares on the date on which the Participant’s Service terminated, may be exercised by the Participant (or the Participant’s
guardian or legal representative) at any time prior to the Option Expiration Date.

 

(c)
Death. If the Participant’s Service terminates because of the death of the Participant, the Option, to the
extent unexercised and exercisable for Vested Shares on the date on which the Participant’s Service terminated, may be exercised
by the Participant’s legal representative or other person who acquired the right to exercise the Option by reason of the
Participant’s death at any time prior to the expiration of twelve (12) months after the date on which the Participant’s
Service terminated, but in any event no later than the Option Expiration Date. Notwithstanding the foregoing, (i) if the Participant
dies during the three-month period provided by Section 7.1(e) or during the twelve-month period provided by Section 7.1(b), the
Option, to the extent unexercised and exercisable for Vested Shares on the date on which the Participant’s Service terminated,
may be exercised by the Participant’s legal representative or other person who acquired the right to exercise the Option
by reason of the Participant’s death at any time prior to the expiration of twelve (12) months after the date of the Participant’s
death, but in any event no later than the Option Expiration Date; or (ii) if the Participant’s Service terminates because
of the death of the Participant after the Participant achieves Retirement Eligibility, the Option, to the extent unexercised and
exercisable for Vested Shares on the date on which the Participant’s Service terminated, may be exercised by the Participant’s
legal representative or other person who acquired the right to exercise the Option by reason of the Participant’s death
at any time prior to the Option Expiration Date.

 

(d)
Termination for Cause. Notwithstanding any other provision of this Option Agreement to the contrary, if the Participant’s
Service is terminated for Cause or if, following the Participant’s termination of Service and during any period in which
the Option otherwise would remain exercisable, the Participant engages in any act that would constitute Cause, the Option shall
terminate in its entirety and cease to be exercisable immediately upon such termination of Service or act.

 

(e)
Other Termination of Service. If the Participant’s Service terminates for any reason, except Disability, death
or Cause or after achieving Retirement Eligibility, the Option, to the extent unexercised and exercisable for Vested Shares by
the Participant on the date on which the Participant’s Service terminated, may be exercised by the Participant at any time
prior to the expiration of three (3) months after the date on which the Participant’s Service terminated, but in any event
no later than the Option Expiration Date.

 

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7.2
Extension if Exercise Prevented by Law. Notwithstanding the foregoing, other than termination of the Participant’s
Service for Cause, if the exercise of the Option within the applicable time periods set forth in Section 7.1 is prevented by the
provisions of Section 4.6, the Option shall remain exercisable until the later of (a) thirty (30) days after the date such exercise
first would no longer be prevented by such provisions, or (b) the end of the applicable time period under Section 7.1, but in
any event no later than the Option Expiration Date.

 

8.
Effect of Change in Control.

 

In
the event of a Change in Control, except to the extent that the Committee determines to cash out the Option in accordance with
Section 13.1(c) of the Plan, the surviving, continuing, successor, or purchasing entity or parent thereof, as the case may be
(the “Acquiror”), may, without the consent of the Participant, assume or continue in full force and
effect the Company’s rights and obligations under all or any portion of the Option or substitute for all or any portion
of the Option a substantially equivalent option for the Acquiror’s stock. For purposes of this Section, the Option or any
portion thereof shall be deemed assumed if, following the Change in Control, the Option confers the right to receive, subject
to the terms and conditions of the Plan and this Option Agreement, for each share of Stock subject to such portion of the Option
immediately prior to the Change in Control, the consideration (whether stock, cash, other securities or property or a combination
thereof) to which a holder of a share of Stock on the effective date of the Change in Control was entitled (and if holders were
offered a choice of consideration, the type of consideration chosen by the holders of a majority of the outstanding shares of
Stock); provided, however, that if such consideration is not solely common stock of the Acquiror, the Committee may, with the
consent of the Acquiror, provide for the consideration to be received upon the exercise of the Option, for each share of Stock
subject to the Option, to consist solely of common stock of the Acquiror equal in Fair Market Value to the per share consideration
received by holders of Stock pursuant to the Change in Control. The Option shall terminate and cease to be outstanding effective
as of the time of consummation of the Change in Control to the extent that the Option is neither assumed or continued by the Acquiror
in connection with the Change in Control nor exercised as of the time of the Change in Control.

 

9.
Adjustments for Changes in Capital Structure.

 

Subject
to any required action by the stockholders of the Company and the requirements of Sections 409A and 424 of the Code to the extent
applicable, in the event of any change in the Stock effected without receipt of consideration by the Company, whether through
merger, consolidation, reorganization, reincorporation, recapitalization, reclassification, stock dividend, stock split, reverse
stock split, split-up, split-off, spin-off, combination of shares, exchange of shares, or similar change in the capital structure
of the Company, or in the event of payment of a dividend or distribution to the stockholders of the Company in a form other than
Stock (excepting normal cash dividends) that has a material effect on the Fair Market Value of shares of Stock, appropriate and
proportionate adjustments shall be made in the number, Exercise Price and kind of shares subject to the Option, in order to prevent
dilution or enlargement of the Participant’s rights under the Option. For purposes of the foregoing, conversion of any convertible
securities of the Company shall not be treated as “effected without receipt of consideration by the Company.” Any
fractional share resulting from an adjustment pursuant to this Section shall be rounded down to the nearest whole number and the
Exercise Price shall be rounded up to the nearest whole cent. In no event may the Exercise Price be decreased to an amount less
than the par value, if any, of the Stock subject to the Option. The Committee in its sole discretion, may also make such adjustments
in the terms of the Option to reflect, or related to, such changes in the capital structure of the Company or distributions as
it deems appropriate. All adjustments pursuant to this Section shall be determined by the Committee, and its determination shall
be final, binding and conclusive.

 

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10.
Rights as a Stockholder, Director, Employee or Consultant.

 

The
Participant shall have no rights as a stockholder with respect to any shares covered by the Option until the date of the issuance
of the shares for which the Option has been exercised (as evidenced by the appropriate entry on the books of the Company or of
a duly authorized transfer agent of the Company). No adjustment shall be made for dividends, distributions or other rights for
which the record date is prior to the date the shares are issued, except as provided in Section 9. If the Participant is an Employee,
the Participant understands and acknowledges that, except as otherwise provided in a separate, written employment agreement between
a Participating Company and the Participant, the Participant’s employment is “at will” and is for no specified
term. Nothing in this Option Agreement shall confer upon the Participant any right to continue in the Service of a Participating
Company or interfere in any way with any right of the Participating Company Group to terminate the Participant’s Service
as a Director, an Employee or Consultant, as the case may be, at any time.

 

11.
Notice of Sales Upon Disqualifying Disposition.

 

The
Participant shall dispose of the shares acquired pursuant to the Option only in accordance with the provisions of this Option
Agreement. In addition, if the Notice of Grant designates this Option as an Incentive Stock Option, the Participant shall
(a) promptly notify the Chief Financial Officer of the Company if the Participant disposes of any of the shares acquired pursuant
to the Option within one (1) year after the date the Participant exercises all or part of the Option or within two (2) years after
the Date of Grant and (b) provide the Company with a description of the circumstances of such disposition. Until such time as
the Participant disposes of such shares in a manner consistent with the provisions of this Option Agreement, unless otherwise
expressly authorized by the Company, the Participant shall hold all shares acquired pursuant to the Option in the Participant’s
name (and not in the name of any nominee) for the one-year period immediately after the exercise of the Option and the two-year
period immediately after Date of Grant. At any time during the one-year or two-year periods set forth above, the Company may place
a legend on any certificate representing shares acquired pursuant to the Option requesting the transfer agent for the Company’s
Stock to notify the Company of any such transfers. The obligation of the Participant to notify the Company of any such transfer
shall continue notwithstanding that a legend has been placed on the certificate pursuant to the preceding sentence.

 

    	9

    	 

    

 

12.
Legends.

 

The
Company may at any time place legends referencing any applicable federal, state or foreign securities law restrictions on all
certificates representing shares of Stock subject to the provisions of this Option Agreement. The Participant shall, at the request
of the Company, promptly present to the Company any and all certificates representing shares acquired pursuant to the Option in
the possession of the Participant in order to carry out the provisions of this Section. Unless otherwise specified by the Company,
legends placed on such certificates may include, but shall not be limited to, the following:

 

THE
SHARES EVIDENCED BY THIS CERTIFICATE WERE ISSUED BY THE CORPORATION TO THE REGISTERED HOLDER UPON EXERCISE OF AN INCENTIVE STOCK
OPTION AS DEFINED IN SECTION 422 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (“ISO”). IN ORDER TO OBTAIN THE
PREFERENTIAL TAX TREATMENT AFFORDED TO ISOs, THE SHARES SHOULD NOT BE TRANSFERRED PRIOR TO [INSERT DISQUALIFYING DISPOSITION
DATE HERE]. SHOULD THE REGISTERED HOLDER ELECT TO TRANSFER ANY OF THE SHARES PRIOR TO THIS DATE AND FOREGO ISO TAX TREATMENT,
THE TRANSFER AGENT FOR THE SHARES SHALL NOTIFY THE CORPORATION IMMEDIATELY. THE REGISTERED HOLDER SHALL HOLD ALL SHARES PURCHASED
UNDER THE INCENTIVE STOCK OPTION IN THE REGISTERED HOLDER’S NAME (AND NOT IN THE NAME OF ANY NOMINEE) PRIOR TO THIS DATE
OR UNTIL TRANSFERRED AS DESCRIBED ABOVE.

 

13.
Miscellaneous Provisions.

 

13.1
Termination or Amendment. The Committee may terminate or amend the Plan or the Option at any time; provided, however, that
except as provided in Section 8 in connection with a Change in Control, no such termination or amendment may have a materially
adverse effect on the Option or any unexercised portion hereof without the consent of the Participant unless such termination
or amendment is necessary to comply with any applicable law or government regulation. No amendment or addition to this Option
Agreement shall be effective unless in writing.

 

13.2
Further Instruments. The parties hereto agree to execute such further instruments and to take such further action as may
reasonably be necessary to carry out the intent of this Option Agreement.

 

13.3
Binding Effect. This Option Agreement shall inure to the benefit of the successors and assigns of the Company and, subject
to the restrictions on transfer set forth herein, be binding upon the Participant and the Participant’s heirs, executors,
administrators, successors and assigns.

 

    	10

    	 

    

 

13.4
Delivery of Documents and Notices. Any document relating to participation in the Plan or any notice required or permitted
hereunder shall be given in writing and shall be deemed effectively given (except to the extent that this Option Agreement provides
for effectiveness only upon actual receipt of such notice) upon personal delivery, electronic delivery at the e-mail address,
if any, provided for the Participant by a Participating Company, or upon deposit in the U.S. Post Office or foreign postal service,
by registered or certified mail, or with a nationally recognized overnight courier service, with postage and fees prepaid, addressed
to the other party at the address of such party set forth in the Notice of Grant or at such other address as such party may designate
in writing from time to time to the other party.

 

(a)
Description of Electronic Delivery. The Plan documents, which may include but do not necessarily include: the Plan,
the Notice of Grant, this Option Agreement, the Plan Prospectus, and any reports of the Company provided generally to the Company’s
stockholders, may be delivered to the Participant electronically. In addition, if permitted by the Company, the Participant may
deliver electronically the Notice of Grant and Exercise Notice called for by Section 4.2 to the Company or to such third party
involved in administering the Plan as the Company may designate from time to time. Such means of electronic delivery may include
but do not necessarily include the delivery of a link to a Company intranet or the Internet site of a third party involved in
administering the Plan, the delivery of the document via e-mail or such other means of electronic delivery specified by the Company.

 

(b)
Consent to Electronic Delivery. The Participant acknowledges that the Participant has read Section 13.4(a) of this
Option Agreement and consents to the electronic delivery of the Plan documents and, if permitted by the Company, the delivery
of the Notice of Grant and Exercise Notice, as described in Section 13.4(a). The Participant acknowledges that he or she may receive
from the Company a paper copy of any documents delivered electronically at no cost to the Participant by contacting the Company
by telephone or in writing. The Participant further acknowledges that the Participant will be provided with a paper copy of any
documents if the attempted electronic delivery of such documents fails. Similarly, the Participant understands that the Participant
must provide the Company or any designated third party administrator with a paper copy of any documents if the attempted electronic
delivery of such documents fails. The Participant may revoke his or her consent to the electronic delivery of documents described
in Section 13.4(a) or may change the electronic mail address to which such documents are to be delivered (if the Participant has
provided an electronic mail address) at any time by notifying the Company of such revoked consent or revised e-mail address by
telephone, postal service or electronic mail. Finally, the Participant understands that he or she is not required to consent to
electronic delivery of documents described in Section 13.4(a).

 

13.5
Integrated Agreement. The Notice of Grant, this Option Agreement and the Plan, together with the Superseding Agreement,
if any, shall constitute the entire understanding and agreement of the Participant and the Participating Company Group with respect
to the subject matter contained herein and supersede any prior agreements, understandings, restrictions, representations, or warranties
among the Participant and the Participating Company Group with respect to such subject matter. To the extent contemplated herein,
the provisions of the Notice of Grant, the Option Agreement and the Plan shall survive any exercise of the Option and shall remain
in full force and effect.

 

13.6
Applicable Law. This Option Agreement shall be governed by the laws of the State of Delaware as such laws are applied to
agreements between Delaware residents entered into and to be performed entirely within the State of Delaware.

 

13.7
Counterparts. The Notice of Grant may be executed in counterparts, each of which shall be deemed an original, but all of
which together shall constitute one and the same instrument.

 

    	11EXCLUSIVE

LICENSE
AGREEMENT

 

Between

 

THE
REGENTS OF THE

UNIVERSITY
OF CALIFORNIA

 

And

 

BONE
BIOLOGICS, INC.

 

“NELL-1
Enhanced Bone Mineralization” and NELL1

Expression
Systems and Neuroprotective Activity of NELL2”

and
“Recombinant NELL-1 & 2 Protein Production”

 

UC
Case Nos. 1999-560-1; 2002-477-1, 2, 3;

2004-331-1,
2 and 2006-369-1

 

    	 

    	 

    

 

Table
of Contents

 

	 	 	 	Page
	RECITALS	1
	 	1.	DEFINITIONS	1
	 	2.	GRANT	4
	 	3.	SUBLICENSES	4
	 	4.	FEES	5
	 	5.	ROYALTIES	6
	 	6.	DILIGENCE	7
	 	7.	PATENT
    FILING, PROSECUTION AND MAINTENANCE	8
	 	8.	PATENT
    INFRINGEMENT	9
	 	9.	PROGRESS
    AND ROYALTY REPORTS	11
	 	10.	BOOKS
    AND RECORDS	11
	 	11.	LIFE
    OF THE AGREEMENT	12
	 	12.	TERMINATION
    BY THE REGENTS	12
	 	13.	TERMINATION
    BY LICENSEE	13
	 	14.	DISPOSITION
    OF LICENSED PRODUCTS ON HAND UPON TERMINATION	13
	 	15.	PATENT
    MARKING	13
	 	16.	USE
    OF NAMES AND TRADEMARKS	13
	 	17.	LIMITED
    WARRANTY	13
	 	18.	INDEMNIFICATION	14
	 	19.	NOTICES	15
	 	20.	ASSIGNABILITY	16
	 	21.	LATE
    PAYMENTS	16
	 	22.	WAIVER	16
	 	23.	FAILURE
    TO PERFORM	16
	 	24.	GOVERNING
    LAW	16
	 	25.	GOVERNMENT
    APPROVAL OR REGISTRATION	16
	 	26.	EXPORT
    CONTROL LAWS	17
	 	27.	PREFERENCE
    FOR UNITED STATES INDUSTRY	17
	 	28.	FORCE
    MAJEURE	17
	 	29.	CONFIDENTIALITY	17
	 	30.	MISCELLANEOUS	18
	APPENDIX A	A-1

 

    	i

    	 

    

 

EXCLUSIVE
LICENSE AGREEMENT

 

This
Agreement is made and is effective this 15th day of March 2006 (the “Effective Date”) between THE REGENTS OF
THE UNIVERSITY OF CALIFORNIA (“The Regents”), a California corporation having its corporate offices located
at 1111 Franklin Street, Oakland, California 94607-5200, acting through its offices located at 10920 Wilshire Blvd, Suite 1200,
Los Angeles, California 90024-1406, and Bone Biologics, Inc. (“Licensee”), a corporation having a principal
place of business at 115 North Doheny Drive, Beverly Hills, California 90211.

 

RECITALS

 

WHEREAS,
a certain invention (the “Invention”), generally characterized as “NELL-1 Enhanced Bone Mineralization”
(UCLA Case No. 1999-560-1); “NELL-1 Enhanced Bone Mineralization” (UCLA Case No. 2002-477-1, 2, 3); “NELL1 Expresion
Systems and Neuroprotective Activity of NELL2” (UCLA Case No. 2004-331-1, 2); and “Recombinant NELL-1 & 2 Protein
Production” (UCLA Case No. 2006-369-1) made in the course of research at the University of California, Los Angeles by Drs.
Kang Ting, Shunichi Kuroda, Chia Soo and Ben Wu, and claimed in Regents’ Patent Rights as defined below;

 

WHEREAS,
Drs. Ting, Wu and Soo are employees of The Regents and as such are obligated to assign their right, title and interest in and
to the Invention to The Regents;

 

WHEREAS,
Dr. Shunichi Kuroda is an employee of Osaka University and Osaka University has not asserted their rights; therefore Dr. Kuroda
as an individual assigned his rights to The Regents.

 

WHEREAS,
the Invention was developed with United States Government funds, and The Regents has elected title thereto and granted a royalty-free
nonexclusive license to the United States Government on March 15, 2004, as required under 35 U.S.C. §200-212;

 

WHEREAS,
Licensee is a “small business concern” as defined in 15 U.S.C. §632; and

 

WHEREAS,
The Regents wishes that Regents’ Patent Rights be developed and utilized to the fullest extent so that the benefits can
be enjoyed by the general public.

 

The
parties agree as follows:

 

1.
DEFINITIONS

 

1.1
“Regents’ Patent Rights” means The Regents interest in any of the patent applications listed in Appendix
A attached to this Agreement and assigned to The Regents (UCLA Case No. 1999-560, 2002-477, 2004-331 and 2006-369); any continuing
applications thereof including divisions; but excluding continuations-in-part except to the extent of claims entirely supported
in the specification and entitled to the priority date of the parent application; any patents issuing on these applications including
reissues and reexaminations; and any corresponding foreign patents or patent applications; all of which will be automatically
incorporated in and added to Appendix A and made a part of this Agreement.

 

    	 

    	 

    

 

1.2
“Licensed Product” means any article, composition, apparatus, substance, chemical, or any other material whose
manufacture, use or sale would constitute an infringement of any Valid Claim within Regents’ Patent Rights, or any service,
article, composition, apparatus, chemical, substance, or any other material made, used, or sold by or utilizing or practicing
a Licensed Method. This definition of Licensed Product also includes a service either used by Licensee, an Affiliate, or sublicensee
or provided by Licensee, an Affiliate or sublicensee to its customers when such service requires the use of Licensed Product or
performance of Licensed Method.

 

1.3
“Licensed Method” means any process or method whose use or practice would constitute an infringement of any
claim within Regents’ Patent Rights.

 

1.4
The “Field of Use” means modulation of skeletal formation and skeletal replacement or repair. As new
fields of use are identified, Licensee may request to have additional Fields of Use amended into this Paragraph 1.4, The Regents
may add the proposed field if additional diligence for the development of the new Field of Use is incorporated into Paragraph
6.3. The new diligence terms will stipulate dates for completion of specific phases of clinical development as well as a date
for First Commercial Sale for a Licensed Product in the new Field of Use.

 

1.5
“Affiliate” means any corporation or other business entity in which Licensee owns or controls, directly or
indirectly, at least fifty percent (50%) of the outstanding stock or other voting rights entitled to elect directors. In any country
where the local law does not permit foreign equity participation of at least fifty percent (50%), then “Affiliate”
means any company in which Licensee owns or controls, directly or indirectly, the maximum percentage of outstanding stock or voting
rights that is permitted by local law.

 

1.6
“First Commercial Sale” means the first sale of any Licensed Product by Licensee or any Affiliate or Sublicensee,
following marketing approval by the appropriate governmental agency for the country in which the sale is to be made. When governmental
marketing approval is not required, “First Commercial Sale” means the first sale in that country.

 

1.7
“Final Sale” means any sale, transfer, lease, exchange or other disposition or provision of a Licensed Product
and/or a Licensed Method to a Customer. A Final Sale shall be deemed to have occurred upon the earliest to occur of the following
(as applicable): (a) the transfer of title to such Licensed Product and/or Licensed Method to a Customer, (b) the shipment of
such Licensed Product to a Customer, (c) the provision of a Licensed Method to a Customer, (d) the provision of an invoice for
such Licensed Product or Licensed Method to a Customer, or (e) payment by the Customer for Licensed Products or Licensed Methods.

 

    	2

    	 

    

 

1.8
“Net Sales” means the total of the gross amount invoiced or otherwise charged (whether consisting of cash or
any other forms of consideration) for the Final Sale of Licensed Products or Licensed Methods by Licensee, or by any Affiliate,
joint venture or Sublicensee to Customers, less the following deductions (to the extent included in and not already deducted from
the gross amount invoiced or otherwise charged) to the extent reasonable and customary: cash, trade or quantity discounts, retroactive
price reductions or rebates actually granted to Customers and charge-back payments and rebates granted to managed health care
organizations or to any governmental entity (and its agencies, purchasers or reimburses); sales, use, tariff, import/export duties
or other excise taxes imposed on particular sales (excepting value added taxes or income taxes); transportation and delivery charges,
including insurance to the extent actually paid by the Customer; and allowances or credits to Customers because of rejections
or returns and amounts written off as uncollectible by Licensee. Where Licensee or any Affiliate, joint venture or Sublicensee
is the Customer, then Net Sales shall be based on the average Net Sales received from other Customers in an arms length transaction
for such Licensed Products or Licensed Methods during the same calendar quarter, less the deductions described above. If a Licensed
Product is sold in combination with another product, component or service not covered by a Valid Claim in the country in which
the combination product is sold, the Net Sales for such combination product shall be calculated by multiplying the net selling
price of the combination by the fraction A/(A + B), where A is the average gross selling price of the Licensed Product sold separately
in that country, and B is the average gross selling price of the other product, component or service sold separately in that country.
If all such items are not sold separately, any item not sold separately shall have a price attributed to it for purposes of this
definition consistent with pricing of similar products or their functional equivalents sold separately. If a price for either
or both items cannot be determined pursuant to the foregoing, the Net Sales for purposes of determining royalties on the combination
product shall be reasonably determined by Licensee based on the relative value contributed by each item to the combination product.

 

1.9
“Series A Financing” means an investment of at least two million dollars ($2,000,000.00) from a venture capital
firm through the sale of equity securities of Licensee or documentation that sufficient funds have been raised from any source
to meet all the development milestones set forth up to Paragraph 6.3(e).

 

1.10
“Sublicensee” means any third party sublicensed by Licensee under the Regents’ Patent Rights to make,
have made, use, sell, offer for sale or import any Licensed Product or to practice any Licensed Method.

 

1.11
“Sublicensing Income” means income received by Licensee from a sublicense of the Regents’ Patent Rights,
including income received by way of license issue fees, milestone payments, and the like but specifically excludes payment or
prepayment of royalties for the sale or distribution of Licensed Products or the practice of Licensed Methods. Not included in
the definition of Sublicensing Income is income received by Licensee as payment or reimbursement for (i) equity or debt financing,
(ii) past or future research and development costs conducted by or for Licensee, including costs associated with materials, equipment
or clinical testing; (iii) amounts paid for third party technology (provided that Licensee shall make a good faith allocation
of Sublicensing Income between the Regents’ Patent Rights and such third party technology, in accordance with generally
accepted accounting principles); and patent and patent related expenses

 

1.12
“Customer” means any individual or entity that receives Licensed Products or Licensed Methods, provided however,
that Licensee or any Affiliate, joint venture or Sublicensee shall be deemed a Customer only if it receives Licensed Products
or Licensed Services for its own end- use and not resale.

 

    	3

    	 

    

 

1.13
“Valid Claim” means a patent claim contained in (a) a pending application included within the Regents’
Patent Rights, unless such application has been pending for more than five (5) years from its U.S. filing date for domestic patents
and seven (7) years from the date of the PCT filing for foreign; or (b) an issued and unexpired patent included within the Regents’
Patent Rights which claim has not been held unenforceable, unpatentable or invalid by a final decision of a court or other governmental
agency of competent jurisdiction, unappealable or unappealed within the time allowed for appeal, and which has not been admitted
to be invalid or unenforceable through abandonment, reissue, disclaimer or otherwise.

 

2.
GRANT

 

2.1
Subject to the limitations set forth in this Agreement, The Regents hereby grants to Licensee an exclusive license (the “License”)
under Regents’ Patent Rights, in jurisdictions where Regents’ Patent Rights exist, to make, have made, use, sell,
offer for sale and import Licensed Products and to practice Licensed Methods in the Field of Use to the extent permitted by law.

 

2.2
The License is subject to all the applicable provisions of any license to the United States Government executed by The Regents
and is subject to any overriding obligations to the United States Federal Government under 35 U.S.C. §200-212 and applicable
governmental implementing regulations.

 

2.3
The Regents expressly reserves the right to use Regents’ Patent Rights and associated technology for educational and research
purposes including publication of research results and sharing research results with other non-profit institutions, and allowing
other non-profit research institutions to use Regents’ Patent Rights and associated technology for the same purpose.

 

3.
SUBLICENSES

 

3.1
The Regents also grants to Licensee the right to issue exclusive or nonexclusive sublicenses (“Sublicenses”)
to third parties to make, have made, use sell, offer for sale or import Licensed Products and to practice Licensed Methods in
any jurisdiction in which Licensee has exclusive rights under this Agreement. To the extent applicable, sublicenses must include
all of the rights of and obligations due to The Regents (and, if applicable, the U.S. Government under 35 U.S.C. §200-212)
contained in this Agreement.

 

3.2
Licensee must pay to The Regents a percentage of all Sublicensing Income as follows:

 

3.2a
Fifteen percent (15%) of any Sublicensing Income received during the first eighteen (18) months after the Effective Date.

 

3.2b
Ten percent (10%) of any Sublicensing Income received more than eighteen (18) months after the Effective Date; provided, however,
if the sublicensee also licenses material licensee patent rights not dominated by The Regents Patent Rights under the sublicense,
this percentage will be reduced to eight percent (8%) of Sublicensing Income received from that sublicensee more than five (5)
years after the Effective Date.

 

    	4

    	 

    

 

3.3
On Net Sales of Licensed Products sold or disposed of by a Sublicensee, Licensee must pay to The Regents an earned royalty in
accordance with Article 5 (Royalties) as if these were Licensee’s Net Sales. Any royalties received by Licensee in excess
of royalties due to The Regents under this Paragraph 3.3 belong to Licensee.

 

3.4
Licensee must provide to The Regents a copy of each Sublicense within thirty (30) days of execution, and a copy of all information
submitted to Licensee by Sublicensees relevant to the computation of the payments due to The Regents under this Article 3 (Sublicenses).

 

3.5
If this Agreement is terminated for any reason, all outstanding Sublicenses, not in default, will be assigned by licensee to The
Regents, at the option of The Regents. The Sublicenses will remain in full force and effect with The Regents as the licensor or
sublicensor instead of Licensee, but the duties of The Regents under the assigned Sublicenses will not be greater than the duties
of The Regents under this Agreement, and the rights of The Regents under the assigned Sublicenses will not be less than the rights
of The Regents under this Agreement, including all financial consideration and other rights of The Regents.

 

4.
FEES

 

4.1
In partial consideration for the License, Licensee will pay to The Regents a license issue fee of twenty thousand one hundred
dollars and fifty cents ($20,100.50), of which ten thousand one hundred dollars and fifty cents ($10,100.50) will be paid within
thirty (30) days of the Effective Date and the remainder within six (6) months after the Effective Date. This fee is nonrefundable
and is not an advance against royalties.

 

4.2
For the first (and only the first) Licensed Product reaching the milestones indicated below, Licensee must make the following
payments to The Regents within thirty (30) days of reaching the milestones:

 

4.2a
First Commercial Sale: Twenty-five thousand dollars ($25,000)

 

4.2b
FDA marketing approval: Fifty-thousand dollars ($50,000)

 

4.3
Licensee must pay to The Regents a license maintenance fee of ten-thousand dollars ($10,000) beginning on the one (1) year anniversary
date of the Effective Date of this Agreement and continuing annually on each anniversary date of the Effective Date. The maintenance
fee will not be due and payable on any anniversary date of the Effective Date if prior to that date Licensee has made the First
Commercial Sale of a Licensed Product. The license maintenance fees are non-refundable and are not an advance against royalties.

 

4.4
Within thirty (30) days after the Effective Date, and subject to The Regents’ execution of Licensee’s standard common
stock purchase agreement in the form attached as Appendix B. Licensee will issue to the Regents shares of Licensee’s Common
Stock equal to two percent (2%) of the total outstanding and issued Common Stock as of the Effective Date.

 

    	5

    	 

    

 

5.
ROYALTIES

 

5.1
Licensee must pay to The Regents for sales by Licensee or its Affiliates an earned royalty of three percent (3%) of Net Sales
of Licensed Products or Licensed Methods.

 

5.2
Licensee must pay to The Regents a minimum annual royalty of twenty-five thousand dollars ($25,000) for the life of Regents’
Patent Rights, beginning in the year of the First Commercial Sale of Licensed Product. Licensee must pay the minimum annual royalty
to The Regents by February 28 of each year. The minimum annual royalty will be credited against the earned royalty due and owing
for the calendar year in which the minimum payment was made.

 

5.3
Paragraphs 1.1, 1.2, 1.3 and 1.4 define Regents’ Patent Rights, Licensed Product, Licensed Method and the Field of Use so
that royalties are payable on products covered by pending patent applications and issued patents. Royalties accrue for the duration
of this Agreement.

 

5.4
Licensee must pay royalties owed to The Regents on a quarterly basis. Licensee must pay the royalties within two (2) months of
the end of the calendar quarter in which the royalties accrued.

 

5.5
All monies due The Regents must be paid in United States funds. When Licensed Products are sold for monies other than United States
dollars, the royalties will first be determined in the foreign currency of the country in which those Licensed Products were sold
and, second, converted into equivalent United States funds. Licensee must use the exchange rate established by the Bank of America
in San Francisco, California on the last day of the calendar quarter.

 

5.6
Any tax for the account of The Regents required to be withheld by Licensee under the laws of any foreign country must be promptly
paid by Licensee for and on behalf of The Regents to the appropriate governmental authority. Licensee will use its best efforts
to furnish The Regents with proof of payment of any tax. Licensee is responsible for all bank transfer charges. All payments made
by Licensee in fulfillment of The Regents’ tax liability in any particular country will be credited against fees or royalties
due The Regents for that country.

 

5.7
If at any time legal restrictions prevent the acquisition or prompt remittance of United States Dollars by Licensee with respect
to any country where a Licensed Product is sold, the Licensee shall pay royalties due to The Regents from Licensee’s other
sources of United States Dollars.

 

5.8
If any patent or any claim included in Regents’ Patent Rights is held invalid or unenforceable in a final decision by a
court of competent jurisdiction from which no appeal has or can be taken, all obligation to pay royalties based on that patent
or claim or any claim patentably indistinct from it will cease as of the date of that final decision. Licensee will not, however,
be relieved from paying any royalties that accrued before that decision or that is based on another patent or claim not involved
in that decision.

 

    	6

    	 

    

 

5.9
No royalties will be collected or paid on Licensed Products sold to the United States Federal Government, or any agency of the
United States Government. The Licensee and its Sublicensees will reduce the amount charged for Licensed Products distributed to
the United States Government by the amount of the royalty.

 

5.10
No multiple royalties will be due even if a Licensed Product or Licensed Method is covered by more than one of the Regents’
Patent Rights.

 

5.11
If Licensee pays a third party royalties in consideration for patent rights which are necessary in order to practice Regents’
Patent Rights then Licensee or Sublicensee, as the case may be may deduct one third of one percent (0.333%) from the royalty rate
due to The Regents under this Agreement for every percentage point paid to third party in royalties, provided that in no event
shall royalties or other amounts due to The Regents in any reporting period be reduced to less than fifty percent (50%) of what
would otherwise be due to The Regents.

 

6.
DILIGENCE

 

6.1
Upon the execution of this Agreement, Licensee must diligently proceed with the development, manufacture and sale (“Commercialization”)
of Licensed Products and must earnestly and diligently endeavor to market them within a reasonable time after execution of this
Agreement and in quantities sufficient to meet the market demands for them.

 

6.2
Licensee must endeavor to obtain all necessary governmental approvals for the Commercialization of Licensed Products.

 

6.3
The Regents has the right and option to either terminate this Agreement or reduce Licensee’s exclusive license to a nonexclusive
license if Licensee fails to perform any of the terms in this Paragraph 6.3. This right, if exercised by The Regents, supersedes
the rights granted in Article 2 (Grant).

 

6.3a
Within three (3) months of the Effective Date provide The Regents with an updated business plan for commercialization of a Licensed
Product.

 

6.3b
Within twelve (12) months of the Effective Date commence an animal study to test proof of concept of a Licensed Product using
a commercially available carrier.

 

6.3c
Within eighteen (18) months of the Effective Date commence a large animal study to test proof of concept of a Licensed Product.

 

6.3d
Within twenty-four (24) months of the Effective Date provide the Regents with documentation satisfying the requirements of a Series
A Financing to support development of a Licensed Product through that date.

 

6.3e
Within thirty-six (36) months of the Effective Date commence preclinical studies of a Licensed Product

 

    	7

    	 

    

 

6.3f
Within forty-eight (48) months of the Effective Date commence Phase I clinical trials (or equivalent) for a Licensed Product

 

6.3g
Within nine (9) years of the Effective Date have First Commercial Sale of a Licensed Product.

 

Licensee
may extend any three of these milestones in six (6) month increments, but not more than once per milestone, by making a ten-thousand
dollars ($10,000) payment to UCLA. In the event of any extension, any later occurring milestones will be similarly extended. If
Licensee, directly or through its Affiliates or sublicensees, fulfills all of its obligations in this Paragraph 6.3, Licensee
will be deemed to have satisfied its diligence obligations under this Article 6 (Diligence).

 

6.4
Licensee has the sole discretion for making all decisions as to how to commercialize any Licensed Product.

 

7.
PATENT FILING, PROSECUTION AND MAINTENANCE

 

7.1
As long as Licensee is paying prosecution costs, The Regents will diligently file, prosecute and maintain the patents and applications
comprising Regents’ Patent Rights. These patents will be held in the name of The Regents and will be obtained with counsel
representing The Regents, which counsel will be selected by the Licensee subject to The Regents’ reasonable approval (and
The Regents acknowledge approval of Paul Li, currently with the law firm of Squire, Sanders & Dempsey). The Regents must provide
Licensee with copies of each patent application, office action, response to office action, request for terminal disclaimer, and
request for reissue or reexamination of any patent or patent application under Regents’ Patent Rights. The Regents will
communicate and work together with Licensee to provide direction to patent counsel but final decisions regarding prosecution are
The Regents; provided that The Regents will consult with Licensee regarding patent prosecution decisions, and The Regents will
use best efforts to consider the business interests expressed by Licensee in prosecution of the Regents’ Patent Rights,
to the extent no conflict exists with the legitimate requirements of The Regents. The Regents is entitled to take action to preserve
rights and minimize costs whether or not Licensee has commented.

 

7.2
Licensee will bear all costs incurred prior to and during the term of this Agreement in the preparation, filing, prosecution and
maintenance of patent applications and patents in Regents’ Patent Rights as follows: (a) Licensee will reimburse The Regents
for all patent costs incurred by and invoiced to The Regents prior to March 1, 2005 (up to a maximum of fifty thousand dollars
($50,000)) within thirty (30) days after the closing of the Series A Financing or satisfying the diligence requirement in Paragraph
6.3(d) above: (b) Licensee will pay all patent costs incurred by and invoiced to The Regents after March 1, 2005 and prior to
July 1, 2005, as such costs occur, but may defer payment of fifty percent (50%) of those costs until March 31, 2006 and (c) Licensee
will pay all patent costs incurred by and invoiced to The Regents after July 1, 2005, as such costs occur. Prosecution includes
interferences, oppositions and any other inter partes matters originating in a patent office. Licensee must send payment to The
Regents within thirty (30) days of Licensee’s receipt of an invoice.

 

    	8

    	 

    

 

7.3
Licensee has the right to request patent protection on the Invention in foreign countries if the rights are available. Licensee
must notify The Regents of its decision within eight (8) months of the filing of the corresponding United States patent application.
This notice must be in writing and must identify the countries desired. The absence of this notice from Licensee to The Regents
will be considered an election not to secure foreign rights.

 

7.4
Eight (8) months after the filing of the corresponding United States application, but not sooner, The Regents will have the right
to file patent applications at its own expense in any country which Licensee has not identified in written notice provided by
Paragraph 7.3. These applications and resulting patents will not be subject to this Agreement.

 

7.5
Licensee’s obligation to underwrite and to pay all United States and foreign patent costs will continue for as long as this
Agreement remains in effect. Licensee may terminate its obligations with respect to any given patent application or patent upon
three (3) months written notice to The Regents. The Regents will use its best efforts to curtail patent costs chargeable to Licensee
under this Agreement after this notice is received from Licensee. The Regents may continue prosecution or maintenance of these
application(s) or patent(s) at its sole discretion and expense, and Licensee will have no further rights or licenses to them.

 

7.6
The Regents will use its best efforts to not allow any Regents’ Patent Rights for which Licensee is licensed and is underwriting
the costs of to lapse or become abandoned without Licensee’s authorization or reasonable notice, except for the filing of
continuations, divisionals, or the like which substitute for the lapsed application.

 

8.
PATENT INFRINGEMENT

 

8.1
In the event that The Regents (to the extent of the actual knowledge of the licensing professional responsible for the administration
of this Agreement) or the Licensee learns of infringement of potential commercial significance of any patent licensed under this
Agreement, the knowledgeable party will provide the other (i) with written notice of such infringement and (ii) with any evidence
of such infringement available to it (the “Infringement Notice”). During the period in which, and in the jurisdiction
where, the Licensee has exclusive rights under this Agreement, neither The Regents nor the Licensee will notify a third party
(including the infringer) of infringement or put such third party on notice of the existence of any Patent Rights without first
obtaining consent of the other. If the Licensee puts such infringer on notice of the existence of any Patent Rights with respect
to such infringement without first obtaining the written consent of The Regents and if a declaratory judgment action is filed
by such infringer against The Regents, then Licensee’s right to initiate a suit against such infringer for infringement
under Paragraph 8.2 below will terminate immediately without the obligation of The Regents to provide notice to the Licensee.
Both The Regents and the Licensee will use their diligent efforts to cooperate with each other to terminate such infringement
without litigation; provided, however, that Licensee shall not be required to sublicense the infringer.

 

    	9

    	 

    

 

8.2
If infringing activity of potential commercial significance by the infringer has not been abated within ninety (90) days following
the date the Infringement Notice takes effect, then the Licensee will have the initial right, but not the obligation, at its expense,
to institute suit for patent infringement against the infringer. The Regents may voluntarily join such suit at its own expense,
but may not thereafter commence sun against the infringer for the acts of infringement that are the subject of the Licensee’s
suit or any judgment rendered in the sun. If, in a suit initiated by the Licensee, The Regents is involuntarily joined other than
by the Licensee, then the Licensee will pay any costs incurred by The Regents arising out of such suit, including but not limited
to, any legal fees of counsel that The Regents selects and retains to represent it in the suit. In the event that (1) Licensee
is unable to proceed with an infringement actions because The Regents is deemed to be a necessary party and The Regents declines
to be joined in the Licensee’s infringement action; (2) The Regents does not pursue an infringement action in its own name;
and (3) Licensee is unable to reach a mutually acceptable business solution with the alleged infringer (e.g. sublicense from Licensee),
The Regents agrees to reduce by fifty percent (50%) the royalty rates payable by Licensee under the Agreement to account for the
impact of the alleged infringement on Licensee.

 

8.3
If, within a hundred and eighty (180) days following the date the Infringement Notice takes effect, infringing activity of potential
commercial significance by the infringer has not been abated and if the Licensee has not brought suit against the infringer, then
The Regents may institute such suit for patent infringement against the infringer. If The Regents institutes such suit, then the
Licensee may not join such suit without The Regents consent and may not thereafter commence suit against the infringer for acts
of infringement that are subject to The Regents suit or any judgment rendered in that suit.

 

8.4
Any recovery or settlement received in connection with any suit will first be shared by The Regents and the Licensee equally to
cover any litigation costs each incurred and next shall be paid to The Regents or the Licensee to cover any litigation costs it
incurred in excess of the litigation costs of the other. In any suit initiated by the Licensee, any recovery in excess of litigation
costs will be shared between Licensee and The Regents as follows: (a) for any recovery other than amounts paid for willful infringement:
(i) The Regents will receive fifteen percent (15%) of the recovery if The Regents was not a party in the litigation or was involuntarily
joined but did not actively participate in the litigation, (ii) The Regents will receive forty percent (40%) if The Regents was
party in the litigation, and actively participated in the litigation (and incurred litigation costs); and (b) for any recovery
for willful infringement, The Regents will receive fifty percent (50%) of the recovery. The Regents and the Licensee agree to
be bound by all determinations of patent infringement, validity and enforceability (but no other issue) resolved by any adjudicated
judgment in a suit brought in compliance with this Article 8 (Patent Infringement).

 

8.5
Any agreement made by the Licensee for purposes of settling litigation or other dispute shall comply with the requirements of
Article 3 (Sublicenses) of this Agreement.

 

8.6
Each party will cooperate with the other in litigation proceedings instituted hereunder but at the expense of the party who initiated
the suit (unless such suit is being jointly prosecuted by the parties).

 

8.7
Any litigation proceedings will be controlled by the party bringing the suit, except that The Regents may be represented by counsel
of its choice in any suit brought by the Licensee.

 

    	10

    	 

    

 

9.
PROGRESS AND ROYALTY REPORTS

 

9.1
Beginning January 31, 2006, Licensee must submit to The Regents semiannual progress reports covering Licensee’s activities
related to the development and testing of all Licensed Products and the obtaining of the governmental approvals necessary for
marketing. These progress reports must be made for each Licensed Product until its First Commercial Sale.

 

9.2
The progress reports submitted under Paragraph 9.1 must include the following topics:

 

9.2a
Summary of work completed.

 

9.2b
Key scientific discoveries.

 

9.2c
Summary of work in progress.

 

9.2d
Current schedule of anticipated events or milestones.

 

9.2e
Market plans for introduction of Licensed Products.

 

9.2f
A summary of resources (dollar value) spent in the reporting period.

 

9.3
Licensee must notify The Regents if Licensee or any of its Sublicensees or Affiliates ceases to be a small entity (as defined
by the United States Patent and Trademark Office) under the provisions of 35 U.S.C. §41 (b).

 

9.4
Licensee must report the date of the First Commercial Sale in the royalty report immediately following that Sale.

 

9.5
After the First Commercial Sale of each Licensed Product, Licensee must make quarterly royalty reports to The Regents by February
28, May 31, August 31 and November 30 of each year (i.e., within two (2) months from the end of each calendar quarter). Each royalty
report must cover Licensee’s most recently completed calendar quarter and must show:

 

9.5a
Gross sales and Net Sales of any Licensed Product.

 

9.5b
Number of each type of Licensed Product sold.

 

9.5c
Royalties payable to The Regents.

 

9.6
Licensee must state in its royalty report if it had no sales of any Licensed Product.

 

10.
BOOKS AND RECORDS

 

10.1
Licensee must keep accurate books and records of all Licensed Products manufactured, used or sold. Licensee must preserve these
books and records for at least five (5) years from the date of the royalty payment to which they pertain.

 

    	11

    	 

    

 

10.2
The Regents’ are entitled to have an independent auditor with a national accounting firm reasonably acceptable to Licensee
inspect these books and records solely to confirm the royalty and other payments made hereunder and compliance with other provisions
in this agreement at reasonable times and upon reasonable prior notice to Licensee, an not more than once during any twelve (12)
month period. The Regents will pay the fees and expenses of these inspections. If an error favoring Licensee of more than five
percent (5%) of the total annual royalties is discovered, for the period being audited, then Licensee will pay the fees and expenses
of these inspections. Any auditor shall enter into a confidentiality agreement with Licensee, reasonably acceptable to Licensee,
prior to conducting any inspection and shall not disclose any Licensee Confidential Information except to the extent necessary
to verify the accuracy of the payments made by Licensee hereunder and compliance with other provisions in this agreement.

 

11.
LIFE OF THE AGREEMENT

 

11.1
Unless otherwise terminated by operation of law or by acts of the parties in accordance with the terms of this Agreement, this
Agreement is in force from the Effective Date recited on page one and remains in effect for the life of the last to expire patent
in Regents’ Patent Rights, or until the last patent application licensed under this Agreement is abandoned and no patent
in Regents’ Patent Rights ever issues- (the later of these dates, the “Expiration Date”).

 

11.2
Upon termination of this Agreement, prior to Expiration Date, Licensee will have no further right to make, have made, use or sell
any Licensed Product except as provided in Article 14 (Disposition of Licensed Products on Hand Upon Termination).

 

11.3
Any expiration or termination of this Agreement will not affect the rights and obligations set forth in the following Articles;

 

Article
10 Books and Records

 

Article
14 Disposition of Licensed Products on Hand upon Termination

 

Article
16 Use of Names and Trademarks

 

Article
17 Limited Warranty

 

Article
18 Indemnification

 

Article
23 Failure to Perform

 

Article
24 Governing Law

 

12.
TERMINATION BY THE REGENTS

 

12.1
If Licensee violates or fails to perform any material term or covenant of this Agreement, then The Regents may give written notice
of the default (“Notice of Default”) to Licensee. If Licensee does not repair the default within sixty (60)
days after the effective date of the Notice of Default, then The Regents has the right to terminate this Agreement and the License
by a second written notice (“Notice of Termination”) to Licensee. If The Regents sends a Notice of Termination
to Licensee, then this Agreement automatically terminates on the effective date of this notice. Termination does not relieve Licensee
of its obligation to pay any royalty or fees owing at the time of termination and does not impair any accrued right of The Regents.

 

    	12

    	 

    

 

13.
TERMINATION BY LICENSEE

 

13.1
Licensee has the right at any time to terminate this Agreement in whole or with respect to any portion of Regents’ Patent
Rights by giving written notice to The Regents. This notice of termination will be subject to Article 19 (Notices) and will be
effective ninety (90) days after the effective date of the notice.

 

13.2
Any termination in accordance with Paragraph 13.1 does not relieve Licensee of any obligation or liability accrued prior to termination.
Nor does termination rescind anything done by Licensee or any payments made to The Regents prior to the effective date of termination.
Termination does not affect in any manner any rights of The Regents arising under this Agreement prior to termination.

 

14.
DISPOSITION OF LICENSED PRODUCTS

 ON
HAND UPON TERMINATION

 

14.1
Upon termination of this Agreement, Licensee will have the right to dispose of all previously made or partially made Licensed
Products, but no more, within a period of six (6) months. But Licensee must submit royalty reports on the sale of these Licensed
Products and must pay royalties at the rate and at the time provided in this Agreement.

 

15.
PATENT MARKING

 

15.1
Licensee must mark all Licensed Products made, used or sold under the terms of this Agreement, or their containers, in accordance
with the applicable patent marking laws.

 

16.
USE OF NAMES AND TRADEMARKS

 

16.1
Neither party is permitted to use any name, trade name, trademark or other designation of the other party or its employees (including
contraction, abbreviation or simulation of any of the foregoing) in advertising, publicity or other promotional activity. Unless
required by law, Licensee is expressly prohibited from using the name “The Regents of the University of California”
or the name of any campus of the University of California.

 

17.
LIMITED WARRANTY

 

17.1
The Regents warrants that it has the lawful right to grant this license to Licensee.

 

17.2
This License and the associated Invention are provided WITHOUT WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE
OR ANY OTHER WARRANTY, EXPRESS OR IMPLIED. THE REGENTS MAKE NO REPRESENTATION OR WARRANTY THAT ANY LICENSED PRODUCT WILL NOT INFRINGE
ANY PATENT OR OTHER PROPRIETARY RIGHT.

 

    	13

    	 

    

 

17.3
SUBJECT TO ARTICLE 18 (Indemnification), IN NO EVENT WILL EITHER PARTY BE LIABLE FOR ANY INCIDENTAL, SPECIAL OR CONSEQUENTIAL
DAMAGES RESULTING FROM EXERCISE OF THIS LICENSE OR THE USE OF THE INVENTION OR LICENSED PRODUCTS OR THE USE OR THE PRACTICE OF
LICENSED METHODS.

 

17.4
Nothing in this Agreement will be construed as:

 

17.4a
A warranty or representation by The Regents as to the validity or scope of any Regents’ Patent Rights.

 

17.4b
A warranty or representation that anything made, used, sold or otherwise disposed of under any license granted in this Agreement
is or will be free from infringement of patents of third parties.

 

17.4c
Obligate The Regents to bring or prosecute actions or suits against third parties for patent infringement except as provided in
Article 8 (Patent Infringement).

 

17.4d
Conferring by implication, estoppel or otherwise any license or rights under any patents of The Regents other than Regents’
Patent Rights as defined herein, regardless of whether such patents are dominant or subordinate to Regents’ Patent Rights.

 

17.4e
Obligate The Regents to furnish any know-how not provided in Regents’ Patent Rights.

 

18.
INDEMNIFICATION

 

18.1
Licensee will, and will require its Sublicensees to, indemnify, hold harmless and defend The Regents, its officers, employees,
and agents, the sponsors of the research that led to the invention, the inventors of the patents and patent applications in Regents’
Patent Rights and their respective employers from and against any and all liability, claims, suits, losses, damages, costs, fees
and expenses resulting from or arising out of exercise of this license or any sublicense. Indemnification includes but is not
limited to products liability. If The Regents, in its sole discretion, believes that there will be a conflict of interest or it
will not otherwise be adequately represented by counsel chosen by Licensee to defend The Regents in accordance with this Paragraph
18.1, then The Regents may retain counsel of its choice to represent it, and Licensee will pay all expenses for such representation.

 

    	14

    	 

    

 

18.2
Licensee, at its sole cost and expense, must insure its activities in connection with the work under this Agreement and obtain,
keep in force and maintain Comprehensive or Commercial Form General Liability Insurance (contractual liability included) with
limits as follows:

 

18.2a
Each occurrence $5,000,000

 

18.2b
Products/completed operations aggregate $10,000,000

 

18.2c
Personal and advertising injury $5,000,000

 

18.2d
General aggregate (commercial form only) $10,000,000

 

18.3
Licensee expressly understands, however, that the coverages and limits in Paragraph 18.2 do not in any way limit the Licensee’s
liability. Licensee must furnish The Regents with certificates of insurance evidencing compliance with all requirements. Licensee’s
insurance must:

 

18.3a
Provide for thirty (30) day advance written notice to The Regents of any modification.

 

18.3b
Indicate that The Regents of the University of California is endorsed as an Insured under the coverages listed in Paragraph 18.2. 

 

18.3c
Include a provision that the coverages will be primary and will not participate with nor will be excess over any valid and collective
insurance or program of self-insurance carried or maintained by The Regents.

 

18.4
The Regents shall notify Licensee in writing of any claim or suit brought against The Regents in respect of which The Regents
intends to invoke the provisions of this Article 18 (Indemnification). Licensee shall keep The Regents informed on a current basis
of its defense of any claims under this Article 18 (Indemnification).

 

19.
NOTICES

 

19.1
Any notice or payment required to be given to either party must be sent to the respective address given below and is effective:
(a) on the date of delivery if delivered in person, (b) five (5) days after mailing if mailed by first-class certified mail, postage
paid, or (c) on the next business day if sent by overnight delivery. Either party may change its designated address by written
notice.

 

	 	For
    Licensee:	BONE
    BIOLOGICS
	 	 	 
	 	 	115
    North Doheny Drive
	 	 	 
	 	 	Beverly
    Hills, California 90211
	 	 	 
	 	 	Attention:
    Chia Soo
	 	 	 
	 	For
    The Regents:	The
    Regents of the University of California
	 	 	 
	 	 	University
    of California, Los Angeles
	 	 	 
	 	 	Office
    of Intellectual Property Administration
	 	 	 
	 	 	10920
    Wilshire Blvd., Suite 1200
	 	 	 
	 	 	Los
    Angeles, California 90024-1406
	 	 	 
	 	 	Attention:
    Director

 

    	15

    	 

    

 

20.
ASSIGNABILITY

 

20.1
This Agreement is binding upon and inures to the benefit of The Regents, its successors and assigns. But it is personal to Licensee
and assignable by Licensee only with the written consent of The Regents. The consent of The Regents will not be required if the
assignment is in conjunction with the transfer of all or substantially all of the business of Licensee to which this license relates.

 

21.
LATE PAYMENTS

 

21.1
For each royalty payment or fee not received by The Regents when due, Licensee must pay to The Regents a simple interest charge
of ten percent (10%) per annum to be calculated from the date payment was due until it was actually received by The Regents.

 

22.
WAIVER

 

22.1
The waiver of any breach of any term of this Agreement does not waive any other breach of that or any other term.

 

23.
FAILURE TO PERFORM

 

23.1
If either party takes legal action against the other because of a failure of performance due under this Agreement, then the prevailing
party is entitled to reasonable attorney’s fees in addition to costs and necessary disbursements.

 

24.
GOVERNING LAW

 

24.1
THIS AGREEMENT IS TO BE INTERPRETED AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF CALIFORNIA, but the scope and validity
of any patent or patent application will be governed by the applicable laws of the country of the patent or patent application.

 

25.
GOVERNMENT APPROVAL OR REGISTRATION

 

25.1
If this Agreement or any associated transaction is required by the law of any nation to be either approved or registered with
any governmental agency, Licensee will assume all legal obligations to do so. Licensee will notify The Regents if it becomes aware
that this Agreement is subject to a United States or foreign government reporting or approval requirement. Licensee will make
all necessary filings and pay all costs including fees, penalties, and all other out-of-pocket costs associated with such reporting
or approval process.

 

    	16

    	 

    

 

26.
EXPORT CONTROL LAWS

 

26.1
Licensee must observe all applicable United States and foreign laws with respect to the transfer of Licensed Products and related
technical data to foreign countries, including the International Traffic in Arms Regulations (ITAR) and the Export Administration
Regulations.

 

27.
PREFERENCE FOR UNITED STATES INDUSTRY

 

27.1
Because this Agreement grants an exclusive right to a particular use of the Invention, Licensee must manufacture in the United
States any products embodying this Invention or produced through the Invention’s use to the extent required by 35 U.S.C.
§200-212. The Regents agree that, if requested by Licensee, The Regents will use reasonable and good faith efforts to cooperate
with Licensee to seek a waiver or exception form the foregoing requirement on reasonable showing thereof by Licensee of a basis
for such a waiver.

 

28.
FORCE MAJEURE

 

28.1
The parties will be excused from any performance required under this Agreement if performance is impossible or unfeasible due
to any catastrophe or other major event beyond their reasonable control, including war, riot, or insurrection; lockouts or other
serious labor disputes; and floods, fires, explosions, or other natural disasters. When such events abate, and in any event within
one (1) year, the parties’ respective obligations will resume.

 

29.
CONFIDENTIALITY

 

29.1
If either party discloses confidential information to the other party, the disclosing party will designate this information as
confidential by appropriate legend or instruction, and the receiving party will:

 

29.1a
Use the same degree of care to maintain the secrecy of the confidential information as it uses to maintain the secrecy of its
own information of like kind.

 

29.1b
Use the confidential information only to accomplish the purposes of this Agreement.

 

29.2
Neither party will disclose confidential information received from the other party except to its employees, customers, distributors
and other agents who are bound to it by similar obligations of confidence and only as required to accomplish the purposes of this
Agreement.

 

29.3
Neither party will have any confidentiality obligation with respect to the confidential information belonging to or disclosed
by the other party that:

 

29.3a
The receiving party can demonstrate by written records was previously known to it.

 

29.3b
The receiving party lawfully obtained from sources under no obligation of confidentiality.

 

    	17

    	 

    

 

 

29.3c
Is or becomes publicly available other than through an act or omission of the receiving party or any of its employees.

 

29.3d
Is required to be disclosed under the California Public Records Act, governmental audit requirement or other requirement of law.

 

29.4
The provisions of this Article 29 (Confidentiality) will continue in effect for five (5) years after expiration or termination
of this Agreement.

 

29.5
The Regents is free to release to the inventors and senior administrators employed by The Regents the terms and conditions of
this Agreement. If such release is made, then The Regents shall give notice of the confidential nature and shall request that
the recipient not disclose such terms and conditions to others. If a third party inquires whether a license to Regents’
Patent Rights is available, then The Regents may disclose the existence of this Agreement and the extent of the grant in Article
2 (Grant) to such third party, but will not disclose the name of Licensee or any other terms or conditions of this Agreement,
except where The Regents is required to release information under the California Public Records Act, a governmental audit requirement,
or other applicable law.

 

30.
MISCELLANEOUS

 

30.1
The headings of the several sections are inserted for convenience of reference only and are not intended to be a part of, or to
affect the meaning or interpretation of, this Agreement.

 

30.2
This Agreement is not binding upon the parties until it has been signed below on behalf of each party, in which event it becomes
effective as of the date recited on page one.

 

30.3
No amendment or modification of this Agreement will be valid or binding upon the parties unless made in writing and signed by
each party.

 

30.4
This Agreement embodies the entire understanding of the parties and supersedes all previous communications, representations or
understandings, either oral or written, between the parties relating to the subject matter hereof.

 

30.5
If any part of this Agreement is for any reason found to be unenforceable, all other parts nevertheless remain enforceable as
long as a party’s rights under this Agreement are not materially affected. In lieu of the unenforceable provision, the parties
will substitute or add as part of this Agreement a provision that will be as similar as possible in economic and business objectives
as was intended by the unenforceable provision.

 

    	18

    	 

    

 

Both
The Regents and Licensee have executed this Agreement in duplicate originals by their authorized officers on the dates written
below:

 

	BONE
    BIOLOGICS, INC.	 	THE
    REGENTS OF THE UNIVERSITY OF CALIFORNIA
	 	 	 	 	 
	By:	/s/
    Mary A. Gray 	 	By:	/s/
    Emily Loughran 
	 	Signature	 	 	Signature
	 	 	 	 	 
	Name:
    	Mary A. “Toni” Gray 	 	Name:
    	Emily
    Loughran
	Title:
    	CEO 	 	Title:
    	Director
    of Licensing
	Date:	March 20, 2006	 	Date:	March
    20, 2006 

 

    	 

    	 

    

 

APPENDIX
A

 

REGENTS’
PATENT RIGHTS

 

U.S.
Patent Application No. 09/412,297 entitled “NELL-1 Enhanced Bone Mineralization,” filed October 5, 1999 (UCLA Case
No. 1999-560) by Dr. Kang Ting and assigned to The Resents of the University of California.

 

U.S.
Provisional Patent Application No. 60/410,846 (ABANDONED) entitled “NELL-1 Enhanced Bone Mineralization,” filed September
13, 2002 (UCLA Case No. 2002-477-1, 2) by Dr. Kang Ting and assigned to The Regents of the University of California.

 

PCT
Patent Application No. PCT/US03/029281 entitled “NELL-1 Enhanced Bone Mineralization,” filed September 15, 2003 (UCLA
Case No. 2002-477-3) by Dr. Kang Ting and assigned to The Regents of the University of California.

 

U.S.
Provisional Patent Application No. 60/445,672 (ABANDONED) entitled “NELL1 Expression Systems and Neuroprotective Activity
of NELL2,” filed February 7, 2003 (UCLA Case No. 2004-331-1) by Drs. Kang Ting, Shunichi Kuroda and Ben Wu and assigned
to The Regents of the University of California.

 

PCT
Patent Application No. PCT/US04/003808 entitled “NELL Peptide-Expression Systems and Bone Formation Activity of NELL Peptide,”
filed February 9, 2004 (UCLA Case No. 2004-331-2) by Drs. Kang Ting, Shunichi Kuroda and Ben Wu and assigned to The Regents of
the University of California.

 

U.S.
Provisional Patent Application No. 60/653,722 entitled “Pharmaceutical Compositions for Treating or Preventing Bone Conditions,”
filed February 16, 2005 (UCLA Case No. 2006-369-1) by Drs. Kang Ting, Shunichi Kuroda and Chia Soo and assigned to The Regents
of the University of California.

 

    	A-1

    	 

    

 

First
Amendment

To

Exclusive
License Agreement No. 2006-03-0536

 

This
Amendment is made and is effective this 1st day of September 2007 (the “Effective Date”) by and between The
Regents of the University of California (“The Regents”), a California corporation having its statewide
administrative offices at 1111 Franklin Street, 12th Floor, Oakland, California 94607-5200, acting through the offices of The
University of California, Los Angeles located at 11000 Kinross Avenue, Suite #200 Los Angeles, CA 90095-7231 and Bone Biologics,
Inc. (“Licensee”), a corporation having a principal place of business at 115 North Doheny Drive, Beverly
Hills, California, 90211 and amends UC License Agreement Control No. 2006-03-0536 (the Agreement) between The Regents and Licensee
in accordance with the terms and conditions of this Amendment.

 

The
parties agree as follows:

 

1.
Delete Paragraph 1.4 and replace with the following:

 

The
“Field of Use” means modulation of neuroectodermal, mesenchymal cell or mesoderm derivatives, including musculoskeletal
and cardiovascular system growth, formation, replacement, remodeling, regeneration, or repair (“Musculoskeletal”
and “Cardiovascular”). In addition, Field of Use includes all cGMP manufacture and gene expression protocols
of NELL-1 & 2 protein and all compositions of matter, formulations, and delivery methods thereof (“Manufacture”)
and application of the Invention to the field of mesodermal derivatives such as musculoskeletal and cardiovascular systems. Licensee
may request to have additional Fields of Use amended into this Paragraph 1.4. The Regents may add the proposed field if additional
diligence for the development of the new Field of Use is incorporated into Paragraph 6.3. The new diligence terms will stipulate
dates for completion of specific phases of clinical development as well as a date for First Commercial Sale for a Licensed Product
in the new Field of Use.

 

2.
In Paragraphs 3.2a and 3.2b, the term “Effective Date” is the Effective Date of this First Amendment
when applied to Sublicensing Income received for the Manufacture or Cardiovascular fields.

 

3.
Delete Paragraph 4.2 and replace with the following:

 

For
the first (and only the first) Licensed Product in the Musculoskeletal, for the first (and only the first) Licensed Product in
the Cardiovascular field, and for the first (and only the first) Licensed Product in the Manufacture field reaching the milestones
indicated below, Licensee must make the following payments to The Regents within thirty (30) days of reaching the milestones:

 

4.2a
First Commercial Sale: Twenty-five thousand dollars ($25,000)

 

4.2b
FDA marketing approval: Fifty-thousand dollars ($50,000)

 

For
the avoidance of doubt, only the first milestone (4.2a) is applicable for the Manufacture field if the First Commercial Sale is
for a Licensed Product in the Manufacture field that is neither in the Musculoskeletal or Cardiovascular field.

 

    	A-2

    	 

    

 

4.
Expand the diligence Paragraph 6.3 for the Manufacture and Cardiovascular Fields of Use as set forth below:

 

A.
Paragraph 6.3a-g as currently written applies only to Licensed Product in the Musculoskeletal field and should be renumbered to
read 6.3(i)a-g.

 

B.
Add the following diligence terms to Paragraph 6.3 to address diligence for the Cardiovascular field as follows:

 

		6.3(ii)a	Within
                                         18 months of the Effective Date of the First Amendment, apply for maturation funding
                                         to identify therapeutic and/or diagnostic applications of interest in Cardiovascular
                                         field through Bone Biologics or Sublicensee of Bone Biologics.
	 	 	 
	 	 	Within
36 months of the Effective Date of the First Amendment, receive at least $100,000 of maturation funding to identify therapeutic
and/or diagnostic applications of interest in Cardiovascular field through Bone Biologics or Sublicensee of Bone Biologics.

	 	 	 
	 	 	Within
four and a half (4.5) years of the Effective Date of the First Amendment, provide The Regents with an updated business plan for
commercialization of a Licensed Product in Cardiovascular field.

   

		6.3(ii)b	Within
                                         six (6) years of the Effective Date of the First Amendment finish an animal study to
                                         test proof of concept of a Licensed Product in Cardiovascular field.

 

		6.3(ii)c	Within
                                         seven (7) years of the Effective Date of the First Amendment finish a large animal study
                                         to test proof of concept of a Licensed Product in the Cardiovascular field.

 

		6.3(ii)d	Within
                                         nine (9) years of the Effective Date of the First Amendment finish preclinical studies
                                         for a Licensed Product in the Cardiovascular field.

 

		6.3(ii)e	Within
                                         twelve (12) years of the Effective Date of the First Amendment finish Phase I clinical
                                         trials (or equivalent) for a licensed product the Cardiovascular field.

 

		6.3(ii)f	Within
                                         fourteen (14) years of the Effective Date of the First Amendment have First Commercial
                                         Sale of a Licensed Product in the Cardiovascular field.

 

    	A-3

    	 

    

 

C.
Add the following diligence terms to Paragraph 6.3 to address diligence for the Manufacture field as follows:

 

		6.3(iii)a	Within
                                         six (6) months of the Effective Date of the First Amendment provide to The Regents a
                                         signed agreement from a third party for cGMP manufacture.

 

		6.3(iii)b	Within
                                         eighteen (18) months of the Effective Date of the First Amendment commence composition
                                         of matter and delivery studies on preclinical protein in small animals. 

 

		6.3(iii)c	Within
                                         thirty (30) months of the Effective Date of the First Amendment commence composition
                                         of matter and delivery studies on preclinical protein in large animals.

 

		6.3(iii)d	Within
                                         forty-two (42) months of the Effective Date of the First Amendment commence composition
                                         of matter and delivery studies on cGMP protein for an IDE application.

 

		6.3(iii)e	Within
                                         five an a half (5.5) years of the Effective Date of the First Amendment commence composition
                                         of matter and delivery studies on cGMP protein for a Phase I clinical trial.

 

		6.3(iii)f	Within
                                         nine and a half (9.5) years of the Effective Date of the First Amendment have First Commercial
                                         Sale of a Licensed Product with cGMP protein and specific composition of matter and delivery
                                         methods.

 

D.
Number the last paragraph of 6.3 as 6.3(iv) as follows:

 

		6.3(iv)	Licensee
                                         may extend any three of these milestones in each of the Musculoskeletal, Cardiovascular,
                                         and Manufacture diligence fields in six (6) month increments, but not more than once
                                         per milestone, by making a ten-thousand dollar ($10,000) payment to The Regents. In the
                                         event of any extension, any later occurring milestones in the Field of Use will be similarly
                                         extended. If Licensee, directly or through its Affiliates or sublicensees, fulfills all
                                         of its obligations in this Paragraph 6.3, Licensee will be deemed to have satisfied its
                                         diligence obligations under this Article 6 (Diligence).

 

    	A-4

    	 

    

 

All
other terms and conditions of the Agreement remain the same.

 

	BONE
    BIOLOGICS, INC.	 	THE
    REGENTS OF THE UNIVERSITY OF CALIFORNIA
	 	 	 	 	 
	By:	/s/
    Bruce A. Hazuka 	 	By:	/s/
    Emily Loughran 
	 	Signature	 	 	Signature
	 	 	 	 	 
	Name:
    	Bruce A. Hazuka 	 	Name:
    	Emily
    Loughran
	Title:
    	CEO 	 	Title:
    	Director
    of Licensing
	Date:	9/25/07	 	Date:	9
    - 27 - 07 

 

    	A-5

    	 

    

 

First
Amendment

to

Exclusive License Agreement No. 2006-03-0536

 

This Amendment
is made and is effective this 1st day of September 2007 (the “Effective Date”) by and between The Regents
of the University of California (“The Regents”), a California corporation having its statewide administrative
offices at 1111 Franklin Street, 12th Floor, Oakland, California 94607-5200, acting through the offices of The University of California,
Los Angeles located at 11000 Kinross Avenue, Suite #200 Los Angeles, CA 90095-7231 and Bone Biologics, Inc. (“Licensee”),
a corporation having a principal place of business at 115 North Doheny Drive, Beverly Hills, California, 90211 and amends UC License
Agreement Control No. 2006-03-0536 (the “Agreement”) between The Regents and Licensee in accordance with the
terms and conditions of this Amendment.

 

The parties
agree as follows:

 

1.Delete
Paragraph 1.4 and replace with the following:

 

The
“Field of Use” means modulation of neuroectodermal, mesenchymal cell or mesoderm derivatives, including musculoskeletal
and cardiovascular system growth, formation, replacement, remodeling, regeneration, or repair (“Musculoskeletal”
and “Cardiovascular”). In addition, Field of Use includes all cGMP manufacture and gene expression protocols
of NELL-1 & 2 protein and all compositions of matter, formulations, and delivery methods thereof (“Manufacture”)
and application of the Invention to the field of mesodermal derivatives such as musculoskeletal and cardiovascular systems. Licensee
may request to have additional Fields of Use amended into this Paragraph 1.4. The Regents may add the proposed field if additional
diligence for the development of the new Field of Use is incorporated into Paragraph 6.3. The new diligence terms will stipulate
dates for completion of specific phases of clinical development as well as a date for First Commercial Sale for a Licensed Product
in the new Field of Use.

 

2.In
Paragraphs 3.2a and 3.2b, the term “Effective Date” is the Effective Date of this First Amendment when applied
to Sublicensing Income received for the Manufacture or Cardiovascular fields.

 

3.Delete
Paragraph 4.2 and replace with the following:

 

For
the first (and only the first) Licensed Product in the Musculoskeletal, for the first (and only the first) Licensed Product in
the Cardiovascular field, and for the first (and only the first) Licensed Product in the Manufacture field reaching the milestones
indicated below, Licensee must make the following payments to The Regents within thirty (30) days of reaching the milestones:

 

4.2aFirst
Commercial Sale: Twenty-five thousand dollars ($25,000)

 

4.2bFDA
marketing approval: Fifty-thousand dollars ($50,000)

 

    	 

    	 

    

 

For
the avoidance of doubt, only the first milestone (4.2a) is applicable for the Manufacture field if the First Commercial Sale is
for a Licensed Product in the Manufacture field that is neither in the Musculoskeletal or Cardiovascular field.

 

4.Expand
the diligence Paragraph 6.3 for the Manufacture and Cardiovascular Fields of Use as set forth below:

 

A.Paragraph
6.3a-g as currently written applies only to Licensed Product in the Musculoskeletal field and should be renumbered to read 6.3(i)a-g.

 

B.Add
the following diligence terms to Paragraph 6.3 to address diligence for the Cardiovascular field as follows:

 

6.3(ii)aWithin
18 months of the Effective Date of the First Amendment, apply for maturation funding to identify therapeutic and/or diagnostic
applications of interest in Cardiovascular field through Bone Biologics or Sublicensee of Bone Biologics.

 

Within
36 months of the Effective Date of the First Amendment, receive at least $100,000 of maturation funding to identify therapeutic
and/or diagnostic applications of interest in Cardiovascular field through Bone Biologics or Sublicensee of Bone Biologics.

 

Within
four and a half (4.5) years of the Effective Date of the First Amendment, provide The Regents with an updated business plan for
commercialization of a Licensed Product in Cardiovascular field.

 

6.3(ii)bWithin
six (6) years of the Effective Date of the First Amendment finish an animal study to test proof of concept of a Licensed Product
in Cardiovascular field.

 

6.3(ii)cWithin
seven (7) years of the Effective Date of the First Amendment finish a large animal study to test proof of concept of a Licensed
Product in the Cardiovascular field.

 

6.3(ii)dWithin
nine (9) years of the Effective Date of the First Amendment finish preclinical studies for a Licensed Product in the Cardiovascular
field.

 

6.3(ii)eWithin
twelve (12) years of the Effective Date of the First Amendment finish Phase I clinical trials (or equivalent) for a licensed product
the Cardiovascular field.

 

6.3(ii)fWithin
fourteen (14) years of the Effective Date of the First Amendment have First Commercial Sale of a Licensed Product in the Cardiovascular
field.

 

    	2

    	 

    

  

C.Add
the following diligence terms to Paragraph 6.3 to address diligence for the Manufacture field as follows:

 

6.3(iii)aWithin
six (6) months of the Effective Date of the First Amendment provide to The Regents a signed agreement from a third party for cGMP
manufacture.

 

6.3(iii)bWithin
eighteen (18) months of the Effective Date of the First Amendment commence composition of matter and delivery studies on preclinical
protein in small animals.

 

6.3(iii)cWithin
thirty (30) months of the Effective Date of the First Amendment commence composition of matter and delivery studies on preclinical
protein in large animals.

 

6.3(iii)dWithin
forty-two (42) months of the Effective Date of the First Amendment commence composition of matter and delivery studies on cGMP
protein for an IDE application.

 

6.3(iii)eWithin
five and a half (5.5) years of the Effective Date of the First Amendment commence composition of matter and delivery studies on
cGMP protein for a Phase I clinical trial.

 

6.3(iii)fWithin
nine and a half (9.5) years of the Effective Date of the First Amendment have First Commercial Sale of a Licensed Product with
cGMP protein and specific composition of matter and delivery methods.

 

D.Number
the last paragraph of 6.3 as 6.3(iv) as follows:

 

6.3(iv)Licensee
may extend any three of these milestones in each of the Musculoskeletal, Cardiovascular, and Manufacture diligence fields in six
(6) month increments, but not more than once per milestone, by making a ten-thousand dollar ($10,000) payment to The Regents.
In the event of any extension, any later occurring milestones in the Field of Use will be similarly extended. If Licensee, directly
or through its Affiliates or sublicensees, fulfills all of its obligations in this Paragraph 6.3, Licensee will be deemed to have
satisfied its diligence obligations under this Article 6 (Diligence).

 

All other
terms and conditions of the Agreement remain the same.

 

	BONE BIOLOGICS, INC	 	THE REGENTS OF THE UNIVERSITY OF CALIFORNIA
	 	 	 
	By:	/s/ Bruce A. Hazuka	 	By:	/s/ Emily Loughran
	Name:	Bruce A. Hazuka	 	Name:	Emily Loughran
	Title	CEO	 	Title	Director of Licensing
	Date:	9/25/07	 	Date:	9 - 27 - 07

 

    	3

    	 

    

 

Second
Amendment To Exclusive License Agreement

UC Control No. 2006-03-0536

 

THIS
SECOND AMENDMENT (the “Amendment”) is effective this 29th day of May 2008 (the “Effective Date”)
by and between THE REGENTS OF THE UNIVERSITY OF CALIFORNIA (“The Regents”), a California corporation having
its statewide administrative offices at 1111 Franklin Street, 12th Floor, Oakland, California 94607-5200, acting through the offices
of The University of California, Los Angeles located at 11000 Kinross Avenue, Suite #200, Los Angeles, CA 90095-7231 and
BONE BIOLOGICS, INC. (“Licensee”), a corporation having a principal place of business at 115 North
Doheny Drive, Beverly Hills, California, 90211 and amends the exclusive license agreement, Control No. 2006-03-0536,
effective as of the 15th day of March 2006 between The Regents and Licensee (the “Agreement”) in accordance
with the terms and conditions of this Amendment.

 

The parties
agree as follows:

 

1.
Amend Article 1, Paragraph 1.1/ Regent’s Patent Rights of the Agreement to include the following UC Case Number:

 

“UC
Case Number: 2008-238 ‘Vascular Effects of Nell-1’ ”

 

2.
Amend Article 4/ FEES of the Agreement to add Paragraph 4.5 to the Article:

 

“4.5
Licensee must pay The Regents a milestone fee of Ten Thousand Dollars ($10,000) upon issuance of the first U.S. Patent claiming
priority to provisional filing 60/983,903.”

 

All
other terms and conditions of the Agreement remain the same.

 

This
Amendment may be executed in two or more counterparts, each of which shall be deemed an original but all of which together shall
constitute one and the same instrument. Facsimile, Portable Document Format (PDF) or photocopied signatures of the Parties will
have the same legal validity as original signatures.

 

Both
The Regents and Licensee have executed this Second Amendment in duplicate originals by their authorized officers on the dates
written below:

 

	BONE BIOLOGICS, INC	 	THE REGENTS OF THE UNIVERSITY OF CALIFORNIA
	 	 	 
	By:	/s/
    Bruce A. Hazuka 	 	By:	/s/ Emily
    Loughran
	Name:	Bruce
    A. Hazuka 	 	Name:	Emily
    Loughran 
	Title:	CEO 	 	Title:	Director of Licensing
	Date:	6/25/08 	 	Date:	6
    - 30 - 08 

 

    	1

    	 

    

 

Third
Amendment to Exclusive License Agreement

UC Control No. 2006-03-0536

 

THIS
THIRD AMENDMENT (the “Amendment”) is effective this 4th day of December 2008 (the “Effective Date”)
by and between THE REGENTS OF THE UNIVERSITY OF CALIFORNIA (“The Regents”), a California corporation
having its statewide administrative offices at 1111 Franklin Street, 12th Floor, Oakland, California 94607-5200, acting through
the offices of The University of California, Los Angeles located at 11000 Kinross Avenue, Suite #200, Los Angeles, CA 90095-7231
and BONE BIOLOGICS, INC. (“Licensee”), a corporation having a principal place of business at 115
North Doheny Drive, Beverly Hills, California, 90211 and amends the Exclusive License Agreement, Control No. 2006-03-0536,
effective as of the March 15, 2006, the First Amendment dated September 1, 2007, and the Second Amendment dated May 29, 2008 between
The Regents and Licensee (collectively, the “Agreement”) in accordance with the terms and conditions of this
Amendment.

 

Recitals

 

WHEREAS
Licensee desires to add the following invention to the Agreement and Appendix A:

 

UCLA
Case 2009-271: “Recombinant NELL Protein Production;”

 

NOW THEREFORE,
in consideration of the foregoing premises and the mutual promises, covenants, and agreements hereinafter set forth, ail parties
to this First Amendment mutually agree to amend the Agreement as follows:

 

1.
Amend the RECITALS of the Agreement as follows:

 

Add:
UCLA Case Number: 2009-271: “Recombinant NELL Protein Production.”

 

2.
Amend Article 1, Paragraph 1.1/ Regent’s Patent Rights of the Agreement to include UC Case Number 2009-271.

 

3.
Delete APPENDIX A (REGENTS’ PATENT RIGHTS) of the Agreement in its entirety and replace it with the revised
APPENDIX A (REGENTS’ PATENT RIGHTS) attached.

 

All
other terms and conditions of the Agreement remain the same.

 

This
Amendment may be executed in two or more counterparts, each of which shall be deemed an original but all of which together shall
constitute one and the same instrument Facsimile, Portable Document Format (PDF) or photocopied signatures of the Parties will
have the same legal validity as original signatures.

 

Both
The Regents and Licensee have executed this Third Amendment in duplicate originals by their authorized officer’s on the
dates written below:

 

[SIGNATURE
PAGE FOLLOWS:]

 

    	1

    	 

    

 

	BONE BIOLOGICS, INC	 	THE REGENTS OF THE UNIVERSITY OF CALIFORNIA
	 	 	 
	By: 	/s/
                                         Bruce A. Hazuka

	 	By:	/s/ Emily Loughran
	Name:	Bruce A. Hazuka

	 	Name:	Emily Loughran
	Title:	President + CEO 	 	Title:	Director of Licensing
	Date:	Dec. 4, 2008	 	Date:	2 - 23
    - 09

 

    	2

    	 

    

 

Appendix
A

REGENTS’ PATENT RIGHTS

 

1)
UCLA CASE NO. 1999-560 (“Enhanced Mineralization in Osteoblasts”)

 

United
States Patent No. 7,052,856 entitled, “Enhanced Mineralization in Osteoblasts”, issued May 30, 2006 (UCLA Case
No. 1999-560-1) by Dr. Kang Ting and assigned to The Regents of the University of California.

 

U.S.
Patent Application No. 09/412,297 entitled “Enhanced Mineralization in Osteoblasts,” filed October 5, 1999 (UCLA
Case No. 1999-560-1) by Dr. Kang Ting and assigned to The Regents of the University of California.

 

PCT
Application No. PCT/US00/27477 (ABANDONED) entitled, “Enhanced Mineralization in Osteoblasts,” filed October 4,
2000 (UCLA Case No. 1999-560-1) by Dr. Kang Ting and assigned to The Regents of the University of California.

 

U.S.
Patent Application No. 11/392,294 entitled “Enhanced Mineralization in Osteoblasts,” filed March 28, 2006 (UCLA
Case No. 1999-560-2) by Dr. Kang Ting and assigned to The Regents of the University of California.

 

U.S.
Patent Application No. 11/594,510 entitled “Enhanced Mineralization in Osteoblasts,” filed November 7, 2006 (UCLA
Case No. 1999-560-3) by Drs. Kang Ting, Benjamin M. Wu, and Chia B. Soo and assigned to The Regents of the University of California.

 

PCT
Application No. PCT/US07/083655 entitled, “Enhanced Mineralization in Osteoblasts”, filed November 05, 2007 (UCLA
Case No. 1999-560-3) by Drs. Kang Ting, Benjamin M. Wu, and Chia B. Soo and assigned to The Regents of the University of California.

 

U.S.
Patent Application No. 11/713,366 entitled “Enhanced Mineralization in Osteoblasts,” filed March 1, 2007 (UCLA
Case No. 1999-560-4) by Dr. Kang Ting and assigned to The Regents of the University of California.

 

PCT
Application No. PCT/US08/054779 entitled, “Enhanced Mineralization in Osteoblasts”, filed February 22, 2008 (UCLA
Case No. 1999-560-4) by Dr. Kang Ting and assigned to The Regents of the University of California.

 

U.S.
Patent Application No. 11/977,031 entitled “Enhanced Mineralization in Osteoblasts,” filed October 22, 2007 (UCLA
Case No. 1999-560-5) by Dr. Kang Ting and assigned to The Regents of the University of California.

 

2)
UCLA CASE NO. 2002-477 (“NELL-1 Enhanced Bone Mineralization”)

 

U.S.
Provisional Patent Application No. 60/410,846 (ABANDONED) entitled “NELL-1 Enhanced Bone Mineralization,” filed
September 13, 2002 (UCLA Case No. 2002-477-1, 2) by Dr. Kang Ting and assigned to The Regents of the University of California.

 

    	3

    	 

    

 

U.S.
Patent Application No. 10/527,786 (ABANDONED) entitled “NELL-1 Enhanced Bone Mineralization,” filed September
15, 2003 (UCLA Case No. 2002-477-3) by Dr. Kang Ting and assigned to The Regents of the University of California.

 

PCT
Patent Application No. PCT/US03/029281 (ABANDONED) entitled “NELL-1 Enhanced Bone Mineralization,” filed September
15, 2003 (UCLA Case No. 2002-477-3) by Dr. Kang Ting and assigned to The Regents of the University of California.

 

Canadian
Patent Application No. 2498751 entitled “NELL-1 Enhanced Bone Mineralization,” filed September 15, 2003 (UCLA
Case No. 2002-477-3) by Dr. Kang Ting and assigned to The Regents of the University of California.

 

Chinese
Patent Application No. 03824975.8 entitled “NELL-1 Enhanced Bone Mineralization,” filed September 15, 2003 (UCLA
Case No. 2002-477-3) by Dr. Kang Ting and assigned to The Regents of the University of California.

 

European
Patent Application No. 03752446.9 entitled “NELL-1 Enhanced Bone Mineralization,” filed September 15, 2003 (UCLA
Case No. 2002-477-3) by Dr. Kang Ting and assigned to The Regents of the University of California.

 

Japanese
Patent Application No. 2004-536597 entitled “NELL-1 Enhanced Bone Mineralization,” filed September 15, 2003 (UCLA
Case No. 2002-477-3) by Dr. Kang Ting and assigned to The Regents of the University of California.

 

South
Korean Patent Application No. 2005-7004382 entitled “NELL-1 Enhanced Bone Mineralization,” filed September 15,
2003 (UCLA Case No. 2002-477-3) by Dr. Kang Ting and assigned to The Regents of the University of California.

 

U.S.
Patent Application No. 11/973,831 entitled “NELL-1 Enhanced Bone Mineralization,” filed October 9, 2007 (UCLA
Case No. 2002-477-4) by Dr. Kang Ting and assigned to The Regents of the University of California.

 

3)
UCLA CASE NO. 2004-331 (“NELL-1 Expression Systems and Neuroprotective Activity of NELL-2”)

 

U.S.
Provisional Patent Application No. 60/445,672 (ABANDONED) entitled “NELL-1 Expression Systems and Neuroprotective Activity
of NELL-2,” filed February 7, 2003 (UCLA Case No. 2004-331-1) by Drs. Kang Ting, Shunichi Kuroda and Benjamin M. Wu and
assigned to The Regents of the University of California.

 

U.S.
Patent Application No. 10/544,553 entitled “NELL-1 Expression Systems and Neuroprotective Activity of NELL-2,”
filed February 9, 2004 (UCLA Case No. 2004-331-2) by Drs. Kang Ting, Shunichi Kuroda and Benjamin M. Wu and assigned to The Regents
of the University of California.

 

    	4

    	 

    

 

PCT
Patent Application No. PCT/US04/003808 (ABANDONED) entitled “NELL-1 Expression Systems and Neuroprotective Activity
of NELL-2,” filed February 9, 2004 (UCLA Case No. 2004-331-2) by Drs. Kang Ting, Shunichi Kuroda and Benjamin M. Wu and
assigned to The Regents of the University of California.

 

Canadian
Patent Application No. 2515208 entitled “NELL-1 Expression Systems and Neuroprotective Activity of NELL-2,” filed
February 9, 2004 (UCLA Case No. 2004-331-2) by Drs. Kang Ting, Shunichi Kuroda and Benjamin M. Wu and assigned to The Regents
of the University of California.

 

Chinese
Patent Application No. 200480009450.1 entitled “NELL-1 Expression Systems and Neuroprotective Activity of NELL-2,”
filed February 9, 2004 (UCLA Case No. 2004-331-2) by Drs. Kang Ting, Shunichi Kuroda and Benjamin M. Wu and assigned to The Regents
of the University of California.

 

European
Patent Application No. 04709500.5 entitled “NELL-1 Expression Systems and Neuroprotective Activity of NELL-2,”
filed February 9, 2004 (UCLA Case No. 2004-331-2) by Drs. Kang Ting, Shunichi Kuroda and Benjamin M. Wu and assigned to The Regents
of the University of California.

 

Japanese
Patent Application No. 2006-503442 entitled “NELL-1 Expression Systems and Neuroprotective Activity of NELL-2,”
filed February 9, 2004 (UCLA Case No. 2004-331-2) by Drs. Kang Ting, Shunichi Kuroda and Benjamin M. Wu and assigned to The Regents
of the University of California.

 

South
Korean Patent Application No. 10-2005-7014588 entitled “NELL-1 Expression Systems and Neuroprotective Activity of NELL-2,”
filed February 9, 2004 (UCLA Case No. 2004-331-2) by Drs. Kang Ting, Shunichi Kuroda and Benjamin M. Wu and assigned to The Regents
of the University of California.

 

U.S.
Patent Application No. 11/601,529 entitled “NELL-1 Expression Systems and Neuroprotective Activity of NELL-2,”
filed November 17, 2006 (UCLA Case No. 2004-331-3) by Drs. Kang Ting. Shunichi Kuroda and Benjamin M. Wu and assigned to The Regents
of the University of California.

 

PCT
Patent Application No. PCT/US07/084074 entitled “NELL-1 Expression Systems and Neuroprotective Activity of NELL-2,”
filed November 8, 2007 (UCLA Case No. 2004-331-3) by Drs. Kang Ting. Shunichi Kuroda and Benjamin M. Wu and assigned to The Regents
of the University of California.

 

U.S.
Provisional Patent Application No. for UCLA Case No. 2004-331-4 entitled “NELL-1 Expression Systems and Neuroprotective
Activity of NELL-2,” by Drs. Kang Ting, Shunichi Kuroda and Benjamin M. Wu and assigned to The Regents of the University
of California was COMBINED INTO 2009-271.

 

    	5

    	 

    

 

4)
UCLA CASE NO. 2006-369 (“Pharmaceutical Compositions for Treating or Preventing Bone Conditions”)

 

U.S.
Provisional Patent Application No. 60/653,722 (ABANDONED) entitled “Pharmaceutical Compositions for Treating or Preventing
Bone Conditions,” filed February 16, 2005 (UCLA Case No. 2006-369-1) by Drs. Kang Ting, Shunichi Kuroda, Chia B. Soo, and
Benjamin M. Wu and assigned to The Regents of the University of California.

 

U.S.
Patent Application No. 11/884,525 entitled “Pharmaceutical Compositions for Treating or Preventing Bone Conditions,”
filed February 16, 2006 (UCLA Case No. 2006-369-2) by Drs. Kang Ting, Shunichi Kuroda, Chia B. Soo, and Benjamin M. Wu and assigned
to The Regents of the University of California.

 

PCT
Patent Application No. PCT/US06/005473 (ABANDONED) entitled “Pharmaceutical Compositions for Treating or Preventing
Bone Conditions,” filed February 16, 2006 (UCLA Case No. 2006-369-2) by Drs. Kang Ting, Shunichi Kuroda and Ben Wu and assigned
to The Regents of the University of California.

 

Canadian
Patent Application No. 2,597,605 entitled “Pharmaceutical Compositions for Treating or Preventing Bone Conditions,”
filed February 16, 2006 (UCLA Case No. 2006-369-2) by Drs. Kang Ting, Shunichi Kuroda, Chia B. Soo, and Benjamin M. Wu and assigned
to The Regents of the University of California.

 

Chinese
Patent Application No. 200680012707.8 entitled “Pharmaceutical Compositions for Treating or Preventing Bone Conditions,”
filed February 16, 2006 (UCLA Case No. 2006-369-2) by Drs. Kang Ting, Shunichi Kuroda, Chia B. Soo, and Benjamin M. Wu and assigned
to The Regents of the University of California.

 

European
Patent Application No. 06735230.2 entitled “Pharmaceutical Compositions for Treating or Preventing Bone Conditions,”
filed February 16, 2006 (UCLA Case No. 2006-369-2) by Drs. Kang Ting, Shunichi Kuroda, Chia B. Soo, and Benjamin M. Wu and assigned
to The Regents of the University of California.

 

Japanese
Patent Application No. 2007-556289 entitled “Pharmaceutical Compositions for Treating or Preventing Bone Conditions,”
filed February 16, 2006 (UCLA Case No. 2006-369-2) by Drs. Kang Ting, Shunichi Kuroda, Chia B. Soo, and Benjamin M. Wu and assigned
to The Regents of the University of California.

 

South
Korean Patent Application No. PCT/US06/005473 entitled “Pharmaceutical Compositions for Treating or Preventing Bone
Conditions,” filed February 16, 2006 (UCLA Case No. 2006-369-2) by Drs. Kang Ting, Shunichi Kuroda, Chia B. Soo, and Benjamin
M. Wu and assigned to The Regents of the University of California.

 

    	6

    	 

    

 

5)
UCLA CASE NO. 2008-238 (“NELL-1 Compositions”)

 

U.S.
Provisional Patent Application No. 60/983,903 (ABANDONED) entitled “NELL-1 Compositions,” filed October 30, 2007
(UCLA Case No. 2008-238-1) by Drs. Kang Ting, Chia B. Soo and Xinli Zhang and assigned to The Regents of the University of California.

 

U.S.
Patent Application No. 11/929,708 entitled “NELL-1 Compositions,” filed October 30, 2007 (UCLA Case No. 2008-238-2)
by Drs. Kang Ting, Chia B. Soo and Xinli Zhang and assigned to The Regents of the University of California. -

 

PCT
Patent Application No. PCT/US08/081168 entitled “NELL-1 Compositions,” filed October 30, 2007 (UCLA Case No. 2008-238-2)
by Drs. Kang Ting, Chia B. Soo and Xinli Zhang and assigned to The Regents of the University of California.

 

6)
UCLA CASE NO. 2009-271 (“Recombinant NELL Protein Production”)

 

U.S.
Provisional Patent Application No. 61/103,534 (Combined with UC Case 2004-331-4: “NELL-1 Expression Systems and Neuroprotective
Activity of NELL-2,”) entitled “Recombinant NELL Protein Production,” filed October 07, 2008 (UCLA Case No.
2009-271-1) by Drs. Kang Ting and Chia B. Soo and assigned to The Regents of the University of California.

 

    	7

    	 

    

 

Fourth
Amendment to Exclusive License Agreement

UC Control No. 2006-03-0536

 

THIS FOURTH
AMENDMENT (the “Amendment”) is effective this 19th day of August 2009 (the “Effective Date”)
by and between THE REGENTS OF THE UNIVERSITY OF CALIFORNIA (“The Regents”), a California corporation having
its statewide administrative offices at 1111 Franklin Street, 12th Floor, Oakland, California 94607-5200, acting through the offices
of The University of California, Los Angeles located at 11000 Kinross Avenue, Suite #200, Los Angeles, CA 90095-7231 and
aBONE BIOLOGICS, INC. (“Licensee”), a corporation having a principal place of business at 115 North
Doheny Drive, Beverly Hills, California, 90211 and amends the Exclusive License Agreement, Control No. 2006-03-0536, effective
as of the March 15, 2006, the First Amendment dated September 1, 2007, and the Second Amendment dated May 29, 2008, Third Amendment
dated December 4, 2008 between The Regents and Licensee (collectively, the “Agreement”) in accordance with
the terms and conditions of this Amendment.

 

Recitals

 

WHEREAS,
the Licensee desires to add UC Case No. 2009-569 to the Agreement;

 

WHEREAS,
The Regents desires to update language concerning patent filing, prosecution and maintenance;

 

NOW
THEREFORE, in consideration of the foregoing premises and the mutual promises, covenants, and agreements hereinafter set forth,
all parties to this Fourth Amendment mutually agree to amend the Agreement as follows:

 

1.Amend
the RECITALS of the Agreement as follows:

 

Add:
UCLA Case No. 2009-569: “NELL-1 Isoform”

 

2.Amend
Article 1, Paragraph 1.1/ Regent’s Patent Rights of the Agreement to include UC Case No. 2009-569.

 

3.Delete
Article 7 (PATENT FILING, PROSECUTION AND MAINTENANCE) of the Agreement in its entirety and replace it with the following:

 

“7.PATENT
FILING, PROSECUTION AND MAINTENANCE

 

7.1Patent
Prosecution

 

7.1aAs
long as Licensee has complied with its obligations to reimburse or pre-pay The Regents for patent prosecution costs as set forth
in this Article 7 (PATENT FILING, PROSECUTION AND MAINTENANCE), The Regents will file, prosecute and maintain the patents and
applications comprising Regents’ Patent Rights. These patents will be held in the name of The Regents and will be obtained
with counsel of The Regents’ choice. The Regents must provide Licensee with copies of each patent application, office action,
response to office action, request for terminal disclaimer, and request for reissue or reexamination of any patent or patent application
under Regents’ Patent Rights. The Regents will consider any comments or suggestions by Licensee and will use reasonable
efforts to amend patent applications to include claims reasonably requested by Licensee to protect the products and services contemplated
under this Agreement. The Regents is entitled to take action to preserve rights and minimize costs whether or not Licensee has
commented, and will use reasonable efforts to not allow any Regents’ Patent Rights for which Licensee is licensed and is
underwriting the costs of to lapse or become abandoned without Licensee’s written authorization under Paragraph 7.4, except
for the filing of continuations, divisionals, or the like that substitute for the lapsed application.

 

    	1

    	 

    

  

7.1bLicensee
has the right to request patent filings on the Invention in the United States and any foreign territories where Regents’
Patent Rights are available (“National Phase Filing”) by providing a written request to The Regents identifying
which territories Licensee has selected for patent prosecution no later than ninety (90) days prior to the deadline for filing
any such National Phase Filing (“Patent Prosecution Request”). All other requests and instructions for patent
prosecution (for example Chapter Two Demands, responses to office actions, utility filings, provisional patent filings, etc.)
shall be provided in writing by Licensee to The Regents no later than ninety (90) days prior to the deadline set by the patent
office in the territory such patent action is to take place in (also a “Patent Prosecution Request” for purposes
of this Agreement). The absence of this Patent Prosecution Request by the deadline specified in this Paragraph 7.1 will be considered
an election not to secure the patent rights associated with the specific phase of patent prosecution in such territory, and such
patent application(s) and patent(s) will not be part of Regents’ Patent Rights and therefore not subject to this Agreement,
and Licensee will have no further rights or license to them.

 

7.1cNinety
(90) days before the deadline for filing a Chapter Two Demand and ninety (90) days before the deadline for filing a National Phase
Filing, but not sooner, The Regents will have the right to file patent applications at its own expense in any territory which
Licensee has not identified in written notice pursuant to this Paragraph 7.1 and such patent application(s) and patent(s) will
not be part of Regents’ Patent Rights and therefore not subject to this Agreement, and Licensee will have no further rights
or license to them.

 

7.2Past
Patent Costs

 

Licensee
will bear all costs incurred prior to the term of this Agreement in the preparation, filing, prosecution and maintenance of patent
applications and patents in Regents’ Patent Rights (“Past Patent Costs”). Prosecution includes, but is not limited
to, interferences, oppositions and any other inter partes matters originating in a patent office. Licensee must send payment for
such Past Patent Costs to The Regents within thirty (30) days of Licensee’s receipt of an invoice for these costs.

 

7.3Ongoing
Patent Costs

 

7.3aLicensee
will bear all costs incurred during the term of this Agreement in the preparation, filing, prosecution and maintenance of patent
applications and patents in Regents’ Patent Rights (“Ongoing Patent Costs”). Prosecution includes, but
is not limited to, interferences, oppositions and any inter partes matters originating in a patent office. Licensee’s obligation
to underwrite and to pay all United States and foreign patent costs will continue for as long as this Agreement remains in effect.
Licensee may request a cost estimate for patent filings, chapter two demands and office actions (“Cost Estimate”).
Fees and expenses that are due to incidentals (for example photocopy charges or long distance phone charges) are not included
within such Cost Estimate unless expressly so stated, nor is Licensee’s direct interaction with Regents’ counsel such
as by phone calls, e-mails, in person meetings and the like.

 

    	2

    	 

    

  

7.3bWith
each Patent Prosecution Request, Licensee must pay in advance to The Regents The Regents’ patent counsel’s estimated
costs for undertaking any utility patent filing, National Phase Filing or office action filing before The Regents authorizes its
patent counsel to proceed with such patent action (“Advanced Payment”). The absence of this Advanced Payment
will be considered an election not to secure the patent rights associated with the specific phase of patent prosecution in such
territory, and such patent application(s) and patent(s) will not be part of Regents’ Patent Rights and therefore not subject
to this Agreement, and Licensee will have no further rights or license to them.

 

7.4Termination
of Patent Prosecution by Licensee

 

Licensee
may terminate its obligations with respect to any given patent application or patent within Regents’ Patent Rights by providing
written notice to The Regents (“Patent Termination Notice”), and termination of Licensee’s obligations
with respect to such patent application or patent will be effective three (3) months after receipt of such Patent Termination
Notice by The Regents. The Regents will use its best efforts to curtail patent costs chargeable to Licensee under this Agreement
after this Patent Termination Notice is received by The Regents from Licensee. The Regents may continue prosecution or maintenance
of these application(s) or patent(s) at its sole discretion and expense, and such application(s) and patent(s) will not be part
of Regents’ Patent Rights and therefore not subject to this Agreement, and Licensee will have no further rights or license
to them.”

 

4.Amend
the APPENDIX A (REGENTS’ PATENT RIGHTS) of the Agreement by adding the following:

 

“7)UCLA
CASE NO. 2009-569 (“NELL-1 Isoform”)

 

Provisional
Patent Application No. 61/163,297 entitled, “NELL-1 Isoform”, filed March 25, 2009 (UCLA Case No. 2009-569-1)
by Dr(s). Kang Ting and Chia B. Soo, and assigned to The Regents.”

 

All other
terms and conditions of the Agreement remain the same.

  

[SIGNATURE
PAGE FOLLOW:]

 

    	3

    	 

    

 

This
Amendment may be executed in two or more counterparts, each of which shall be deemed an original but all of which together shall
constitute one and the same instrument. Facsimile, Portable Document Format (PDF) or photocopied signatures of the Parties will
have the same legal validity as original signatures.

 

Both
The Regents and Licensee have executed this Fourth Amendment by their authorized officers on the dates written below:

 

	BONE BIOLOGICS, INC	 	THE REGENTS OF THE UNIVERSITY OF CALIFORNIA
	 	 	 
	By:	/s/ Bruce A. Hazuka	 	By:	/s/ Emily Loughran
	Name:	Bruce A. Hazuka	 	Name:	Emily Loughran
	Title:	President - CEO	 	Title:	Director of Licensing
	Date:	8/19/09	 	Date:	January 6, 2010

  

    	4

    	 

    

 

Fifth Amendment

to

Exclusive License Agreement

UC Control No. 2006-03-0536

 

THIS FIFTH AMENDMENT (the “Amendment”) is effective
this 11th day of January 2011 (the “Effective Date”) by and between THE REGENTS OF THE UNIVERSITY
OF CALIFORNIA (“The Regents”), a California corporation having its statewide administrative offices at 1111 Franklin
Street, 12th Floor, Oakland, California 94607-5200, acting through the offices of The University of California, Los Angeles
located at 11000 Kinross Avenue, Suite #200, Los Angeles, CA 90095-7231 and BONE BIOLOGICS, INC. (“Licensee”),
a corporation having a principal place of business at 115 North Doheny Drive, Beverly Hills, California, 90211 and
amends the Exclusive License Agreement, Control No. 2006-03-0536, effective as of the March 15, 2006, the First Amendment
dated September 1, 2007, the Second Amendment dated May 29, 2008, Third Amendment dated December 4, 2008, and the
Fourth Amendment dated August 19, 2009 between The Regents and Licensee (collectively, the “Agreement”)
in accordance with the terms and conditions of this Amendment.

 

Recitals

 

WHEREAS, the Licensee desires to add
UCLA Case No. 2011-416 to the Agreement;

 

NOW THEREFORE, in consideration of the
foregoing premises and the mutual promises, covenants, and agreements hereinafter set forth, all parties to this Fifth Amendment
mutually agree to amend the Agreement as follows:

 

1. Amend the RECITALS
of the Agreement as follows:

 

Add: UCLA Case No. 2011-416: “Using NELL-1
to Inhibit Osteoclasts and to Prevent, Treat Osteoporosis”

 

2. Amend
Article 1, Paragraph 1.1/ Regent’s Patent Rights of the Agreement to include UCLA Case No. 2011-416.

 

3. Amend the APPENDIX A
(REGENTS’ PATENT RIGHTS) of the Agreement by adding the following:

 

“7)UCLA CASE NO. 2011-416 (“Using
NELL-1 to Inhibit Osteoclasts and to Prevent, Treat Osteoporosis”)

 

Provisional Patent Application No.
61/432,544 entitled, “Using NELL-1 to Inhibit Osteoclasts and to Prevent, Treat Osteoporosis,” filed January 13,
2011 (UCLA Case No. 2011-416-1) by Dr(s). Chia B. Soo and Kang Ting, and assigned to The Regents.”

 

All other terms and conditions of the Agreement
remain the same.

 

[SIGNATURE PAGE
FOLLOW:]

 

    	1

    	 

    

 

This Amendment may be executed in two or more
counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same instrument.
Facsimile, Portable Document Format (PDF) or photocopied signatures of the Parties will have the same legal validity as original
signatures.

 

Both The Regents and Licensee have executed
this Fifth Amendment by their authorized officers on the dates written below:

 

	BONE BIOLOGICS, INC	 	THE REGENTS OF THE UNIVERSITY OF CALIFORNIA
	 	 	 	 	 
	By:	/s/ Bruce A. Hazuka	 	By:	/s/ Emily Loughran
	Name:	Bruce A. Hazuka	 	Name:	Emily Loughran
	Title:	President	 	Title:	Director of Licensing
	Date:	January 11, 2011	 	Date:	3 - 30 - 2011

 

    	2

    	 

    

 

Sixth Amendment

to

the License Agreement

UC Control No. 2006-03-0536

 

THIS SIXTH AMENDMENT (the “Sixth Amendment”)
is effective this August 18, 2011 (the “Effective Date”) by and between THE REGENTS OF THE UNIVERSITY
OF CALIFORNIA (“The Regents”), a California corporation having its statewide administrative offices at 1111 Franklin
Street, 12th Floor, Oakland, California 94607-5200, acting through the offices of The University of California, Los Angeles
located at 11000 Kinross Avenue, Suite #200, Los Angeles, CA 90095-7231 and BONE BIOLOGICS, INC. (“Licensee”),
a corporation having a principal place of business at 115 North Doheny Drive, Beverly Hills, California, 90211 and
amends the Exclusive License Agreement, Control No. 2006-03-0536, effective as of the March 15, 2006, the First Amendment
dated September 1, 2007, the Second Amendment dated May 29, 2008, Third Amendment dated December 4, 2008, the Fourth
Amendment dated August 19, 2009, and the Fifth Amendment dated January 11, 2011 between The Regents and Licensee (collectively,
the “License Agreement”) in accordance with the terms and conditions of this Amendment.

 

Recitals

 

WHEREAS, Licensee desires to amend the
sublicensing income;

 

NOW THEREFORE, in consideration of the
foregoing premises and the mutual promises, covenants, and agreements hereinafter set forth, all parties to this Sixth Amendment
mutually agree to amend the License Agreement as follows:

 

1. AMEND
Article 3 (SUBLICENSES) of the License Agreement by:

 

a) Deleting
Paragraph 3.2b in its entirety; and

 

b) Adding
“and ten percent (10%) after eighteen (18) months of the Effective Date of the Agreement.” to the end of Paragraph 3.2a.

 

All other terms and conditions of the License
Agreement remain the same.

 

This Sixth Amendment may be executed in two
or more counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same instrument.
Facsimile, Portable Document Format (PDF) or photocopied signatures of the Parties will have the same legal validity as original
signatures.

 

    	1

    	 

    

 

IN WITNESS WHEREOF, the parties have executed
this Sixth Amendment by their duly authorized representatives for good and valuable consideration.

 

	BONE BIOLOGICS, INC	 	THE REGENTS OF THE UNIVERSITY OF CALIFORNIA
	 	 	 	 	 
	By:	 	 	By:	 
	Name:	Bruce A. Hazuka	 	Name:	Emily Loughran
	Title:	President	 	Title:	Director of Licensing
	Date:	 	 	Date:	 

 

    	2

    	 

    

 

Seventh Amendment

to

the License Agreement

UC Control No. 2006-03-0536

 

THIS SEVENTH AMENDMENT (the “Seventh
Amendment”) is effective this August 7, 2012 (the “Effective Date”) by and between THE
REGENTS OF THE UNIVERSITY OF CALIFORNIA (“The Regents”), a California corporation having its statewide administrative
offices at 1111 Franklin Street, 12th Floor, Oakland, California 94607-5200, acting through the offices of The University
of California, Los Angeles located at 11000 Kinross Avenue, Suite #200, Los Angeles, CA 90095-7231 and BONE
BIOLOGICS, INC. (“Licensee”), a corporation having a principal place of business at 100 Rancho Road,
Suite 7-231, Thousand Oaks, California, 91361 and amends the Exclusive License Agreement, Control No. 2006-03-0536,
effective as of the March 15, 2006, the First Amendment dated September 1, 2007, the Second Amendment dated May 29,
2008, Third Amendment dated December 4, 2008, the Fourth Amendment dated August 19, 2009, the Fifth Amendment dated January 11,
2011, and Sixth Amendment dated August 18, 2011 between The Regents and Licensee (collectively, the “License Agreement”)
in accordance with the terms and conditions of this Seventh Amendment.

 

Recitals

 

WHEREAS, Licensee desires to remove and
exclude the cardiovascular application of the “Field of Use” and remove the diligence requirements associated with
the cardiovascular application from the License Agreement;

 

NOW THEREFORE, in consideration of the
foregoing premises and the mutual promises, covenants, and agreements hereinafter set forth, all parties to this Seventh Amendment
mutually agree to amend the License Agreement as follows:

 

1. AMEND
Article 1 (DEFINITIONS) of the License Agreement by deleting Paragraph 1.4 in its entirety and replacing it with
the following:

 

“1.4The “Field of Use” means
modulation of neuroectodermal, mesenchymal cell or mesoderm derivatives, including musculoskeletal system growth, formation, replacement,
remodeling, regeneration, or repair (“Musculoskeletal”), excluding cardiovascular system growth, formation, replacement,
remodeling, regeneration, or repair (“Cardiovascular Application”). In addition, Field of Use includes all cGMP manufacture
and gene expression protocols of NELL-1 & 2 protein and all compositions of matter, formulations, and delivery methods
thereof (“Manufacture”) and application of the Invention to the field of mesodermal derivatives, such as musculoskeletal
systems. Licensee may request to have additional Fields of Use amended into this Paragraph 1.4, excluding Cardiovascular Application.
The Regents may add the proposed field if additional diligence for the development of the new Field of Use is incorporated into
Paragraph 6.3. The new diligence terms will stipulate dates for completion of specific phases of clinical development as well as
a date for First Commercial Sale for a Licensed Product in the new Field of Use.

 

    	1

    	 

    

 

2. AMEND
Article 4 (FEES) of the License Agreement by deleting Paragraph 4.2 in its entirety and replacing it with the following:

 

“4.2For the first (and only the first)
Licensed Product reaching the milestones indicated below, Licensee must make the following payments to The Regents within thirty
(30) days of reaching the milestones:

 

4.2aFirst Commercial Sale: Twenty-Five
Thousand Dollars ($25,000)

 

4.2bFDA marketing approval: Fifty
Thousand Dollars ($50,000)

 

For the avoidance of doubt, only the first milestone (4.2a)
is applicable for the Manufacture field if the First Commercial Sale is for a Licensed Product in the Manufacture field that is
not in the Musculoskeletal field.”

 

3. AMEND
Article 6 (DILIGENCE) of the License Agreement by deleting Paragraph 6.3(ii) and 6.3(vi) in their entirety
and replacing them with the following, respectively:

 

a)  “6.3(ii)INTENTIONALLY
DELETED.”

 

b)  “6.3(iv)Licensee
may extend any of these milestones in each of the Musculoskeletal, and Manufacture diligence fields in six (6) month increments,
but not more than once per milestone, by making a Ten Thousand Dollar ($10,000) payment to The Regents. In the event of any extension,
any later occurring milestones in the Field of Use will be similarly extended. If Licensee, directly or through its Affiliates
or sublicensees, fulfills all of its obligations in this Paragraph 6.3, Licensee will be deemed to have satisfied its diligence
obligations under this Article 6 (DILIGENCE).”

 

All other terms and conditions of the License Agreement remain the
same.

 

This Seventh Amendment may be executed in two
or more counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same instrument.
Facsimile, Portable Document Format (PDF) or photocopied signatures of the Parties will have the same legal validity as original
signatures.

 

IN WITNESS WHEREOF, the parties have executed
this Seventh Amendment by their duly authorized representatives for good and valuable consideration.

 

	BONE BIOLOGICS, INC	 	THE REGENTS OF THE UNIVERSITY OF CALIFORNIA
	 	 	 
	By:	/s/ Bruce A. Hazuka	 	By:	/s/ Emily Loughran
	Name:	Bruce A. Hazuka	 	Name:	Emily Loughran
	Title:	President	 	Title:	Director of Licensing
	Date:	8/7/12	 	Date:	August 20, 2012

 

    	2

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