Exhibit 10.24

CONFIDENTIAL TREATMENT REQUESTED BY REGENERATION TECHNOLOGIES, INC. FOR CERTAIN
PORTIONS OF THIS AGREEMENT IN ACCORDANCE WITH RULE 24B-2 UNDER THE SECURITIES
EXCHANGE ACT OF 1934, AS AMENDED

FIRST AMENDED EXCLUSIVE LICENSE AND DISTRIBUTION AGREEMENT

This First Amended Exclusive License and Distribution Agreement (“Agreement”) is
made effective the 19th day of December, 2005, by and between Regeneration
Technologies, Inc. (“RTI”) and Exactech, Inc. (“Exactech”).

WHEREAS, RTI and Exactech are parties to an Exclusive License Agreement
effective July 1, 2002, wherein RTI granted Exactech an exclusive license to
distribute products developed from the Licensed Technology for all orthopaedic
procedures outside of the human spine;

WHEREAS, RTI and Medtronic Sofamor Danek, Inc. (“MSD”) are parties to a First
Amended Exclusive Distribution and License Agreement effective April 15, 2004 ,
wherein RTI granted MSD an exclusive license to distribute Bone Paste products
developed from the Licensed Technology for use in the human spine;

WHEREAS, MSD and Exactech have each indicated a desire to allow the other and
RTI to distribute Bone Paste products into the exclusive licensed field and
licensed territory of both MSD and Exactech; and

WHEREAS, RTI and Exactech desire to enter into a new license and distribution
agreement to replace and supersede the July 1, 2002 Exclusive License Agreement
and to implement the desires of MSD and Exactech.

NOW, THEREFORE, in consideration of the mutual covenants and agreements set
forth below, the parties covenant and agree as follows:

I. Definitions.

 

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A. “Licensed Technology” shall refer to and mean (1) products containing a
gelatin carrier and an osteoinductive substance and/or (2) products containing a
gelatin carrier and an osteoconductive substance, with or without an
osteoinductive substance.

B. “Bone Paste Products” shall refer to and mean any and all products comprised
of the Licensed Technology, regardless of shape, size, volume, composition,
storage capacity or delivery method, including, but not limited to, the products
listed and described on Exhibit A and any products developed from the Licensed
Technology subsequent to the execution of this Agreement.

C. “Flowable Bone Paste Products” shall refer to and mean Bone Paste Products
comprised of an osteoinductive substance and a gelatin carrier.

D. “Moldable Bone Paste Products” shall refer to and mean Bone Paste Products
comprised of a gelatin carrier and cortical cancellous chips, with or without an
osteoinductive substance.

E. “Cortical cancellous chips” shall refer to and mean bone chips consisting of
cortical bone, cancellous bone, cortical cancellous bone or a mixture or
combination of cortical bone, cancellous bone and/or cortical cancellous bone.

F. “Licensed Field” shall refer to and mean the field of human orthopaedic
surgical procedures.

G. “Orthopaedic” shall refer to and mean the medical specialty concerned with
the preservation, restoration, and development of form and function of the
musculoskeletal system, extremities, spine, and associated structures by
medical, surgical, and physical methods.

 

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H. “Intellectual Property” shall refer to and mean any and all United States
patent(s) and trademark(s), patent and trademark applications, and/or any
pertinent continuations, continuations-in-part, and/or divisional applications,
as well as foreign counterparts thereof, trade secrets, and proprietary
information relating to the Licensed Technology and/or any Bone Paste Product,
whether currently existing or obtained subsequent to the execution of this
Agreement.

I. “Licensed Territory” shall be throughout the world, except where distribution
of Bone Paste Products is unlawful.

II. Grant.

A. License.

RTI hereby grants to Exactech a license to distribute throughout the Licensed
Territory any and all Bone Paste Products (both Moldable and Flowable) for use
in the Licensed Field. This license shall not operate to prohibit Medtronic
Sofamor Danek, Inc. (hereinafter “MSD”) from distributing Bone Paste in the
Licensed Field so long as MSD shall grant Exactech permission to distribute Bone
Paste for use in the human spine throughout the world and provided that this
license shall not operate to prohibit RTI from distributing Bone Paste products
in the Licensed Field and Licensed Territory, exclusive of Spain and Portugal.
Provided further, however, that neither MSD nor RTI shall use the trade names
“Optefil”, “Opteform”, “Regenafil”, or “Regenaform” with the distribution of any
products. Exactech shall not use the trade names “Osteofil”, “Osteofil IC”, and
“Osteofil ICM” with the distribution of any products.

B. Oral-Dental Indications.

RTI further agrees to not directly distribute Bone Paste for oral-dental
indications or applications, provided Exactech achieves the following minimum
annual performance levels

 

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based upon annual Transfer Distribution and License Service Fees (“TDLSF”) for
Bone Paste Products for oral-dental indications and applications:

 

2006

   $ [ ***] 2007    $ [ ***] 2008    $ [ ***] 2009    $ [ ***] 2010    $ [ ***]
2011    $ [ ***] 2012    $ [ ***] 2013    $ [ ***] 2014    $ [ ***]

Such restriction, however, does not prohibit MSD from distributing Bone Paste
Products for oral-dental indications or applications in the Licensed Territory
at all times during the term of this Agreement.

C. License of RTI Marks.

During the term of this Agreement, RTI grants to Exactech a royalty-free,
non-transferable license under the quality control of RTI to use the marks
“Regeneration Technologies, Inc.” and “RTI” in connection with the distribution
of Bone Paste Products under this Agreement. RTI warrants that it has full right
and title to license such marks, and to the best of its knowledge, there are no
pending or current lawsuits involving the use of the marks in the manufacture,
processing or distribution of Bone Paste Products in the Licensed Territory.
Exactech shall not use these marks in distribution, promotion, advertising, or
any other form of publicity or external communication without the prior written
approval of RTI, which will not be unreasonably withheld.

RTI also grants to Exactech during the term of this Agreement a royalty-free,
non-transferable license within the quality control of RTI to use the marks
listed on Exhibit B and/or any future marks obtained in connection with the
development and/or distribution of Bone Paste

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[***] Certain information on this page has been omitted and filed separately
with the Securities and Exchange Commission. Confidential treatment has been
requested with respect to the omitted portions.

 

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Products within the Licensed Field and the Licensed Territory. Provided however,
that RTI further grants Exactech a royalty-free nontransferable license under
the quality control of RTI to use any future marks obtained in the development
and/or distribution of Bone Paste Products developed solely for Exactech for
distribution/use in the spine. RTI warrants that it has full right and title to
license such marks, and to the best of its knowledge, there are no pending or
current lawsuits involving the use of the marks in the manufacture, processing
or distribution of Bone Paste Products within the Licensed Territory. Exactech
shall not use any of these marks in distribution, promotion, advertising, or any
other form of publicity or external communication without the prior approval of
RTI, which will not be unreasonably withheld.

III. Consideration.

A. Transfer Distribution and License Service Fee.

Exactech agrees to pay RTI a Transfer Distribution and License Service Fee
(hereinafter “TDLSF”) for all Bone Paste Products shipped by RTI to Exactech or
shipped directly by RTI to any third party subject to this Agreement at the
directive of Exactech. The TDLSF shall be equal to the amounts listed on Exhibit
A attached hereto and as amended from time to time. In the event of a material
increase or decrease in either regulatory compliance costs or donor tissue
processing costs, or any other circumstance that either party reasonably
anticipates will have an immediate and material impact on the marketplace for
Bone Paste Products, the parties agree to meet within ten (10) business days of
a written request by either party and confer in good faith to reach mutual
agreement on any adjustments to any Bone Paste Product TDLSF charged by RTI.
Notwithstanding, RTI may increase the TDLSF for any and all Bone Paste Products
on the first anniversary of this Agreement, and thereafter not more than once
annually, upon sixty (60) days written notice to Exactech.

 

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B. [***] for Moldable Bone Paste Product Sales.

[***]

C. Accounting Payments.

1. Amounts owing to RTI under Section III.A. shall be paid by Exactech within
[***] days of invoice issuance by RTI. Any amounts which remain unpaid after
[***] days from the end of the month in which they were earned shall accrue
interest from that date until paid at the rate of [***] percent ([***]%) per
year.

2. Except as otherwise directed, all amounts owing to RTI or Exactech under this
Agreement shall be paid in U.S. dollars at the addresses provided in Section
XVIII. herein. All amounts owing with respect to TDLSF and royalties stated in
currencies other than U.S. dollars shall be converted at the rate shown in the
Federal Reserve Noon Valuation – Value of Foreign Currencies on the day
preceding the payment.

3. A full accounting of all monthly distributions of Moldable Bone Paste
Products in the Licensed Field, except for those products distributed by
Exactech, shall be submitted by RTI to Exactech by the [***]. Such accounting
shall be on a per distribution agent and per Moldable Bone Paste Product basis,
and shall be summarized in a format agreed upon by the parties. [***], RTI shall
provide Exactech with a written statement setting forth such fact.

IV. Product Supply and Distribution.

A. Bone Paste Product Orders.

 

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[***]

 

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[***]

B. Bone Paste Product Production Forecast.

[***]

V. Product Promotion and Marketing.

A. Exactech shall utilize best efforts to promote and market Bone Paste Products
in the Licensed Field and in the Licensed Territory. Exactech agrees to provide
educational services regarding Bone Paste Products to customers and potential
customers, including, but not limited to, surgeons, hospital personnel, customer
support staff, and potential buying groups in the Licensed Field. Such services
shall include education on Bone Paste Product design, ordering, delivery and
stocking procedures.

B. Exactech shall support the marketing and distribution of Bone Paste Products
in the Licensed Field by providing, where necessary, and upon reasonable notice,
personnel or marketing agents to attend surgical cases at the clinical level.

C. RTI agrees that its independent sales force shall not solicit, pursue, or
target Exactech major customers. Exactech’s major customers shall be specified
in writing by Exactech to RTI within thirty (30) days of this Agreement. The
Exactech major customer list may be amended from time to time by Exactech with
proper written notice to RTI.

The parties also agree to meet either in person or telephonically each quarter
to cooperate on marketing efforts of Bone Paste Products. The parties shall, in
good faith, seek to resolve any

 

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[***] Certain information on this page has been omitted and filed separately
with the Securities and Exchange Commission. Confidential treatment has been
requested with respect to the omitted portions.

 

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disputes concerning the soliciting or targeting of Bone Paste Product
distribution opportunities or potential Bone Paste Product customers.

D. RTI agrees to label all Bone Paste Products that are to be distributed by
Exactech subject to this Agreement with the unique Exactech name and include on
all Bone Paste Product labels a statement that the product is “processed by
Regeneration Technologies, Inc.”

E. Notwithstanding the above, RTI agrees to continue to provide ongoing
marketing support to Exactech (as described in Section VI.D. above) to promote
Bone Paste Products.

VI. Development and Distribution of New Products.

A. Subsequent to the execution of this Agreement, RTI agrees to work with
Exactech to develop new Bone Paste Products for use within the Licensed Field
and to rationalize the Bone Paste Product line so that Exactech can offer Bone
Paste Products within the Licensed Field that Exactech customers reasonably want
and need. RTI shall support the parties’ co-development of new Bone Paste
Product for distribution within the Licensed Field designs by producing, at
Exactech’s reasonable request, specific product prototypes for testing and
clinical evaluation. Exactech agrees to reimburse RTI for its cost in producing
such prototypes, with such cost mutually agreed upon between the parties at the
time of Exactech’s request.

B. Any new Bone Paste Product co-developed by Exactech and RTI for use within
the Licensed Field subsequent to the execution of this Agreement will be
co-owned by Exactech and RTI. Any new Bone Paste Product developed independently
by either party or by any other person in cooperation with either party for use
within the Licensed Field will be owned by that party and any other person with
whom that party collaborates. In the event RTI, without any collaboration from
another person, develops a new Bone Paste Product from the Licensed Technology
independently of Exactech, RTI agrees to make that Bone Paste Product available
to

 

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Exactech for distribution in the Licensed Field, subject to the evaluation
process and criteria described in Section VI.C. below. In the event Exactech
develops a new Bone Paste Product from the Licensed Technology independently of
RTI, Exactech agrees to license that Bone Paste Product to RTI for distribution
subject to the terms of this Agreement and subject to the evaluation process and
criteria described in Section VI.C. below.

C. The parties agree to evaluate any proposed new Bone Paste Product prior to
any distribution to determine its market and economic feasibility. Evaluation
criteria to be considered will include, but not be limited to, cost of product
development, including any costs associated with intellectual property
development, cost of processing, distribution, storage and handling, potential
customer demand, and pricing. The TDLSF to be paid by Exactech to RTI for any
new Bone Paste Products distributed by Exactech shall be negotiated by the
parties in good faith.

D. The parties agree to conduct meetings on a quarterly basis to facilitate the
development of additional Bone Paste Products and/or the improvement of Bone
Paste Product design.

VII. Patents and Intellectual Property.

A. RTI represents and warrants that it has, in connection with the execution of
this Agreement, provided Exactech with complete disclosure of all current
Intellectual Property associated with the Licensed Technology and Bone Paste
Products.

B. Upon reasonable request, RTI shall allow appropriate Exactech personnel
and/or legal counsel to review any Intellectual Property associated with the
Licensed Technology and all Bone Paste Products. Subject to the provisions and
limitations of Section VIII. of this Agreement, RTI shall take all reasonably
necessary steps to prosecute and/or defend the

 

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intellectual property position of any and all technology embodied in the
Licensed Technology and/or any Bone Paste Product, including, but not limited
to, filing and prosecuting pertinent patent applications, and/or any pertinent
continuations, continuations-in-part, and/or divisional applications in the
United States, as well as foreign counterparts thereof, filing necessary appeals
for any denial of any pertinent patent application or patent claims, and
prosecuting patent infringement actions under the terms and conditions set forth
in Section VIII. below. RTI agrees to keep Exactech fully informed at all times
concerning the status of any patent applications and/or patent claims within the
Licensed Field and which relate to the Licensed Technology and/or any Bone Paste
Product.

C. All rights and title to any invention jointly invented by the parties shall
be jointly owned by both parties. The parties agree to take any actions,
including the execution of documents, to obtain patent protection for joint
inventions. In the event that RTI or the parties decide to file additional
patent applications on joint inventions, the Licensed Technology, or any Bone
Paste Product distributed or to be distributed by Exactech, the parties agree to
share equally in the legal fees, costs and expenses related to securing such
patent(s), including any continuations, continuations in part, or divisional
applications thereof in the United States, as well as foreign counterparts
thereof. The parties agree to equally share any maintenance fees associated with
patents granted hereunder.

D. Exactech shall ensure that it applies patent markings, when notified by RTI
of applicability, that meet all requirements of 35 U.S.C. § 287, and with
applicable international laws, rules and regulations with respect to all Bone
Paste Products distributed by Exactech subject to this Agreement.

 

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E. All trademarks developed by either party or co-developed by the parties
pursuant to this Agreement, including, but not limited to, any Bone Paste
Product name for Bone Paste Products within the Licensed Field, will be jointly
owned by both parties. The parties agree to file promptly and prosecute
trademark applications for such trademarks. The party developing the
trademark(s) shall be responsible for the filing process, and the parties will
mutually agree to assign a responsible party to file trademarks co-developed by
the parties. The parties agree to share equally in the costs of such trademark
prosecution, including, but not limited to, all filing and legal fees incurred.

F. The parties recognize that a party may develop new Intellectual Property that
would require the other party to be licensed under such Intellectual Property in
order for the other party to exercise its rights or perform its obligations
under this Agreement. In that case, the party who develops such Intellectual
Property grants the other party an exclusive license to the Intellectual
Property in the Licensed Field for the above stated purpose, subject, however,
to a reservation by the developing party to use such Intellectual Property to
exercise its rights or perform its obligations under this Agreement.

VIII. Infringement of Licensed Patent Rights by Third Parties.

A. In the event that any infringement within the Licensed Field of a patent
relating to the Licensed Technology or any Bone Paste Product owned by RTI shall
come to the attention of RTI or Exactech, then RTI and Exactech shall duly
inform each other. RTI shall, in its sole discretion, determine whether or not
it will prosecute patent infringement litigation. If RTI conducts and pays the
fees and expenses of the infringement action, then any amount recovered belongs
to RTI. Exactech may pay part of the litigation fees and expenses and, if it
does so, any recovery shall be divided between Exactech and RTI as follows:
(1) any lost profits, enhanced or

 

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punitive damages, and/or attorneys’ fees recovery shall be divided between RTI
and Exactech based on their proportionate share of the litigation fees and
expenses; and (2) any reasonable royalty recovery shall be belong to RTI. Any
recovery obtained from settlement of the litigation shall be divided between RTI
and Exactech based on their proportionate share of the litigation fees and
expenses.

B. If RTI determines and elects not to prosecute a litigation as described in
Section VIII.A., then Exactech may bring or cause legal proceedings against the
alleged infringing party at its own initial expense, with partial reimbursement
by RTI as defined herein, so long as Exactech shows that (i) there is
substantial likelihood of infringement, (ii) there is substantial competition by
the infringer, and (iii) unless mutually agreed in writing by RTI and Exactech,
no other infringement litigation is pending at the time. Where necessary, RTI
agrees to allow itself to be included as a named plaintiff in any patent
infringement litigation brought by Exactech. Exactech may defray up to [***]
percent ([***]%) of the fees and expenses of any such litigation by, upon
written notification to RTI, withholding up to [***] percent ([***]%) of the
TDLSF due to RTI under Section III.A. herein. At no time shall the aggregate sum
of the TDLSF payments so withheld from RTI exceed [***] percent ([***]%) of the
total amount of actual, out-of-pocket costs and expenses paid by Exactech for
the infringement litigation. If Exactech recovers any amount via the
infringement litigation (including settlement of such litigation), such amount
will first be used to reimburse Exactech and RTI proportionally in accordance
with their respective out-of-pocket expenditures, including attorneys’ fees, and
any TDLSF withheld from RTI by Exactech as a result of the litigation. Any
amount remaining after the initial disbursement shall belong to Exactech, except
that RTI shall receive an amount equivalent to its TDLSF percentage set forth in
Section III.A. on such amount remaining.

 

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C. In any patent infringement litigation involving RTI’s patent rights in the
Licensed Field, RTI shall be entitled to employ its own counsel and control the
course of the litigation, at its own expense, if, RTI determines, in its sole
discretion, that Exactech’s defense of its patent rights is insufficient, or if
Exactech fails to carry on vigorous prosecution of said patent rights.

D. In the event Exactech seeks, with justifiable cause, to prosecute more than
one infringement litigation at a time, RTI will not unreasonably withhold
permission to do so. The disbursement of any recovery shall be divided between
Exactech and RTI as provided in Section VIII.B., above.

IX. Technology Escrow.

Within ninety (90) days after the execution of this Agreement, Exactech and RTI
shall enter into an amended Technology Escrow Agreement, which will jointly
establish a Technology Escrow Account. RTI agrees that it will deposit into the
Technology Escrow Account all necessary information and relevant documentation
concerning the Licensed Technology and the procedures and methodology used to
process and manufacture any and all Bone Paste Products (the “Escrow
Materials”). The terms of the Technology Escrow Agreement shall provide, among
other things, that Exactech shall be given access to the Escrow Materials for
the sole purpose of enabling Exactech to process, manufacture and/or continue to
supply Bone Paste Products in the event of RTI’s material breach of its
obligations to provide Exactech with Bone Paste Products under the terms of this
Agreement, including, without limitation, as a result of RTI’s bankruptcy or
failure to continue in business. The parties shall jointly designate an Escrow
Agent to maintain the Technology Escrow Account.

X. Record Keeping.

 

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A. RTI shall keep books and records sufficient to verify the accuracy and
completeness of RTI’s accounting referred to in Section X.E., including, without
limitation, inventory, order and invoice records relating to the Moldable Bone
Paste Products used in human spine procedures and their distribution. Such books
and records shall be preserved for a period of not less than five years after
they are created and regardless of the term of this Agreement.

B. RTI shall take all steps necessary so that Exactech may, within [***] days of
receipt of its request, review all relevant books and records [***] to verify
the accuracy of RTI’s accounting. Such review may be performed by any designated
employee, attorney and/or accountant of Exactech, upon reasonable notice and
during regular business hours.

C. If a payment deficiency is determined, RTI shall pay such deficiency within
[***] days of receiving written notice thereof, plus interest on outstanding
amounts at the rate of [***] percent ([***]%) per year.

D. If a payment deficiency for a calendar year exceeds [***] percent ([***]%) of
the amounts paid in Moldable Bone Paste Product royalties by RTI to Exactech for
that year pursuant to Section III.B, above, then RTI shall be responsible for
paying Exactech’s out-of-pocket expenses incurred with respect to the books and
records review described in Section X.B.2. herein.

E. Exactech shall keep books and records such that, upon reasonable request from
RTI, Exactech shall provide RTI with supply distribution data (per state or
region) so as to support RTI’s reporting obligations to its donor organizations.
Such supply distribution information may not be used by RTI to target or solicit
Exactech customers.

XI. Representations and Warranties.

A. By RTI.

 

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1. RTI represents and warrants that any information related to the sale and
distribution of the Bone Paste Products by Exactech, including but not limited
to information included with or derived from Tissue Utilization Records,
regulatory actions related to the Bone Paste Products, MedWatch or other
regulatory reports made by Exactech related to the Bone Paste Products, shall be
considered proprietary and confidential information of Exactech, and RTI shall
not utilize such confidential information for the purpose of sales and/or
distribution of the Bone Paste Products.

2. RTI represents and warrants that each lot of Bone Paste Products will be
tested by RTI for osteoinductivity prior to distribution by Exactech.

3. RTI represents and warrants that it will comply with all applicable current
federal, state, and/or local laws and/or regulations, including, but not limited
to, all applicable rules and regulations of the Food and Drug Administration and
applicable standards of the American Association of Tissue Banks.

4. RTI represents and warrants that the Licensed Technology is currently the
subject of the issued and pending U.S. and foreign patent applications described
in Exhibit D and that it owns all clear legal title and rights to all of its
Intellectual Property that is the subject of this Agreement and the rights
conveyed to Exactech pursuant to this Agreement.

5. RTI represents and warrants that it now maintains, and will continue to
maintain, liability insurance coverage appropriate to the risk involved in
marketing the technology and products subject to this Agreement. Within [***]
days after the execution of this Agreement and thereafter [***], RTI will
present sufficient evidence to Exactech that the coverage is being maintained.
In addition, RTI shall provide

 

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Exactech with at least [***] days prior written notice of any change in or
cancellation of the insurance coverage.

6. The person signing this Agreement on behalf of RTI represents and warrants
that he or she has authority to execute this Agreement on behalf of RTI.

B. By Exactech.

1. Exactech represents and warrants that it will comply with all applicable
current federal, state, and/or local laws and/or regulations, including, but not
limited to, all applicable rules and regulations of the Food and Drug
Administration and applicable standards of the American Association of Tissue
Banks.

2. Exactech represents and warrants that it owns all clear legal title and
rights to any of its intellectual property that is the subject of this
Agreement.

3. Exactech represents and warrants that it now maintains, and will continue to
maintain, liability insurance coverage appropriate to the risk involved in
marketing the technology and products subject to this Agreement. Within [***]
days after the execution of this Agreement and thereafter [***], Exactech will
present sufficient evidence to RTI that the coverage is being maintained. In
addition, Exactech shall provide RTI with at least [***] days prior written
notice of any change in or cancellation of the insurance coverage.

4. The person signing this Agreement on behalf of Exactech represents and
warrants that he or she has authority to execute this Agreement on behalf of
Exactech.

XII. Products Liability.

A. Subject to RTI’s indemnification obligations pursuant to Section XII.B.
hereof, Exactech shall indemnify and hold RTI harmless from any and all loss,
damages, liabilities, costs

 

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and expenses, including, without limitation, reasonable attorneys fees and court
costs, that may result from any demand, claim, or litigation relating to,
resulting from or arising out of Exactech’s marketing and/or distribution of
Bone Paste Products or any action or inaction which is solely the fault of
Exactech.

B. Subject to Exactech’s indemnification obligations pursuant to Section XII.A.
hereof, RTI shall indemnify and hold Exactech harmless from any and all loss,
damages, liabilities, costs and expenses, including, without limitation,
reasonable attorneys fees and court costs, that may result from any demand,
claim, or litigation relating to, resulting from or arising out of RTI’s
manufacture, processing, marketing and/or distribution of Bone Paste Products or
any action or inaction which is solely the fault of RTI.

XIII. Term and Termination.

A. This Agreement shall have a term of nine (9) years. The Agreement may be
renewed upon mutual agreement of the parties.

B. This Agreement may be terminated prior to its expiration only in the event of
(i) a material breach by either party as determined by an arbitration panel in
accordance with Section XVI.B. herein, and the non-breaching party demands
termination and such material breach is not cured by the breaching party within
[***] days of receipt of the termination demand; or (ii) mutual agreement
between the parties.

XIV. Termination of July 1, 2002 Exclusive License Agreement and Joint Research
Agreement.

As of the effective date of this Agreement, Exactech and RTI agree that the
parties’ Exclusive License Agreement, as amended, and Joint Research Agreement,
dated July 1, 2002 and April 22, 1997 respectively, are hereby terminated and
superseded by this Agreement.

 

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XV. Assignability.

Neither this Agreement nor any rights hereunder may be transferred or assigned
by either party without the prior written consent of the other party, except as
part of a transfer of all or substantially all of the assets of a party or as
part of a transfer to a wholly owned affiliate. This Agreement shall be binding
on any successors to the parties hereto.

XVI. Miscellaneous.

A. Governing Law.

This Agreement shall be construed and interpreted in accordance with the
internal laws of the State of Florida without regard to principles of conflict
of laws. If any provisions of this Agreement shall be deemed unenforceable,
those provisions shall be deemed automatically deleted if such deletion is
allowed by applicable law, and the remaining terms and conditions of this
Agreement shall remain in full force and effect. If such deletion is not so
allowed or if such deletion leaves remaining terms clearly illogical or
inappropriate in effect, the parties agree to substitute new terms as similar in
effect to the present terms of this Agreement as may be allowed under applicable
laws and regulations.

B. Dispute Resolution/Arbitration.

Any dispute between the parties arising out or of or relating to this Agreement
or its breach that cannot be resolved within [***] days of written notice of the
existence of a dispute will be resolved by binding arbitration administered by
the American Arbitration Association under its Commercial Arbitration Rules and
Procedures for Large, Complex Commercial Disputes. Unless otherwise agreed to in
writing by the parties, such arbitration will consist of a three-person
arbitration panel consisting of three neutral arbitrators who all have
substantial experience in intellectual property and intellectual property
licensing matters. Such

 

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[***] Certain information on this page has been omitted and filed separately
with the Securities and Exchange Commission. Confidential treatment has been
requested with respect to the omitted portions.

 

Page 19 of 28

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arbitration shall be held in the State of Florida unless otherwise agreed to by
the parties. Judgment upon any arbitration award may be entered in any court of
competent jurisdiction.

C. Entire Agreement.

This Agreement, together with the Exhibits hereto, constitutes the entire
agreement between the parties hereto and supersedes any prior expression of
intent or agreement of the parties with respect thereto, including, but not
limited to, the Exclusive License Agreement (as amended) dated July 1, 2002.

D. Amendment of Agreement.

This Agreement cannot be modified, altered or amended except by an agreement in
writing signed by the duly authorized representatives of each of the parties
hereto.

E. Independent Contractors.

The parties hereto are independent contractors and not joint ventures or
partners.

F. Counterparts.

This Agreement may be executed in one or more counterparts, each of which shall
be deemed an original, but all of which together shall constitute one and the
same instrument.

G. Headings.

The headings in the sections and subsections of this Agreement are inserted for
convenience only and shall not constitute a part hereof.

H. Construction.

The language of all parts of this Agreement shall in all cases be construed as a
whole, according to its fair meaning, and not strictly for or against any of the
parties, it being agreed that all parties (by their respective attorneys) have
participated in the preparation of all provisions of this Agreement.

 

Page 20 of 28

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XVII. Notices.

Any required notice pursuant to the terms of this Agreement shall be in writing
and given to the parties at their respective addresses specified below or at
such changed address as the party shall have specified by written notice,
provided that any notice of change of address shall be effective only upon
actual receipt. Notice shall be deemed to have been given at the earlier of the
time when actually received as a consequence of any effective method of
delivery, including, but not limited to, hand delivery, transmission by
telecopier, or by first class mail. to the party for whom intended at the
address below

 

Regeneration Technologies, Inc.

Attn: Brian K. Hutchison
         President and CEO

11621 Research Circle

Alachua, FL 32615

 

Exactech, Inc.

Attn: William Petty, M.D.
          Chairman and CEO

2320 NW 66th Court

Gainesville, FL 32653

With a copy to:  

General Counsel

Regeneration Technologies, Inc.

11621 Research Circle

Alachua, FL 32615

Facsimile: (386) 462-1836

 

XVIII. Confidentiality.

Exactech and RTI agree that this Agreement and its terms (including any
subsequent amendment) are to be kept confidential and, absent an enforceable
court order, shall not be disclosed to any third party without the prior written
consent of the other party. If this Agreement or its terms must be disclosed to
a third party pursuant to an enforceable court order, such disclosure shall be
made only to the legal counsel representing the third party, unless otherwise
ordered by the court.

 

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IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement.

 

REGENERATION TECHNOLOGIES, INC.   EXACTECH, INC. By:  

/s/ Thomas F. Rose

  By:  

/s/ William Petty

Name:   Thomas F. Rose   Name:   William Petty, M.D. Title:   Vice President and
CFO   Title:   Chairman and CEO Date:   December 19, 2005   Date:   December 15,
2005

 

Page 22 of 28

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Exhibit A

Exactech Product Code List

 

Code   Customer
Code   Class   Subclass   Description   Preservation   Transfer Fee [***]  
[***]   [***]   [***]   [***]   [***]   [***]

 

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[***] Certain information on this page has been omitted and filed separately
with the Securities and exchange Commission. Confidential treatment has been
requested with respect to the omitted portions.

 

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Class   Subclass   Description   Preservation   Transfer Fee [***]   [***]  
[***]   [***]   [***]

 

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[***] Certain information on this page has been omitted and filed separately
with the Securities and exchange Commission. Confidential treatment has been
requested with respect to the omitted portions.

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Exhibit B

NO CHANGES EFFECTED BY THE FIRST AMENDMENT

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Exhibit C

NO CHANGES EFFECTED BY THE FIRST AMENDMENT

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Exhibit C continued

NO CHANGES EFFECTED BY THE FIRST AMENDMENT

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Exhibit D

NO CHANGES EFFECTED BY THE FIRST AMENDMENT

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Exhibit D continued

NO CHANGES EFFECTED BY THE FIRST AMENDMENT