EX-4.3





 Exhibit 4.3 

PARAGON 28, INC. 

AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT 

This Amended and Restated Investor Rights Agreement (this “Agreement”) is dated as of July 28, 2020, and is
between Paragon 28, Inc., a Colorado corporation (the “Company”), the individuals and entities listed on Exhibit A (each, an “Investor” and collectively, the “Investors”), and
the individuals listed on Exhibit B (each, a “Founder,” and collectively, the “Founders”). 

RECITALS 
 WHEREAS,
certain of the Investors (the “Existing Investors”) hold shares of the Company’s Series A Preferred Stock and possess registration rights, information rights, rights of first offer, and other rights pursuant to that certain
Investor Rights Agreement dated as of December 16, 2011, by and among the Company, the Founders and such Existing Investors (the “Prior Agreement”); 

WHEREAS, certain of the Investors (the “New Investors”) are parties to that certain Series B Preferred Stock Purchase
Agreement of even date herewith by and among the Company and the New Investors, under which certain of the Company’s and the New Investors’ obligations are conditioned upon the execution and delivery of this Agreement by the New Investors,
the Founders, the Existing Investors and the Company; and 
 WHEREAS, the New Investors, the Existing Investors, the Founders and the
Company desire to amend and restate the Prior Agreement in its entirety pursuant to this Agreement. 
 NOW, THEREFORE, the New
Investors, the Existing Investors, the Founders and the Company hereby agree that the Prior Agreement shall be amended and restated, and the parties to this Agreement further agree as follows: 

SECTION 1 
 DEFINITIONS

 1.1 Certain Definitions. As used in this Agreement, the following terms shall have the meanings set forth below: 

(a) “Articles” shall mean the then-existing articles of incorporation of the Company as filed with the Secretary of
State of Colorado. 
 (b) “Commission” shall mean the Securities and Exchange Commission or any other federal agency
at the time administering the Securities Act. 
 (c) “Common Stock” means the Common Stock of the Company. 

(d) “Conversion Stock” shall mean shares of Common Stock issued upon conversion of the Series A Preferred Stock or the
Series B Preferred Stock. 

  
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 (e) “Exchange Act” shall mean the Securities Exchange Act of 1934,
as amended, or any similar successor federal statute and the rules and regulations thereunder, all as the same shall be in effect from time to time. 

(f) “Holder” shall mean any Investor who holds Registrable Securities and any holder of Registrable Securities to whom
the registration rights conferred by this Agreement have been duly and validly transferred in accordance with Section 2.10 of this Agreement. 

(g) “Indemnified Party” shall have the meaning set forth in Section 2.4(c). 

(h) “Indemnifying Party” shall have the meaning set forth in Section 2.4(c). 

(i) “Qualified Public Offering” shall mean the closing of the sale of shares of Common Stock to the public at a price
equal to at least one and one-half (1.5) times the Series B Original Issue Price (as defined in the Articles) in a firm-commitment underwritten public offering pursuant to an effective registration statement
under the Securities Act resulting in at least $50,000,000 of gross proceeds to the Company and in connection with such offering the Common Stock is listed for trading on the Nasdaq Stock Market’s National Market or the New York Stock Exchange.

 (j) “Initiating Holders” shall mean any Holder or Holders who in the aggregate hold not less than fifty percent
(50%) of the outstanding Registrable Securities. 
 (k) “Investors” shall mean the holders of Series A Preferred
Stock or Series B Preferred Stock. 
 (l) “New Securities” shall have the meaning set forth in Section 4.1(a).

 (m) “Preferred Stock” shall mean shares of Series A Preferred Stock and Series B Preferred Stock. 

(n) “Registrable Securities” shall mean (i) shares of Common Stock issued or issuable pursuant to the conversion
of the Shares and (ii) any Common Stock issued as a dividend or other distribution with respect to or in exchange for or in replacement of the shares referenced in (i) above; provided, however, that Registrable Securities
shall not include any shares of Common Stock described in clause (i) or (ii) above which have previously been registered or which have been sold to the public either pursuant to a registration statement or Rule 144, or which have been sold in a
private transaction in which the transferor’s rights under this Agreement are not validly assigned in accordance with this Agreement. 

(o) The terms “register,” “registered” and “registration” shall refer
to a registration effected by preparing and filing a registration statement in compliance with the Securities Act and applicable rules and regulations thereunder, and the declaration or ordering of the effectiveness of such registration statement.

 (p) “Registration Expenses” shall mean all expenses incurred in effecting any registration pursuant to this
Agreement, including, without limitation, all registration, qualification, and filing fees, printing expenses, escrow fees, fees and disbursements of counsel for the Company and one special counsel for the Holders, not to exceed $25,000, blue sky
fees and expenses, and expenses of any regular or special audits incident to or required by any such registration, but shall not include Selling Expenses, fees and disbursements of other counsel for the Holders and the compensation of regular
employees of the Company, which shall be paid in any event by the Company. 

  
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 (q) “Restricted Securities” shall mean any Registrable Securities
required to bear the first legend set forth in Section 2.6(c). 
 (r) “Rule 144” shall mean Rule 144 as
promulgated by the Commission under the Securities Act, as such Rule may be amended from time to time, or any similar successor rule that may be promulgated by the Commission. 

(s) “Rule 145” shall mean Rule 145 as promulgated by the Commission under the Securities Act, as such Rule may be
amended from time to time, or any similar successor rule that may be promulgated by the Commission 
 (t) “Rule 415”
shall mean Rule 415 as promulgated by the Commission under the Securities Act, as such Rule may be amended from time to time, or any similar successor rule that may be promulgated by the Commission. 

(u) “Securities Act” shall mean the Securities Act of 1933, as amended, or any similar successor federal statute and
the rules and regulations thereunder, all as the same shall be in effect from time to time. 
 (v) “Selling
Expenses” shall mean all underwriting discounts, selling commissions and stock transfer taxes applicable to the sale of Registrable Securities and fees and disbursements of counsel for any Holder (other than the fees and disbursements
of one special counsel to the Holders included in Registration Expenses). 
 (w) “Series A Preferred Stock” shall
mean the shares of Series A Preferred Stock of the Company. 
 (x) “Series B Preferred Stock” shall mean the shares
of Series B Preferred Stock of the Company. 
 (y) “Shares” shall mean the Company’s Series A Preferred Stock
and Series B Preferred Stock. 
 (z) “Significant Holders” shall have the meaning set forth in Section 3.1.

 SECTION 2 

REGISTRATION RIGHTS 

2.1 Company Registration.  

(a) Company Registration. If the Company shall determine to register any of its securities either for its own account or the
account of a security holder or holders, other than a registration pursuant to Section 2.1, a registration relating solely to employee benefit plans, a registration relating to the offer and sale of debt securities, a registration relating to a
corporate reorganization or other Rule 145 transaction, or a registration on any registration form that does not permit secondary sales, the Company will: 

(i) promptly give written notice of the proposed registration to all Holders; and 

  
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 (ii) use its commercially reasonable efforts to include in such registration (and any
related qualification under blue sky laws or other compliance), except as set forth in Section 2.1(b) below, and in any underwriting involved therein, all of such Registrable Securities as are specified in a written request or requests made by
any Holder or Holders received by the Company within ten (10) days after such written notice from the Company is mailed or delivered. Such written request may specify all or a part of a Holder’s Registrable Securities. 

(b) Underwriting. If the registration of which the Company gives notice is for a registered public offering involving an
underwriting, the Company shall so advise the Holders as a part of the written notice given pursuant to Section 2.1(a)(i). In such event, the right of any Holder to registration pursuant to this Section 2.1 shall be conditioned upon such
Holder’s participation in such underwriting and the inclusion of such Holder’s Registrable Securities in the underwriting to the extent provided herein. All Holders proposing to distribute their securities through such underwriting shall
(together with the Company and the other holders of securities of the Company with registration rights to participate therein distributing their securities through such underwriting) enter into an underwriting agreement in customary form with the
representative of the underwriter or underwriters selected by the Company. 
 Notwithstanding any other provision of this Section 2.1,
if the underwriters advise the Company in writing that marketing factors require a limitation on the number of shares to be underwritten, the underwriters may (subject to the limitations set forth below) limit the number of Registrable Securities to
be included in, the registration and underwriting. The Company shall so advise all holders of securities requesting registration, and the number of shares of securities that are entitled to be included in the registration and underwriting shall be
allocated, as follows: (i) first, to the Company for securities being sold for its own account, (ii) second, to the Holders requesting to include Registrable Securities in such registration statement based on the pro rata percentage
of Registrable Securities held by such Holders, assuming conversion and (iii) third, to the Holders requesting to include other Shares in such registration statement based on the pro rata percentage of other Shares held by such, assuming
conversion. 
 Notwithstanding the foregoing, no such reduction shall reduce the value of the Registrable Securities of the Holders included
in such registration below twenty-five percent (25%) of the total value of the securities included in such registration, unless such offering is the Company’s Qualified Public Offering and such registration does not include shares of any other
selling stockholders (excluding shares registered for the account of the Company), in which event any or all of the Registrable Securities of the Holders may be excluded. 

If a person who has requested inclusion in such registration as provided above does not agree to the terms of any such underwriting, such
person shall also be excluded therefrom by written notice from the Company or the underwriter. The Registrable Securities or other securities so excluded shall also be withdrawn from such registration. Any Registrable Securities or other securities
excluded or withdrawn from such underwriting shall be withdrawn from such registration. If shares are so withdrawn from the registration and if the number of shares of Registrable Securities to be included in such registration was previously reduced
as a result of marketing factors pursuant to Section 2.1(b), the Company shall then offer to all persons who have retained the right to include securities in the registration the right to include additional securities in the registration in an
aggregate amount equal to the number of shares so withdrawn, with such shares to be allocated among the persons requesting additional inclusion, in the manner set forth above.  

(c) Right to Terminate Registration. The Company shall have the right to terminate or withdraw any registration initiated by it
under this Section 2.1 prior to the effectiveness of such registration whether or not any Holder has elected to include securities in such registration. 

  
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 2.2 Expenses of Registration. All Registration Expenses incurred in connection with
registrations pursuant to Section 2.1 shall be borne by the Company. All Selling Expenses relating to securities registered on behalf of the Holders shall be borne by the holders of securities included in such registration pro rata among
each other on the basis of the number of Registrable Securities so registered.  

2.3 Registration Procedures. In the case of each registration effected by the Company pursuant to Section 2, the Company will keep
each Holder advised in writing as to the initiation of each registration and as to the completion thereof. At its expense, the Company will use its commercially reasonable efforts to:  

(a) Keep such registration effective for a period of ending on the earlier of the date which is sixty (60) days from the effective date of
the registration statement or such time as the Holder or Holders have completed the distribution described in the registration statement relating thereto; 

(b) Prepare and file with the Commission such amendments and supplements to such registration statement and the prospectus used in connection
with such registration statement as may be necessary to comply with the provisions of the Securities Act with respect to the disposition of all securities covered by such registration statement for the period set forth in subsection (a) above;

 (c) Furnish such number of prospectuses, including any preliminary prospectuses, and other documents incident thereto, including any
amendment of or supplement to the prospectus, as a Holder from time to time may reasonably request; 
 (d) Use its reasonable best efforts
to register and qualify the securities covered by such registration statement under such other securities or Blue Sky laws of such jurisdiction as shall be reasonably requested by the Holders; provided, that the Company shall not be required
in connection therewith or as a condition thereto to qualify to do business or to file a general consent to service of process in any such states or jurisdictions; 

(e) Notify each seller of Registrable Securities covered by such registration statement at any time when a prospectus relating thereto is
required to be delivered under the Securities Act of the happening of any event as a result of which the prospectus included in such registration statement, as then in effect, includes an untrue statement of a material fact or omits to state a
material fact required to be stated therein or necessary to make the statements therein not misleading or incomplete in light of the circumstances then existing, and following such notification promptly prepare and furnish to such seller a
reasonable number of copies of a supplement to or an amendment of such prospectus as may be necessary so that, as thereafter delivered to the purchasers of such shares, such prospectus shall not include an untrue statement of a material fact or omit
to state a material fact required to be stated therein or necessary to make the statements therein not misleading or incomplete in light of the circumstances then existing; 

(f) If (i) a registration made pursuant to a shelf registration statement is required to be kept effective in accordance with this
Agreement after the third anniversary of the initial effective date of the shelf registration statement and (ii) the registration rights of the applicable Holders have not terminated, file a new registration statement with respect to any unsold
Registrable Securities subject to the original request for registration prior to the end of the three year period after the initial effective date of the shelf registration statement, and keep such registration statement effective in accordance with
the requirements otherwise applicable under this Agreement; 

  
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 (g) Use its commercially reasonable efforts to furnish, on the date that such Registrable
Securities are delivered to the underwriters for sale, if such securities are being sold through underwriters, (i) an opinion, dated as of such date, of the counsel representing the Company for the purposes of such registration, in form and
substance as is customarily given to underwriters in an underwritten public offering, addressed to the underwriters, if any, and reasonably satisfactory to a majority in interest of the Holders requesting registration of Registrable Securities and
(ii) a “comfort” letter dated as of such date, from the independent certified public accountants of the Company, in form and substance as is customarily given by independent certified public accountants to underwriters in an
underwritten public offering, addressed to the underwriters; 
 (h) Provide a transfer agent and registrar for all Registrable Securities
registered pursuant to such registration statement and a CUSIP number for all such Registrable Securities, in each case not later than the effective date of such registration; 

(i) Otherwise use its commercially reasonable efforts to comply with all applicable rules and regulations of the Commission, and make
available to its security holders, as soon as reasonably practicable, an earnings statement covering the period of at least twelve months, but not more than eighteen months, beginning with the first month after the effective date of the Registration
Statement, which earnings statement shall satisfy the provisions of Section 11(a) of the Securities Act; and 
 (j) Cause all such
Registrable Securities registered pursuant hereunder to be listed on each securities exchange on which similar securities issued by the Company are then listed. 

2.4 Indemnification. 

(a) To the extent permitted by law, the Company will indemnify and hold harmless each Holder, each of its officers, directors and partners,
legal counsel and accountants and each person controlling such Holder within the meaning of Section 15 of the Securities Act, with respect to which registration, qualification or compliance has been effected pursuant to this Section 2, and
each underwriter, if any, and each person who controls within the meaning of Section 15 of the Securities Act any underwriter, against all expenses, claims, losses, damages and liabilities (or actions, proceedings or settlements in respect
thereof) arising out of or based on: (i) any untrue statement (or alleged untrue statement) of a material fact contained or incorporated by reference in any registration statement, any prospectus included in the registration statement, any
issuer free writing prospectus (as defined in Rule 433 of the Securities Act), any issuer information (as defined in Rule 433 of the Securities Act) filed or required to be filed pursuant to Rule 433(d) under the Securities Act or any other document
incident to any such registration, qualification or compliance prepared by or on behalf of the Company or used or referred to by the Company, (ii) any omission (or alleged omission) to state therein a material fact required to be stated therein
or necessary to make the statements therein not misleading, or (iii) any violation (or alleged violation) by the Company of the Securities Act, any state securities laws or any rule or regulation thereunder applicable to the Company and
relating to action or inaction required of the Company in connection with any offering covered by such registration, qualification or compliance, and the Company will reimburse each such Holder, each of its officers, directors, partners, legal
counsel and accountants and each person controlling such Holder, each such underwriter and each person who controls any such underwriter, for any legal and any other expenses reasonably incurred in connection with investigating and defending or
settling any such claim, loss, damage, liability or action; provided that the Company will not be liable in any such case to the extent that any such claim, loss, damage, liability, or action arises out of or is based on any untrue statement
or omission based upon written information furnished to the Company by such Holder, any of such Holder’s officers, directors, partners, legal counsel or accountants, any person controlling such Holder, such underwriter or any person who
controls any such underwriter, and stated to be specifically for use therein; and provided, further that, the indemnity agreement contained in this Section 2.4(a) shall not apply to amounts paid in settlement of any such loss,
claim, damage, liability or action if such settlement is effected without the consent of the Company (which consent shall not be unreasonably withheld). 

  
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 (b) To the extent permitted by law, each Holder will, if Registrable Securities held by such
Holder are included in the securities as to which such registration, qualification or compliance is being effected, indemnify and hold harmless the Company, each of its directors, officers, partners, legal counsel and accountants and each
underwriter, if any, of the Company’s securities covered by such a registration statement, each person who controls the Company or such underwriter within the meaning of Section 15 of the Securities Act, each other such Holder, and each of
their officers, directors and partners, and each person controlling each other such Holder, against all claims, losses, damages and liabilities (or actions in respect thereof) arising out of or based on: (i) any untrue statement (or alleged
untrue statement) of a material fact contained or incorporated by reference in any prospectus, offering circular or other document (including any related registration statement, notification, or the like) incident to any such registration,
qualification or compliance, or (ii) any omission (or alleged omission) to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, and will reimburse the Company and such Holders,
directors, officers, partners, legal counsel and accountants, persons, underwriters, or control persons for any legal or any other expenses reasonably incurred in connection with investigating or defending any such claim, loss, damage, liability or
action, in each case to the extent, but only to the extent, that such untrue statement (or alleged untrue statement) or omission (or alleged omission) is made in such registration statement, prospectus, offering circular or other document in
reliance upon and in conformity with written information furnished to the Company by such Holder and stated to be specifically for use therein; provided, however, that the obligations of such Holder hereunder shall not apply to amounts
paid in settlement of any such claims, losses, damages or liabilities (or actions in respect thereof) if such settlement is effected without the consent of such Holder (which consent shall not be unreasonably withheld); and provided that in
no event shall any indemnity under this Section 2.4 exceed the net proceeds from the offering received by such Holder, except in the case of fraud or willful misconduct by such Holder. 

(c) Each party entitled to indemnification under this Section 2.4 (the “Indemnified Party”)
shall give notice to the party required to provide indemnification (the “Indemnifying Party”) promptly after such Indemnified Party has actual knowledge of any claim as to which indemnity may be sought,
and shall permit the Indemnifying Party to assume the defense of such claim or any litigation resulting therefrom; provided that counsel for the Indemnifying Party, who shall conduct the defense of such claim or any litigation resulting
therefrom, shall be approved by the Indemnified Party (whose approval shall not be unreasonably withheld), and the Indemnified Party may participate in such defense at such party’s expense; and provided further that the failure of
any Indemnified Party to give notice as provided herein shall not relieve the Indemnifying Party of its obligations under this Section 2.4, to the extent such failure is not prejudicial. No Indemnifying Party, in the defense of any such claim
or litigation, shall, except with the consent of each Indemnified Party, consent to entry of any judgment or enter into any settlement that does not include as an unconditional term thereof the giving by the claimant or plaintiff to such Indemnified
Party of a release from all liability in respect to such claim or litigation. Each Indemnified Party shall furnish such information regarding itself or the claim in question as an Indemnifying Party may reasonably request in writing and as shall be
reasonably required in connection with defense of such claim and litigation resulting therefrom. 
 (d) If the indemnification provided for
in this Section 2.4 is held by a court of competent jurisdiction to be unavailable to an Indemnified Party with respect to any loss, liability, claim, damage, or expense referred to herein, then the Indemnifying Party, in lieu of indemnifying
such Indemnified Party hereunder, shall contribute to the amount paid or payable by such Indemnified Party as a result of such loss, liability, claim, damage, or expense in such proportion as is appropriate to reflect the relative fault of the
Indemnifying Party on the one hand and of the Indemnified Party on the other in connection with the statements or omissions that resulted in such loss, liability, claim, damage, or expense as well as any other relevant equitable considerations. The
relative fault of the Indemnifying Party and of the Indemnified Party shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a 

  
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material fact or the omission to state a material fact relates to information supplied by the Indemnifying Party or by the Indemnified Party and the parties’ relative intent, knowledge,
access to information, and opportunity to correct or prevent such statement or omission. No person or entity will be required under this Section 2.4(d) to contribute any amount in excess of the net proceeds from the offering received by such
person or entity, except in the case of fraud or willful misconduct by such person or entity. No person or entity guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) will be entitled to
contribution from any person or entity who was not guilty of such fraudulent misrepresentation. 
 (e) Notwithstanding the foregoing, to the
extent that the provisions on indemnification and contribution contained in the underwriting agreement entered into in connection with the underwritten public offering are in conflict with the foregoing provisions, the provisions in the underwriting
agreement shall control. 
 2.5 Information by Holder. Each Holder of Registrable Securities shall furnish to the Company such
information regarding such Holder and the distribution proposed by such Holder as the Company may reasonably request in writing and as shall be reasonably required in connection with any registration, qualification, or compliance referred to in this
Section 2. 
 2.6 Restrictions on Transfer.  

(a) The holder of each certificate representing Registrable Securities by acceptance thereof agrees to comply in all respects with the
provisions of this Section 2.6. Each Holder agrees not to make any sale, assignment, transfer, pledge or other disposition of all or any portion of the Restricted Securities, or any beneficial interest therein, unless and until the transferee
thereof has agreed in writing for the benefit of the Company to take and hold such Restricted Securities subject to, and to be bound by, the terms and conditions set forth in this Agreement, including, without limitation, this Section 2.6 and
Section 2.8, and: 
 (i) There is then in effect a registration statement under the Securities Act covering such proposed disposition
and the disposition is made in accordance with the registration statement; or 
 (ii) The Holder shall have given prior written notice to
the Company of the Holder’s intention to make such disposition and shall have furnished the Company with a detailed description of the manner and circumstances of the proposed disposition, and, if requested by the Company, the Holder shall have
furnished the Company, at the Company’s expense, with (i) an opinion of counsel reasonably satisfactory to the Company to the effect that such disposition will not require registration of such Restricted Securities under the Securities Act
or (ii) a “no action” letter from the Commission to the effect that the transfer of such securities without registration will not result in a recommendation by the staff of the Commission that action be taken with respect thereto,
whereupon the holder of such Restricted Securities shall be entitled to transfer such Restricted Securities in accordance with the terms of the notice delivered by the Holder to the Company. It is agreed that the Company will not require opinions of
counsel for transactions made pursuant to Rule 144. 
 (b) Notwithstanding the provisions of Section 2.6(a), no such registration
statement, or opinion of counsel, or “no action” letter shall be necessary for (i) a transfer not involving a change in beneficial ownership, or (ii) transactions involving the distribution without consideration of Restricted
Securities by any Holder to (x) a parent, subsidiary or other affiliate of the Holder, if the Holder is a corporation, (y) any of the Holder’s partners, members or other equity owners, or retired partners, retired members or other
equity owners, or to the estate of any of the Holder’s partners, members or other equity 

  
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owners or retired partners, retired members or other equity owners, or (z) a venture capital fund that is controlled by or under common control with one or more general partners or managing
members of, or shares the same management company with, the Holder; provided, in each case, that the Holder shall give written notice to the Company of the Holder’s intention to effect such disposition and shall have furnished the
Company with a detailed description of the manner and circumstances of the proposed disposition. 
 (c) Each certificate representing
Registrable Securities shall (unless otherwise permitted by the provisions of this Agreement) be stamped or otherwise imprinted with a legend substantially similar to the following (in addition to any legend required under applicable state
securities laws): 
 THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“ACT”), OR UNDER THE SECURITIES LAWS OF CERTAIN STATES. THESE SECURITIES MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED EXCEPT AS PERMITTED UNDER THE ACT AND APPLICABLE STATE SECURITIES LAWS PURSUANT TO
REGISTRATION OR AN EXEMPTION THEREFROM. THE ISSUER OF THESE SECURITIES MAY REQUIRE AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE ISSUER THAT SUCH OFFER, SALE OR TRANSFER, PLEDGE OR HYPOTHECATION OTHERWISE COMPLIES WITH THE ACT AND ANY
APPLICABLE STATE SECURITIES LAWS. 
 THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE,
INCLUDING A LOCK-UP PERIOD IN THE EVENT OF A PUBLIC OFFERING, AS SET FORTH IN AN AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT AMONG THE COMPANY AND THE ORIGINAL HOLDERS OF THESE SHARES, A COPY OF WHICH MAY
BE OBTAINED AT THE PRINCIPAL OFFICE OF THE COMPANY. 
 The Holders consent to the Company making a notation on its records and giving
instructions to any transfer agent of the Restricted Securities in order to implement the restrictions on transfer established in this Section 2.6. 

(d) The first legend referring to federal and state securities laws identified in Section 2.6(c) stamped on a certificate evidencing the
Restricted Securities and the stock transfer instructions and record notations with respect to the Restricted Securities shall be removed and the Company shall issue a certificate without such legend to the holder of Restricted Securities if
(i) those securities are registered under the Securities Act, or (ii) the holder provides the Company with an opinion of counsel reasonably acceptable to the Company to the effect that a sale or transfer of those securities may be made
without registration or qualification. 
 2.7 Rule 144 Reporting. With a view to making available the benefits of certain rules and
regulations of the Commission that may permit the sale of the Restricted Securities to the public without registration, the Company agrees to use its commercially reasonable efforts to: 

(a) Make and keep adequate current public information with respect to the Company available in accordance with Rule 144 under the Securities
Act, at all times from and after ninety (90) days following the effective date of the first registration under the Securities Act filed by the Company for an offering of its securities to the general public; 

  
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 (b) File with the Commission in a timely manner all reports and other documents required of
the Company under the Securities Act and the Exchange Act at any time after it has become subject to such reporting requirements; and 
 (c)
So long as a Holder owns any Restricted Securities, furnish to the Holder forthwith upon written request a written statement by the Company as to its compliance with the reporting requirements of Rule 144 (at any time from and after ninety
(90) days following the effective date of the first registration statement filed by the Company for an offering of its securities to the general public), and of the Securities Act and the Exchange Act (at any time after it has become subject to
such reporting requirements), a copy of the most recent annual or quarterly report of the Company, and such other reports and documents so filed as a Holder may reasonably request in availing itself of any rule or regulation of the Commission
allowing a Holder to sell any such securities without registration. 
 2.8 Market Stand-Off
Agreement. If requested by the Company and an underwriter of Common Stock (or other securities) of the Company, each Holder shall not sell or otherwise transfer, make any short sale of, grant any option for the purchase of, or enter into any
hedging or similar transaction with the same economic effect as a sale, of any Common Stock (or other securities) of the Company held by such Holder (other than those included in the registration) during the one hundred eighty (180) day period
following the effective date of the registration statement for the Company’s Qualified Public Offering filed under the Securities Act, provided that: all officers and directors of the Company and holders of at least one percent (1%) of the
Company’s voting securities are bound by and have entered into similar agreements. The obligations described in this Section 2.8 shall not apply to a registration relating solely to employee benefit plans on Form S-l or Form S-8 or similar forms that may be promulgated in the future, or a registration relating solely to a transaction on Form S-4
or similar forms that may be promulgated in the future. The Company may impose stop-transfer instructions and may stamp each such certificate with the second legend set forth in Section 2.6(c) with respect to the shares of Common Stock (or
other securities) subject to the foregoing restriction until the end of such one hundred eighty (180) day (or other) period. Each Holder agrees to execute a market standoff agreement with said underwriters in customary form consistent with the
provisions of this Section 2.8.  
 2.9 Delay of Registration. No Holder
shall have any right to take any action to restrain, enjoin, or otherwise delay any registration as the result of any controversy that might arise with respect to the interpretation or implementation of this Section 2.  
 2.10 Transfer or Assignment of Registration Rights. The rights to cause the
Company to register securities granted to a Holder by the Company under this Section 2 may be transferred or assigned by a Holder only to a transferee or assignee of not less than 100,000 shares of Registrable Securities (as presently
constituted and subject to subsequent adjustments for stock splits, stock dividends, reverse stock splits, and the like); provided that (i) such transfer or assignment of Registrable Securities is effected in accordance with the terms of
Section 2.6, the Right of First Refusal and Co-Sale Agreement, and applicable securities laws, (ii) the Company is given written notice prior to said transfer or assignment, stating the name and
address of the transferee or assignee and identifying the securities with respect to which such registration rights are intended to be transferred or assigned and (iii) the transferee or assignee of such rights assumes in writing the
obligations of such Holder under this Agreement, including without limitation the obligations set forth in Section 2.8. 
 2.11
Limitations on Subsequent Registration Rights. From and after the date of this Agreement, the Company shall not, without the prior written consent of Holders holding 50% of the Registrable Securities, enter into any agreement with any holder or
prospective holder of any securities of the Company giving such holder or prospective holder any registration rights the terms of which are senior to the registration rights granted to the Holders hereunder.  

  
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 2.12 Termination of Registration Rights. Any Holder’s right of inclusion in any
registration pursuant to Section 2.1 shall terminate on the earlier of (i) such date, on or after the closing of the Company’s first registered public offering of Common Stock, on which all shares of Registrable Securities held or
entitled to be held upon conversion by such Holder may immediately be sold under Rule 144 during any ninety (90) day period, and (ii) two (2) years after the closing of the Company’s Qualified Public Offering.  
 SECTION 3 

COVENANTS OF THE COMPANY 

The Company hereby covenants and agrees, as follows: 

3.1 Basic Financial Information and Inspection Rights.  

(a) Basic Financial Information. The Company will furnish the following reports to each Holder who owns at least 200,000 Shares
and/or Conversion Stock (as presently constituted and subject to subsequent adjustments for stock splits, stock dividends, reverse stock splits, and the like) (the “Significant Holders”): 

(i) As soon as practicable after the end of each fiscal year of the Company, and in any event within ninety (90) days after the end of
each fiscal year of the Company, a consolidated balance sheet of the Company and its subsidiaries, if any, as at the end of such fiscal year, and consolidated statements of income and cash flows of the Company and its subsidiaries, if any, for such
year, prepared in accordance with U.S. generally accepted accounting principles consistently applied, and audited by Eide Baily or a nationally recognized accounting firm selected by the Company’s board of directors. 

(ii) As soon as practicable after the end of the first, second and third quarterly accounting periods in each fiscal year of the Company, and
in any event within forty-five (45) days after the end of the first, second, and third quarterly accounting periods in each fiscal year of the Company, an unaudited consolidated balance sheet of the Company and its subsidiaries, if any, as of
the end of each such quarterly period, and unaudited consolidated statements of income and cash flows of the Company and its subsidiaries, if any, for such period, prepared in accordance with U.S. generally accepted accounting principles
consistently applied, subject to changes resulting from normal year-end audit adjustments. 
 (iii)
As soon as practicable after the end of each monthly accounting periods in each fiscal year of the Company, and in any event within thirty (30) days after the end of each monthly accounting period in each fiscal year of the Company, an
unaudited consolidated balance sheet of the Company and its subsidiaries, if any, as of the end of each such quarterly period, and unaudited consolidated statements of income and cash flows of the Company and its subsidiaries, if any, for such
period, prepared in accordance with U.S. generally accepted accounting principles consistently applied, subject to changes resulting from normal year-end audit adjustments. 

(iv) As soon as practicable before the beginning of each fiscal year of the Company, and in any event no later than thirty (30) days
before the beginning of each fiscal year of the Company, an annual business plan and budget for such upcoming fiscal year, prepared in accordance with U.S. generally accepted accounting principles consistently applied, certified by the Chief
Financial Officer of the Company. 

  
 11 













 (b) Equity Capitalization. Upon request and not more than four (4) times
per year, the Company will deliver to each Significant Holder a statement showing the number of shares of each class and series of capital stock of the Company and securities of the Company convertible into or exercisable for shares of capital stock
outstanding at the end of the period, the Common Stock issuable upon conversion or exercise of any outstanding securities convertible or exercisable for Common Stock and the number of issued stock options and stock options not yet issued but
reserved for issuance, if any, all in sufficient detail as to permit the Significant Holders to calculate their respective percentage equity ownership in the Company. 

Notwithstanding the foregoing, no Significant Holder shall have any of the rights set forth in this Section 3.1 during any period of time
in which such Significant Holder is reasonably determined by the Company’s board of directors to be a competitor of the Company, provided, however, in no case shall (a) either Piper Sandler Merchant Banking Fund II, L.P. or MVM V LP be
determined to be a competitor and (b) a Significant Holder disclose or provide access to any of the information provided by the Company pursuant to this Section 3 to any affiliate of such Significant Holder if such affiliate holds a
Competitive Interest. For purposes of this Agreement, a “Competitive Interest” with respect to a party shall mean the party holds more than 50% of all of the voting stock of, or a partner, member, director, stockholder or
employee of it or an affiliate of it serves as a director, manager or board observer of, or has contractual rights to appoint a member of the board of directors (or other governing body) of a company that is competitive with the Company in the foot
and ankle orthopedic industry. 
 3.2 Confidentiality. Anything in this Agreement to the contrary notwithstanding, no Holder by
reason of this Agreement shall have access to any trade secrets or classified information of the Company. The Company shall not be required to comply with any information rights of Section 3 in respect of any Holder whom the Board reasonably
determines to be a competitor of the Company. Each Holder acknowledges that the information received by them pursuant to this Agreement may be confidential and for its use only, and it will not use such confidential information in violation of the
Exchange Act or reproduce, disclose or disseminate such information to any other person (other than its employees or agents having a need to know the contents of such information, and its attorneys), except in connection with the exercise of rights
under this Agreement, unless the Company has made such information available to the public generally or such Holder is required to disclose such information by a governmental authority. Notwithstanding the foregoing, a Holder that is a
professionally managed pooled investment fund may disclose summary business and financial information to its partners, stockholders and/or members; provided, however, if any such partner, stockholder or member holds a Competitive Interest, then the
summary business and financial information provided to such partner, stockholder or member shall not include any information other than information derived from the annual financial statements provided by the Company pursuant to
Section 3.1(a)(i) or the quarterly financial statements provided by the Company pursuant to Section 3.1(a)(ii). 
 3.3 Vesting
of Stock Options. The Company hereby covenants that, unless approved by the Company’s board of directors, including the disinterested members of the board of directors in the event stock options are being granted to a director of the
Company, all stock options granted pursuant to the Company’s Omnibus Stock Option and Award Plan to new employees and consultants following the date of this Agreement shall be subject to the following vesting schedule: 12/48 of the shares shall
vest upon the one (1) year anniversary of the vesting commencement date, and an additional 1/48 shall vest upon each subsequent one (1) month anniversary thereafter until all such shares have vested upon the four (4) year anniversary
of the vesting commencement date, provided on all such dates, the optionee remains an employee or consultant of the Company.  

3.4 Termination of Covenants. The covenants set forth in this Section 3 shall terminate and be of no further force and effect
after the closing of the Company’s Qualified Public Offering.  

  
 12 













 SECTION 4 

RIGHT OF FIRST REFUSAL 

4.1 Right of First Refusal to Significant Holders. The Company hereby grants to each Significant Holder and each Founder the right of
first refusal to purchase its pro rata share of New Securities (as defined in this Section 4.1(a)) which the Company may, from time to time, propose to sell and issue after the date of this Agreement. A Significant Holder’s or
Founder’s pro rata share, for purposes of this right of first refusal, is equal to the ratio of (a) the number of shares of Common Stock owned by such Significant Holder or Founder immediately prior to the issuance of New Securities
(assuming full conversion of the Shares and full conversion or exercise of all outstanding convertible securities, rights, options and warrants held by said Significant Holder or Founder) to (b) the total number of shares of Common Stock
outstanding immediately prior to the issuance of New Securities (assuming full conversion of the Shares and full conversion or exercise of all outstanding convertible securities, rights, options and warrants held by all of the Significant Holders
and Founders). 
 (a) “New Securities” shall mean any capital stock (including Common Stock and/or Preferred Stock)
of the Company whether now authorized or not, and rights, convertible securities, options or warrants to purchase such capital stock, and securities of any type whatsoever that are, or may become, exercisable or convertible into capital stock;
provided that the term “New Securities” does not include: 
 (i) the Shares and the Conversion Stock; 

(ii) up to 297,384 (as adjusted for any stock dividends, combinations, stock splits, recapitalizations and the like) (the “Remaining
Option Pool Limit”) shares of Common Stock and options, warrants or other rights to purchase Common Stock issued or issuable to employees, sales agents, officers or directors of, or consultants or advisors to the Company or any subsidiary
pursuant to stock grants, restricted stock purchase agreements, option plans, purchase plans, incentive programs or similar arrangements approved by the board of directors of the Company; provided, however, the Remaining Option Pool Limit shall
increase automatically for each stock option that is outstanding as of the date hereof and that expires or terminates unexercised after the date hereof, which increase shall equal the number of unexercised shares of Common Stock under such stock
option as of the date of its expiration or termination; 
 (iii) securities issued pursuant to the conversion or exercise of any
outstanding convertible or exercisable securities as of this date of this Agreement; 
 (iv) securities issued or issuable as a dividend or
distribution on Preferred Stock of the Company or pursuant to any event for which adjustment is made pursuant to Section 4(e), 4(f) or 4(g) of the Articles; 

(v) securities offered pursuant to a bona fide, firmly underwritten public offering pursuant to a registration statement filed under the
Securities Act pursuant to which all outstanding shares of Preferred Stock are automatically converted into Common Stock pursuant to a Qualified Public Offering; 

(vi) securities issued or issuable pursuant to the acquisition of another entity by the Company by merger, purchase of substantially all of
the assets or other reorganization or to a joint venture agreement, provided, that such issuances are approved by the board of directors of the Company; 

  
 13 













 (vii) securities issued or issuable to banks, equipment lessors or other financial
institutions pursuant to a commercial leasing or debt financing transaction approved by the board of directors of the Company; 
 (viii)
securities issued or issuable in connection with sponsored research, collaboration, technology license, development, OEM, marketing or other similar agreements or strategic partnerships approved by the board of directors of the Company; 

(ix) securities issued to suppliers or third party service providers in connection with the provision of goods or services pursuant to
transactions approved by the board of directors of the Company; 
 (x) securities of the Company which are otherwise excluded by the
affirmative vote or consent of the holders of (i) a majority of the shares of Series A Preferred Stock then outstanding (voting exclusively and as a separate class) and (ii) a majority of the shares of Series B Preferred Stock then
outstanding (voting exclusively and as a separate class); 
 (xi) shares of Common Stock issued or issuable in connection with any
settlement of any action, suit, proceedings or litigation approved by the Company’s board of directors; and 
 (xii) any right, option
or warrant to acquire any security convertible into the securities excluded from the definition of New Securities pursuant to subsections (i) through (xi) above. 

(b) In the event the Company proposes to undertake an issuance of New Securities, it shall give each Significant Holder and Founder written
notice of its intention, describing the type of New Securities, and their price and the general terms upon which the Company proposes to issue the same. Each Significant Holder and Founder shall have ten (10) days after any such notice is
mailed or delivered to agree to purchase such Significant Holder’s or Founder’s pro rata share of such New Securities and to indicate whether such Significant Holder or Founder desires to exercise its over-allotment option for the
price and upon the terms specified in the notice by giving written notice to the Company, in substantially the form attached as Schedule 1, and stating therein the quantity of New Securities to be purchased. 

(c) In the event the Significant Holders and Founders fail to exercise fully the right of first refusal and over-allotment rights, if any
within said ten (10) day period (the “Election Period”), the Company shall have ninety (90) days thereafter to sell or enter into an agreement (pursuant to which the sale of New Securities
covered thereby shall be closed, if at all, within ninety (90) days from the date of said agreement) to sell that portion of the New Securities with respect to which the Significant Holders’ and Founders’ right of first refusal option
set forth in this Section 4.1 was not exercised, at a price and upon terms no more favorable to the purchasers thereof than specified in the Company’s notice to Significant Holders and Founders delivered pursuant to Section 4.1(b). In
the event the Company has not sold within such ninety (90) day period following the Election Period, or such ninety (90) day period following the date of said agreement, the Company shall not thereafter issue or sell any New Securities,
without first again offering such securities to the Significant Holders and Founders in the manner provided in this Section 4.1. 
 (d)
The right of first refusal granted under this Agreement shall expire upon, and shall not be applicable to, the Company’s Qualified Public Offering. 

  
 14 













 SECTION 5 

MISCELLANEOUS 
 5.1
Amendment. Except as expressly provided herein, neither this Agreement nor any term hereof may be amended, waived, discharged or terminated other than by a written instrument referencing this Agreement and signed by (i) the Company,
(ii) the Founders holding a majority of the Common Stock held by all Founders, (iii) the Holders holding a majority of the Series A Preferred Stock, and (iv) the Holders holding a majority of the Series B Preferred Stock. Any such
amendment, waiver, discharge or termination effected in accordance with this paragraph shall be binding upon each Holder and each future holder of all such securities of Holder. Each Holder of Series A Preferred Stock acknowledges that by the
operation of this paragraph, the holders of a majority of the Series A Preferred Stock will have the right and power to diminish or eliminate all rights of such Holder under this Agreement. Each Holder of Series B Preferred Stock acknowledges that
by the operation of this paragraph, the holders of a majority of the Series B Preferred Stock will have the right and power to diminish or eliminate all rights of such Holder under this Agreement. In the event that Holders holding a majority of the
Series B Preferred Stock waive the right of first refusal granted under this Agreement with respect to the Series B Preferred Stock and such Holders participate in such offering, each Significant Holder of Series B Preferred Stock will be entitled
to purchase its pro rata share of the offered securities purchased by such Holders in such offering. 
 5.2 Notices. All notices and
other communications required or permitted hereunder shall be in writing and shall be mailed by registered or certified mail, postage prepaid, sent by facsimile or electronic mail (if to an Investor or Holder) or otherwise delivered by hand,
messenger or courier service addressed: 
 (a) if to an Investor, to the Investor’s address, facsimile number or electronic mail address
as shown in the Company’s records, as may be updated in accordance with the provisions hereof; 
 (b) if to any Holder or Founder, to
such address, facsimile number or electronic mail address as shown in the Company’s records, or, until any such Holder or Founder so furnishes an address, facsimile number or electronic mail address to the Company, then to the address of the
last holder of such shares for which the Company has contact information in its records; or 
 (c) if to the Company, to the attention of
the Chief Executive Officer or Chief Financial Officer of the Company at 14445 Grasslands Drive, Englewood, CO 80112, or at such other current address as the Company shall have furnished to the Investors or Holders, with a copy (which shall not
constitute notice) to Moore & Van Allen PLLC, 100 N. Tryon Street, Suite 4700, Charlotte, NC 28202, Attn: Marcus Lee. 
 Each such
notice or other communication shall for all purposes of this Agreement be treated as effective or having been given (i) if delivered by hand, messenger or courier service, when delivered (or if sent via a nationally-recognized overnight courier
service, freight prepaid, specifying next-business-day delivery, one business day after deposit with the courier), or (ii) if sent via mail, at the earlier of its receipt or five days after the same has
been deposited in a regularly-maintained receptacle for the deposit of the United States mail, addressed and mailed as aforesaid, or (iii) if sent via facsimile, upon confirmation of facsimile transfer or, if sent via electronic mail, upon
confirmation of delivery when directed to the relevant electronic mail address, if sent during normal business hours of the recipient, or if not sent during normal business hours of the recipient, then on the recipient’s next business day. 


  
 15 













 Subject to the limitations set forth in the Colorado Business Corporation Act, each
Investor, Founder and Holder consents to the delivery of any notice to stockholders given by the Company under the Colorado Business Corporation Act or the Articles or bylaws by (i) facsimile telecommunication to the facsimile number set forth
on Exhibit A or Exhibit B, as applicable (or to any other facsimile number for the Investor, Founder or Holder in the Company’s records), (ii) electronic mail to the electronic mail address set forth on Exhibit A or Exhibit B, as applicable (or
to any other electronic mail address for the Investor, Founder or Holder in the Company’s records), (iii) posting on an electronic network together with separate notice to the Investor, Founder or Holder of such specific posting or
(iv) any other form of electronic transmission directed to the Investor, Founder or Holder. This consent may be revoked by an Investor, Founder or Holder by written notice to the Company. 

 5.3 Governing Law. This Agreement shall be governed in all respects by the internal laws of the State of New York as applied to
agreements entered into among New York residents to be performed entirely within New York, without regard to principles of conflicts of law. 

5.4 Successors and Assigns. This Agreement, and any and all rights, duties and obligations hereunder, shall not be assigned,
transferred, delegated or sublicensed by any Investor without the prior written consent of the Company. Any attempt by an Investor without such permission to assign, transfer, delegate or sublicense any rights, duties or obligations that arise under
this Agreement shall be void. Subject to the foregoing and except as otherwise provided herein, the provisions of this Agreement shall inure to the benefit of, and be binding upon, the successors, assigns, heirs, executors and administrators of the
parties hereto. 
 5.5 Entire Agreement. This Agreement and the exhibits hereto constitute the full and entire understanding and
agreement between the parties with regard to the subjects hereof. No party hereto shall be liable or bound to any other party in any manner with regard to the subjects hereof or thereof by any warranties, representations or covenants except as
specifically set forth herein. 
 5.6 Delays or Omissions. Except as expressly provided herein, no delay or omission to exercise any
right, power or remedy accruing to any party to this Agreement upon any breach or default of any other party under this Agreement shall impair any such right, power or remedy of such non-defaulting party, nor
shall it be construed to be a waiver of any such breach or default, or an acquiescence therein, or of or in any similar breach or default thereafter occurring, nor shall any waiver of any single breach or default be deemed a waiver of any other
breach or default theretofore or thereafter occurring. Any waiver, permit, consent or approval of any kind or character on the part of any party of any breach or default under this Agreement, or any waiver on the part of any party of any provisions
or conditions of this Agreement, must be in writing and shall be effective only to the extent specifically set forth in such writing. All remedies, either under this Agreement or by law or otherwise afforded to any party to this Agreement, shall be
cumulative and not alternative. 
 5.7 Severability. If any provision of this Agreement becomes or is declared by a court of
competent jurisdiction to be illegal, unenforceable or void, portions of such provision, or such provision in its entirety, to the extent necessary, shall be severed from this Agreement, and such court will replace such illegal, void or
unenforceable provision of this Agreement with a valid and enforceable provision that will achieve, to the extent possible, the same economic, business and other purposes of the illegal, void or unenforceable provision. The balance of this Agreement
shall be enforceable in accordance with its terms. 
 5.8 Titles and Subtitles. The titles and subtitles used in this Agreement are
used for convenience only and are not to be considered in construing or interpreting this Agreement. All references in this Agreement to sections, paragraphs and exhibits shall, unless otherwise provided, refer to sections and paragraphs hereof and
exhibits attached hereto. 

  
 16 













 5.9 Counterparts. This Agreement may be executed in any number of counterparts, each
of which shall be enforceable against the parties that execute such counterparts, and all of which together shall constitute one instrument. 

5.10 Telecopy Execution and Delivery. A facsimile, telecopy or other reproduction of this Agreement may be executed by one or more
parties hereto and delivered by such party by facsimile or any similar electronic transmission device pursuant to which the signature of or on behalf of such party can be seen. Such execution and delivery shall be considered valid, binding and
effective for all purposes. At the request of any party hereto, all parties hereto agree to execute and deliver an original of this Agreement as well as any facsimile, telecopy or other reproduction hereof. 

5.11 Jurisdiction; Venue: Each of the parties hereto hereby submits and consents irrevocably to the exclusive jurisdiction of
the courts of the State of New York and the United States District Court for the Southern District of New York for the interpretation and enforcement of the provisions of this Agreement. Each of the parties hereto also agrees that the jurisdiction
over the person of such parties and the subject matter of such dispute shall be effected by the mailing of process or other papers in connection with any such action in the manner provided for in section 5 or in such other manner as may be lawful,
and that service in such manner shall constitute valid and sufficient service of process. 
 5.12 Further Assurances. Each party
hereto agrees to execute and deliver, by the proper exercise of its corporate, limited liability company, partnership or other powers, all such other and additional instruments and documents and do all such other acts and things as may be necessary
to more fully effectuate this Agreement. 
 5.13 Termination Upon Change of Control. Notwithstanding anything to the contrary herein,
this Agreement (excluding any then-existing obligations) shall terminate upon (a) the acquisition of the Company by another entity by means of any transaction or series of related transactions to which the Company is party (including, without
limitation, any stock acquisition, reorganization, merger or consolidation but excluding any sale of stock for capital raising purposes) other than a transaction or series of transactions in which the holders of the voting securities of the Company
outstanding immediately prior to such transaction continue to retain (either by such voting securities remaining outstanding or by such voting securities being converted into voting securities of the surviving entity), as a result of shares in the
Company held by such holders prior to such transaction, at least fifty percent (50%) of the total voting power represented by the voting securities of the Corporation or such surviving entity outstanding immediately after such transaction or series
of transactions; or (b) a sale, lease or other conveyance of all substantially all of the assets of the Company. 
 5.14
Conflict. In the event of any conflict between the terms of this Agreement and Articles or its bylaws, the terms of the Articles or its bylaws, as the case may be, will control. 

5.15 Attorneys’ Fees. In the event that any suit or action is instituted to enforce any provision in this Agreement, the
prevailing party in such dispute shall be entitled to recover from the losing party such reasonable fees and expenses of attorneys and accountants, which shall include, without limitation, all fees, costs and expenses of appeals. 

5.16 Aggregation of Stock. All securities held or acquired by affiliated entities (including affiliated venture capital funds) or
persons shall be aggregated together for purposes of determining the availability of any rights under this Agreement. 

  
 17 













 5.17 Jury Trial. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST
EXTENT PERMITTED BY LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING (WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATED TO THIS AGREEMENT. 

(signature page follows) 

  
 18 













 The parties are signing this Amended and Restated Investor Rights Agreement as of the date
stated in the introductory clause. 
  

			
	 PARAGON 28, INC.
 A Colorado
corporation

		
	By:	 	/s/ Albert DaCosta


 
			
	Name:	 	Albert DaCosta
	Title:	 	Chief Executive Officer



  
 [Signature Page to
Amended and Restated Investor Rights Agreement] 













 The parties are signing this Amended and Restated Investor Rights Agreement as of the date
stated in the introductory clause. 
  

			
	 INVESTOR

	
	 BIRD B AG

		
	By:	 	/s/ Beat Pfistner


 
			
	Name:	 	Beat Pfistner
	Title:	 	Managing Director



  
 [Signature Page to
Amended and Restated Investor Rights Agreement] 













 The parties are signing this Amended and Restated Investor Rights Agreement as of the date
stated in the introductory clause. 
  

			
	INVESTOR
	
	PIPER SANDLER MERCHANT BANKING FUND II, L.P.
		
	By:	 	/s/ Thomas Schnettler


 
			
	Name:	 	Thomas P. Schnettler
	Title:	 	Co-CEO of PSC Capital Management II LLC, General Partner for Piper Sandler Merchant Banking Fund II, L.P.



  
 [Signature Page to
Amended and Restated Investor Rights Agreement] 













 The parties are signing this Amended and Restated Investor Rights Agreement as of the date
stated in the introductory clause. 
  

			
	INVESTOR
	
	MVM V LP, an English limited partnership
		
	By:	 	MVM Partners LLP


 
			
	Title:	 	Manager


  

			
		
	By:	 	/s/ Neil Akhurst


 
			
	Name:	 	Neil Akhurst


 
			
	Title:	 	Authorized Representative


  

			
		
	By:	 	/s/ Thomas Casdagli


 
			
	Name:	 	Thomas Casdagli


 
			
	Title:	 	Authorized Representative


  

			
	MVM GP (No.5) LP, a Scottish limited partnership
		
	By:	 	MVM Partners LLP


 
			
	Title:	 	Manager


  

			
		
	By:	 	/s/ Neil Akhurst


 
			
	Name:	 	Neil Akhurst


 
			
	Title:	 	Authorized Representative


  

			
		
	By:	 	/s/ Thomas Casdagli


 
			
	Name:	 	Thomas Casdagli


 
			
	Title:	 	Authorized Representative



  
 [Signature Page to
Amended and Restated Investor Rights Agreement] 













 The parties are signing this Amended and Restated Investor Rights Agreement as of the date
stated in the introductory clause. 
  

			
	FOUNDER
	
	ALBERT DACOSTA
		
	By:	 	/s/ Albert DaCosta


 [Signature Page to Amended and Restated Investor Rights Agreement] 












 The parties are signing this Amended and Restated Investor Rights Agreement as of the date
stated in the introductory clause. 
  

			
	FOUNDER
	
	LEE ROSENTHAL
		
	By:	 	/s/ Lee Rosenthal


 [Signature Page to Amended and Restated Investor Rights Agreement] 












 EXHIBIT A 

INVESTORS 
 Bird B AG 

Bahnhofstrasse 7 
 CH-6300
Zug 
 Switzerland 
 Attn: Beat Pfistner 

Tel. *** 
 E-Mail *** 

MVM GP (No.5) LP 
 c/o MVM Partners LLP 

30 St. George Street 
 London W1S 2FH 

United Kingdom 
 Attn: Neil Akhurst 

*** 
 E-Mail *** 

MVM V LP 
 c/o MVM Partners LLP 

30 St. George Street 
 London W1S 2FH 

United Kingdom 
 Attn: Neil Akhurst 

*** 
 E-Mail *** 

Piper Sandler Merchant Banking Fund II, L.P. 
 800 Nicollet Mall

 Suite 1000 
 Minneapolis, MN 55402. 

Attn: Thomas P. Schnettler 

E-Mail *** 












 EXHIBIT B 

FOUNDERS 
 Albert DaCosta 

14445 Grasslands Drive 
 Englewood, CO 80112 

Fax: *** 
 e-mail: ***

 Lee Rosenthal 
 14445 Grasslands Drive 

Englewood, CO 80112 
 Fax: *** 

e-mail: *** 












 SCHEDULE 1  

NOTICE AND WAIVER/ELECTION OF 

RIGHT OF FIRST REFUSAL 

I do hereby waive or exercise, as indicated below, my rights of first refusal under the Amended and Restated Investor Rights Agreement
dated as of July [_], 2020 (the “Agreement”): 
  

	1.	 Waiver of [___] days’ notice period in which to exercise right of first refusal: (please check only
one) 


  

	 	(  )	 WAIVE in full, on behalf of all Holders, the [___]-day notice
period provided to exercise my right of first refusal granted under the Agreement. 


  

	 	(  )	 DO NOT WAIVE the notice period described above. 



 

	2.	 Issuance and Sale of New Securities: (please check only one) 



 

	 	(  )	 WAIVE in full the right of first refusal granted under the Agreement with respect to the issuance of the
New Securities. 


  

	 	(  )	 ELECT TO PARTICIPATE in $__________ (please provide amount) in New Securities proposed to be
issued by [insert company name], a [insert company jurisdiction] corporation, representing LESS than my pro rata portion of the aggregate of $[_______] in New Securities being offered in the financing. 



 

	 	(  )	 ELECT TO PARTICIPATE in $__________ in New Securities proposed to be issued by [insert company
name], a [insert company jurisdiction] corporation, representing my FULL pro rata portion of the aggregate of $[_______] in New Securities being offered in the financing. 



 

	 	(  )	 ELECT TO PARTICIPATE in my full pro rata portion of the aggregate of $[_______] in New Securities
being made available in the financing AND, to the extent available, the greater of (x) an additional $__________ (please provide amount) or (y) my pro rata portion of any remaining investment amount available in the event
other Significant Holders do not exercise their full rights of first refusal with respect to the $[_______] in New Securities being offered in the financing. 



 

							
	Date:	 	                                     
       	 		 	
				
	  
	 	  
	 		 	   

		 		 		 	 (Print investor name)

				
	  
	 	  
	 		 	   

		 		 		 	 (Signature)

				
	  
	 	  
	 		 	   

		 		 		 	 (Print name of signatory, if signing for an entity)

				
	  
	 	  
	 		 	   

		 		 		 	 (Print title of signatory, if signing for an entity)














 This is neither a commitment to purchase nor a commitment to issue the New Securities described above.
Such issuance can only be made by way of definitive documentation related to such issuance. The company will supply you with such definitive documentation upon request or if you indicate that you would like to exercise your first offer rights in
whole or in part.