EX-10.4



 Exhibit 10.4 
  

 
  

BIOVENTUS LLC 
 SECOND
AMENDED AND RESTATED 
 LIMITED LIABILITY COMPANY AGREEMENT 

Dated as of [●], 2016 
  

 
 THE COMPANY INTERESTS REPRESENTED BY THIS SECOND
AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR UNDER ANY OTHER APPLICABLE SECURITIES LAWS. SUCH COMPANY INTERESTS MAY NOT BE SOLD, ASSIGNED, PLEDGED OR
OTHERWISE DISPOSED OF AT ANY TIME WITHOUT EFFECTIVE REGISTRATION UNDER SUCH ACT AND LAWS OR EXEMPTION THEREFROM, AND COMPLIANCE WITH THE OTHER SUBSTANTIAL RESTRICTIONS ON TRANSFERABILITY SET FORTH HEREIN. 

 
  

 







 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
		
	 ARTICLE I. DEFINITIONS
	  	 	2	  
		
	 ARTICLE II. ORGANIZATIONAL MATTERS
	  	 	13	  
			
	 Section 2.01
	  	 Formation of Company
	  	 	13	  
	 Section 2.02
	  	 Second Amended and Restated Limited Liability Company Agreement
	  	 	13	  
	 Section 2.03
	  	 Name
	  	 	13	  
	 Section 2.04
	  	 Purpose
	  	 	13	  
	 Section 2.05
	  	 Principal Office; Registered Office
	  	 	13	  
	 Section 2.06
	  	 Term
	  	 	14	  
	 Section 2.07
	  	 No State-Law Partnership
	  	 	14	  
		
	 ARTICLE III. MEMBERS; UNITS; CAPITALIZATION
	  	 	14	  
			
	 Section 3.01
	  	 Members
	  	 	14	  
	 Section 3.02
	  	 Units
	  	 	14	  
	 Section 3.03
	  	 Recapitalization; the Corporation’s Capital Contribution; the Corporation’s Purchase
of Common Units; Member Distribution
	  	 	15	  
	 Section 3.04
	  	 Authorization and Issuance of Additional Units
	  	 	15	  
	 Section 3.05
	  	 Repurchase or Redemption of shares of Class A Common Stock
	  	 	17	  
	 Section 3.06
	  	 Certificates Representing Units; Lost, Stolen or Destroyed Certificates; Registration and
Transfer of Units
	  	 	17	  
	 Section 3.07
	  	 Negative Capital Accounts
	  	 	18	  
	 Section 3.08
	  	 No Withdrawal
	  	 	18	  
	 Section 3.09
	  	 Loans From Members
	  	 	18	  
	 Section 3.10
	  	 Corporate Stock Option Plans and Equity Plans
	  	 	18	  
	 Section 3.11
	  	 Dividend Reinvestment Plan, Cash Option Purchase Plan, Stock Incentive Plan or Other
Plan
	  	 	20	  
		
	 ARTICLE IV. DISTRIBUTIONS
	  	 	20	  
			
	 Section 4.01
	  	 Distributions
	  	 	20	  
	 Section 4.02
	  	 Restricted Distributions
	  	 	22	  
		
	 ARTICLE V. CAPITAL ACCOUNTS; ALLOCATIONS; TAX MATTERS
	  	 	22	  
			
	 Section 5.01
	  	 Capital Accounts
	  	 	22	  
	 Section 5.02
	  	 Allocations
	  	 	23	  
	 Section 5.03
	  	 Special Allocations
	  	 	23	  
	 Section 5.04
	  	 Final Allocations
	  	 	25	  
	 Section 5.05
	  	 Tax Allocations
	  	 	25	  
	 Section 5.06
	  	 Indemnification and Reimbursement for Payments on Behalf of a Member
	  	 	26	  









							
	 ARTICLE VI. MANAGEMENT
	  	 	26	  
			
	 Section 6.01
	  	 Authority of Manager
	  	 	26	  
	 Section 6.02
	  	 Actions of the Manager
	  	 	27	  
	 Section 6.03
	  	 Resignation; No Removal
	  	 	27	  
	 Section 6.04
	  	 Vacancies
	  	 	27	  
	 Section 6.05
	  	 Transactions Between Company and Manager
	  	 	28	  
	 Section 6.06
	  	 Reimbursement for Expenses
	  	 	28	  
	 Section 6.07
	  	 Delegation of Authority
	  	 	29	  
	 Section 6.08
	  	 Limitation of Liability of Manager
	  	 	29	  
	 Section 6.09
	  	 Investment Company Act
	  	 	30	  
	 Section 6.10
	  	 Outside Activities of the Manager
	  	 	30	  
		
	 ARTICLE VII. RIGHTS AND OBLIGATIONS OF MEMBERS
	  	 	31	  
			
	 Section 7.01
	  	 Limitation of Liability and Duties of Members
	  	 	31	  
	 Section 7.02
	  	 Corporate Opportunities
	  	 	32	  
	 Section 7.03
	  	 Lack of Authority
	  	 	33	  
	 Section 7.04
	  	 No Right of Partition
	  	 	33	  
	 Section 7.05
	  	 Indemnification
	  	 	33	  
	 Section 7.06
	  	 Members Right to Act
	  	 	35	  
	 Section 7.07
	  	 Inspection Rights
	  	 	36	  
		
	 ARTICLE VIII. BOOKS, RECORDS, ACCOUNTING AND REPORTS, AFFIRMATIVE COVENANTS
	  	 	36	  
			
	 Section 8.01
	  	 Records and Accounting
	  	 	36	  
	 Section 8.02
	  	 Fiscal Year
	  	 	36	  
	 Section 8.03
	  	 Reports
	  	 	36	  
		
	 ARTICLE IX. TAX MATTERS
	  	 	36	  
			
	 Section 9.01
	  	 Preparation of Tax Returns
	  	 	36	  
	 Section 9.02
	  	 Tax Elections
	  	 	37	  
	 Section 9.03
	  	 Tax Controversies
	  	 	37	  
		
	 ARTICLE X. RESTRICTIONS ON TRANSFER OF UNITS
	  	 	38	  
			
	 Section 10.01
	  	 Transfers by Members
	  	 	38	  
	 Section 10.02
	  	 Permitted Transfers
	  	 	38	  
	 Section 10.03
	  	 Restricted Units Legend
	  	 	39	  
	 Section 10.04
	  	 Transfer
	  	 	39	  
	 Section 10.05
	  	 Assignee’s Rights
	  	 	39	  
	 Section 10.06
	  	 Assignor’s Rights and Obligations
	  	 	40	  
	 Section 10.07
	  	 Overriding Provisions
	  	 	40	  


  
 iii 









							
	 ARTICLE XI. REDEMPTION AND EXCHANGE RIGHTS
	  	 	41	  
			
	 Section 11.01
	  	 Redemption Right of a Member
	  	 	41	  
	 Section 11.02
	  	 Election and Contribution of the Corporation
	  	 	43	  
	 Section 11.03
	  	 Exchange Right of the Corporation
	  	 	44	  
	 Section 11.04
	  	 Reservation of Shares of Class A Common Stock; Listing; Certificate of the Corporation
	  	 	44	  
	 Section 11.05
	  	 Effect of Exercise of Redemption or Exchange Right
	  	 	45	  
	 Section 11.06
	  	 Tax Treatment
	  	 	45	  
		
	 ARTICLE XII. ADMISSION OF MEMBERS
	  	 	45	  
			
	 Section 12.01
	  	 Substituted Members
	  	 	45	  
	 Section 12.02
	  	 Additional Members
	  	 	45	  
		
	 ARTICLE XIII. WITHDRAWAL AND RESIGNATION; TERMINATION OF RIGHTS
	  	 	46	  
			
	 Section 13.01
	  	 Withdrawal and Resignation of Members
	  	 	46	  
		
	 ARTICLE XIV. DISSOLUTION AND LIQUIDATION
	  	 	46	  
			
	 Section 14.01
	  	 Dissolution
	  	 	46	  
	 Section 14.02
	  	 Liquidation and Termination
	  	 	46	  
	 Section 14.03
	  	 Deferment; Distribution in Kind
	  	 	47	  
	 Section 14.04
	  	 Cancellation of Certificate
	  	 	47	  
	 Section 14.05
	  	 Reasonable Time for Winding Up
	  	 	48	  
	 Section 14.06
	  	 Return of Capital
	  	 	48	  
		
	 ARTICLE XV. VALUATION
	  	 	48	  
			
	 Section 15.01
	  	 Determination
	  	 	48	  
	 Section 15.02
	  	 Dispute Resolution
	  	 	48	  
		
	 ARTICLE XVI. GENERAL PROVISIONS
	  	 	48	  
			
	 Section 16.01
	  	 Representations and Warranties
	  	 	48	  
	 Section 16.02
	  	 Power of Attorney
	  	 	49	  
	 Section 16.03
	  	 Confidentiality
	  	 	50	  
	 Section 16.04
	  	 Amendments
	  	 	51	  
	 Section 16.05
	  	 Title to Company Assets
	  	 	51	  
	 Section 16.06
	  	 Addresses and Notices
	  	 	51	  
	 Section 16.07
	  	 Binding Effect; Intended Beneficiaries
	  	 	52	  
	 Section 16.08
	  	 Creditors
	  	 	52	  
	 Section 16.09
	  	 Waiver
	  	 	52	  
	 Section 16.10
	  	 Counterparts
	  	 	52	  
	 Section 16.11
	  	 Applicable Law
	  	 	52	  
	 Section 16.12
	  	 WAIVER OF JURY TRIAL
	  	 	53	  
	 Section 16.13
	  	 Severability
	  	 	53	  
	 Section 16.14
	  	 Further Action
	  	 	53	  
	 Section 16.15
	  	 Delivery by Electronic Transmission
	  	 	53	  


  
 iv 









							
	 Section 16.16
	  	 Effectiveness
	  	 	53	  
	 Section 16.17
	  	 Entire Agreement
	  	 	54	  
	 Section 16.18
	  	 Remedies
	  	 	54	  
	 Section 16.19
	  	 Descriptive Headings; Interpretation
	  	 	54	  

 Schedules 
  

					
	Schedule 1	 	–	    	Schedule of Pre-IPO Members
	Schedule 2	 	–	    	Schedule of Effective Date Members
			
	 Exhibits
	 		    	
			
	Exhibit A	 	–	    	Form of Joinder Agreement


  
 v 








 BIOVENTUS LLC 

SECOND AMENDED AND RESTATED 

LIMITED LIABILITY COMPANY AGREEMENT 

This SECOND AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT (this “Agreement”), dated as of
[●], 2016, is entered into by and among Bioventus LLC, a Delaware limited liability company (the “Company”), and its Members (as defined herein). 

WHEREAS, the Company initially was formed as a limited liability company with the name “Bioventus LLC”, pursuant to and in
accordance with the Delaware Act (as defined herein) by the filing of the Certificate (as defined herein) with the Secretary of State of the State of Delaware pursuant to Section 18-201 of the Delaware Act on November 23, 2011; 

WHEREAS, the Company entered into a Limited Liability Company Agreement, dated as of November 29, 2011 (as amended,
restated, amended and restated, supplemented or otherwise modified from time to time to but excluding May 4, 2012, together with all schedules, exhibits and annexes thereto, the “Initial LLC Agreement”), with the members
of the Company party thereto; 
 WHEREAS, the Company entered into an Amended and Restated Limited Liability
Company Agreement, dated as of May 4, 2012 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time to but excluding the date hereof, together with all schedules, exhibits and annexes thereto, the
“First A&R LLC Agreement”), which the parties listed on Schedule 1 hereto have executed in their capacity as members (including pursuant to consent and joinders thereto) (collectively, the “Pre-IPO
Members”);  
 WHEREAS, the Pre-IPO Members, prior to the date hereof, hold Preferred Units, Common
Units, OUS Units, the EPR Unit and Profits Interest Units (as defined in the First A&R LLC Agreement, respectively, the “Original Preferred Units”, the “Original Common Units”, the
“Original OUS Units”, the “Original EPR Unit” and the “Original Profits Interests Units”, and collectively, the “Original Units”) of the Company;

 WHEREAS, the Company desires to have Bioventus Inc., a Delaware corporation (the
“Corporation”), effect an initial public offering (the “IPO”) of shares of its Class A common stock, par value $0.001 (the “Class A Common Stock”), and in connection
therewith, to amend and restate the First A&R LLC Agreement as of the Effective Time (as defined herein) to reflect (a) a recapitalization of the Company and the associated split in the number of Units (as defined herein) then outstanding
(the “Recapitalization”), (b) the addition of the Corporation as a Member (as defined herein) in the Company and its designation as sole Manager (as defined herein) of the Company, and (c) the rights and obligations
of the Members of the Company that are enumerated and agreed upon in the terms of this Agreement effective as of the Effective Time, at which time the First A&R LLC Agreement shall be superseded entirely by this Agreement; 

  
 1 








 WHEREAS, in connection with the Recapitalization and as of the Effective Time, the Original Units
of each Pre-IPO Member will be converted into Common Units (as defined herein); 
 WHEREAS, the parties listed on Schedule
2 hereto are the members of the Company as of the Effective Time and after giving effect to the Recapitalization (the “Effective Date Members”); 

WHEREAS, (i) prior to the IPO Closing Date, the shareholders of Beluga I, Inc. will contribute all of their shares of stock in
Beluga I, Inc. to the Corporation in exchange for Class A Common Stock and thereafter Beluga I, Inc. will merge with and into the Corporation, pursuant to an integrated plan that is intended to be treated as a reorganization within the meaning
of Section 368(a)(1)(F) of the Code and (ii) at least one Business Day after the transactions described in clause (i) have been completed, the shareholders of each Blocker Corp (other than Beluga I, Inc.) will contribute all of their
shares of stock in each Blocker Corp to the Corporation in exchange for Class A Common Stock and thereafter each Blocker Corp will merge with and into the Corporation, in each case, pursuant to an integrated plan that is intended to be treated
as a reorganization with the meaning of Section 368(a) of the Code (the transactions described in clauses (i) and (ii), collectively, the “Blocker Roll Up”); 

WHEREAS, the Corporation will sell shares of its Class A Common Stock to public investors in the IPO and will use the net
proceeds received from the IPO (the “IPO Net Proceeds”) to purchase newly issued Common Units from the Company pursuant to that certain IPO Common Unit Purchase Agreement (as defined herein);  

WHEREAS, the Corporation will issue additional shares of Class A Common Stock in connection with the IPO in the event the
underwriters exercise their over-allotment option (the “Over-Allotment Option”), and any resulting additional net proceeds (the “Over-Allotment Option Net Proceeds”) will be used by the Corporation to
purchase newly issued Common Units from the Company pursuant to the IPO Common Unit Purchase Agreement; 
 NOW, THEREFORE, in
consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Company and the Members, intending to be legally bound, hereby agree as follows: 

ARTICLE I. 
 DEFINITIONS 

The following definitions shall be applied to the terms used in this Agreement for all purposes, unless otherwise clearly indicated to the
contrary. 
 “9.9% Member” means (i) a Member that holds a direct Percentage Interest of at least
9.9% or (ii) a Person that holds, directly and/or indirectly and together with such Person’s Affiliates, a Percentage Interest of at least 9.9% provided that the Company has knowledge that such Person (together with such Person’s
Affiliates) holds, directly and/or indirectly, a Percentage Interest of at least 9.9%. 

  
 2 








 “Additional Member” has the meaning set forth in Section 12.02.

 “Adjusted Capital Account Deficit” means with respect to the Capital Account of any Member as of the end of any
Taxable Year, the amount by which the balance in such Capital Account is less than zero. For this purpose, such Member’s Capital Account balance shall be: 
  

	 	(a)	reduced for any items described in Treasury Regulation Section 1.704- 1(b)(2)(ii)(d)(4), (5), and (6); and 

  

	 	(b)	increased for any amount such Member is obligated to contribute or is treated as being obligated to contribute to the Company pursuant to Treasury Regulation Section 1.704-1(b)(2)(ii)(c) (relating to partner
liabilities to a partnership) or 1.704-2(g)(1) and 1.704-2(i) (relating to minimum gain). 

 “Admission
Date” has the meaning set forth in Section 10.06. 
 “Affiliate” (and, with a correlative
meaning, “Affiliated”) means, with respect to a specified Person, each other Person that directly, or indirectly through one or more intermediaries, controls or is controlled by, or is under common control with, the Person
specified. As used in this definition and the definition of Majority Members, “control” (including with correlative meanings, “controlled by” and “under common control with”) means possession, directly or indirectly, of
power to direct or cause the direction of management or policies (whether through ownership of voting securities or by contract or other agreement). 

“Agreement” has the meaning set forth in the preamble to this Agreement. 

“Appraisers” has the meaning set forth in Section 15.02. 

“Assignee” means a Person to whom a Company Interest has been transferred but who has not become a Member pursuant to
Article XII. 
 “Assumed Tax Liability” means, with respect to a Member, an amount equal to the Distribution
Tax Rate multiplied by the estimated or actual taxable income of the Company, as determined for federal income tax purposes, allocated to such Member pursuant to Section 5.05 for the period to which the Assumed Tax Liability relates,
less prior losses of the Company, as determined for federal income tax purposes, allocated to such Member pursuant to Section 5.05 to the extent not previously taken into account in determining the Assumed Tax Liability of such Member,
as reasonably determined by the Manager; provided that, in the case of the Corporation, such Assumed Tax Liability (i) shall be computed without regard to any increases to the tax basis of the Company’s property pursuant to
Section 743(b) of the Code and (ii) shall in no event be less than an amount that will enable the Corporation to meet its tax obligations, including its obligations pursuant to the Tax Receivable Agreement, for the relevant taxable year.

 “Award Agreement” has the meaning set forth in Section 4.01(a). 

  
 3 








 “Base Rate” means, on any date, a variable rate per annum equal to the
rate of interest most recently published by The Wall Street Journal as the “prime rate” at large U.S. money center banks. 

“Black-Out Period” means any “black-out” or similar period under the Corporation’s policies covering
trading in the Corporation’s securities to which the applicable Redeeming Member is subject, which period restricts the ability of such Redeeming Member to immediately resell shares of Class A Common Stock to be delivered to such Redeeming
Member in connection with a Share Settlement. 
 “Blocker Corps” means the Pre-IPO Members (including Beluga I,
Inc.) other than Smith & Nephew, Inc. and Anthony P. Bihl III. 
 “Book Value” means, with respect to
any Company property, the Company’s adjusted basis for U.S. federal income tax purposes, adjusted from time to time to reflect the adjustments required or permitted by Treasury Regulation Section 1.704-1(b)(2)(iv)(d)-(g). 

“Business Day” means any day other than a Saturday or a Sunday or a day on which banks located in New York City, New
York generally are authorized or required by Law to close. 
 “Capital Account” means the capital account maintained
for a Member in accordance with Section 5.01. 
 “Capital Contribution” means, with respect to any
Member, the amount of any cash, cash equivalents, promissory obligations or the Fair Market Value of other property that such Member contributes (or is deemed to contribute) to the Company pursuant to Article III hereof. 

“Cash Settlement” means immediately available funds in U.S. dollars in an amount equal to the Redeemed Units
Equivalent. 
 “Certificate” means the Company’s Certificate of Formation as filed with the Secretary of State
of Delaware. 
 “Change of Control Transaction” means (a) a sale of all or substantially all of the
Company’s assets determined on a consolidated basis (including, without limitation, as a result of the sale of equity securities of any Subsidiary of the Company) or (b) a sale of a majority of the Company’s outstanding Units (other
than (i) to the Corporation or (ii) in connection with a Redemption or Exchange in accordance with Article XI); in any such case, whether by merger, recapitalization, consolidation, reorganization, combination or otherwise;
provided, however, that neither (w) a transaction solely between the Company or any of its Subsidiaries, on the one hand, and the Company or any of its Subsidiaries, on the other hand, (x) nor a transaction solely for the purpose of
changing the jurisdiction of domicile of the Company, nor (y) a transaction solely for the purpose of changing the form of entity of the Company, nor (z) a sale of a majority of the outstanding shares of Class A Common Stock, whether
by merger, recapitalization, consolidation, reorganization, combination or otherwise, shall in each case of clauses (w), (x), (y) and (z) constitute a Change of Control Transaction. 

  
 4 








 “Class A Common Stock” has the meaning set forth in the recitals to this
Agreement. 
 “Class B Common Stock” means the Class B Common Stock, par value $0.001 per share, of the Corporation.

 “Code” means the United States Internal Revenue Code of 1986, as amended. 

“Common Unit” means a Unit representing a fractional part of the Company Interests of the Members and having the
rights and obligations specified with respect to the Common Units in this Agreement. 
 “Common Unit Redemption
Price” means the arithmetic average of the volume weighted average prices for a share of Class A Common Stock on the principal U.S. securities exchange or automated or electronic quotation system on which the Class A Common
Stock trades, as reported by Bloomberg, L.P., or its successor, for each of the five (5) consecutive full Trading Days ending on and including the last full Trading Day immediately prior to the Redemption Date, subject to appropriate and
equitable adjustment for any stock splits, reverse splits, stock dividends or similar events affecting the Class A Common Stock. If the Class A Common Stock no longer trades on a securities exchange or automated or electronic quotation
system, then a majority of the Independent Directors shall determine the Common Unit Redemption Price in good faith. 
 “Common
Unitholder” means a Member who is the registered holder of Common Units. 
 “Company” has the meaning
set forth in the preamble to this Agreement. 
 “Company Interest” means the interest of a Member in Profits, Losses
and Distributions. 
 “Contribution Notice” has the meaning set forth in Section 11.01(b). 

“Corporate Board” means the Board of Directors of the Corporation. 

“Corporate Incentive Award Plan” means the Bioventus Inc. 2016 Incentive Award Plan, as the same may be amended,
restated, amended and restated, supplemented or otherwise modified from time to time. 
 “Corporation” has the
meaning set forth in the recitals to this Agreement, together with its successors and assigns. 
 “Credit Agreement”
means that certain Third Amended and Restated Credit Agreement, dated as of October 10, 2014, by and among the Company, as borrower, the several banks and other financial institutions or entities from time to time parties thereto, JPMorgan
Chase Bank, N.A., as syndication agent, and Citizens Bank, N.A., as administrative agent, including all exhibits, schedules and attachments thereto as the same may be amended, restated, supplemented or otherwise modified from time to time and
including any one or more refinancings or replacements thereof, in whole or in part, with any other debt facility or debt obligation. 

  
 5 








 “Delaware Act” means the Delaware Limited Liability Company Act, 6 Del.L.
§ 18-101, et seq., as it may be amended from time to time, and any successor thereto. 
 “Direct
Exchange” has the meaning set forth in Section 11.03(a). 
 “Distributable Cash” shall
mean, as of any relevant date on which a determination is being made by the Manager regarding a potential distribution pursuant to Section 4.01(a), the amount of cash that could be distributed by the Company for such purposes in
accordance with the Credit Agreement (and without otherwise violating any applicable provisions of the Credit Agreement). 

“Distribution” (and, with a correlative meaning, “Distribute”) means each distribution made by
the Company to a Member with respect to such Member’s Units, whether in cash, property or securities of the Company and whether by liquidating distribution or otherwise; provided, however, that none of the following shall be a
Distribution: (a) any recapitalization that does not result in the distribution of cash or property to Members or any exchange of securities of the Company, and any subdivision (by Unit split or otherwise) or any combination (by reverse Unit
split or otherwise) of any outstanding Units or (b) any other payment made by the Company to a Member that is not properly treated as a “distribution” for purposes of Sections 731, 732, or 733 or other applicable provisions of the
Code. 
 “Distribution Tax Rate” shall mean a rate equal to the highest effective marginal combined federal, state
and local income tax rate for a Fiscal Year applicable to corporate or individual taxpayers resident in New York City, New York (taking into account the character of the relevant tax items (e.g., ordinary or capital) and the deductibility of state
and local taxes for federal tax purposes) as reasonably determined by the Manager. 
 “Effective Date Members” has
the meaning set forth in the recitals to this Agreement. 
 “Effective Time” has the meaning set forth in Section
16.15. 
 “Equity Plan” means any stock or equity purchase plan, restricted stock or equity plan or other
similar equity compensation plan now or hereafter adopted by the Company or the Corporation. 
 “Equity Securities”
means (a) Units or other equity interests in the Company or any Subsidiary of the Company (including other classes or groups thereof having such relative rights, powers and duties as may from time to time be established by the Manager pursuant
to the provisions of this Agreement, including rights, powers and/or duties senior to existing classes and groups of Units and other equity interests in the Company or any Subsidiary of the Company), (b) obligations, evidences of indebtedness
or other securities or interests convertible or exchangeable into Units or other equity interests in the Company or any Subsidiary of the Company, and (c) warrants, options or other rights to purchase or otherwise acquire Units or other equity
interests in the Company or any Subsidiary of the Company. 
 “Event of Withdrawal” means the expulsion, bankruptcy
or dissolution of a Member or the occurrence of any other event that terminates the continued membership of a Member in the Company. “Event of Withdrawal” shall not include an event that (a) terminates the existence of


  
 6 








 
a Member for income tax purposes (including, without limitation, (i) a change in entity classification of a Member under Treasury Regulations Section 301.7701-3, (ii) termination
of a partnership pursuant to Code Section 708(b)(1)(B), (iii) a sale of assets by, or liquidation of, a Member pursuant to an election under Code Sections 336 or 338, or (iv) merger, severance, or allocation within a trust or among
sub-trusts of a trust that is a Member) but that (b) does not terminate the existence of such Member under applicable state law (or, in the case of a trust that is a Member, does not terminate the trusteeship of the fiduciaries under such trust
with respect to all the Company Interests of such trust that is a Member). 
 “Exchange Election Notice” has the
meaning set forth in Section 11.03(b). 
 “Fair Market Value” means, with respect to any asset, its fair
market value determined according to Article XV. 
 “First A&R LLC Agreement” has the meaning set forth
in the recitals to this Agreement. 
 “Fiscal Period” means any interim accounting period within a Taxable Year
established by the Company and which is permitted or required by Section 706 of the Code. 
 “Fiscal Year”
means the Company’s annual accounting period established pursuant to Section 8.02. 
 “Governmental
Entity” means (a) the United States of America, (b) any other sovereign nation, (c) any state, province, district, territory or other political subdivision of (a) or (b) of this definition, including any county,
municipal or other local subdivision of the foregoing, or (d) any entity exercising executive, legislative, judicial, regulatory or administrative functions of government on behalf of (a), (b) or (c) of this definition. 

“Indemnified Person” has the meaning set forth in Section 7.05(a). 

“Independent Directors” means the members of the Corporate Board who are “independent” under the standards
set forth in Rule 10A-3 promulgated under the U.S. Securities Exchange Act of 1933, as amended, and the corresponding rules of the applicable exchange on which the Class A Common Stock is traded or quoted. 

“Initial LLC Agreement” has the meaning set forth in the recitals to this Agreement. 

“Investment Company Act” means the U.S. Investment Company Act of 1940, as amended from time to time. 

“IPO” has the meaning set forth in the recitals to this Agreement. 

“IPO Closing Date” means the closing date of the IPO, which for the avoidance of doubt means the date on which all IPO
Net Proceeds required to be delivered pursuant to the Underwriting Agreement have been delivered to the Corporation in respect of its sale of Class A Common Stock excluding any proceeds from the Over-Allotment Option which may be delivered at a
subsequent date following exercise of such option. 

  
 7 








 “IPO Common Unit Purchase” has the meaning set forth in Section
3.03(b). 
 “IPO Common Unit Purchase Agreement” means that certain Common Unit Purchase Agreement, dated as of
the date hereof, by and among the Corporation and the Company. 
 “IPO Net Proceeds” has the meaning set forth in
the recitals to this Agreement. 
 “Joinder” means a joinder to this Agreement, in form and substance substantially
similar to Exhibit A to this Agreement. 
 “Law” means all laws, statutes, ordinances, rules and regulations
of the United States, any foreign country and each state, commonwealth, city, county, municipality, regulatory body, agency or other political subdivision thereof. 

“LLC Employee” means an employee of, or other service provider to, the Company or any Subsidiary, in each case acting
in such capacity. 
 “Losses” means items of Company loss or deduction determined according to
Section 5.01(b). 
 “Majority Members” means the Members holding a majority of the Voting Units then
outstanding other than Voting Units held by the Manager or any of its Affiliates. 
 “Manager” has the meaning set
forth in Section 6.01. 
 “Market Price” means, with respect to a share of Class A Common Stock as
of a specified date, the last sale price per share of Class A Common Stock, regular way, or if no such sale took place on such day, the average of the closing bid and asked prices per share of Class A Common Stock, regular way, in either
case as reported in the principal consolidated transaction reporting system with respect to securities listed or admitted to trading on the Stock Exchange or, if the Class A Common Stock is not listed or admitted to trading on the Stock
Exchange, as reported on the principal consolidated transaction reporting system with respect to securities listed on the principal national securities exchange on which the Class A Common Stock is listed or admitted to trading or, if the
Class A Common Stock is not listed or admitted to trading on any national securities exchange, the last quoted price, or, if not so quoted, the average of the high bid and low asked prices in the over-the-counter market, as reported by the
National Association of Securities Dealers, Inc. Automated Quotation System or, if such system is no longer in use, the principal other automated quotation system that may then be in use or, if the Class A Common Stock is not quoted by any such
organization, the average of the closing bid and asked prices as furnished by a professional market maker making a market in the Class A Common Stock selected by the Corporate Board or, in the event that no trading price is available for the
shares of Class A Common Stock, the fair market value of a share of Class A Common Stock, as determined in good faith by the Corporate Board. 

“Member” means, as of any date of determination, (a) each of the members named on the Schedule of Members and
(b) any Person admitted to the Company as a Substituted Member or Additional Member in accordance with Article XII, but in each case only so long as such Person is shown on the Company’s books and records as the owner of one or
more Units. 

  
 8 








 “Minimum Gain” means “partnership minimum gain” determined
pursuant to Treasury Regulation Section 1.704-2(d). 
 “Net Loss” means, with respect to a Fiscal Year, the
excess if any, of Losses for such Fiscal Year over Profits for such Fiscal Year (excluding Profits and Losses specially allocated pursuant to Section 5.03 and Section 5.04). 

“Net Profit” means, with respect to a Fiscal Year, the excess if any, of Profits for such Fiscal Year over Losses for
such Fiscal Year (excluding Profits and Losses specially allocated pursuant to Section 5.03 and Section 5.04). 

“Officer” has the meaning set forth in Section 6.01(b). 

“Optionee” means a Person to whom a stock option is granted under any Stock Option Plan. 

“Original Common Units” has the meaning set forth in the recitals to this Agreement. 

“Original Class B Units” has the meaning set forth in the recitals to this Agreement. 

“Original Preferred Units” has the meaning set forth in the recitals to this Agreement. 

“Original Profits Interests Units” has the meaning set forth in the recitals to this Agreement. 

“Original OUS Units” has the meaning set forth in the recitals to this Agreement. 

“Original Units” has the meaning set forth in the recitals to this Agreement. 

“Other Agreements” has the meaning set forth in Section 10.04. 

“Other Business” has the meaning set forth in Section 7.02(b). 

“Over-Allotment Option” has the meaning set forth in the recitals to this Agreement. 

“Over-Allotment Option Net Proceeds” has the meaning set forth in the recitals to this Agreement. 

“Percentage Interest” means, as among an individual class of Units and with respect to a Member at a particular time,
such Member’s percentage interest in the Company determined by dividing such Member’s Units of such class by the total Units of all Members of such class at such time. The Percentage Interest of each member shall be calculated to the 4th decimal place. 
 “Permitted Transfer” has the meaning set forth
in Section 10.02. 
 “Person” means an individual or any corporation, partnership, limited liability company,
trust, unincorporated organization, association, joint venture or any other organization or entity, whether or not a legal entity. 

  
 9 








 “Pro rata,” “pro rata portion,”
“according to their interests,” “ratably,” “proportionately,” “proportional,” “in proportion to,” “based on the number
of Units held,” “based upon the percentage of Units held,” “based upon the number of Units outstanding,” and other terms with similar meanings, when used in the context of a number of
Units of the Company relative to other Units, means as amongst an individual class of Units, pro rata based upon the number of such Units within such class of Units. 

“Profits” means items of Company income and gain determined according to Section 5.01(b). 

“Recapitalization” has the meaning set forth in the recitals to this Agreement. 

“Redeemed Units” has the meaning set forth in Section 11.01(a). 

“Redeemed Units Equivalent” means the product of (a) the Share Settlement, times (b) the Common Unit
Redemption Price. 
 “Redeeming Member” has the meaning set forth in Section 11.01(a). 

“Redemption” has the meaning set forth in Section 11.01(a). 

“Redemption Date” has the meaning set forth in Section 11.01(a). 

“Redemption Notice” has the meaning set forth in Section 11.01(a). 

“Redemption Right” has the meaning set forth in Section 11.01(a). 

“Registration Rights Agreement” means that certain Registration Rights Agreement, dated as of the date hereof, by and
among the Corporation, S&N, Smith & Nephew OUS, Inc., a Delaware corporation, Anthony P. Bihl III, Essex Woodlands Health Ventures Fund VIII, L.P., Essex Woodlands Health Ventures Fund VIII-A, L.P., Spindletop Healthcare Capital L.P.,
Pantheon Global Co-Investment, Ampersand 2006 Limited Partnership, Ampersand 2011 Limited Partnership and Alta Partners VIII, L.P. (together with any joinder thereto from time to time by any successor or assign to any party to such Agreement). 

“Retraction Notice” has the meaning set forth in Section 11.01(b). 

“S&N” means Smith & Nephew, Inc., a Delaware corporation and its successors and assigns. 

“Schedule of Members” has the meaning set forth in Section 3.01(b). 

“SEC” means the U.S. Securities and Exchange Commission, including any governmental body or agency succeeding to the
functions thereof. 
 “Securities Act” means the U.S. Securities Act of 1933, as amended, and applicable rules and
regulations thereunder, and any successor to such statute, rules or regulations. Any reference herein to a specific section, rule or regulation of the Securities Act shall be deemed to include any corresponding provisions of future Law. 

  
 10 








 “Share Settlement” means a number of shares of Class A Common Stock
equal to the number of Redeemed Units. 
 “Specified Person” has the meaning set forth in Section 7.05(d).

 “Stock Exchange” means the New York Stock Exchange. 

“Stock Option Plan” means any stock option plan now or hereafter adopted by the Company or by the Corporation,
including the Corporate Incentive Award Plan. 
 “Subsidiary” means, with respect to any Person, any corporation,
limited liability company, partnership, association or business entity of which (a) if a corporation, a majority of the total voting power of shares of stock entitled (without regard to the occurrence of any contingency) to vote in the election
of directors, managers or trustees thereof is at the time owned or controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person or a combination thereof, or (b) if a limited liability company,
partnership, association or other business entity (other than a corporation), a majority of the voting interests thereof are at the time owned or controlled, directly or indirectly, by any Person or one or more Subsidiaries of that Person or a
combination thereof. For purposes hereof, references to a “Subsidiary” of the Company shall be given effect only at such times that the Company has one or more Subsidiaries, and, unless otherwise indicated, the term “Subsidiary”
refers to a Subsidiary of the Company. 
 “Substituted Member” means a Person that is admitted as a Member to the
Company pursuant to Section 12.01. 
 “Tax Distribution Date” has the meaning set forth in Section
4.01(c)(i). 
 “Tax Distributions” has the meaning set forth in Section 4.01(c)(i). 

“Tax Matters Partner” has the meaning set forth in Section 9.03. 

“Tax Receivable Agreement” means that certain Tax Receivable Agreement, dated as of the date hereof, by and among the
Corporation, the Company, S&N and Anthony P. Bihl III (together with any joinder thereto from time to time by any successor or assign to any party to such Agreement). 

“Taxable Year” means the Company’s accounting period for U.S. federal income tax purposes determined pursuant to
Section 9.02. 
 “Trading Day” means a day on which the Stock Exchange or such other principal United
States securities exchange on which the Class A Common Stock is listed or admitted to trading is open for the transaction of business (unless such trading shall have been suspended for the entire day). 

  
 11 








 “Transfer” (and, with a correlative meaning,
“Transferring”) means, in respect of any Unit, property or other asset, any sale, transfer, assignment, pledge, encumbrance or other disposition (whether directly or indirectly, whether with or without consideration and
whether voluntarily or involuntarily or by operation of Law), including without limitation, the exchange of any Unit for any other security. 

“Treasury Regulations” means the income tax regulations promulgated under the Code and any corresponding provisions of
succeeding regulations. 
 “Underwriting Agreement” means the Underwriting Agreement, dated as of [●], 2016,
by and among the Corporation, the Company, J.P. Morgan Securities LLC, Piper Jaffray & Co., Stifel, Nicolaus & Company, Incorporated, Leerink Partners LLC and the other underwriters named therein, if any. 

“Unit” means a Company Interest of a Member or a permitted Assignee in the Company representing a fractional part of
the Company Interests of all Members and Assignees as may be established by the Manager from time to time in accordance with Section 3.02; provided, however, that any class or group of Units issued shall have the relative
rights, powers and duties set forth in this Agreement, and the Company Interest represented by such class or group of Units shall be determined in accordance with such relative rights, powers and duties. 

“Unitholder” means a Common Unitholder and any Member who is the registered holder of any other class of Units, if
any. 
 “Unvested Common Unit” has the meaning set forth in Section 4.01(b). 

“Unvested Corporate Shares” means shares of Class A Common Stock issued pursuant to the Corporate Incentive Award
Plan that are not Vested Corporate Shares. 
 “Unvested Distribution Amount” has the meaning set forth in Section
4.01(b). 
 “Value” means (a) for any Stock Option Plan, the Market Price for the trading day immediately
preceding the date of exercise of a stock option under such Stock Option Plan and (b) for any Equity Plan other than a Stock Option Plan, the Market Price for the trading day immediately preceding the Vesting Date. 

“Vested Corporate Shares” means the shares of Class A Common Stock issued pursuant to the Corporate Incentive
Award Plan that are vested pursuant to the terms thereof or any award or similar agreement relating thereto. 
 “Vesting
Date” has the meaning set forth in Section 3.10(c)(ii). 
 “Voting Units” means
(a) the Common Units and (b) any other Units other than Units that by their express terms do not entitle the record holder thereof to vote on any matter presented to the Members generally under this Agreement for approval; provided that
(i) no vote by Voting Units shall have the power to override any action taken by the Manager or to remove or replace the Manager, (ii) the Voting Units have no ability to take part in the conduct or control of the Company’s business
and (iii) notwithstanding any vote by Voting Units hereunder, the Manager shall retain exclusive management power over the business and affairs of the Company in accordance with Section 6.01(a). 

  
 12 








 ARTICLE II. 

ORGANIZATIONAL MATTERS 

Section 2.01 Formation of Company. The Company was formed on November 23, 2011 pursuant to the provisions of the
Delaware Act. 
 Section 2.02 Second Amended and Restated Limited Liability Company Agreement. The Members hereby execute
this Agreement for the purpose of establishing the affairs of the Company and the conduct of its business in accordance with the provisions of the Delaware Act. The Members hereby agree that during the term of the Company set forth in
Section 2.06 the rights and obligations of the Members with respect to the Company will be determined in accordance with the terms and conditions of this Agreement and the Delaware Act. On any matter upon which this Agreement is silent,
the Delaware Act shall control. No provision of this Agreement shall be in violation of the Delaware Act and to the extent any provision of this Agreement is in violation of the Delaware Act, such provision shall be void and of no effect to the
extent of such violation without affecting the validity of the other provisions of this Agreement; provided, however, that where the Delaware Act provides that a provision of the Delaware Act shall apply “unless otherwise provided
in a limited liability company agreement” or words of similar effect, the provisions of this Agreement shall in each instance control; provided further, that notwithstanding the foregoing, Section 18-210 of the Delaware Act shall
not apply or be incorporated into this Agreement. 
 Section 2.03 Name. The name of the Company shall be “Bioventus
LLC.” The Manager in its sole discretion may change the name of the Company at any time and from time to time. Notification of any such change shall be given to all of the Members and, to the extent practicable, to all of the holders of any
Equity Securities then outstanding. The Company’s business may be conducted under its name and/or any other name or names deemed advisable by the Manager. 

Section 2.04 Purpose. The primary business and purpose of the Company shall be to engage in such activities as are
permitted under the Delaware Act and determined from time to time by the Manager in accordance with the terms and conditions of this Agreement. 

Section 2.05 Principal Office; Registered Office. The principal office of the Company shall be at 4721 Emperor Boulevard,
Suite 100, Durham, NC 27703, or such other place as the Manager may from time to time designate. The address of the registered office of the Company in the State of Delaware shall be c/o The Corporation Trust Company, 1209 Orange Street, in the City
of Wilmington, County of New Castle, 19801, and the registered agent for service of process on the Company in the State of Delaware at such registered office shall be The Corporation Trust Company. The Manager may from time to time change the
Company’s registered agent and registered office in the State of Delaware. 

  
 13 








 Section 2.06 Term. The term of the Company commenced upon the filing of the
Certificate in accordance with the Delaware Act and shall continue in existence until termination and dissolution of the Company in accordance with the provisions of Article XIV. 

Section 2.07 No State-Law Partnership. The Members intend that the Company not be a partnership (including, without
limitation, a limited partnership) or joint venture, and that no Member be a partner or joint venturer of any other Member by virtue of this Agreement, for any purposes other than as set forth in the last sentence of this Section 2.07,
and neither this Agreement nor any other document entered into by the Company or any Member relating to the subject matter hereof shall be construed to suggest otherwise. The Members intend that the Company shall be treated as a partnership for U.S.
federal and, if applicable, state or local income tax purposes, and that each Member and the Company shall file all tax returns and shall otherwise take all tax and financial reporting positions in a manner consistent with such treatment. 

ARTICLE III. 
 MEMBERS; UNITS;
CAPITALIZATION 
 Section 3.01 Members. 

(a) Each of S&N and Anthony P. Bihl III previously was admitted as a Member and shall remain a Member of the Company upon the Effective
Time. At the Effective Time and concurrently with the IPO Common Unit Purchase and the Blocker Roll Up, the Corporation shall be admitted to the Company as a Member. 

(b) The Company shall maintain a schedule setting forth: (i) the name and address of each Member; (ii) the aggregate number of
outstanding Units and the number and class of Units held by each Member; (iii) the aggregate amount of cash Capital Contributions that has been made by the Members with respect to their Units; and (iv) the Fair Market Value of any property
other than cash contributed by the Members with respect to their Units (including, if applicable, a description and the amount of any liability assumed by the Company or to which contributed property is subject) (such schedule, the
“Schedule of Members”). The applicable Schedule of Members in effect as of the Effective Time is set forth as Schedule 2 to this Agreement. The Schedule of Members shall be the definitive record of ownership of
each Unit of the Company and all relevant information with respect to each Member. The Company shall be entitled to recognize the exclusive right of a Person registered on its records as the owner of Units for all purposes and shall not be bound to
recognize any equitable or other claim to or interest in Units on the part of any other Person, whether or not it shall have express or other notice thereof, except as otherwise provided by the Delaware Act. 

(c) No Member shall be required or, except as approved by the Manager pursuant to Section 6.01 and in accordance with the other
provisions of this Agreement, permitted to (i) loan any money or property to the Company, (ii) borrow any money or property from the Company, or (iii) make any additional Capital Contributions. 

Section 3.02 Units. Interests in the Company shall be represented by Units, or such other securities of the Company, in
each case as the Manager may establish in its discretion in 

  
 14 








 
accordance with the terms and subject to the restrictions hereof. Immediately after the Effective Time, the Units will be comprised of a single class of Common Units (with an aggregate of
[●] Common Units being authorized for issuance by the Company). To the extent required pursuant to Section 3.04(a), the Manager may create one or more classes or series of Common Units or preferred Units solely to the extent they
are in the aggregate substantially equivalent to a class of common stock of the Corporation or class or series of preferred stock of the Corporation; provided that as long as there are any Members of the Company (other than the Corporation),
then no such new class or series of Units may deprive such Members of, or dilute or reduce, the pro rata share of all Company Interests they would have received or to which they would have been entitled if such new class or series of Units had not
been created except to the extent (and solely to the extent) the Company actually receives cash in an aggregate amount, or other property with a Fair Market Value in an aggregate amount, equal to the pro rata share allocated to such new class or
series of Units and the number thereof issued by the Company. 
 Section 3.03 Recapitalization; the Corporation’s
Capital Contribution; the Corporation’s Purchase of Common Units; Member Distribution. 
 (a) Recapitalization. In
connection with the Recapitalization, immediately prior to the Effective Time, the Original Preferred Units, Original Common Units, Original OUS Units, Original EPR Unit and Original Profits Interests Units that in each case were issued and
outstanding and held by the respective Pre-IPO Members prior to the execution and effectiveness of this Agreement in the amounts set forth on Schedule 1 are hereby converted into the number of Common Units set forth next to each
Effective Date Member on Schedule 2, which are hereby issued and outstanding as of the Effective Time. 
 (b) The
Corporation’s Common Unit Purchase. (i) Following the Recapitalization, immediately upon the Effective Time, the Corporation will contribute the IPO Net Proceeds to the Company in exchange for [●] Common Units and (ii) upon
the exercise, if any, of the Over-Allotment Option, the Corporation will contribute the Over-Allotment Option Net Proceeds in exchange for a number of Common Units equal to the number of shares with respect to which the Over-Allotment Option is
exercised, in each case pursuant to the IPO Common Unit Purchase Agreement (the “IPO Common Unit Purchase”). The parties hereto acknowledge and agree that the IPO Common Unit Purchase will result in a “reevaluation of
partnership property” and corresponding adjustments to Capital Account balances as described in Section 1.704-1(b)(2)(iv)(f) of the Treasury Regulations. 

Section 3.04 Authorization and Issuance of Additional Units. 

(a) The Company shall undertake all actions, including, without limitation, a reclassification, distribution, division or recapitalization,
with respect to the Common Units, to maintain at all times a one-to-one ratio between the number of Common Units owned by the Corporation and the number of outstanding shares of Class A Common Stock, disregarding, for purposes of maintaining
the one-to-one ratio, (i) Unvested Corporate Shares, (ii) treasury stock or (iii) preferred stock or other debt or equity securities (including without limitation warrants, options or rights) issued by the Corporation that are
convertible into or exercisable or exchangeable for Class A Common Stock (except to the extent the net proceeds from such other securities, including any exercise or purchase price payable upon conversion, exercise or


  
 15 








 
exchange thereof, have been contributed by the Corporation to the equity capital of the Company). In the event the Corporation issues, transfers or delivers from treasury stock or repurchases
Class A Common Stock in a transaction not contemplated in this Agreement, the Manager shall take all actions such that, after giving effect to all such issuances, transfers, deliveries or repurchases, the number of outstanding Common Units
owned by the Corporation will equal on a one-for-one basis the number of outstanding shares of Class A Common Stock. In the event the Corporation issues, transfers or delivers from treasury stock or repurchases or redeems the Corporation’s
preferred stock in a transaction not contemplated in this Agreement, the Manager shall have the authority to take all actions such that, after giving effect to all such issuances, transfers, deliveries, repurchases or redemptions, the Corporation
holds (in the case of any issuance, transfer or delivery) or ceases to hold (in the case of any repurchase or redemption) equity interests in the Company which (in the good faith determination by the Manager) are in the aggregate substantially
equivalent to the outstanding preferred stock of the Corporation so issued, transferred, delivered, repurchased or redeemed. The Company shall not undertake any subdivision (by any Common Unit split, Common Unit distribution, reclassification,
recapitalization or similar event) or combination (by reverse Common Unit split, reclassification, recapitalization or similar event) of the Common Units that is not accompanied by an identical subdivision or combination of Class A Common Stock
to maintain at all times a one-to-one ratio between the number of Common Units owned by the Corporation and the number of outstanding shares of Class A Common Stock, unless such action is necessary to maintain at all times a one-to-one ratio
between the number of Common Units owned by the Corporation and the number of outstanding shares of Class A Common Stock as contemplated by the first sentence of this Section 3.04(a). 

(b) If at any time the Corporation issues any Equity Security (other than a share of Class A Common Stock) of the Corporation
entitled to any economic rights (an “Other Economic Security”) with regard thereto (other than Class B Common Stock or another Equity Security of the Corporation not entitled to any economic rights with respect thereto), the
Company shall issue to the Corporation such Equity Securities of the Company corresponding to the Other Economic Security with substantially the same rights to dividends and distributions (including distributions upon liquidation) and other economic
rights as those of such Other Economic Security, and shall thereafter maintain such correspondence in a manner consistent with the provisions of Section 3.04(a) for maintaining a one-to-one correspondence of the Common Units and
Class A Common Stock. 
 (c) After the consummation of the IPO, if at any time the Corporation issues any Class A Common
Stock or Other Economic Security (other than in connection with any Stock Option Plan, in which case the provisions of Section 3.10 shall apply), the net proceeds received by the Corporation with respect to such Class A Common Stock or
Other Economic Security, if any, shall be concurrently contributed to the Company; provided, that if the Corporation issues any shares of Class A Common Stock in order to purchase or fund the purchase from another Member (other than the
Corporation) of a number of Common Units (and a corresponding number of shares of Class B Common Stock), then the Company shall not issue any new Units in connection therewith and the Corporation shall not be required to transfer such net proceeds
to the Company (it being understood that such net proceeds shall instead by transferred to such other Member as consideration for such purchase). 

  
 16 








 (d) The Company shall only be permitted to issue additional Units or other Equity Securities
in the Company to the Persons and on the terms and conditions provided for in Section 3.02, this Section 3.04, Section 3.10 and Section 3.11. Subject to the foregoing, the Manager may cause the Company
to issue additional Common Units authorized under this Agreement at such times and upon such terms as the Manager shall determine and the Manager shall amend this Agreement as necessary in connection with the issuance of additional Common Units and
admission of additional Members under this Section 3.04 without the requirement of any consent or acknowledgement of any other Member. 

Section 3.05 Repurchase or Redemption of shares of Class A Common Stock or Other Economic Security. If, at any time, any
shares of Class A Common Stock or Other Economic Security are repurchased or redeemed (whether by exercise of a put or call, automatically or by means of another arrangement) by the Corporation for cash, then the Manager shall cause the
Company, immediately prior to such repurchase or redemption of Class A Common Stock or Other Economic Security, to redeem a corresponding number of Common Units held by the Corporation (in the case of a repurchase or redemption of Class A
Common Stock), or an amount of Equity Securities of the Company corresponding to the Other Economic Securities repurchased or redeemed (in the case of a repurchase or redemption of Other Economic Securities), at an aggregate redemption price equal
to the aggregate purchase or redemption price of the shares of Class A Common Stock or Other Economic Security being repurchased or redeemed by the Corporation (plus any expenses related thereto) and upon such other terms as are the same for
the shares of Class A Common Stock or Other Economic Security being repurchased or redeemed by the Corporation. 

Section 3.06 Certificates Representing Units; Lost, Stolen or Destroyed Certificates; Registration and Transfer of Units.

 (a) Units shall not be certificated unless otherwise determined by the Manager. If the Manager determines that one or more Units shall be
certificated, each such certificate shall be signed by or in the name of the Company, by the Chief Executive Officer and any other officer designated by the Manager, representing the number of Units held by such holder. Such certificate shall be in
such form (and shall contain such legends) as the Manager may determine. Any or all of such signatures on any certificate representing one or more Units may be a facsimile, engraved or printed, to the extent permitted by applicable Law. The Manager
agrees that it shall not elect to treat any Unit as a “security” within the meaning of Article 8 of the Uniform Commercial Code unless thereafter all Units then outstanding are represented by one or more certificates. 

(b) If Units are certificated, the Manager may direct that a new certificate representing one or more Units be issued in place of any
certificate theretofore issued by the Company alleged to have been lost, stolen or destroyed, upon delivery to the Manager of an affidavit of the owner or owners of such certificate, setting forth such allegation. The Manager may require the owner
of such lost, stolen or destroyed certificate, or such owner’s legal representative, to give the Company a bond sufficient to indemnify it against any claim that may be made against it on account of the alleged loss, theft or destruction of any
such certificate or the issuance of any such new certificate. 

  
 17 








 (c) Upon surrender to the Company or the transfer agent of the Company, if any, of a certificate
for one or more Units, duly endorsed or accompanied by appropriate evidence of succession, assignment or authority to transfer, in compliance with the provisions hereof, the Company shall issue a new certificate representing one or more Units to the
Person entitled thereto, cancel the old certificate and record the transaction upon its books. Subject to the provisions of this Agreement, the Manager may prescribe such additional rules and regulations as it may deem appropriate relating to the
issue, Transfer and registration of Units. 
 Section 3.07 Negative Capital Accounts. No Member shall be required to pay
to any other Member or the Company any deficit or negative balance which may exist from time to time in such Member’s Capital Account (including upon and after dissolution of the Company). 

Section 3.08 No Withdrawal. No Person shall be entitled to withdraw any part of such Person’s Capital Contribution or
Capital Account or to receive any Distribution from the Company, except as expressly provided in this Agreement. 
 Section 3.09
Loans From Members. Loans by Members to the Company shall not be considered Capital Contributions. Subject to the provisions of Section 3.01(c), the amount of any such advances shall be a debt of the Company to such Member and
shall be payable or collectible in accordance with the terms and conditions upon which such advances are made. 
 Section 3.10
Corporate Stock Option Plans and Equity Plans. 
 (a) Options Granted to Persons other than LLC Employees. If at any time or
from time to time, in connection with any Stock Option Plan, a stock option granted over shares of Class A Common Stock to a Person other than an LLC Employee is duly exercised: 

(i) The Corporation shall, as soon as practicable after such exercise, make a Capital Contribution to the Company in an amount
equal to the exercise price paid to the Corporation by such exercising Person in connection with the exercise of such stock option. 

(ii) Notwithstanding the amount of the Capital Contribution actually made pursuant to Section 3.10(a)(i), the
Corporation shall be deemed to have contributed to the Company as a Capital Contribution, in lieu of the Capital Contribution actually made and in consideration of additional Common Units, an amount equal to the Value of a share of Class A
Common Stock as of the date of such exercise multiplied by the number of shares of Class A Common Stock then being issued by the Corporation in connection with the exercise of such stock option. 

(iii) The Corporation shall receive in exchange for such Capital Contributions (as deemed made under
Section 3.10(a)(ii)), a corresponding number of Units of a class correlative to the class of Equity Securities for which such stock options were granted. 

(b) Options Granted to LLC Employees. If at any time or from time to time, in connection with any Stock Option Plan, a stock option
granted over shares of Class A Common Stock to an LLC Employee is duly exercised: 
 (i) The Corporation shall sell to
the Optionee, and the Optionee shall purchase from the Corporation, for a cash price per share equal to the Value of a share of Class A Common Stock at the time of the exercise, the number of shares of Class A Common Stock equal to the
quotient of (x) the exercise price payable by the Optionee in connection with the exercise of such stock option divided by (y) the Value of a share of Class A Common Stock at the time of such exercise. 

  
 18 








 (ii) The Corporation shall sell to the Company (or if the Optionee is an employee
of, or other service provider to, a Subsidiary, the Corporation shall sell to such Subsidiary), and the Company (or such Subsidiary, as applicable) shall purchase from the Corporation, a number of shares of Class A Common Stock equal to the
excess of (x) the number of shares of Class A Common Stock as to which such stock option is being exercised over (y) the number of shares of Class A Common Stock sold pursuant to Section 3.10(b)(i) hereof. The
purchase price per share of Class A Common Stock for such sale of shares of Class A Common Stock to the Company (or such Subsidiary) shall be the Value of a share of Class A Common Stock as of the date of exercise of such stock
option. 
 (iii) The Company shall transfer to the Optionee (or if the Optionee is an employee of, or other service provider
to, a Subsidiary, the Subsidiary shall transfer to the Optionee) at no additional cost to such LLC Employee and as additional compensation to such LLC Employee, the number of shares of Class A Common Stock described in
Section 3.10(b)(ii). 
 (iv) The Corporation shall, as soon as practicable after such exercise, make a Capital
Contribution to the Company in an amount equal to all proceeds received (from whatever source, but excluding any payment in respect of payroll taxes or other withholdings) by the Corporation in connection with the exercise of such stock option. The
Corporation shall receive for such Capital Contribution, a number of Units equal to the number of shares of Class A Common Stock for which such option was exercised. 

(c) Restricted Stock Granted to LLC Employees. If at any time or from time to time, in connection with any Equity Plan (other than a
Stock Option Plan), any shares of Class A Common Stock are issued to an LLC Employee (including any shares of Class A Common Stock that are subject to forfeiture in the event such LLC Employee terminates his or her employment with the
Company or any Subsidiary) in consideration for services performed for the Company or any Subsidiary: 
 (i) The Corporation
shall issue such number of shares of Class A Common Stock as are to be issued to such LLC Employee in accordance with the Equity Plan; 

(ii) On the date (such date, the “Vesting Date”) that the Value of such shares is includible in taxable
income of such LLC Employee, the following events will be deemed to have occurred: (a) the Corporation shall be deemed to have sold such shares of Class A Common Stock to the Company (or if such LLC Employee is an employee of, or other
service provider to, a Subsidiary, to such Subsidiary) for a purchase price equal to the Value of such shares of Class A Common Stock, (b) the Company (or such 

  
 19 








 
Subsidiary) shall be deemed to have delivered such shares of Class A Common Stock to such LLC Employee, (c) the Corporation shall be deemed to have contributed the purchase price for
such shares of Class A Common Stock to the Company as a Capital Contribution, and (d) in the case where such LLC Employee is an employee of a Subsidiary, the Company shall be deemed to have contributed such amount to the capital of the
Subsidiary; and 
 (iii) The Company shall issue to the Corporation on the Vesting Date a number of Units equal to the number
of shares of Class A Common Stock issued under Section 3.10(c)(i) in consideration for a Capital Contribution in cash in an amount equal to the product of (x) the number of such newly issued Units multiplied by (y) the
Value of a share of Class A Common Stock. 
 (d) Future Stock Incentive Plans. Nothing in this Agreement shall be construed or
applied to preclude or restrain the Corporation from adopting, modifying or terminating stock incentive plans for the benefit of employees, directors or other business associates of the Corporation, the Company or any of their respective Affiliates.
The Members acknowledge and agree that, in the event that any such plan is adopted, modified or terminated by the Corporation, amendments to this Section 3.10 may become necessary or advisable and that any approval or consent to any such
amendments requested by the Corporation shall be deemed granted by the Manager without the requirement of any further consent or acknowledgement of any other Member. 

(e) Anti-dilution adjustments. For all purposes of this Section 3.10, the number of shares of Class A Common
Stock and the corresponding number of Common Units shall be determined after giving effect to all anti-dilution or similar adjustments that are applicable, as of the date of exercise or vesting, to the option, warrant, restricted stock or other
equity interest that is being exercised or becomes vested under the applicable Stock Option Plan or other Equity Plan and applicable award or grant documentation. 

Section 3.11 Dividend Reinvestment Plan, Cash Option Purchase Plan, Stock Incentive Plan or Other Plan. Except as may
otherwise be provided in this Article III, all amounts received or deemed received by the Corporation in respect of any dividend reinvestment plan, cash option purchase plan, stock incentive or other stock or subscription plan or
agreement, either (a) shall be utilized by the Corporation to effect open market purchases of shares of Class A Common Stock, or (b) if the Corporation elects instead to issue new shares of Class A Common Stock with respect to
such amounts, shall be contributed by the Corporation to the Company in exchange for additional Units. Upon such contribution, the Company will issue to the Corporation a number of Units equal to the number of new shares of Class A Common Stock
so issued. 
 ARTICLE IV. 

DISTRIBUTIONS 

Section 4.01 Distributions. 

(a) Distributable Cash; Other Distributions. Subject to Section 4.01(b), to the extent permitted by applicable Law and hereunder,
Distributions to Members may be declared by the 

  
 20 








 
Manager out of Distributable Cash or other funds or property legally available therefor in such amounts and on such terms (including the payment dates of such Distributions) as the Manager shall
determine using such record date as the Manager may designate; such Distributions shall be made to the Members as of the close of business on such record date on a pro rata basis in accordance with each Member’s Percentage Interest as of the
close of business on such record date; provided, however, that the Manager shall have the obligation to make Distributions as set forth in Sections 4.01(b) and 14.02; and provided further that, notwithstanding any other
provision herein to the contrary, no Distributions shall be made to any Member to the extent such Distribution would render the Company insolvent. For purposes of the foregoing sentence, insolvency means the inability of the Company to meet its
payment obligations when due. Promptly following the designation of a record date and the declaration of a Distribution pursuant to this Section 4.01(a), the Manager shall give notice to each Member of the record date, the amount and the
terms of the Distribution and the payment date thereof. In furtherance of the foregoing, it is intended that the Manager shall, to the extent permitted by applicable Law and hereunder, have the right in its sole discretion to make Distributions to
the Members pursuant to this Section 4.01(a) in such amounts as shall enable the Corporation to pay dividends or to meet its obligations, including its obligations pursuant to the Tax Receivable Agreement (to the extent such obligations
are not otherwise able to be satisfied as a result of Tax Distributions required to be made pursuant to Section 4.01(b)). 
 (b)
Distributions to be Held in Escrow. 
 (i) Notwithstanding Section 4.01(a), any amount otherwise distributable to
Anthony P. Bihl III pursuant to Section 4.01(a) with respect to any of his Common Units that have not become vested (“Unvested Common Unit” and such amount distributable, the “Unvested Distribution
Amount”) shall be held in escrow and shall not be paid to Anthony P. Bihl III until such Unvested Common Unit becomes vested in accordance with the applicable Profits Interest award agreement (the “Award
Agreement”). All Unvested Distribution Amounts shall be held by the Company in a segregated account until released to Anthony P. Bihl III in accordance with the terms of this Agreement and the applicable Award Agreement. If any Unvested
Common Unit is forfeited or canceled prior to vesting, any Unvested Distribution Amounts held in escrow by the Company with respect to such Unvested Common Unit shall be distributed to the other Members in accordance with Section 4.01(a). 

(c) Tax Distributions. 

(i) On or about each date (a “Tax Distribution Date”) that is five (5) Business Days prior to each
due date for the U.S. federal income tax return of an individual calendar year taxpayer (without regard to extensions) (or, if earlier, the due date for the U.S. federal income tax return of the Corporation, as determined without regard to
extensions), the Company shall be required to make a Distribution to each Member of cash in an amount equal to the excess of such Member’s Assumed Tax Liability, if any, for such taxable period over the Distributions previously made to such
Member pursuant to this Section 4.01(b) with respect to such taxable period (the “Tax Distributions”). 

  
 21 








 (ii) To the extent a Member otherwise would be entitled to receive less than its
Percentage Interest of the aggregate Tax Distributions to be paid pursuant to this Section 4.01(b) on any given date, the Tax Distributions to such Member shall be increased to ensure that all Distributions made pursuant to this
Section 4.01(b) are made pro rata in accordance with such Member’s Percentage Interest. If, on a Tax Distribution Date, there are insufficient funds on hand to distribute to the Members the full amount of the Tax Distributions to
which such Members are otherwise entitled, Distributions pursuant to this Section 4.01(b) shall be made to the Members to the extent of available funds in accordance with their Percentage Interests and the Company shall make future Tax
Distributions as soon as funds become available sufficient to pay the remaining portion of the Tax Distributions to which such Members are otherwise entitled. 

(iii) In the event of any audit by, or similar event with, a taxing authority that affects the calculation of any Member’s
Assumed Tax Liability for any taxable year, or in the event the Company files an amended tax return, each Member’s Assumed Tax Liability with respect to such year shall be recalculated by giving effect to such event (for the avoidance of doubt,
taking into account interest or penalties). Any shortfall in the amount of Tax Distributions the Members and former Members received for the relevant taxable years based on such recalculated Assumed Tax Liability promptly shall be distributed to
such Members and the successors of such former Members, except, for the avoidance of doubt, to the extent Distributions were made to such Members and former Members pursuant to Section 4.01(a) and this Section 4.01(b) in the
relevant taxable years sufficient to cover such shortfall. 
 (iv) Notwithstanding the foregoing, Distributions pursuant to
this Section 4.01(b), if any, shall be made to a Member only to the extent all previous Distributions to such Member pursuant to Section 4.01(a) with respect to the Fiscal Year are less than the Distributions such Member
otherwise would have been entitled to receive with respect to such Fiscal Year pursuant to this Section 4.01(b). 

Section 4.02 Restricted Distributions. Notwithstanding any provision to the contrary contained in this Agreement, the
Company shall not make any Distribution to any Member on account of any Company Interest if such Distribution would violate any applicable Law or the terms of the Credit Agreement. 

ARTICLE V. 
 CAPITAL ACCOUNTS;
ALLOCATIONS; TAX MATTERS 
 Section 5.01 Capital Accounts. 

(a) The Company shall maintain a separate Capital Account for each Member according to the rules of Treasury Regulation
Section 1.704-1(b)(2)(iv). For this purpose, the Company may (in the discretion of the Manager), upon the occurrence of the events specified in Treasury Regulation Section 1.704-1(b)(2)(iv)(f), increase or decrease the Capital Accounts in
accordance with the rules of such Treasury Regulation and Treasury Regulation Section 1.704-1(b)(2)(iv)(g) to reflect a revaluation of Company property. 

  
 22 








 (b) For purposes of computing the amount of any item of Company income, gain, loss or deduction
to be allocated pursuant to this Article V and to be reflected in the Capital Accounts of the Members, the determination, recognition and classification of any such item shall be the same as its determination, recognition and
classification for U.S. federal income tax purposes (including any method of depreciation, cost recovery or amortization used for this purpose); provided, however, that: 

(i) The computation of all items of income, gain, loss and deduction shall include those items described in Code
Section 705(a)(l)(B) or Code Section 705(a)(2)(B) and Treasury Regulation Section 1.704-1(b)(2)(iv)(i), without regard to the fact that such items are not includable in gross income or are not deductible for U.S. federal income tax
purposes. 
 (ii) If the Book Value of any Company property is adjusted pursuant to Treasury Regulation
Section 1.704-1(b)(2)(iv)(e) or (f), the amount of such adjustment shall be taken into account as gain or loss from the disposition of such property. 

(iii) Items of income, gain, loss or deduction attributable to the disposition of Company property having a Book Value that
differs from its adjusted basis for tax purposes shall be computed by reference to the Book Value of such property. 
 (iv)
Items of depreciation, amortization and other cost recovery deductions with respect to Company property having a Book Value that differs from its adjusted basis for tax purposes shall be computed by reference to the property’s Book Value in
accordance with Treasury Regulation Section 1.704-1(b)(2)(iv)(g). 
 (v) To the extent an adjustment to the adjusted tax
basis of any Company asset pursuant to Code Sections 732(d), 734(b) or 743(b) is required, pursuant to Treasury Regulation Section 1.704-1(b)(2)(iv)(m), to be taken into account in determining Capital Accounts, the amount of such adjustment to
the Capital Accounts shall be treated as an item of gain (if the adjustment increases the basis of the asset) or loss (if the adjustment decreases such basis). 

Section 5.02 Allocations. Except as otherwise provided in Section 5.03 and Section 5.04, Net
Profits and Net Losses for any Fiscal Year or Fiscal Period shall be allocated among the Capital Accounts of the Members pro rata in accordance with their respective Percentage Interests and, for the avoidance of doubt, assuming all Unvested Common
Units were vested. 
 Section 5.03 Special Allocations. 

(a) Losses attributable to partner nonrecourse debt (as defined in Treasury Regulation Section 1.704-2(b)(4)) shall be allocated in the
manner required by Treasury Regulation Section 1.704-2(i). If there is a net decrease during a Taxable Year in partner nonrecourse debt minimum gain (as defined in Treasury Regulation Section 1.704-2(i)(3)), Profits for such Taxable Year
(and, if necessary, for subsequent Taxable Years) shall be allocated to the Members in the amounts and of such character as determined according to Treasury Regulation Section 1.704-2(i)(4). 

  
 23 








 (b) Nonrecourse deductions (as determined according to Treasury Regulation
Section 1.704-2(b)(1)) for any Taxable Year shall be allocated pro rata among the Members in accordance with their Percentage Interests. Except as otherwise provided in Section 5.03(a), if there is a net decrease in the Minimum Gain
during any Taxable Year, each Member shall be allocated Profits for such Taxable Year (and, if necessary, for subsequent Taxable Years) in the amounts and of such character as determined according to Treasury Regulation Section 1.704-2(f). This
Section 5.03(b) is intended to be a minimum gain chargeback provision that complies with the requirements of Treasury Regulation Section 1.704-2(f), and shall be interpreted in a manner consistent therewith. 

(c) If any Member that unexpectedly receives an adjustment, allocation or Distribution described in Treasury Regulation
Section 1.704-1(b)(2)(ii)(d)(4), (5) and (6) has an Adjusted Capital Account Deficit as of the end of any Taxable Year, computed after the application of Sections 5.03(a) and 5.03(b) but before the application of any
other provision of this Article V, then Profits for such Taxable Year shall be allocated to such Member in proportion to, and to the extent of, such Adjusted Capital Account Deficit. This Section 5.03(c) is intended to be a
qualified income offset provision as described in Treasury Regulation Section 1.704-1(b)(2)(ii)(d) and shall be interpreted in a manner consistent therewith. 

(d) If the allocation of Net Losses to a Member as provided in Section 5.02 would create or increase an Adjusted Capital Account
Deficit, there shall be allocated to such Member only that amount of Losses as will not create or increase an Adjusted Capital Account Deficit. The Net Losses that would, absent the application of the preceding sentence, otherwise be allocated to
such Member shall be allocated to the other Members in accordance with their relative Percentage Interests, subject to this Section 5.03(d). 

(e) Profits and Losses described in Section 5.01(b)(v) shall be allocated in a manner consistent with the manner that the
adjustments to the Capital Accounts are required to be made pursuant to Treasury Regulation Section 1.704-1(b)(2)(iv)(j), (k) and (m). 

(f) The allocations set forth in Section 5.03(a) through and including Section 5.03(d) (the “Regulatory
Allocations”) are intended to comply with certain requirements of Sections 1.704-1(b) and 1.704-2 of the Treasury Regulations. The Regulatory Allocations may not be consistent with the manner in which the Members intend to allocate
Profit and Loss of the Company or make Distributions. Accordingly, notwithstanding the other provisions of this Article V, but subject to the Regulatory Allocations, income, gain, deduction and loss shall be reallocated among the Members
so as to eliminate the effect of the Regulatory Allocations and thereby cause the respective Capital Accounts of the Members to be in the amounts (or as close thereto as possible) they would have been if Profit and Loss (and such other items of
income, gain, deduction and loss) had been allocated without reference to the Regulatory Allocations. In general, the Members anticipate that this will be accomplished by specially allocating other Profit and Loss (and such other items of income,
gain, deduction and loss) among the Members so that the net amount of the Regulatory Allocations and such special allocations to each such Member is zero. In addition, if in any Fiscal Year or Fiscal Period there is a decrease in partnership minimum
gain, or in partner nonrecourse debt minimum gain, and application of the minimum gain chargeback requirements set forth in Section 5.03(a) or Section 5.03(b) would cause a distortion in the economic arrangement among the
Members, the Members may, if they 

  
 24 








 
do not expect that the Company will have sufficient other income to correct such distortion, request the Internal Revenue Service to waive either or both of such minimum gain chargeback
requirements. If such request is granted, this Agreement shall be applied in such instance as if it did not contain such minimum gain chargeback requirement. 

(g) If Anthony P. Bihl III forfeits all or a portion of his Unvested Common Units, the Company shall make forfeiture allocations in respect of
such Unvested Common Units in the manner and to the extent required by Proposed Treasury Regulation Section 1.704-1(b)(4)(xii) (as such Proposed Treasury Regulation may be amended or modified, including upon the issuance of temporary or final
Treasury Regulations). 
 Section 5.04 Final Allocations. Notwithstanding any contrary provision in this Agreement except
Section 5.03, the Manager shall make appropriate adjustments to allocations of Profits and Losses to (or, if necessary, allocate items of gross income, gain, loss or deduction of the Company among) the Members upon the liquidation of the
Company (within the meaning of Section 1.704 1(b)(2)(ii)(g) of the Treasury Regulations), the transfer of substantially all the Units (whether by sale or exchange or merger) or sale of all or substantially all the assets of the Company, such
that, to the maximum extent possible, the Capital Accounts of the Members are proportionate to their Percentage Interests. In each case, such adjustments or allocations shall occur, to the maximum extent possible, in the Fiscal Year of the event
requiring such adjustments or allocations. 
 Section 5.05 Tax Allocations. 

(a) The income, gains, losses, deductions and credits of the Company will be allocated, for federal, state and local income tax purposes,
among the Members in accordance with the allocation of such income, gains, losses, deductions and credits among the Members for computing their Capital Accounts; provided that if any such allocation is not permitted by the Code or other
applicable Law, the Company’s subsequent income, gains, losses, deductions and credits will be allocated among the Members so as to reflect as nearly as possible the allocation set forth herein in computing their Capital Accounts. 

(b) Items of Company taxable income, gain, loss and deduction with respect to any property contributed to the capital of the Company shall be
allocated among the Members in accordance with Code Section 704(c) so as to take account of any variation between the adjusted basis of such property to the Company for federal income tax purposes and its Book Value using the traditional
method, as described in Treasury Regulations Section 1.704-3(b). 
 (c) If the Book Value of any Company asset is adjusted pursuant to
Section 5.01(b), subsequent allocations of items of taxable income, gain, loss and deduction with respect to such asset shall take account of any variation between the adjusted basis of such asset for federal income tax purposes and its
Book Value in the same manner as under Code Section 704(c) using the traditional method, as described in Treasury Regulations Section 1.704-3(b). 

(d) Allocations of tax credits, tax credit recapture, and any items related thereto shall be allocated to the Members pro rata as determined
by the Manager taking into account the principles of Treasury Regulation Section 1.704-1(b)(4)(ii). 

  
 25 








 (e) For purposes of determining a Member’s pro rata share of the Company’s “excess
nonrecourse liabilities” within the meaning of Treasury Regulation Section 1.752-3(a)(3), each Member’s interest in income and gain shall be in proportion to the Units held by such Member. 

(f) Allocations pursuant to this Section 5.05 are solely for purposes of federal, state and local taxes and shall not affect, or
in any way be taken into account in computing, any Member’s Capital Account or share of Profits, Losses, Distributions or other Company items pursuant to any provision of this Agreement. 

Section 5.06 Indemnification and Reimbursement for Payments on Behalf of a Member. If the Company is obligated to pay any
amount to a Governmental Entity (or otherwise makes a payment to a Governmental Entity) that is specifically attributable to a Member or a Member’s status as such (including federal withholding taxes, state personal property taxes and state
unincorporated business taxes, but excluding payments such as professional association fees and the like made voluntarily by the Company on behalf of any Member based upon such Member’s status as an employee of the Company), then such Person
shall indemnify the Company in full for the entire amount paid (including interest, penalties and related expenses). The Manager may offset Distributions to which a Person is otherwise entitled under this Agreement against such Person’s
obligation to indemnify the Company under this Section 5.06. A Member’s obligation to make contributions to the Company under this Section 5.06 shall survive the termination, dissolution, liquidation and winding up of
the Company, and for purposes of this Section 5.06, the Company shall be treated as continuing in existence. The Company may pursue and enforce all rights and remedies it may have against each Member under this Section 5.06,
including instituting a lawsuit to collect such contribution with interest calculated at a rate per annum equal to the sum of the Base Rate plus 300 basis points (but not in excess of the highest rate per annum permitted by Law). Each Member hereby
agrees to furnish to the Company such information and forms as required or reasonably requested in order to comply with any laws and regulations governing withholding of tax or in order to claim any reduced rate of, or exemption from, withholding to
which the Member is legally entitled. 
 ARTICLE VI. 

MANAGEMENT 

Section 6.01 Authority of Manager. 

(a) Except for situations in which the approval of any Member(s) is specifically required by this Agreement, (i) all management powers
over the business and affairs of the Company shall be exclusively vested in the Corporation, as the sole managing member of the Company (the Corporation, in such capacity, the “Manager”) and (ii) the Manager shall
conduct, direct and exercise full control over all activities of the Company. The Manager shall be the “manager” of the Company for the purposes of the Delaware Act. Except as otherwise expressly provided for herein and subject to the
other provisions of this Agreement, the Members hereby consent to the exercise by the Manager of all such powers and rights conferred on the Members by the Delaware Act with respect to the management and control of the Company. Any vacancies in the
position of Manager shall be filled in accordance with Section 6.04. 

  
 26 








 (b) The day-to-day business and operations of the Company shall be overseen and implemented by
officers of the Company (each, an “Officer” and collectively, the “Officers”), subject to the limitations imposed by the Manager. An Officer may, but need not, be a Member. Each Officer shall be
appointed by the Manager and shall hold office until his or her successor shall be duly designated and shall qualify or until his or her death or until he shall resign or shall have been removed in the manner hereinafter provided. Any one Person may
hold more than one office. Subject to the other provisions in this Agreement (including in Section 6.07 below), the salaries or other compensation, if any, of the Officers of the Company shall be fixed from time to time by the Manager.
The authority and responsibility of the Officers shall include, but not be limited to, such duties as the Manager may, from time to time, delegate to them and the carrying out of the Company’s business and affairs on a day-to-day basis. The
existing Officers of the Company as of the Effective Time shall remain in their respective positions and shall be deemed to have been appointed by the Manager. All Officers shall be, and shall be deemed to be, officers and employees of the Company.
An Officer may also perform one or more roles as an officer of the Manager. 
 (c) The Manager shall have the power and authority to
effectuate the sale, lease, transfer, exchange or other disposition of any, all or substantially all of the assets of the Company (including the exercise or grant of any conversion, option, privilege or subscription right or any other right
available in connection with any assets at any time held by the Company) or the merger, consolidation, reorganization or other combination of the Company with or into another entity. 

Section 6.02 Actions of the Manager. The Manager may act through any Officer or through any other Person or Persons to whom
authority and duties have been delegated pursuant to Section 6.07. 
 Section 6.03 Resignation; No Removal.
The Manager may resign at any time by giving written notice to the Members. Unless otherwise specified in the notice, the resignation shall take effect upon receipt thereof by the Members, and the acceptance of the resignation shall not be necessary
to make it effective. For the avoidance of doubt, the Members have no right under this Agreement to remove or replace the Manager. 

Section 6.04 Vacancies. Vacancies in the position of Manager occurring for any reason shall be filled, upon written notice
to the Company, by the Corporation (or, if the Corporation has ceased to exist without any successor or assign, then by the holders of a majority in interest of the voting capital stock of the Corporation immediately prior to such cessation) with a
successor that is (a) a wholly-owned Subsidiary of the Corporation, (b) a Person of which the Corporation is a wholly-owned Subsidiary, (c) a Person into which the Corporation is merged or consolidated or (d) a transferee of all
or substantially all of the assets of the Corporation. For the avoidance of doubt, the Members have no right under this Agreement to fill any vacancy in the position of Manager. No appointment of a Person other than the Corporation (or its
successor, as the case may be) as Manager shall be effective unless the Corporation (or its successor, as the case may be) and the new Manager provide all other Members with contractual rights, directly enforceable by such other Members against the
new Manager, to cause the new Manager to comply with all of the Manager’s obligations under this Agreement. 

  
 27 








 Section 6.05 Transactions Between Company and Manager. The Manager may cause
the Company to contract and deal with the Manager, or any Affiliate of the Manager, provided such contracts and dealings (other than contracts and dealings between the Company and its Subsidiaries) are on terms comparable to and competitive with
those available to the Company from others dealing at arm’s length or are approved by the Members and otherwise are permitted by the Credit Agreement. Notwithstanding the foregoing, the Members hereby approve (i) each of the contracts or
agreements between or among the Manager, the Company and their respective Affiliates entered into on or prior to the date hereof in accordance with the First A&R LLC Agreement or that the board of managers has approved in connection with an
initial public offering as of the date hereof and (ii) any other contracts and dealings that are customary (and necessary or desirable for the proper implementation of the transaction structure) among a public corporation and its Subsidiaries
following an initial public offering pursuant to an “Up-C” structure in accordance with the terms hereof. 

Section 6.06 Reimbursement for Expenses. 

(a) The Manager shall not be compensated for its services as Manager of the Company except as expressly provided in this Agreement. The
Members acknowledge and agree that, upon consummation of the IPO, the Manager’s Class A Common Stock will be publicly traded and therefore the Manager will have access to the public capital markets and that such status and the services
performed by the Manager will inure to the benefit of the Company and all Members; therefore, the Manager shall be reimbursed by the Company for any reasonable out-of-pocket expenses incurred on behalf of the Company, including without limitation
all fees, expenses and costs associated with the IPO and all fees, expenses and costs of being a public company (including without limitation public reporting obligations, proxy statements, stockholder meetings, stock exchange fees, transfer agent
fees, SEC and FINRA filing fees and offering expenses) and maintaining its corporate existence. In the event that shares of Class A Common Stock are sold to underwriters in the IPO (or in any subsequent public offering) at a price per share
that is lower than the price per share for which such shares of Class A Common Stock are sold to the public in the IPO (or in such subsequent public offering, as applicable) after taking into account underwriters’ discounts or commissions
and brokers’ fees or commissions (such difference, the “Discount”), the Company shall reimburse the Manager for such Discount by treating such Discount as an additional Capital Contribution made by the Manager to the
Company and increasing the Manager’s Capital Account by the amount of such Discount. To the extent practicable, expenses incurred by the Manager on behalf of or for the benefit of the Company shall be billed directly to and paid by the Company
and, if and to the extent any reimbursements to the Manager or any of its Affiliates by the Company pursuant to this Section 6.06 constitute gross income to such Person (as opposed to the repayment of advances made by such Person on
behalf of the Company), such amounts shall be treated as “guaranteed payments” within the meaning of Code Section 707(c) and shall not be treated as distributions for purposes of computing the Members’ Capital Accounts. 

(b) Notwithstanding Section 6.06(a), until the Tax Receivable Agreement has been terminated pursuant to Section 4.1 of the Tax Receivable
Agreement and the Early Termination Payment (as defined in the Tax Receivable Agreement) has been paid to S&N, or, if earlier, the fifteenth anniversary of the date on which S&N ceases to be a Member of the Company, S&N shall promptly,
but in any event within 30 days after receipt of an invoice therefor (which the 

  
 28 








 
Company shall provide no more frequently than quarterly, on or promptly following the first day of each quarter), reimburse the Company for all reasonable and documented (i) out-of-pocket
fees, expenses and costs associated with administering the Tax Receivable Agreement (excluding, for the avoidance of doubt, any payments required to be made by the Company to S&N thereunder, including pursuant to Sections 3.1(a) and 4.3(a)
thereof) and (ii) incremental out-of-pocket fees, expenses and costs incurred by the Company in connection with the administration of the tax and organizational functions of the Company that are reasonably determined to be in excess of the
fees, expenses and costs that would have been incurred in connection with the tax and organizational functions of the Corporation had it owned, immediately after the IPO, all of the outstanding equity interests of the Company; provided that,
notwithstanding the foregoing or anything else to the contrary contained herein, in no event shall S&N be obligated to pay more than $[●] per annum pursuant to this Section 6.06(b); and, provided further, that such amount shall
not include the fees, expenses and costs of an initial public offering pursuant to an “Up-C” structure incurred on or prior to the date hereof. 

Section 6.07 Delegation of Authority. The Manager (a) may, from time to time, delegate to one or more Persons such
authority and duties as the Manager may deem advisable, and (b) may assign titles (including, without limitation, chief executive officer, president, chief executive officer, chief financial officers, chief operating officer, vice president,
secretary, assistant secretary, treasurer or assistant treasurer) and delegate certain authority and duties to such Persons as the same may be amended, restated or otherwise modified from time to time. Any number of titles may be held by the same
individual. The salaries or other compensation, if any, of such agents of the Company shall be fixed from time to time by the Manager, subject to the other provisions in this Agreement. 

Section 6.08 Limitation of Liability of Manager. 

(a) Except as otherwise provided herein or in an agreement entered into by such Person and the Company, neither the Manager nor any of the
Manager’s Affiliates shall be liable to the Company or to any Member that is not the Manager for any act or omission performed or omitted by the Manager in its capacity as the sole managing member of the Company pursuant to authority granted to
the Manager by this Agreement; provided, however, that, except as otherwise provided herein, such limitation of liability shall not apply to the extent the act or omission was attributable to the Manager’s gross negligence, willful
misconduct, bad faith or knowing violation of Law or for any present or future breaches of any representations, warranties or covenants by the Manager or its Affiliates contained herein or in the other agreements with the Company. The Manager may
exercise any of the powers granted to it by this Agreement and perform any of the duties imposed upon it hereunder either directly or by or through its agents, and shall not be responsible for any misconduct or negligence on the part of any such
agent (so long as such agent was selected in good faith and with reasonable care). The Manager shall be entitled to rely upon the advice of legal counsel, independent public accountants and other experts, including financial advisors, and any act of
or failure to act by the Manager in good faith reliance on such advice shall in no event subject the Manager to liability to the Company or any Member that is not the Manager. 

(b) Whenever in this Agreement or any other agreement contemplated herein, the Manager is permitted or required to take any action or to make
a decision in its “sole discretion” 

  
 29 








 
or “discretion,” with “complete discretion” or under a grant of similar authority or latitude, the Manager shall be entitled to consider such interests and factors as it
desires, including its own interests, and shall, to the fullest extent permitted by applicable Law, have no duty or obligation to give any consideration to any interest of or factors affecting the Company or other Members. 

(c) Whenever in this Agreement the Manager is permitted or required to take any action or to make a decision in its “good faith” or
under another express standard, the Manager shall act under such express standard and, to the extent permitted by applicable Law, shall not be subject to any other or different standards imposed by this Agreement or any other agreement contemplated
herein, and, notwithstanding anything contained herein to the contrary, so long as the Manager acts in good faith, the resolution, action or terms so made, taken or provided by the Manager shall not constitute a breach of this Agreement or any other
agreement contemplated herein or impose liability upon the Manager or any of the Manager’s Affiliates. 
 Section 6.09
Investment Company Act. The Manager shall use its best efforts to ensure that the Company shall not be subject to registration as an investment company pursuant to the Investment Company Act. 

Section 6.10 Outside Activities of the Manager. The Manager shall not, directly or indirectly, enter into or conduct any
business or operations, other than (a) the ownership, acquisition and disposition of Common Units, (b) the management of the business and affairs of the Company and its Subsidiaries, (c) the operation of the Manager as a reporting
company with a class (or classes) of securities registered under Section 12 of the Exchange Act and listed on a securities exchange, (d) the offering, sale, syndication, private placement or public offering of stock, bonds, securities or
other interests of the Manager, (e) financing or refinancing of any type related to the Company, its Subsidiaries or their assets or activities, and (f) such activities as are incidental to the foregoing; provided, however,
that, except as otherwise provided herein, the net proceeds of any financing raised by the Manager pursuant to the preceding clauses (d) and (e) shall be made available to the Company, whether as Capital Contributions, loans or otherwise,
as appropriate, and, provided further, that the Manager may, in its sole and absolute discretion, from time to time hold or acquire assets in its own name or otherwise other than through the Company and its Subsidiaries so long as the Manager
takes commercially reasonable measures to ensure that the economic benefits and burdens of such assets are otherwise vested in the Company or its Subsidiaries, through assignment, mortgage loan or otherwise or, if it is not commercially reasonable
to vest such economic interests in the Company or any of its Subsidiaries, the Members shall negotiate in good faith to amend this Agreement to reflect such activities and the direct ownership of assets by the Manager. Nothing contained herein shall
be deemed to prohibit the Manager from executing any guarantee of indebtedness of the Company or its Subsidiaries. 

  
 30 








 ARTICLE VII. 

RIGHTS AND OBLIGATIONS OF MEMBERS 

Section 7.01 Limitation of Liability and Duties of Members. 

(a) No Member (including without limitation, the Manager) shall be obligated personally for any debts, obligation or liability of the Company
or any debts, obligation or liability solely by reason of being a Member or acting as the Manager of the Company, except to the extent required by the Delaware Act. Notwithstanding anything contained herein to the contrary, the failure of the
Company to observe any formalities or requirements relating to the exercise of its powers or management of its business and affairs under this Agreement or the Delaware Act shall not be grounds for imposing personal liability on the Members for
liabilities of the Company. 
 (b) In accordance with the Delaware Act and the laws of the State of Delaware, a Member may, under certain
circumstances, be required to return amounts previously distributed to such Member. It is the intent of the Members that no Distribution to any Member pursuant to Article IV shall be deemed a return of money or other property paid or
distributed in violation of the Delaware Act. The payment of any such money or Distribution of any such property to a Member shall be deemed to be a compromise within the meaning of Section 18-502(b) of the Delaware Act, and, to the fullest
extent permitted by Law, any Member receiving any such money or property shall not be required to return any such money or property to the Company or any other Person. However, if any court of competent jurisdiction holds that, notwithstanding the
provisions of this Agreement, any Member is obligated to make any such payment, such obligation shall be the obligation of such Member and not of any other Member. 

(c) Notwithstanding Section 7.02 below or any other provision to the contrary in this Agreement, (i) the Manager shall, in
its capacity as Manager, and not in any other capacity, have the same fiduciary duties to the Company and the Members as a member of the board of directors of a Delaware corporation (assuming such corporation had in its certificate of incorporation
a provision eliminating the liabilities of directors and officers to the maximum extent permitted by Section 102(b)(7) of the Delaware General Corporation Law); (ii) the parties hereto acknowledge that the Manager will take action through
its board of directors, and that the members of the Manager’s board of directors will owe fiduciary duties to the stockholders of the Manager; and (iii) the Manager will use commercially reasonable and appropriate efforts and means, as
determined in good faith by the Manager, to minimize any conflict of interest between the Members, on the one hand, and the stockholders of the Manager, on the other hand, and to effectuate any transaction that involves or affects any of the
Company, the Manager, the Members and/or the stockholders of the Manager in a manner that does not (x) disadvantage the Members of their interests relative to the stockholders of the Manager, (y) advantage the stockholders of the Manager
relative to the Members or (z) treat the Members and the stockholders of the Manager differently; provided that in the event of a conflict between the interests of the stockholders of the Manager and the interests of the Members other than the
Manager, such other Members agree that the Manager shall discharge its fiduciary duties to such other Members by acting in the best interests of the Manager’s stockholders. For the avoidance of doubt, the fiduciary duties described in clause
(i) above shall not be limited by the fact that the Manager shall be permitted to take certain actions in its sole or reasonable discretion pursuant to 

  
 31 








 
the terms of this Agreement or any agreement entered into in connection herewith. Any duties and liabilities set forth in this Agreement shall replace those existing at Law or in equity
(including the duties of the Manager and any Member) and each of the Company and each Member hereby, to the fullest extent permitted by applicable Law, including Section 18-1101(c) of the Delaware Act: (i) acknowledges and agrees that none
of the Members, their respective Affiliates or its or their respective Affiliates, directors, officers, employees, agents or representatives, acting in his or her capacity as such, shall be obligated to (A) reveal to the Company or any of its
Subsidiaries confidential information belonging to or relating to the business of such Person or any of its Affiliates or (B) recommend or to take any action in its capacity as such that prefers the interest of the Company or its Subsidiaries
over the interest of such Person; and (ii) waives the right to make any claim, bring any action or seek any recovery based on any duties or liabilities existing at Law or in equity (including the duties of the Manager and any Member) other than
any such duties and liabilities set forth in this Agreement. The provisions of this Section 7.01(c) shall survive any amendment, repeal or termination of this Agreement. 

(d) Notwithstanding any other provision of this Agreement (subject to Section 6.08 and Section 7.01(c) with respect to
the Manager), to the extent that, at Law or in equity, any Member (or any Member’s Affiliate or any manager, managing member, general partner, director, officer, employee, agent, fiduciary or trustee of any Member or of any Affiliate of a
Member) has duties (including fiduciary duties) to the Company, to the Manager, to another Member, to any Person who acquires an interest in a Company Interest or to any other Person bound by this Agreement, all such duties (including fiduciary
duties) are hereby eliminated, to the fullest extent permitted by Law, and replaced with the duties or standards expressly set forth herein, if any. The elimination of duties (including fiduciary duties) to the Company, the Manager, each of the
Members, each other Person who acquires an interest in a Company Interest and each other Person bound by this Agreement and replacement thereof with the duties or standards expressly set forth herein, if any, are approved by the Company, the
Manager, each of the Members, each other Person who acquires an interest in a Company Interest and each other Person bound by this Agreement. 

Section 7.02 Corporate Opportunities. Subject to Section 6.08 and Section 7.01(c) with respect to
the Manager: 
 (a) In no event shall any Member be liable to the Company, any Subsidiary of the Company or to any party hereto for breaches
of fiduciary or other similar duties by virtue of the fact that such Person fails to bring a business opportunity to the attention of the Company or any Subsidiary of the Company or presents a business opportunity to a Member or an Affiliate of a
Member (rather than, or in addition to, presenting such opportunity to the Company). This Section 7.02 shall not apply to any Member who is an employee of the Corporation or any Subsidiary of the Corporation (including the Company and
the Subsidiaries of the Company). 
 (b) Without limiting the generality of the foregoing, the Members expressly acknowledge and agree that
(i) each Member and its Affiliates are permitted to have, and may presently or in the future have, investments or other business relationships, ventures, agreements or arrangements with, or ownership of, entities engaged in the same or a
similar business to the business conducted by the Company and its Subsidiaries, and in related businesses other than 

  
 32 








 
through the Company and its Subsidiaries (an “Other Business”), (ii) each Member or its Affiliates have or may develop a strategic relationship with businesses that
are or may be competitive with the Company and its Subsidiaries, (iii) no Member or its Affiliates will be prohibited by virtue of their investment in the Company and its Subsidiaries from pursuing and engaging in any such activities,
(iv) no Member or its Affiliates will be obligated to inform the Company of any such opportunity, relationship or investment, (v) the other Members will not acquire, be provided with an option or opportunity to acquire or be entitled to
any interest or participation in any Other Business as a result of the participation therein of a Member or its Affiliates, (vi) the Members expressly waive, to the fullest extent permitted by applicable Law, any rights to assert any claim that
such involvement breaches any duty owed to any Member, or the Company or its Subsidiaries or to assert that such involvement constitutes a conflict of interest by such Persons with respect to the Company or its Subsidiaries and (vii) nothing
contained herein shall limit, prohibit or restrict any Member or any of its Affiliates from serving on the board of directors or other governing body or committee of any Other Business. This Section 7.02(b) shall not apply to the
Corporation or any Member who is an employee of the Corporation or any Subsidiary of the Corporation (including the Company and the Subsidiaries of the Company). 

Section 7.03 Lack of Authority. No Member, other than the Manager or a duly appointed Officer, in each case in its capacity
as such, has the authority or power to act for or on behalf of the Company, to do any act that would be binding on the Company or to make any expenditure on behalf of the Company. The Members hereby consent to the exercise by the Manager of the
powers conferred on them by Law and this Agreement. 
 Section 7.04 No Right of Partition. No Member, other than the
Manager, shall have the right to seek or obtain partition by court decree or operation of Law of any Company property, or the right to own or use particular or individual assets of the Company. 

Section 7.05 Indemnification. 

(a) Subject to Section 5.06, the Company hereby agrees to indemnify and hold harmless any Person (each an “Indemnified
Person”) to the fullest extent permitted under the Delaware Act, as the same now exists or may hereafter be amended, substituted or replaced (but, in the case of any such amendment, substitution or replacement only to the extent that
such amendment, substitution or replacement permits the Company to provide broader indemnification rights than the Company is providing immediately prior to such amendment), against all expenses, liabilities, damages and losses (including
attorneys’ fees, judgments, amounts paid in settlement, fines, excise taxes, interest or penalties) incurred or suffered by such Person (or one or more of such Person’s Affiliates) by reason of the fact that such Person is or was a Member
or an Affiliate thereof (other than as a result of an ownership interest in the Corporation) or is or was serving as the Manager, a manager, Officer, employee or other agent of the Company or is or was serving at the request of the Company as a
manager, officer, director, principal, member, employee or agent of another corporation, partnership, joint venture, limited liability company, trust or other enterprise in connection with any action, suit or proceeding, whether civil, criminal,
administrative or investigative, relating to such Person’s status or service as such; provided, however, that no Indemnified Person shall be indemnified for any expenses, liabilities, damages and losses suffered that are
(i) attributable to such Indemnified Person’s or 

  
 33 








 
its Affiliates’ gross negligence, willful misconduct, bad faith or knowing violation of Law or for any present or future breaches of any representations, warranties or covenants by such
Indemnified Person or its Affiliates contained herein or in the other agreements with the Company or (ii) in connection with (x) an action, suit or proceeding (or part thereof) commenced by the Indemnified Person or (y) an action,
suit or proceeding commenced by the Company or any of its Subsidiaries against the Indemnified Person. Expenses, including attorneys’ fees, incurred by any such Indemnified Person in defending a proceeding shall be paid by the Company in
advance of the final disposition of such proceeding, including any appeal therefrom, upon receipt of an undertaking by or on behalf of such Indemnified Person to repay such amount if it shall ultimately be determined that such Indemnified Person is
not entitled to be indemnified by the Company. 
 (b) The right to indemnification and the advancement of expenses conferred in this
Section 7.05 shall not be exclusive of any other right which any Person may have or hereafter acquire under any statute, agreement, bylaw, action by the Manager or otherwise. 

(c) The Company shall maintain directors’ and officers’ liability insurance, or substantially equivalent insurance, at its expense,
to protect any Indemnified Person against any expense, liability or loss described in Section 7.05(a) whether or not the Company would have the power to indemnify such Indemnified Person against such expense, liability or loss under the
provisions of this Section 7.05. The Company shall use its commercially reasonable efforts to purchase and maintain property, casualty and liability insurance in types and at levels customary for companies of similar size engaged in
similar lines of business, as determined in good faith by the Manager, and the Company shall use its commercially reasonable efforts to purchase directors’ and officers’ liability insurance (including employment practices coverage) with a
carrier and in an amount determined necessary or desirable as determined in good faith by the Manager. 
 (d) Notwithstanding anything
contained herein to the contrary (including in this Section 7.05), the Company agrees that any indemnification and advancement of expenses available to any current or former Indemnified Person from any Member or Affiliate thereof who
served as a director of the Company or as a Member of the Company by virtue of such Person’s service as a member, director, partner or employee of any such Member prior to or following the Effective Time (any such Person, a
“Specified Person”) shall be secondary to the indemnification and advancement of expenses to be provided the Company pursuant to this Section 7.05 which shall be provided out of and to the extent of Company assets
only and no Member (unless such Member otherwise agrees in writing or is found in a final decision by a court of competent jurisdiction to have personal liability on account thereof) shall have personal liability on account thereof or shall be
required to make additional Capital Contributions to help satisfy such indemnity of the Company and the Company (i) shall be the primary indemnitor of first resort for such Specified Person pursuant to this Section 7.05 and
(ii) shall be fully responsible for the advancement of all expenses and the payment of all damages or liabilities with respect to such Specified Person which are addressed by this Section 7.05. 

(e) If this Section 7.05 or any portion hereof shall be invalidated on any ground by any court of competent jurisdiction, then the
Company shall nevertheless indemnify and hold harmless each Indemnified Person pursuant to this Section 7.05 to the fullest extent permitted by any applicable portion of this Section 7.05 that shall not have been invalidated
and to the fullest extent permitted by applicable Law. 

  
 34 








 (f) Neither the amendment of this Section 7.05, nor, to the fullest extent permitted
by Delaware Law, any modification of Law, shall eliminate or reduce the effect of this Section 7.05 in respect of any acts or omissions occurring prior to such amendment or modification. 

Section 7.06 Members Right to Act. For matters that require the approval of the Members, the Members shall act through
meetings and written consents as described in paragraphs (a) and (b) below: 
 (a) Except as otherwise expressly provided by this
Agreement, acts by the Members holding a majority of the Units, voting together as a single class, shall be the acts of the Members. Any Member entitled to vote at a meeting of Members or to express consent or dissent to Company action in writing
without a meeting may authorize another person or persons to act for it by proxy. An electronic mail, telegram, telex, cablegram or similar transmission by the Member, or a photographic, photostatic, facsimile or similar reproduction of a writing
executed by the Member shall (if stated thereon) be treated as a proxy executed in writing for purposes of this Section 7.06(a). No proxy shall be voted or acted upon after eleven months from the date thereof, unless the proxy provides
for a longer period. A proxy shall be revocable unless the proxy form conspicuously states that the proxy is irrevocable and that the proxy is coupled with an interest. Should a proxy designate two or more Persons to act as proxies, unless that
instrument shall provide to the contrary, a majority of such Persons present at any meeting at which their powers thereunder are to be exercised shall have and may exercise all the powers of voting or giving consents thereby conferred, or, if only
one be present, then such powers may be exercised by that one; or, if an even number attend and a majority do not agree on any particular issue, the Company shall not be required to recognize such proxy with respect to such issue if such proxy does
not specify how the votes that are the subject of such proxy are to be voted with respect to such issue. 
 (b) The actions by the Members
permitted hereunder may be taken at a meeting called by the Manager or by the Members holding a majority of the Units entitled to vote on such matter on at least 120 hours’ prior written notice to the other Members entitled to vote, which
notice shall state the purpose or purposes for which such meeting is being called. The actions taken by the Members entitled to vote or consent at any meeting (as opposed to by written consent), however called and noticed, shall be as valid as
though taken at a meeting duly held after regular call and notice if (but not until), either before, at or after the meeting, the Members entitled to vote or consent as to whom it was improperly held signs a written waiver of notice or a consent to
the holding of such meeting or an approval of the minutes thereof. The actions by the Members entitled to vote or consent may be taken by vote of the Members entitled to vote or consent at a meeting or by written consent, so long as such consent is
signed by Members having not less than the minimum number of Units that would be necessary to authorize or take such action at a meeting at which all Members entitled to vote thereon were present and voted. Prompt notice of the action so taken,
which shall state the purpose or purposes for which such consent is required and may be delivered via email, without a meeting shall be given to those Members entitled to vote or consent who have not consented in writing; provided, however,
that the failure to give any such notice shall not affect the validity of the action taken by such written consent. Any action taken pursuant to such written consent of the Members shall have the same force and effect as if taken by the Members at a
meeting thereof. 

  
 35 








 Section 7.07 Inspection Rights. The Company shall permit each Member and each
of its designated representatives to (i) visit and inspect any of the properties of the Company and its Subsidiaries, all at reasonable times and upon reasonable notice, (ii) examine the corporate and financial records of the Company or
any of its Subsidiaries and make copies thereof or extracts therefrom, (iii) consult with the managers, officers, employees and independent accountants of the Company or any of its Subsidiaries concerning the affairs, finances and accounts of the
Company or any of its Subsidiaries, in each case including, without limitation, in the case of S&N, for purposes of S&N verifying any amounts claimed by the Company to be reimbursable pursuant to Section 6.06(b). The presentation
of an executed copy of this Agreement by any Member to the Company’s independent accountants shall constitute the Company’s permission to its independent accountants to participate in discussions with such Persons and their respective
designated representatives. 
 ARTICLE VIII. 

BOOKS, RECORDS, ACCOUNTING AND REPORTS, AFFIRMATIVE COVENANTS 

Section 8.01 Records and Accounting. The Company shall keep, or cause to be kept, appropriate books and records with
respect to the Company’s business, including all books and records necessary to provide any information, lists and copies of documents required to be provided pursuant to Section 8.03 or pursuant to applicable Laws. All matters
concerning (a) the determination of the relative amount of allocations and Distributions among the Members pursuant to Articles III and IV and (b) accounting procedures and determinations, and other determinations not
specifically and expressly provided for by the terms of this Agreement, shall be determined by the Manager, whose determination shall be final and conclusive as to all of the Members absent manifest clerical error. 

Section 8.02 Fiscal Year. The Fiscal Year of the Company shall end on December 31 of each year or such other date as
may be established by the Manager. 
 Section 8.03 Reports. The Company shall deliver or cause to be delivered, within
ninety (90) days after the end of each Fiscal Year, to each Person who was a Member at any time during such Fiscal Year, all information reasonably necessary for the preparation of such Person’s United States federal and applicable state
income tax returns. 
 ARTICLE IX. 

TAX MATTERS 

Section 9.01 Preparation of Tax Returns. The Manager shall arrange for the preparation and timely filing of all tax returns
required to be filed by the Company. The Manager shall select an “Income Tax Return Preparer” for the Company as defined in Section 7701(a)(36) of the Code, not taking into account Section 7701(a)(36)(B), which at all times shall
be a nationally recognized accounting firm; provided as long as S&N is a 9.9% Member, such selection shall be subject to the approval of S&N, which shall not be unreasonably withheld, conditioned or delayed. All income and franchise
tax returns of, or relating to the Company and its Subsidiaries, shall be provided to S&N for review and comment not later than 60 Business Days prior to the due date (including extensions). S&N shall be entitled to meet and discuss all
income and franchise tax matters relating to the Company and 

  
 36 








 
its Subsidiaries with the Income Tax Return Preparer and Tax Matters Partner (as defined below), and provide comments not later than 30 Business Days prior to the due date (including extensions).
On or before March 15, June 15, September 15, and December 15 of each Fiscal Year, the Company shall send to each Person who was a Member at any time during the prior quarter, an estimate of such Member’s state tax
apportionment information and allocations to the Members of taxable income, gains, losses, deductions and credits for the prior quarter, which estimate shall have been reviewed by the Company’s outside tax accountants. As long as S&N is a
9.9% Member, such Member shall be entitled to review such outside tax accountants’ work papers (to the extent made available to the Company) and the information made available to the Company in connection with the preparation and audit of the
Company’s financial statements. In addition, no later than the later of (i) prior to April 15 following the end of the prior Fiscal Year, and (ii) thirty (30) Business Days after the issuance of the final financial statement
report for a Fiscal Year by the Company’s auditors, the Company shall send to each Person who was a Member at any time during such Fiscal Year, a statement showing such Member’s final state tax apportionment information and allocations to
the Members of taxable income, gains, losses, deductions and credits for such Fiscal Year and a completed IRS Schedule K-1. Each Member shall notify the other Members upon receipt of any notice of tax examination of the Company by federal, state or
local authorities. Subject to the terms and conditions of this Agreement, in its capacity as Tax Matters Partner, the Corporation shall have the authority to prepare the tax returns of the Company using such permissible methods and elections as it
determines in its reasonable discretion, including without limitation the use of any permissible method under Section 706 of the Code for purposes of determining the varying Company Interests of its Members. 

Section 9.02 Tax Elections. The Taxable Year shall be the Fiscal Year set forth in Section 8.02. The Company and any
eligible Subsidiary shall make an election pursuant to Section 754 of the Code, shall not thereafter revoke such election and shall make a new election pursuant to Section 754 to the extent necessary following any “termination”
of the Company or the Subsidiary under Section 708 of the Code. Each Member will upon request supply any information reasonably necessary to give proper effect to any such elections. 

Section 9.03 Tax Controversies. The Corporation is hereby designated as the Tax Matters Partner within the meaning given to
such term in Section 6231 of the Code and the “partnership representative” within the meaning of Section 6223(a) of the Code (as in effect under The Bipartisan Budget Act of 2015 and any Sections of the Code or the Treasury
Regulations promulgated thereunder and with respect thereto, each as amended from time to time) (the Corporation, in such capacities, the “Tax Matters Partner”) and is authorized and required to represent the Company (at the
Company’s expense) in connection with all examinations of the Company’s affairs by tax authorities, including resulting administrative and judicial proceedings, and to expend Company funds for professional services reasonably incurred in
connection therewith. Each Member agrees to cooperate with the Company and to do or refrain from doing any or all things reasonably requested by the Company with respect to the conduct of such proceedings. The Tax Matters Partners shall keep any
9.9% Member fully advised on a current basis of any contacts by or discussions with the tax authorities, and the 9.9% Members shall have the right to observe and participate through representatives of their own choosing (at their sole expense) in
any tax proceedings. 

  
 37 








 ARTICLE X. 

RESTRICTIONS ON TRANSFER OF UNITS 

Section 10.01 Transfers by Members. No holder of Units may Transfer any interest in any Units, except Transfers
(a) pursuant to and in accordance with Section 10.02, (b) approved in writing by the Manager, in the case of Transfers by any Member other than the Manager, or (c) in the case of Transfers by the Manager, to any Person who
succeeds to the Manager in accordance with Section 6.04. Notwithstanding the foregoing, “Transfer” shall not include an event that terminates the existence of a Member for income tax purposes (including, without limitation, a
change in entity classification of a Member under Treasury Regulations Section 301.7701-3, termination of a partnership pursuant to Code Section 708(b)(1)(B), a sale of assets by, or liquidation of, a Member pursuant to an election under
Code Sections 336 or 338, or merger, severance, or allocation within a trust or among sub-trusts of a trust that is a Member), but that does not terminate the existence of such Member under applicable state law (or, in the case of a trust that is a
Member, does not terminate the trusteeship of the fiduciaries under such trust with respect to all the Company Interests of such trust that is a Member). 

Section 10.02 Permitted Transfers. The restrictions contained in Section 10.01 shall not apply to any Transfer
(each, a “Permitted Transfer”) pursuant to (i)(A) a Change of Control Transaction, (B) a Redemption or Exchange in accordance with Article XI hereof or (C) a Transfer by a Member to the Corporation or
any of its Subsidiaries, (ii) a Transfer by any Member to such Member’s spouse, any lineal ascendants or descendants or trusts or other entities in which such Member or Member’s spouse, lineal ascendants or descendants hold (and
continue to hold while such trusts or other entities hold Units) 50% or more of such entity’s beneficial interests, (iii) pursuant to the laws of descent and distribution and (iv) a Transfer to an Affiliate, partner, shareholder or
member of such Member; provided, however, that (A) the restrictions contained in this Agreement will continue to apply to Units after any Permitted Transfer of such Units, and (B) in the case of the foregoing clauses (ii),
(iii) and (iv), the transferees of the Units so Transferred shall agree in writing to be bound by the provisions of this Agreement and, the transferor will deliver a written notice to the Company and the Members, which notice will disclose in
reasonable detail the identity of the proposed transferee. In the case of a Permitted Transfer by any Effective Date Member of Common Units to a transferee in accordance with this Section 10.02, such Member (or any subsequent transferee
of such Member) shall be required to also transfer the fraction of its remaining Class B Common Stock ownership corresponding to the proportion of such Member’s (or subsequent transferee’s) Common Units that were transferred in the
transaction to such transferee. All Permitted Transfers are subject to the additional limitations set forth in Section 10.07(b). 

  
 38 








 Section 10.03 Restricted Units Legend. The Units have not been registered
under the Securities Act and, therefore, in addition to the other restrictions on Transfer contained in this Agreement, cannot be sold unless subsequently registered under the Securities Act or an exemption from such registration is then available.
To the extent such Units have been certificated, each certificate evidencing Units and each certificate issued in exchange for or upon the Transfer of any Units (if such securities remain Units as defined herein after such Transfer) shall be stamped
or otherwise imprinted with a legend in substantially the following form: 
 “THE SECURITIES REPRESENTED BY THIS CERTIFICATE WERE
ORIGINALLY ISSUED ON [●], 2016, AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), AND MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT OR AN
EXEMPTION FROM REGISTRATION THEREUNDER. THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE ALSO SUBJECT TO ADDITIONAL RESTRICTIONS ON TRANSFER SPECIFIED IN THE SECOND AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT OF BIOVENTUS LLC, AS MAY
BE AMENDED AND MODIFIED FROM TIME TO TIME, AND BIOVENTUS LLC RESERVES THE RIGHT TO REFUSE THE TRANSFER OF SUCH SECURITIES UNTIL SUCH CONDITIONS HAVE BEEN FULFILLED WITH RESPECT TO ANY TRANSFER. A COPY OF SUCH CONDITIONS SHALL BE FURNISHED BY
BIOVENTUS LLC TO THE HOLDER HEREOF UPON WRITTEN REQUEST AND WITHOUT CHARGE.” 
 The Company shall imprint such legend on certificates (if any)
evidencing Units. The legend set forth above shall be removed from the certificates (if any) evidencing any units which cease to be Units in accordance with the definition thereof. 

Section 10.04 Transfer. Prior to Transferring any Units (other than pursuant to a Change of Control Transaction), the
Transferring Holder of Units shall cause the prospective Transferee to be bound by this Agreement as provided in Section 10.02 and any other agreements executed by the holders of Units and relating to such Units in the aggregate
(collectively, the “Other Agreements”), and shall cause the prospective Transferee to execute and deliver to the Company and the other holders of Units counterparts of this Agreement and any applicable Other Agreements. Any
Transfer or attempted Transfer of any Units in violation of any provision of this Agreement (including any prohibited indirect Transfers) (a) shall be void, and (b) the Company shall not record such Transfer on its books or treat any purported
Transferee of such Units as the owner of such securities for any purpose. 
 Section 10.05 Assignee’s Rights. 

(a) The Transfer of a Company Interest in accordance with this Agreement shall be effective as of the date of its assignment (assuming
compliance with all of the conditions to such Transfer set forth herein), and such Transfer shall be shown on the books and records of the Company. Profits, Losses and other Company items shall be allocated between the transferor and the Assignee
according to Code Section 706, using any permissible method as determined in the reasonable discretion of the Manager. Distributions made before the effective date of such Transfer shall be paid to the transferor, and Distributions made after
such date shall be paid to the Assignee. 
 (b) Unless and until an Assignee becomes a Member pursuant to Article XII, the
Assignee shall not be entitled to any of the rights granted to a Member hereunder or under 

  
 39 








 
applicable Law, other than the rights granted specifically to Assignees pursuant to this Agreement; provided, however, that, without relieving the transferring Member from any such
limitations or obligations as more fully described in Section 10.06, such Assignee shall be bound by any limitations and obligations of a Member contained herein that a Member would be bound on account of the Assignee’s Company
Interest (including the obligation to make Capital Contributions on account of such Company Interest). 
 Section 10.06
Assignor’s Rights and Obligations. Any Member who shall Transfer any Company Interest in a manner in accordance with this Agreement shall cease to be a Member with respect to such Units or other interest and shall no longer have any
rights or privileges, or, except as set forth in this Section 10.06, duties, liabilities or obligations, of a Member with respect to such Units or other interest (it being understood, however, that the applicable provisions of
Sections 6.08 and 7.05 shall continue to inure to such Person’s benefit), except that unless and until the Assignee (if not already a Member) is admitted as a Substituted Member in accordance with the provisions of
Article XII (the “Admission Date”), (i) such assigning Member shall retain all of the duties, liabilities and obligations of a Member with respect to such Units or other interest, and (ii) the Manager may, in its
sole discretion, reinstate all or any portion of the rights and privileges of such Member with respect to such Units or other interest for any period of time prior to the Admission Date. Nothing contained herein shall relieve any Member who
Transfers any Units or other interest in the Company from any liability of such Member to the Company with respect to such Company Interest that may exist on the Admission Date or that is otherwise specified in the Delaware Act and incorporated into
this Agreement or for any liability to the Company or any other Person for any materially false statement made by such Member (in its capacity as such) or for any present or future breaches of any representations, warranties or covenants by such
Member (in its capacity as such) contained herein or in the other agreements with the Company. 
 Section 10.07 Overriding
Provisions. 
 (a) Any Transfer in violation of this Article X shall be null and void ab initio, and the provisions of
Sections 10.05 and 10.06 shall not apply to any such Transfers. For the avoidance of doubt, any Person to whom a Transfer is made or attempted in violation of this Article X shall not become a Member, shall not be
entitled to vote on any matters coming before the Members and shall not have any other rights in or with respect to any rights of a Member of the Company. The approval of any Transfer in any one or more instances shall not limit or waive the
requirement for such approval in any other or future instance. The Manager shall promptly amend the Schedule of Members to reflect any Permitted Transfer pursuant to this Article X. 

(b) Notwithstanding anything contained herein to the contrary (including, for the avoidance of doubt, the provisions of
Section 10.01 and Article XI and Article XII), in no event shall any Member Transfer any Units to the extent such Transfer would: 

(i) result in the violation of the Securities Act, or any other applicable federal, state or foreign Laws; 

(ii) in the reasonable determination of the Manager, be a violation of or a default (or an event that, with notice or the lapse
of time or both, would constitute a 

  
 40 








 
default) under, or result in an acceleration of any indebtedness under, any promissory note, mortgage, loan agreement, indenture or similar instrument or agreement to which the Company or the
Manager is a party; provided that (x) the payee or creditor to whom the Company or the Manager owes such obligation is not an affiliate of the Company or the Manager and (y) such indebtedness, individually or in the aggregate, has an
aggregate principal amount of loans or revolving commitments then outstanding that is greater than $10,000,000; 
 (iii)
cause the Company to lose its status as a partnership for federal income tax purposes or, without limiting the generality of the foregoing, such Transfer was effected on or through an “established securities market” or a “secondary
market or the substantial equivalent thereof,” as such terms are used in Section 1.7704-1 of the Treasury Regulations; 

(iv) be a Transfer to a Person who is not legally competent or who has not achieved his or her majority under applicable Law
(excluding trusts for the benefit of minors); 
 (v) cause the Company to be treated as a “publicly traded
partnership” or to be taxed as a corporation pursuant to Section 7704 of the Code or successor provision of the Code; or 

(vi) result in the Company having more than one hundred (100) partners, within the meaning of Treasury Regulations Section 1.7704-1(h)(1) (determined pursuant to the rules of Treasury Regulations Section 1.7704-1(h)(3)). 

ARTICLE XI. 
 REDEMPTION AND
EXCHANGE RIGHTS 
 Section 11.01 Redemption Right of a Member. 

(a) Each Member (other than the Corporation) shall be entitled to cause the Company to redeem (a “Redemption”) its
Common Units in whole or in part (the “Redemption Right”) at any time and from time to time following the Effective Time in accordance with this Section 11.01. A Member desiring to exercise its Redemption Right (the
“Redeeming Member”) shall exercise such right by giving written notice (the “Redemption Notice”) to the Company with a copy to the Corporation. The Redemption Notice shall specify (i) the number of
Common Units (the “Redeemed Units”) that the Redeeming Member intends to have the Company redeem, (ii) whether the Redeeming Member is electing a Share Settlement or a Cash Settlement and (iii) a date, not less than five (5)
Business Days after delivery of such Redemption Notice (unless and to the extent that the Manager in its sole discretion agrees in writing to waive such time period), on which the Redemption shall be completed (the “Redemption
Date”); provided that the Redeeming Member may change the number of Redeemed Units, the requested settlement method and/or the Redemption Date specified in such Redemption Notice to another number, settlement method and/or date
by written notice delivered on or prior to the Business Day immediately preceding the Redemption Date; provided further that a Redemption Notice may condition a Redemption on (A) the closing of an underwritten distribution of the shares of
Class 

  
 41 








 
A Common Stock that may be issued in connection with such proposed Redemption or (B) the consummation of a purchase by another Person (whether in a tender or exchange offer, an underwritten
offering or otherwise) of shares of Class A Common Stock for which the Redeemed Units are redeemable, or contingent (including as to timing) upon the closing of an announced merger, consolidation or other transaction or event in which the
Class A Common Stock would be exchanged or converted or become exchangeable for or convertible into cash or other securities or property. Unless the Redeeming Member timely has delivered a Retraction Notice as provided in
Section 11.01(b) or has revoked or delayed a Redemption as provided in Section 11.01(c), on the Redemption Date (to be effective immediately prior to the close of business on the Redemption Date) (i) the Redeeming Member
shall transfer and surrender the Redeemed Units to the Company, free and clear of all liens and encumbrances (except those arising hereunder or under applicable securities Laws), and (ii) the Company shall (x) cancel the Redeemed Units, (y) transfer
to the Redeeming Member the consideration to which the Redeeming Member is entitled under Section 11.01(b), and (z) if the Units are certificated, issue to the Redeeming Member a certificate for a number of Common Units equal to the
difference (if any) between the number of Common Units evidenced by the certificate surrendered by the Redeeming Member pursuant to clause (i) of this Section 11.01(a) and the Redeemed Units. 

(b) In exercising its Redemption Right, a Redeeming Member shall be entitled to receive the Share Settlement or the Cash Settlement, as
specified in the Redemption Notice; provided that if the Redeeming Member has elected a Cash Settlement in the Redemption Notices, the Corporation shall have the option as provided in Section 11.02 and subject to
Section 11.01(d) to select whether the redemption payment is made by means of a Share Settlement or a Cash Settlement. Within three (3) Business Days after delivery of a Redemption Notice pursuant to which the Redeeming Member has
elected Cash Settlement, the Corporation shall give written notice (the “Contribution Notice”) to the Company (with a copy to the Redeeming Member) of its intended settlement method; provided that if the Corporation
does not timely deliver a Contribution Notice, the Corporation shall be deemed to have elected the Share Settlement method. If the Redeeming Member elects Cash Settlement in the Redemption Notice and the Corporation elects Share Settlement
(including if the Corporation does not timely deliver a Contribution Notice), the Redeeming Member may retract its Redemption Notice by giving written notice (the “Retraction Notice”) to the Company (with a copy to the
Corporation) within two (2) Business Days after delivery of the Contribution Notice. The timely delivery of a Retraction Notice shall terminate all of the Redeeming Member’s, Company’s and the Corporation’ rights and obligations under
this Section 11.01 arising from the Redemption Notice. 
 (c) In the event a Redemption will settle via Share Settlement in
accordance with Section 11.01(b), a Redeeming Member shall be entitled to revoke its Redemption Notice or delay the consummation of a Redemption if any of the following conditions exists: (i) any registration statement pursuant to which the
resale of the Class A Common Stock to be registered for such Redeeming Member at or immediately following the consummation of the Redemption shall have ceased to be effective pursuant to any action or inaction by the SEC or no such resale
registration statement has yet become effective; (ii) the Corporation shall have failed to cause any related prospectus to be supplemented by any required prospectus supplement necessary to effect such Redemption; (iii) the Corporation shall have
exercised its right to defer, delay or suspend the filing or effectiveness of a registration statement and such deferral, delay or suspension shall affect the ability of such Redeeming Member to have its Class A Common


  
 42 








 
Stock registered at or immediately following the consummation of the Redemption; (iv) the Corporation shall have disclosed to such Redeeming Member any material non-public information concerning
the Corporation, the receipt of which results in such Redeeming Member being prohibited or restricted from selling Class A Common Stock at or immediately following the Redemption without disclosure of such information (and the Corporation does
not permit disclosure); (v) any stop order relating to the registration statement pursuant to which the Class A Common Stock was to be registered by such Redeeming Member at or immediately following the Redemption shall have been issued by the
SEC; (vi) there shall have occurred a material disruption in the securities markets generally or in the market or markets in which the Class A Common Stock is then traded; (vii) there shall be in effect an injunction, a restraining order or a
decree of any nature of any Governmental Entity that restrains or prohibits the Redemption; (viii) the Corporation shall have failed to comply in all material respects with its obligations under the Registration Rights Agreement, and such failure
shall have affected the ability of such Redeeming Member to consummate the resale of Class A Common Stock to be received upon such redemption pursuant to an effective registration statement; (ix) the Redemption Date would occur three (3)
Business Days or less prior to, or during, a Black-Out Period; provided further, that in no event shall the Redeeming Member seeking to revoke its Redemption Notice or delay the consummation of such Redemption and relying on any of the
matters contemplated in clauses (i) through (ix) above have controlled or intentionally materially influenced any facts, circumstances, or Persons in connection therewith (except in the good faith performance of his or her duties as an officer or
director of the Corporation) in order to provide such Redeeming Member with a basis for such delay or revocation. If a Redeeming Member delays the consummation of a Redemption pursuant to this Section 11.01(c), the Redemption Date shall
occur on the fifth Business Day following the date on which the conditions giving rise to such delay cease to exist (or such earlier day as the Corporation, the Company and such Redeeming Member may agree in writing). 

(d) The number of shares of Class A Common Stock or the Redeemed Units Equivalent that a Redeeming Member is entitled to receive under
Section 11.01(b) (whether through a Share Settlement or Cash Settlement) shall not be adjusted on account of any Distributions previously made with respect to the Redeemed Units or dividends previously paid with respect to Class A
Common Stock; provided, however, that if a Redeeming Member causes the Company to redeem Redeemed Units and the Redemption Date occurs subsequent to the record date for any Distribution with respect to the Redeemed Units but prior to payment
of such Distribution, the Redeeming Member shall be entitled to receive such Distribution with respect to the Redeemed Units on the date that it is made notwithstanding that the Redeeming Member transferred and surrendered the Redeemed Units to the
Company prior to such date. 
 (e) In the event of a reclassification or other similar transaction as a result of which the shares of
Class A Common Stock are converted into another security, then in exercising its Redemption Right a Redeeming Member shall be entitled to receive the amount of such security that the Redeeming Member would have received if such Redemption Right
had been exercised and the Redemption Date had occurred immediately prior to the record date of such reclassification or other similar transaction. 

Section 11.02 Election and Contribution of the Corporation. In connection with the exercise of a Redeeming Member’s
Redemption Rights under Section 11.01(a), the Corporation 

  
 43 








 
shall contribute to the Company the consideration the Redeeming Member is entitled to receive under Section 11.01(b). Unless the Redeeming Member has timely delivered a Retraction
Notice as provided in Section 11.01(b), or has revoked or delayed a Redemption as provided in Section 11.01(c), on the Redemption Date (to be effective immediately prior to the close of business on the Redemption Date) (i)
the Corporation shall make its Capital Contribution to the Company (in the form of the Share Settlement or the Cash Settlement, as applicable, in accordance with Section 11.01(b)) required under this Section 11.02, and (ii)
the Company shall issue to the Corporation a number of Common Units equal to the number of Redeemed Units surrendered by the Redeeming Member. Notwithstanding any other provisions of this Agreement to the contrary, in the event that the Redemption
will settle via Cash Settlement, the Corporation shall only be obligated to contribute to the Company an amount in respect of such Cash Settlement equal to the net proceeds (after deduction of any underwriters’ discounts or commissions and
brokers’ fees or commissions) from the sale by the Corporation of a number of shares of Class A Common Stock equal to the number of Redeemed Units to be redeemed with such Cash Settlement provided that the Corporation’s Capital
Account shall be increased by an amount equal to any Discount relating to such sale of shares of Class A Common Stock in accordance with Section 6.06. The timely delivery of a Retraction Notice shall terminate all of the
Company’s and the Corporation’ rights and obligations under this Section 11.02 arising from the Redemption Notice. 

Section 11.03 Exchange Right of the Corporation. 

(a) Notwithstanding anything to the contrary in this Article XI, the Corporation may, in its sole and absolute discretion, elect
to effect on the Redemption Date the exchange of Redeemed Units for the Share Settlement or Cash Settlement, as determined in accordance with Section 11.01(b), through a direct exchange of such Redeemed Units and such consideration
between the Redeeming Member and the Corporation (a “Direct Exchange”). Upon such Direct Exchange pursuant to this Section 11.03, the Corporation shall acquire the Redeemed Units and shall be treated for all
purposes of this Agreement as the owner of such Units. 
 (b) The Corporation may, at any time prior to a Redemption Date, deliver written
notice (an “Exchange Election Notice”) to the Company and the Redeeming Member setting forth its election to exercise its right to consummate a Direct Exchange; provided that such election does not prejudice the
ability of the parties to consummate a Redemption or Direct Exchange on the Redemption Date. An Exchange Election Notice may be revoked by the Corporation at any time; provided that any such revocation does not prejudice the ability of the
parties to consummate a Redemption or Direct Exchange on the Redemption Date. The right to consummate a Direct Exchange in all events shall be exercisable for all (and not less than all) the Redeemed Units that would have otherwise been subject to a
Redemption. Except as otherwise provided by this Section 11.03, a Direct Exchange shall be consummated pursuant to the same timeframe and in the same manner as the relevant Redemption would have been consummated if the Corporation had
not delivered an Exchange Election Notice. 
 Section 11.04 Reservation of Shares of Class A Common Stock; Listing;
Certificate of the Corporation. At all times the Corporation shall reserve and keep available out of its authorized but unissued Class A Common Stock, solely for the purpose of issuance upon a Redemption or Direct Exchange, such number of
shares of Class A Common Stock as shall be 

  
 44 








 
issuable upon any such Redemption or Direct Exchange pursuant to Share Settlements; provided that nothing contained herein shall be construed to preclude the Corporation from satisfying
its obligations in respect of any such Redemption or Direct Exchange by delivery of purchased Class A Common Stock (which may or may not be held in the treasury of the Corporation) or the delivery of cash pursuant to a Cash Settlement. The
Corporation shall deliver Class A Common Stock that has been registered under the Securities Act with respect to any Redemption or Direct Exchange to the extent a registration statement is effective and available for such shares. The
Corporation shall use its commercially reasonable efforts to list the Class A Common Stock required to be delivered upon any such Redemption or Direct Exchange prior to such delivery upon each national securities exchange upon which the
outstanding shares of Class A Common Stock are listed at the time of such Redemption or Direct Exchange (it being understood that any such shares may be subject to transfer restrictions under applicable securities Laws). The Corporation
covenants that all Class A Common Stock issued upon a Redemption or Direct Exchange will, upon issuance, be validly issued, fully paid and non-assessable. The provisions of this Article XI shall be interpreted and applied in a manner
consistent with the corresponding provisions of the Corporation’s certificate of incorporation. 
 Section 11.05 Effect
of Exercise of Redemption or Exchange Right. This Agreement shall continue notwithstanding the consummation of a Redemption or Direct Exchange and all governance or other rights set forth herein shall be exercised by the remaining Members and
the Redeeming Member (to the extent of such Redeeming Member’s remaining interest in the Company). No Redemption or Direct Exchange shall relieve such Redeeming Member of any prior breach of this Agreement. 

Section 11.06 Tax Treatment. Unless otherwise required by applicable Law, the parties hereto acknowledge and agree a
Redemption or a Direct Exchange, as the case may be, shall be treated as a direct exchange between the Corporation and the Redeeming Member for U.S. federal and applicable state and local income tax purposes. 

ARTICLE XII. 
 ADMISSION OF MEMBERS

 Section 12.01 Substituted Members. Subject to the provisions of Article X hereof, in connection with the
Permitted Transfer of a Company Interest hereunder, the transferee shall become a substituted Member (“Substituted Member”) on the effective date of such Transfer, which effective date shall not be earlier than the date of
compliance with the conditions to such Transfer, and such admission shall be shown on the books and records of the Company. 

Section 12.02 Additional Members. Subject to the provisions of Article X hereof, any Person that is not an Effective
Date Member may be admitted to the Company as an additional Member (any such Person, an “Additional Member”) only upon furnishing to the Manager (a) a duly executed Joinder and counterparts to any applicable Other Agreements
and (b) such other documents or instruments as may be reasonably necessary or appropriate to effect such Person’s admission as a Member (including entering into such documents as the Manager may deem appropriate in its reasonable discretion).
Such admission shall become effective on the date on which the Manager determines in its reasonable discretion that such conditions have been satisfied and when any such admission is shown on the books and records of the Company. 

  
 45 








 ARTICLE XIII. 

WITHDRAWAL AND RESIGNATION; TERMINATION OF RIGHTS 

Section 13.01 Withdrawal and Resignation of Members. No Member shall have the power or right to withdraw or otherwise
resign as a Member from the Company prior to the dissolution and winding up of the Company pursuant to Article XIV. Any Member, however, that attempts to withdraw or otherwise resign as a Member from the Company without the prior written
consent of the Manager upon or following the dissolution and winding up of the Company pursuant to Article XIV, but prior to such Member receiving the full amount of Distributions from the Company to which such Member is entitled
pursuant to Article XIV, shall be liable to the Company for all damages (including all lost profits and special, indirect and consequential damages) directly or indirectly caused by the withdrawal or resignation of such Member. Upon a
Transfer of all of a Member’s Units in a Transfer permitted by this Agreement, subject to the provisions of Section 10.06, such Member shall cease to be a Member. 

ARTICLE XIV. 
 DISSOLUTION AND
LIQUIDATION 
 Section 14.01 Dissolution. The Company shall not be dissolved by the admission of Additional Members or
Substituted Members or the attempted withdrawal or resignation of a Member. The Company shall dissolve, and its affairs shall be wound up, upon: 

(a) the unanimous decision of the Manager together with the Members that then hold Voting Units to dissolve the Company; 

(b) a dissolution of the Company under Section 18-801(4) of the Delaware Act; or 

(c) the entry of a decree of judicial dissolution of the Company under Section 18-802 of the Delaware Act. 

Except as otherwise set forth in this Article XIV, the Company is intended to have perpetual existence. An Event of Withdrawal shall not cause a
dissolution of the Company and the Company shall continue in existence subject to the terms and conditions of this Agreement. 

Section 14.02 Liquidation and Termination. On dissolution of the Company, the Manager shall act as liquidator or may
appoint one or more Persons as liquidator. The liquidators shall proceed diligently to wind up the affairs of the Company and make final distributions as provided herein and in the Delaware Act. The costs of liquidation shall be borne as a Company
expense. Until final distribution, the liquidators shall continue to operate the Company properties with all of the power and authority of the Manager. The steps to be accomplished by the liquidators are as follows: 

(a) as promptly as possible after dissolution and again after final liquidation, the liquidators shall cause a proper accounting to be made by
a recognized firm of certified public accountants of the Company’s assets, liabilities and operations through the last day of the calendar month in which the dissolution occurs or the final liquidation is completed, as applicable; 

  
 46 








 (b) the liquidators shall cause the notice described in the Delaware Act to be mailed to each
known creditor of and claimant against the Company in the manner described thereunder; 
 (c) the liquidators shall pay, satisfy or
discharge from Company funds, or otherwise make adequate provision for payment and discharge thereof (including, without limitation, the establishment of a cash fund for contingent liabilities in such amount and for such term as the liquidators may
reasonably determine): first, all expenses incurred in liquidation; and second, all of the debts, liabilities and obligations of the Company; and 

(d) all remaining assets of the Company shall be distributed to the Members in accordance with Article IV by the end of the Taxable
Year during which the liquidation of the Company occurs (or, if later, by ninety (90) days after the date of the liquidation). The distribution of cash and/or property to the Members in accordance with the provisions of this
Section 14.02 and Section 14.03 below constitutes a complete return to the Members of their Capital Contributions, a complete distribution to the Members of their interest in the Company and all the Company’s property
and constitutes a compromise to which all Members have consented within the meaning of the Delaware Act. To the extent that a Member returns funds to the Company, it has no claim against any other Member for those funds. 

Section 14.03 Deferment; Distribution in Kind. Notwithstanding the provisions of Section 14.02, but subject to
the order of priorities set forth therein, if upon dissolution of the Company the liquidators determine that an immediate sale of part or all of the Company’s assets would be impractical or would cause undue loss (or would otherwise not be
beneficial) to the Members, the liquidators may, in their sole discretion, defer for a reasonable time the liquidation of any assets except those necessary to satisfy Company liabilities (other than loans to the Company by Members) and reserves.
Subject to the order of priorities set forth in Section 14.02, the liquidators may, in their sole discretion, distribute to the Members, in lieu of cash, either (a) all or any portion of such remaining Company assets in-kind in
accordance with the provisions of Section 14.02(d), (b) as tenants in common and in accordance with the provisions of Section 14.02(d), undivided interests in all or any portion of such Company assets or (c) a combination of
the foregoing. Any such Distributions in kind shall be subject to (y) such conditions relating to the disposition and management of such assets as the liquidators deem reasonable and equitable and (z) the terms and conditions of any agreements
governing such assets (or the operation thereof or the holders thereof) at such time. Any Company assets distributed in kind will first be written up or down to their Fair Market Value, thus creating Profit or Loss (if any), which shall be allocated
in accordance with Article V. The liquidators shall determine the Fair Market Value of any property distributed in accordance with the valuation procedures set forth in Article XV. 

Section 14.04 Cancellation of Certificate. On completion of the distribution of Company assets as provided herein, the
Company is terminated (and the Company shall not be terminated prior to such time), and the Manager (or such other Person or Persons as the Delaware Act may require or permit) shall file a certificate of cancellation with the Secretary of State of
Delaware, cancel any other filings made pursuant to this Agreement that are or should be canceled and take such other actions as may be necessary to terminate the Company. The Company shall be deemed to continue in existence for all purposes of this
Agreement until it is terminated pursuant to this Section 14.04. 

  
 47 








 Section 14.05 Reasonable Time for Winding Up. A reasonable time shall be
allowed for the orderly winding up of the business and affairs of the Company and the liquidation of its assets pursuant to Sections 14.02 and 14.03 in order to minimize any losses otherwise attendant upon such winding up. 

Section 14.06 Return of Capital. The liquidators shall not be personally liable for the return of Capital Contributions or
any portion thereof to the Members (it being understood that any such return shall be made solely from Company assets). 
 ARTICLE XV. 

VALUATION 

Section 15.01 Determination. “Fair Market Value” of a specific Company asset will mean the amount
which the Company would receive in an all-cash sale of such asset in an arm’s-length transaction with a willing unaffiliated third party, with neither party having any compulsion to buy or sell,
consummated on the day immediately preceding the date on which the event occurred which necessitated the determination of the Fair Market Value (and after giving effect to any transfer taxes payable in connection with such sale), as such amount is
determined by the Manager (or, if pursuant to Section 14.02, the liquidators) in its good faith judgment using all factors, information and data it deems to be pertinent. 

Section 15.02 Dispute Resolution. If any Member or Members dispute the accuracy of any determination of Fair Market Value
in accordance with Section 15.01, and the Manager and such Member(s) are unable to agree on the determination of the Fair Market Value of any asset of the Company, the Manager and such Member(s) shall each select a nationally recognized
investment banking firm experienced in valuing securities of closely-held companies such as the Company in the Company’s industry (the “Appraisers”), who shall each determine the Fair Market Value of the asset or the
Company (as applicable) in accordance with the provisions of Section 15.01. The Appraisers shall be instructed to give written notice of their determination of the Fair Market Value of the asset or the Company (as applicable) within
thirty (30) days of their appointment as Appraisers. If Fair Market Value as determined by an Appraiser is higher than Fair Market Value as determined by the other Appraiser by 10% or more, and the Manager and such Member(s) do not otherwise agree
on a Fair Market Value, the original Appraisers shall designate a third Appraiser meeting the same criteria used to select the original two. If Fair Market Value as determined by an Appraiser is within 10% of the Fair Market Value as determined by
the other Appraiser (but not identical), and the Manager and such Member(s) do not otherwise agree on a Fair Market Value, the Manager shall select the Fair Market Value of one of the Appraisers. The fees and expenses of the Appraisers shall be
borne by the Company. 
 ARTICLE XVI. 

GENERAL PROVISIONS 

Section 16.01 Representations and Warranties. 

(a) Each of the Corporation, the Company and the other Members, except Anthony P. Bihl III, represents and warrants to each other that (i) it
is a corporation or limited liability company duly incorporated or formed, as applicable, and is existing in good standing under the 

  
 48 








 
laws of the State of Delaware, (ii) it has all requisite corporate or limited liability company power, as applicable, and authority to enter into and perform this Agreement and to consummate the
transactions contemplated hereby (including, in the case of the Corporation, to issue the Class A Common Stock contemplated to be issued pursuant to Article XI), (iii) the execution and delivery of this Agreement by it and the
consummation by it of the transactions contemplated hereby (including, in the case of the Corporation, the issuance of the Class A Common Stock contemplated to be issued pursuant to Article X) have been duly authorized by all
necessary corporate or limited liability company action on its part, as applicable, and (iv) this Agreement constitutes a legal, valid and binding obligation of it enforceable against it in accordance with its terms, except as enforcement may
be limited by equitable principles or by bankruptcy, insolvency, reorganization, moratorium, or similar laws relating to or limiting creditors’ rights generally. 

(b) Each of the Corporation and the Company represents to each of the Members that it does not have any contracts, other agreements, duties or
obligations that are inconsistent with its duties and obligations (whether or not in its capacity as Manager) under this Agreement and covenants that, except as expressly permitted by this Agreement, it will not enter into any contracts or other
agreements or undertake or acquire any other duties or obligations that are inconsistent with such duties and obligations. 

Section 16.02 Power of Attorney. 

(a) Each Member who is an individual hereby constitutes and appoints the Manager (or the liquidator, if applicable) with full power of
substitution, as his or her true and lawful agent and attorney-in-fact, with full power and authority in his, her or its name, place and stead, to: 

(i) execute, swear to, acknowledge, deliver, file and record in the appropriate public offices (A) this Agreement, all
certificates and other instruments and all amendments thereof which the Manager deems appropriate or necessary to form, qualify, or continue the qualification of, the Company as a limited liability company in the State of Delaware and in all other
jurisdictions in which the Company may conduct business or own property; (B) all instruments which the Manager deems appropriate or necessary to reflect any amendment, change, modification or restatement of this Agreement in accordance with its
terms; (C) all conveyances and other instruments or documents which the Manager deems appropriate or necessary to reflect the dissolution and liquidation of the Company pursuant to the terms of this Agreement, including a certificate of
cancellation; and (D) all instruments relating to the admission, withdrawal or substitution of any Member pursuant to Article XII or XIII; and 

(ii) sign, execute, swear to and acknowledge all ballots, consents, approvals, waivers, certificates and other instruments
appropriate or necessary, in the reasonable judgment of the Manager, to evidence, confirm or ratify any vote, consent, approval, agreement or other action which is made or given by the Members hereunder or is consistent with the terms of this
Agreement, in the reasonable judgment of the Manager, to effectuate the terms of this Agreement. 

  
 49 








 (b) The foregoing power of attorney is irrevocable and coupled with an interest, and shall
survive the death, disability, incapacity, dissolution, bankruptcy, insolvency or termination of any Member who is an individual and the transfer of all or any portion of his, her or its Company Interest and shall extend to such Member’s heirs,
successors, assigns and personal representatives. 
 Section 16.03 Confidentiality. 

(a) The Manager and each of the Members agree to hold the Company’s Confidential Information in confidence and may not use such
information except in connection with its investment in the Company, in furtherance of the business of the Company or as otherwise authorized separately in writing by the Manager. “Confidential Information” as used herein
includes all information concerning the Company or its Subsidiaries in the possession of or furnished to any Member, but is not limited to, ideas, financial product structuring, business strategies, innovations and materials, all aspects of the
Company’s business plan, proposed operation and products, corporate structure, financial and organizational information, analyses, proposed partners, software code and system and product designs, employees and their identities, equity
ownership, the methods and means by which the Company plans to conduct its business, all trade secrets, trademarks, tradenames and all intellectual property associated with the Company’s business. With respect to the Manager and each Member,
Confidential Information does not include information or material that: (a) is rightfully in the possession of the Manager or each Member at the time of disclosure by the Company; (b) before or after it has been disclosed to the Manager or each
Member by the Company, becomes patented, published, or otherwise part of public knowledge, not as a result of any action of the Manager or such Member, respectively, in violation of this Agreement; (c) is approved for release by written
authorization of the CEO of the Company or of the Corporation or any other authorized officer; (d) is disclosed to the Manager or such Member or their representatives by a third party not, to the knowledge of the Manager or such Member,
respectively, in violation of any obligation of confidentiality owed to the Company with respect to such information; or (e) is or becomes independently developed by the Manager or such Member or their respective representatives other than by acts
in contravention of this Agreement. 
 (b) The Manager and each of the Members may disclose Confidential Information to its Subsidiaries,
Affiliates, directors, officers, employees, counsel, advisers, consultants, outside contractors and other agents, on the condition that such Persons agree to keep the Confidential Information confidential to the same extent as such disclosing party
is required to keep the Confidential Information confidential, solely to the extent it is reasonably necessary or appropriate to fulfill its obligations or to exercise its rights under this Agreement; provided that the disclosing party shall
remain liable with respect to any breach of this Section 16.02 by any such Subsidiaries, Affiliates, directors, officers, employees, counsel, advisers, consultants, outside contractors and other agents. 

(c) Notwithstanding Section 16.02(a) or Section 16.02(b), the Manager and each of the Members may disclose
Confidential Information (i) to the extent that the such party is legally compelled (by oral questions, interrogatories, request for information or documents, subpoena, civil investigative demand or similar process) to disclose any of the
Confidential Information, (ii) for purposes of reporting to its stockholders the performance of the Company and its Subsidiaries 

  
 50 








 
and for purposes of including applicable information in its financial statements to the extent required by applicable Law or applicable accounting standards, (iii) to the extent required to be
disclosed by applicable Law. Notwithstanding any of the foregoing, nothing in this Section 16.03 will restrict in any manner the ability of the Corporation to comply with its disclosure obligations under Law, and the extent to which any
Confidential Information is necessary or desirable to disclose in order to comply with Law will be determined by the Corporation in its sole discretion. 

Section 16.04 Amendments. This Agreement may be amended or modified upon the consent of the Manager and the Majority
Members. Notwithstanding the foregoing, no amendment or modification (a) to this Section 16.04 may be made without the prior written consent of the Manager and each of the Members, (b) to any of the terms and conditions of this Agreement
which terms and conditions expressly require the approval or action of certain Persons may be made without obtaining the consent of the requisite number or specified percentage of such Persons who are entitled to approve or take action on such
matter, (c) to any of the terms and conditions of Article VI or Section 14.01 (and related definitions as used directly or indirectly therein) may be made without the prior written consent of the Manager, which consent may be
given or withheld in the Manager’s sole discretion, and (d) to any of the terms and conditions of Section 6.06(b) may be made without the prior written consent of S&N. Notwithstanding any of the foregoing, the Manager may make
any amendment of an administrative nature that is necessary in order to implement the substantive provisions hereof, without the consent of any other Member; provided that any such amendment does not change the rights of the Members hereunder
in any respect. 
 Section 16.05 Title to Company Assets. Company assets shall be deemed to be owned by the Company as an
entity, and no Member, individually or collectively, shall have any ownership interest in such Company assets or any portion thereof. The Company shall hold title to all of its property in the name of the Company and not in the name of any Member.
All Company assets shall be recorded as the property of the Company on its books and records, irrespective of the name in which legal title to such Company assets is held. The Company’s credit and assets shall be used solely for the benefit of
the Company, and no asset of the Company shall be transferred or encumbered for, or in payment of, any individual obligation of any Member. 

Section 16.06 Addresses and Notices. Any notice provided for in this Agreement will be in writing and will be either
personally delivered, or received by certified mail, return receipt requested, or sent by reputable overnight courier service (charges prepaid) to the Company at the address set forth below and to any other recipient and to any Member at such
address as indicated by the Company’s records, or at such address or to the attention of such other person as the recipient party has specified by prior written notice to the sending party. Notices will be deemed to have been given hereunder
when delivered personally or sent by telecopier (provided confirmation of transmission is received), three (3) days after deposit in the U.S. mail and one (1) day after deposit with a reputable overnight courier service. The Company’s
address is: 
 to the Company: 
 Bioventus LLC

 4721 Emperor Boulevard, Suite 100 

Durham, North Carolina 27703 

Attn: Anthony P. Bihl III, Chief Executive Officer 

E-mail: tony.bihl@bioventusglobal.com 

  
 51 








 with a copy (which copy shall not constitute notice) to: 

Bioventus LLC 
 4721 Emperor
Boulevard, Suite 100 
 Durham, North Carolina 27703 

Attn: Jeanne M. Forneris, General Counsel 

E-mail: jeanne.forneris@bioventusglobal.com 

and 
 Latham & Watkins LLP

 885 Third Avenue 
 New York,
New York 10022 
 Attn:  Charles K. Ruck, Esq. 

          Wesley C. Holmes, Esq. 

E-mail: charles.ruck@lw.com 

     wesley.holmes@lw.com 

Section 16.07 Binding Effect; Intended Beneficiaries. This Agreement shall be binding upon and inure to the benefit of the
parties hereto and their heirs, executors, administrators, successors, legal representatives and permitted assigns, and, in the case of Section 7.05, the Indemnified Persons. 

Section 16.08 Creditors. None of the provisions of this Agreement shall be for the benefit of or enforceable by any
creditors of the Company or any of its Affiliates, and no creditor who makes a loan to the Company or any of its Affiliates may have or acquire (except pursuant to the terms of a separate agreement executed by the Company in favor of such creditor)
at any time as a result of making the loan any direct or indirect interest in Company Profits, Losses, Distributions, capital or property other than as a secured creditor. 

Section 16.09 Waiver. No failure by any party to insist upon the strict performance of any covenant, duty, agreement or
condition of this Agreement or to exercise any right or remedy consequent upon a breach thereof shall constitute a waiver of any such breach or any other covenant, duty, agreement or condition. 

Section 16.10 Counterparts. This Agreement may be executed in separate counterparts, each of which will be an original and
all of which together shall constitute one and the same agreement binding on all the parties hereto. 
 Section 16.11
Applicable Law. This Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware, without giving effect to any choice of law or 

  
 52 








 
conflict of law rules or provisions (whether of the State of Delaware or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of Delaware.
Any suit, dispute. action or proceeding seeking to enforce any provision of, or based on any matter arising out of or in connection with, this Agreement shall be heard in the state or federal courts of the State of Delaware, and the parties hereby
consent to the exclusive jurisdiction of such court (and of the appropriate appellate courts) in any such suit, action or proceeding and waives any objection to venue laid therein. Process in any such suit, action or proceeding may be served on any
party anywhere in the world, whether within or without the jurisdiction of any such court. Without limiting the foregoing, the parties agree that service of process upon such party at the address referred to in Section 16.06, together
with written notice of such service to such party, shall be deemed effective service of process upon such party. 

Section 16.12 WAIVER OF JURY TRIAL. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY
IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 
 Section 16.13
Severability. Whenever possible, each provision of this Agreement will be interpreted in such manner as to be effective and valid under applicable Law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in
any respect under any applicable Law or rule in any jurisdiction, such invalidity, illegality or unenforceability will not affect any other provision or the effectiveness or validity of any provision in any other jurisdiction, and this Agreement
will be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision had never been contained herein. 

Section 16.14 Further Action. The parties shall execute and deliver all documents, provide all information and take or
refrain from taking such actions as may be reasonably necessary or appropriate to achieve the purposes of this Agreement. 

Section 16.15 Delivery by Electronic Transmission. This Agreement and any signed agreement or instrument entered into in
connection with this Agreement or contemplated hereby, and any amendments hereto or thereto, to the extent signed and delivered by means of an electronic transmission, including by a facsimile machine or via email, shall be treated in all manner and
respects as an original agreement or instrument and shall be considered to have the same binding legal effect as if it were the original signed version thereof delivered in person. At the request of any party hereto or to any such agreement or
instrument, each other party hereto or thereto shall re-execute original forms thereof and deliver them to all other parties. No party hereto or to any such agreement or instrument shall raise the use of electronic transmission by a facsimile
machine or via email to deliver a signature or the fact that any signature or agreement or instrument was transmitted or communicated through such electronic transmission as a defense to the formation of a contract and each such party forever waives
any such defense. 
 Section 16.16 Effectiveness. This Agreement shall be effective immediately prior to the time at
which the IPO closes on the IPO Closing Date (the “Effective Time”). The First A&R LLC Agreement shall govern the rights and obligations of the Company and the Pre-IPO Members in their capacity as members prior to the
Effective Time. 

  
 53 








 Section 16.17 Entire Agreement. This Agreement, those documents expressly
referred to herein (including the Registration Rights Agreement and the Tax Receivable Agreement), any indemnity agreements entered into in connection with the First A&R LLC Agreement with any member of the board of managers at that time and
other documents of even date herewith embody the complete agreement and understanding among the parties and supersede and preempt any prior understandings, agreements or representations by or among the parties, written or oral, which may have
related to the subject matter hereof in any way. For the avoidance of doubt, the First A&R LLC Agreement is superseded by this Agreement as of the Effective Time and shall be of no further force and effect thereafter. 

Section 16.18 Remedies. Each Member shall have all rights and remedies set forth in this Agreement and all rights and
remedies which such Person has been granted at any time under any other agreement or contract and all of the rights which such Person has under any Law. Any Person having any rights under any provision of this Agreement or any other agreements
contemplated hereby shall be entitled to enforce such rights specifically (without posting a bond or other security), to recover damages by reason of any breach of any provision of this Agreement and to exercise all other rights granted by Law. 

Section 16.19 Descriptive Headings; Interpretation. The descriptive headings of this Agreement are inserted for convenience
only and do not constitute a substantive part of this Agreement. Whenever required by the context, any pronoun used in this Agreement shall include the corresponding masculine, feminine or neuter forms, and the singular form of nouns, pronouns and
verbs shall include the plural and vice versa. The use of the word “including” in this Agreement shall be by way of example rather than by limitation. Reference to any agreement, document or instrument means such agreement, document or
instrument as amended or otherwise modified from time to time in accordance with the terms thereof, and if applicable hereof. Without limiting the generality of the immediately preceding sentence, no amendment or other modification to any agreement,
document or instrument that requires the consent of any Person pursuant to the terms of this Agreement or any other agreement will be given effect hereunder unless such Person has consented in writing to such amendment or modification. Wherever
required by the context, references to a Fiscal Year shall refer to a portion thereof. The use of the words “or,” “either” and “any” shall not be exclusive. The parties hereto have participated jointly in the
negotiation and drafting of this Agreement. In the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the parties hereto, and no presumption or burden of proof shall arise
favoring or disfavoring any party by virtue of the authorship of any of the provisions of this Agreement. Wherever a conflict exists between this Agreement and any other agreement, this Agreement shall control but solely to the extent of such
conflict. 

  
 54 








 IN WITNESS WHEREOF, the undersigned have executed or caused to be executed on their behalf this
Second Amended and Restated Limited Liability Company Agreement as of the date first written above. 
  

					
	COMPANY:
		
		 	BIOVENTUS LLC
		
		 	By: Bioventus Inc., its Managing Member
			
		 	By:	 	  

		 	Name:	 	Anthony P. Bihl III
		 	Title:	 	Chief Executive Officer
	
	MEMBERS:
		
		 	BIOVENTUS INC.
			
		 	By:	 	  

		 	Name:	 	Anthony P. Bihl III
		 	Title:	 	Chief Executive Officer



  
 [Signature Page to
Second Amended and Restated LLC Agreement] 








 
			
	SMITH & NEPHEW, INC.
		
	By:	 	  

	Name:	 	
	Title:	 	



  
 [Signature Page to
Second Amended and Restated LLC Agreement] 








 
			
	Anthony P. Bihl III
		
	By:	 	  

	Name:	 	Anthony P. Bihl III



  
 [Signature Page to
Second Amended and Restated LLC Agreement] 








 SCHEDULE 1 

PRE-IPO MEMBERS 
  

			
	 Member
	  	 Membership Interests Immediately

Prior to the Effective Date

	Smith & Nephew, Inc.	  	
	Smith & Nephew OUS, Inc.	  	
	Beluga I, Inc.	  	
	Beluga II, Inc.	  	
	Beluga III, Inc.	  	
	Beluga IV, Inc.	  	
	Beluga V, Inc.	  	
	Beluga VI, Inc.	  	
	Beluga VII, Inc.	  	
	Beluga VII-A, Inc.	  	
	Beluga VIII, Inc.	  	
	Anthony P. Bihl III	  	








 SCHEDULE 2* 

SCHEDULE OF EFFECTIVE DATE MEMBERS 
  

							
	 Member
	  	Common Units	  	Percentage
Interest	  	Capital
Accounts
	 Bioventus Inc.
	  		  		  	
	 Anthony P. Bihl III
	  		  		  	
	 Smith & Nephew, Inc.
	  		  		  	

  

	*	This schedule shall be updated from time to time to reflect any adjustment with respect to any subdivision (by Unit split or otherwise) or any combination (by reverse Unit split or otherwise) of any outstanding Common
Units, or to reflect any additional issuances of Common Units pursuant to this Agreement. 








 Exhibit A 

FORM OF JOINDER AGREEMENT 

This JOINDER AGREEMENT, dated as of             , 20     (this
“Joinder”), is delivered pursuant to that certain Second Amended and Restated Limited Liability Company Agreement, dated as of [●], 2016 (as amended, restated, amended and restated, supplemented or otherwise modified from time
to time, the “LLC Agreement”) by and among Bioventus LLC, a Delaware limited liability company (the “Company”), Bioventus Inc., a Delaware corporation and the managing member of the Company (“Bioventus
LLC”), and each of the Members from time to time party thereto. Capitalized terms used but not otherwise defined herein have the respective meanings set forth in the LLC Agreement. 

 

	 	1.	Joinder to the LLC Agreement. Upon the execution of this Joinder by the undersigned and delivery hereof to Bioventus LLC, the undersigned hereby is and hereafter will be a Member under the LLC Agreement and a
party thereto, with all the rights, privileges and responsibilities of a Member thereunder. The undersigned hereby agrees that it shall comply with and be fully bound by the terms of the LLC Agreement as if it had been a signatory thereto as of the
date thereof. 

  

	 	2.	Incorporation by Reference. All terms and conditions of the LLC Agreement are hereby incorporated by reference in this Joinder as if set forth herein in full. 


 

	 	3.	Address. All notices under the LLC Agreement to the undersigned shall be direct to: 


[Name] 
 [Address] 

[City, State, Zip Code] 
 Attn:

 E-mail: 
 IN WITNESS
WHEREOF, the undersigned has duly executed and delivered this Joinder as of the day and year first above written. 
  

			
	[NAME OF NEW MEMBER]
		
	By:	 	  

	Name:	 	
	Title:	 	










			
	Acknowledged and agreed as of the date first set forth above:
	
	BIOVENTUS LLC
	
	By: BIOVENTUS INC., its Managing Member
		
	By:	 	  

	Name:	 	Anthony P. Bihl III
	Title:	 	Chief Executive Officer