Document:

EX-10.3

 Exhibit 10.3 

REGISTRATION RIGHTS AGREEMENT 

This REGISTRATION RIGHTS AGREEMENT (this “Agreement”) is made as of February 16, 2021, by and among Bioventus
Inc., a Delaware corporation (the “Corporation”), and each Person identified on the Schedule of Investors attached hereto as of the date hereof (such Persons, collectively, the “Original LLC Owners”).

 RECITALS 

WHEREAS, the Corporation is contemplating an offer and sale of its shares of Class A common stock, par value $0.001 per share (the
“Class A Common Stock” and such shares, the “Shares”), to the public in an underwritten initial public offering (the “IPO”); 

WHEREAS, the Corporation desires to use a portion of the net proceeds from the IPO to purchase Common Units (as defined below) of Bioventus,
LLC, a Delaware limited liability company (the “Company”), and the Company desires to issue its Common Units to the Corporation in exchange for such portion of the net proceeds from the IPO; 

WHEREAS, immediately prior to the consummation of the issuances of Common Units by the Company to the Corporation, the Original LLC Owners are
the sole members of Bioventus LLC, a Delaware limited liability company (the “Company”); 
 WHEREAS, immediately
prior to or simultaneous with the purchase by the Corporation of the Common Units, the Corporation, the Company and the Original LLC Owners will enter into that certain Second Amended and Restated Limited Liability Company Agreement of the Company
(such agreement, as it may be amended, restated, amended and restated, supplemented or otherwise modified form time to time, the “LLC Agreement”); 

WHEREAS, in connection with the closing of the IPO, (i) the Corporation will become the sole managing member of the Company,
(ii) under the LLC Agreement, the existing membership interests of the Original LLC Owners in the Company will be exchanged for the Common Units of the Company (the “Common Units”), (iii) each Person identified on the
Schedule of Investors attached hereto as a “Former LLC Owner” (such Persons, collectively, the “Former LLC Owners”) will exchange their indirect ownership interest for shares of Class A Common
Stock, (iv) each Person identified on the Schedule of Investors attached hereto as a “Continuing LLC Owner” (such Persons, collectively, the “Continuing LLC Owners”) will become a
non-managing member of the Company holding Common Units in the Company, and (v) in consideration of the Corporation acquiring the Common Units and becoming the managing member of the Company, among other
things, the Company has provided the Continuing LLC Owners with a redemption right pursuant to which the Continuing LLC Owners may exchange each of their Common Units (together with a share of the Corporation’s Class B Common Stock, par
value $0.001 per share (the “Class B Common Stock”)) for a newly-issued share of Class A Common Stock; and 

WHEREAS, in connection with the IPO and the transactions described above, the Corporation has agreed to grant to the Holders (as defined
below) certain rights with respect to the registration of the Registrable Securities (as defined below) on the terms and conditions set forth herein. 

 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 parties to this Agreement hereby agree as follows: 

Section 1.    Definitions. For purposes of this Agreement, the following terms shall have the meanings
specified in this Section 1: 
 “Acquired Common” has the meaning set forth in
Section 9. 
 “Additional Investor” has the meaning set forth in
Section 9, and shall be deemed to include each such Person’s Affiliates, immediate family members, heirs, successors and assigns who may succeed to such Person as a Holder hereunder. 

“Affiliate” of any Person means any other Person controlled by, controlling or under common control with such Person;
provided that the Corporation and its Subsidiaries shall not be deemed to be Affiliates of any Holder. As used in this definition, “control” (including, with its correlative meanings, “controlling,” “controlled
by” and “under common control with”) shall mean possession, directly or indirectly, of power to direct or cause the direction of management or policies (whether through ownership of securities, by contract or otherwise). 

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

“Automatic Shelf Registration Statement” has the meaning set forth in Section 2(a). 

“Business Day” means any day of the year on which national banking institutions in New York are open to the public for
conducting business and are not required or authorized to close. 
 “Capital Stock” means (i) with respect to
any Person that is a corporation, any and all shares, interests or equivalents in capital stock of such corporation (whether voting or nonvoting and whether common or preferred), (ii) with respect to any Person that is not a corporation, individual
or governmental entity, any and all partnership, membership, limited liability company or other equity interests of such Person that confer on the holder thereof the right to receive a share of the profits and losses of, or the distribution of
assets of the issuing Person, and (iii) any and all warrants, rights (including conversion and exchange rights) and options to purchase any security described in the clause (i) or (ii) above. 

“Class A Common Stock” has the meaning set forth in the recitals. 

“Class B Common Stock” has the meaning set forth in the recitals. 

“Common Units” has the meaning set forth in the recitals. 

“Company” has the meaning set forth in the recitals. 

“Continuing LLC Owners” has the meaning set forth in the recitals, and shall be deemed to include their respective
Affiliates, immediate family members, heirs, successors and assigns who may succeed to such Person as a Holder hereunder. 

  
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 “Controlling Holder” means each of (i) the Essex Stockholders
and (ii) the S&N Stockholders (in each case, as identified on the Schedule of Investors), so long as such Holders continue to hold Registrable Securities. 

“Corporation” has the meaning set forth in the preamble. 

“Demand Registrations” has the meaning set forth in Section 2(a). 

“End of Suspension Notice” has the meaning set forth in Section 2(i)(iii). 

“Exchange Act” means the U.S. Securities Exchange Act of 1934, as amended from time to time, or any successor federal
law then in force, together with all rules and regulations promulgated thereunder. 
 “FINRA” means the Financial
Industry Regulatory Authority. 
 “Former LLC Owners” has the meaning set forth in the recitals, and shall be deemed
to include their respective Affiliates, immediate family members, heirs, successors and assigns who may succeed to such Person as a Holder hereunder. 

“Free Writing Prospectus” means a free-writing prospectus, as defined in Rule 405. 

“Holdback Period” has the meaning set forth in Section 4. 

“Holder” means any Person who is the registered holder of Registrable Securities and deemed to be a “Holder”
pursuant to the definition of Registrable Securities below. 
 “Holder Indemnified Parties” has the
meaning set forth in Section 7(a). 
 “IPO” has the meaning set forth in the recitals.

 “Joinder” has the meaning set forth in Section 9. 

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

“Long-Form Registrations” has the meaning set forth in Section 2(a). 

“MNPI” means material non-public information within the meaning of Regulation
FD promulgated under the Exchange Act. 
 “Original LLC Owners” has the meaning set forth in the preamble, and shall
be deemed to include their respective Affiliates, immediate family members, heirs, successors and assigns who may succeed to such Person as a Holder hereunder. 

“Person” means an individual, a partnership, a corporation, a limited liability company, an association, a joint stock
company, a trust, a joint venture, an unincorporated organization and a governmental entity or any department, agency or political subdivision thereof. 

“Piggyback Registrations” has the meaning set forth in Section 3(a). 

  
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 “Public Offering” means any sale or distribution to the public of
Capital Stock of the Corporation pursuant to an offering registered under the Securities Act, whether by the Corporation, by Holders and/or by any other holders of the Corporation’s Capital Stock. 

“Registrable Securities” means (i) any Class A Common Stock (A) issued by the Corporation in connection
with the IPO in exchange for the Common Units of the Former LLC Owners or (B) issued by the Corporation in a Share Settlement in connection with (x) the redemption by the Company of Common Units owned by any Continuing LLC Owner or
(y) at the election of the Corporation, in a direct exchange for Common Units owned by any Continuing LLC Owner, in each case in accordance with the terms of the LLC Agreement, (ii) any common Capital Stock of the Corporation or of any
Subsidiary of the Corporation issued or issuable with respect to the securities referred to in clause (i) above by way of dividend, distribution, split or combination of securities, or any recapitalization, merger, consolidation or other
reorganization, and (iii) any other Shares owned by Persons that are the registered holders of securities described in clauses (i) or (ii) above. 

As to any particular Registrable Securities owned by any Person, such securities shall cease to be Registrable Securities on the date
(a) such securities have been sold or distributed pursuant to a Public Offering, (b) such securities have been sold in compliance with Rule 144 following the consummation of the IPO, (c) such securities have been repurchased by the
Corporation or a Subsidiary of the Corporation or (d) such securities may be disposed of pursuant to Rule 144 (or any successor rule promulgated under the Securities Act) in a single transaction without volume limitation or other restrictions
on transfer thereunder. 
 For purposes of this Agreement, a Person shall be deemed to be a Holder, and the Registrable Securities shall be
deemed to be in existence, whenever such Person has the right to acquire, directly or indirectly, such Registrable Securities (upon conversion or exercise in connection with a transfer of securities or otherwise, but disregarding any restrictions or
limitations upon the exercise of such right), whether or not such acquisition has actually been effected, and such Person shall be entitled to exercise the rights of a holder of Registrable Securities hereunder; provided a holder of
Registrable Securities may only request that Registrable Securities in the form of Capital Stock of the Corporation that is registered or to be registered as a class under Section 12 of the Exchange Act be registered pursuant to this Agreement.
For the avoidance of doubt, while Common Units and/or shares of Class B Common Stock may constitute Registrable Securities, under no circumstances shall the Corporation be obligated to register Common Units or shares of Class B Common
Stock. Notwithstanding the foregoing, with the consent of the Corporation and the Controlling Holders, any Registrable Securities held by any Person that may be sold under Rule 144(b)(1)(i) without limitation under any other of the requirements of
Rule 144 shall not be deemed to be Registrable Securities upon notice from the Corporation to such Person and the Corporation shall, at such Person’s request, remove the legend provided for in Section 12. 

“Registration Expenses” has the meaning set forth in Section 6(a). 

“Rule 144,” “Rule 158,” “Rule 405” and “Rule
415” mean, in each case, such rule promulgated under the Securities Act (or any successor provision) by the Securities and Exchange Commission, as the same shall be amended from time to time, or any successor rule then in force. 

  
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 “Schedule of Investors” means the schedule attached to this
Agreement entitled “Schedule of Investors”, which shall reflect each Holder from time to time party to this Agreement. 

“Securities Act” means the U.S. Securities Act of 1933, as amended from time to time, or any successor federal law
then in force, together with all rules and regulations promulgated thereunder. 
 “Share Settlement” means
“Share Settlement” as defined in the LLC Agreement. 
 “Shares” has the meaning set forth in the recitals.

 “Shelf Offering” has the meaning set forth in Section 2(g)(ii). 

“Shelf Offering Notice” has the meaning set forth in Section 2(g)(ii). 

“Shelf Offering Request” has the meaning set forth in Section 2(g)(ii). 

“Shelf Registrable Securities” has the meaning set forth in Section 2(g)(ii). 

“Shelf Registration” has the meaning set forth in Section 2(a). 

“Shelf Registration Statement” has the meaning set forth in Section 2(g)(i). 

“Short-Form Registrations” has the meaning set forth in Section 2(a). 

“Subsidiary” means, with respect to the Corporation, any corporation, limited liability company, partnership,
association or other business entity of which (i) if a corporation, a majority of the total voting power of Capital Stock of such Person entitled (without regard to the occurrence of any contingency) to vote in the election of directors is at
the time owned or controlled, directly or indirectly, by the Corporation, or (ii) if a limited liability company, partnership, association or other business entity, either (x) a majority of the Capital Stock of such Person entitled
(without regard to the occurrence of any contingency) to vote in the election of managers, general partners or other oversight board vested with the authority to direct management of such Person is at the time owned or controlled, directly or
indirectly, by the Corporation or (y) the Corporation or one of its Subsidiaries is the sole manager or general partner of such Person. 

“Suspension Event” has the meaning set forth in Section 2(i)(ii). 

“Suspension Notice” has the meaning set forth in Section 2(i)(ii). 

“Suspension Period” has the meaning set forth in Section 2(i)(i). 

“Underwritten Takedown” has the meaning set forth in Section 2(g)(ii). 

  
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 “Violation” has the meaning set forth in
Section 7(a). 
 “WKSI” means a “well-known seasoned issuer” as defined under
Rule 405. 
 Section 2.    Demand Registrations. 

(a)    Requests for Registration. Subject to the terms and conditions of this Agreement, each Controlling Holder may
request registration under the Securities Act of all or any portion of its Registrable Securities on Form S-1 or any similar long-form registration (“Long-Form Registrations”), and each
Controlling Holder may request registration under the Securities Act of all or any portion of its Registrable Securities on Form S-3 or any similar short-form registration (“Short-Form
Registrations”) if available. The Controlling Holder making a Demand Registration may request that the registration be made pursuant to Rule 415 under the Securities Act (a “Shelf Registration”) and, if the
Corporation is a WKSI at the time any request for a Demand Registration is submitted to the Corporation, that such Shelf Registration be an automatic shelf registration statement (as defined in Rule 405 under the Securities Act) (an
“Automatic Shelf Registration Statement”). All registrations requested pursuant to this Section 2(a) are referred to herein as “Demand Registrations.” 

(b)    Long-Form Registrations. Each Controlling Holder shall be entitled to request an unlimited number of
Long-Form Registrations (and the Corporation shall pay all Registration Expenses relating to such Long-Form Registrations), regardless of whether any registration statement is filed or any such Demand Registration is consummated. All Long-Form
Registrations shall be underwritten registrations unless otherwise approved by the applicable Controlling Holder. 

(c)    Short-Form Registrations. In addition to the Long-Form Registrations described in
Section 2(b), each Controlling Holder shall be entitled to request an unlimited number of Short-Form Registrations (and the Corporation shall pay all Registration Expenses relating to such Short-Form Registrations),
regardless of whether any registration statement is filed or any such Demand Registration is consummated. Demand Registrations shall be Short-Form Registrations whenever the Corporation is permitted to use any applicable short form and if the
managing underwriters (if any) agree to the use of a Short-Form Registration. After the Corporation has become subject to the reporting requirements of the Exchange Act, the Corporation shall use its reasonable best efforts to make Short-Form
Registrations available for the sale of Registrable Securities. 
 (d)    Notice of Demand Registration. Except
to the extent that Section 2(g) applies, within 10 days after the receipt of a request for a Demand Registration (and at least 20 days prior to any filing of the registration statement relating to such Demand Registration),
the Corporation shall give written notice of the Demand Registration to all other Holders (the “DR Notice”) and, subject to the terms of Section 2(h), shall include in such Demand Registration (and
in all related registrations and qualifications under state blue sky laws and in any related underwriting) all Registrable Securities with respect to which the Corporation has received written requests for inclusion therein within 10 days after the
DR Notice given by the Corporation under this Section 2(d). 

  
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 (e)     Effecting of Registration. Upon receipt of a request for
a Demand Registration, the Corporation shall use its reasonable best efforts to, as soon as practicable and in any event within ninety (90) days of such receipt, in the case of any Long-Form Registration or within forty-five (45) days of
such receipt, in the case of a Short-Form Registration, effect such registration (which shall, in the case of a secondary offering, be on Form S-3 if the Company is qualified for registration on Form S-3 at such time) (including, without limitation, the execution of an undertaking to file post-effective amendments, appropriate qualifications under applicable blue sky or other state securities laws and
appropriate compliance with applicable regulations issued under the Securities Act) as may be so requested and as would permit or facilitate the sale and distribution of all of such Registrable Shares as are specified in such Demand Registration,
together with all or such portion of the Registrable Securities provided for under Section 2(d) hereof. 

(f)    DR Notice Constitutes MNPI. Each Holder agrees that (1) any such DR Notice constitutes MNPI and that it
will not engage in any transaction in any securities of the Corporation until such DR Notice and the information contained therein ceases to constitute MNPI and (2) such Holder shall treat as confidential the receipt of the DR Notice and shall
not disclose or use the information contained in such DR Notice without the prior written consent of the Corporation until such time as the information contained therein is or becomes available to the public generally, other than as a result of
disclosure by the Holder in breach of the terms of this Agreement. 
 (g)    Shelf Registrations. 

(i)    Shelf Registration Statement. At any time and from time to time when the Company is eligible
to utilize a Shelf Registration, subject to the availability of required financial information, as promptly as practicable after the Corporation receives written notice of a request for a Shelf Registration, the Corporation shall file with the
Securities and Exchange Commission a registration statement under the Securities Act for the Shelf Registration (a “Shelf Registration Statement”). The Corporation shall use its reasonable best efforts to cause any Shelf
Registration Statement to be declared effective under the Securities Act as soon as practicable after the initial filing of such Shelf Registration Statement, and once effective, the Corporation shall cause such Shelf Registration Statement to
remain continuously effective for such time period as is specified in the request by the Holders, but for no time period longer than the period ending on the earliest of (A) the third anniversary of the initial effective date of such Shelf
Registration Statement, (B) the date on which all Registrable Securities covered by such Shelf Registration Statement have been sold pursuant to the Shelf Registration Statement, and (C) the date as of which there are no longer any
Registrable Securities covered by such Shelf Registration Statement in existence. Without limiting the generality of the foregoing, the Corporation shall use its reasonable best efforts to prepare a Shelf Registration Statement with respect to all
of the Registrable Securities owned by or issuable to the Original LLC Owners in accordance with the terms of the LLC Agreement (or such other number of Registrable Securities specified in writing by the Holder with respect to the Registrable
Securities owned by or issuable to such Holder) to enable and cause such Shelf Registration Statement to be filed and maintained with the Securities and Exchange Commission as soon as practicable after the later to occur of (i)

  
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the expiration of the Holdback Period and (ii) the Corporation becoming eligible to file a Shelf Registration Statement for a Short-Form Registration; provided that any of the Original LLC
Owners may, with respect to itself, instruct the Corporation in writing not to include in such Shelf Registration Statement the Registrable Securities owned by or issuable to such Holder. In order for any of the Original LLC Owners to be named as a
selling securityholder in such Shelf Registration Statement, the Corporation may require such Holder to deliver all information about such Holder that is required to be included in such Shelf Registration Statement in accordance with applicable law,
including Item 507 of Regulation S-K promulgated under the Securities Act, as amended from time to time, or any similar successor rule thereto. Notwithstanding anything to the contrary in
Section 2(g)(ii), any Holder that is named as a selling securityholder in such Shelf Registration Statement may make a secondary resale under such Shelf Registration Statement without the consent of the Holders representing
a majority of the Registrable Securities or any other Holder if such resale does not require a supplement to the Shelf Registration Statement. 

(ii)    Underwritten Takedowns. In the event that a Shelf Registration Statement is effective
Holders representing the Registrable Securities with a market value of at least $50 million shall each have the right at any time or from time to time to elect to sell pursuant to an offering (including an underwritten offering (an
“Underwritten Takedown”)) Registrable Securities available for sale pursuant to such registration statement (“Shelf Registrable Securities”), so long as the Shelf Registration Statement remains in
effect, and the Corporation shall pay all Registration Expenses in connection therewith; provided that each Controlling Holder shall have the right at any time and from time to time to elect to sell pursuant to an offering (including an
Underwritten Takedown) pursuant to a Shelf Offering Request (as defined below) made by such Controlling Holder so long as the amount of Registrable Securities requested to be included in such Shelf Offering Request (including any Registrable
Securities included pursuant to the third succeeding sentence) is reasonably expected to result in aggregate gross proceeds in excess of $5 million. The applicable Holders shall make such election by delivering to the Corporation a written
request (a “Shelf Offering Request”) for such offering specifying the number of Shelf Registrable Securities that such Holders desire to sell pursuant to such offering (the “Shelf Offering”). As
promptly as practicable, but no later than two Business Days after receipt of a Shelf Offering Request, the Corporation shall give written notice (the “Shelf Offering Notice”) of such Shelf Offering Request to all other
holders of Shelf Registrable Securities. The Corporation, subject to Sections 2(h) and 8 hereof, shall include in such Shelf Offering the Shelf Registrable Securities of any other Holder that shall have made a written request to the
Corporation for inclusion in such Shelf Offering (which request shall specify the maximum number of Shelf Registrable Securities intended to be sold by such Holder) within 10 days after the receipt of the Shelf Offering Notice. The Corporation
shall, as expeditiously as possible (and in any event within 20 days after the receipt of a Shelf Offering Request, unless a longer period is agreed to by the Holders representing a majority of the Registrable Securities that made the Shelf Offering
Request), use its reasonable best efforts to facilitate such Shelf Offering. 

  
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 (iii)    Shelf Offering Notice Constitutes MNPI.
Each Holder agrees that (1) any Shelf Offering Notice constitutes MNPI and that it will not engage in any transaction in any securities of the Corporation until such Shelf Offering Notice and the information contained therein ceases to
constitute MNPI and (2) such Holder shall treat as confidential the receipt of the Shelf Offering Notice and shall not disclose or use the information contained in such Shelf Offering Notice without the prior written consent of the Corporation
until such time as the information contained therein is or becomes available to the public generally, other than as a result of disclosure by the Holder in breach of the terms of this Agreement. 

(iv)    Underwritten Block Trades. Notwithstanding the foregoing, if a Controlling Holder wishes to
engage in an underwritten block trade pursuant to a Shelf Registration Statement (either through filing an Automatic Shelf Registration Statement or through a take-down from an existing Shelf Registration Statement), then notwithstanding the
foregoing time periods, such Holder(s) only need to notify the Corporation of the block trade Shelf Offering two Business Days prior to the day such offering is to commence (unless a longer period is agreed to by Holder(s) representing a majority of
the Registrable Securities wishing to engage in the underwritten block trade) and the Corporation shall promptly notify other Holders and such other Holders must elect whether or not to participate by the next Business Day (i.e., one Business
Day prior to the day such offering is to commence) (unless a longer period is agreed to by Holder(s) representing a majority of the Registrable Securities wishing to engage in the underwritten block trade) and the Corporation shall as expeditiously
as possible use its reasonable best efforts to facilitate such offering (which may close as early as three Business Days after the date it commences); provided that Holder(s) representing a majority of the Registrable Securities wishing to
engage in the underwritten block trade shall use commercially reasonable best efforts to work with the Corporation and the underwriters prior to making such request in order to facilitate preparation of the registration statement, prospectus and
other offering documentation related to the underwritten block trade. 
 (v)    The Corporation shall, at
the request of Holders representing a majority of the Registrable Securities covered by a Shelf Registration Statement, file any prospectus supplement or, if the applicable Shelf Registration Statement is an Automatic Shelf Registration Statement,
any post-effective amendments and otherwise take any action necessary to include therein all disclosure and language deemed necessary or advisable by such Holders to effect such Shelf Offering. 

(h)    Priority on Demand Registrations and Shelf Offerings. The Corporation shall not include in any Demand
Registration or Shelf Offering any securities that are not Registrable Securities without the prior written consent of Holders representing a majority of the Registrable Securities included in such registration or offering. If a Demand Registration
or a Shelf Offering is an underwritten offering and the managing underwriters advise the Corporation in writing that in their opinion the number of Registrable Securities and, if permitted hereunder, other securities requested to be included in such
offering exceeds the number of Registrable Securities and other securities, if any, that can be sold therein without adversely affecting the marketability, proposed offering price, timing or method of distribution of the offering, the Corporation
shall include in 

  
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such registration or offering, as applicable, prior to the inclusion of any securities which are not Registrable Securities the number of Registrable Securities requested by Holders to be
included that, in the opinion of such underwriters, can be sold, without any such adverse effect, pro rata among the respective Holders thereof on the basis of the amount of Registrable Securities owned by each such Holder that such Holder of
Registrable Securities shall have requested to be included therein. Alternatively, if the number of Registrable Securities which can be included on a Shelf Registration Statement is otherwise limited by Instruction I.B.6 to Form S-3 (or any successor provision thereto), the Corporation shall include in such registration or offering prior to the inclusion of any securities which are not Registrable Securities the number of Registrable
Securities requested to be included which can be included on such Shelf Registration Statement in accordance with the requirements of Form S-3, pro rata among the respective Holders thereof on the basis of the
amount of Registrable Securities owned by each such Holder that such Holder of Registrable Securities shall have requested to be included therein. 

(i)    Restrictions on Demand Registration and Shelf Offerings. 

(i)    Limitations on Demand Registrations; Suspension of Registration. The Corporation shall not be
obligated to effect any Demand Registration (i) prior to the 180th day following the date of the final prospectus for the IPO (unless not prohibited under the terms of the underwriting
agreement for the IPO) or (ii) within 180 days after the effective date of a previous Demand Registration or a previous registration in which Registrable Securities were included pursuant to Section 3 and in which
there was no reduction in the number of Registrable Securities requested to be included. The Corporation may postpone, for up to 60 days from the date of the request, the filing or the effectiveness of a registration statement for a Demand
Registration or suspend the use of a prospectus that is part of a Shelf Registration Statement for up to 60 days from the date of the Suspension Notice (as defined below) and therefore suspend sales of the Shelf Registrable Securities (such period,
the “Suspension Period”) by providing written notice to the Holders if (A) the Corporation shall have furnished to the Holders a certificate signed by the Chief Executive Officer (or other authorized officer) of the
Corporation stating that the board of directors determines in its reasonable good faith judgment that the offer or sale of Registrable Securities would reasonably be expected to have a material adverse effect on any proposal or plan by the
Corporation or any Subsidiary to engage in any material acquisition of assets or stock (other than in the ordinary course of business) or any material merger, consolidation, tender offer, recapitalization, reorganization or other transaction
involving the Corporation or any Subsidiary, (B) upon advice of counsel, the sale of Registrable Securities pursuant to the registration statement would require disclosure of MNPI not otherwise required to be disclosed under applicable law, and
(C) either (x) the Corporation has a bona fide business purpose for preserving the confidentiality of such transaction or (y) disclosure of such MNPI would have a material adverse effect on the Corporation or the Corporation’s ability
to consummate such transaction; provided that in such event, the Holders shall be entitled to withdraw such request for a Demand Registration or underwritten Shelf Offering and the Corporation shall pay all Registration Expenses in connection
with such Demand Registration or Shelf Offering. The Corporation may postpone the filing or the effectiveness of a registration statement for a Demand Registration or suspend the use of a prospectus that is part of a Shelf Registration Statement as
contemplated above only once in any twelve-month period, except with the consent of the applicable Controlling Holder. 

  
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 (ii)    Suspension Event; Suspension Notice. In
the case of an event that causes the Corporation to suspend the use of a Shelf Registration Statement as set forth in paragraph (f)(i) above or pursuant to applicable subsections of Section 5(a)(vi) (a
“Suspension Event”), the Corporation shall give a notice to the Holders of Registrable Securities registered pursuant to such Shelf Registration Statement (a “Suspension Notice”) to suspend sales of
the Registrable Securities and such notice shall state generally the basis for the notice and that such suspension shall continue only for so long as the Suspension Event or its effect is continuing. If the basis of such suspension is nondisclosure
of MNPI, the Corporation shall not be required to disclose the subject matter of such MNPI to Holders. A Holder shall not effect any sales of the Registrable Securities pursuant to such Shelf Registration Statement (or such filings) at any time
after it has received a Suspension Notice from the Corporation and prior to receipt of an End of Suspension Notice (as defined below). 

(iii)    Suspension Notice Constitutes MNPI. Each Holder agrees that (1) any Suspension Notice
constitutes MNPI and that it will not engage in any transaction in any securities of the Corporation until such notice and the information contained therein ceases to constitute MNPI and (2) such Holder shall treat as confidential the receipt
of the Suspension Notice and shall not disclose or use the information contained in such Suspension Notice without the prior written consent of the Corporation until such time as the information contained therein is or becomes available to the
public generally, other than as a result of disclosure by the Holder in breach of the terms of this Agreement. Holders may recommence effecting sales of the Registrable Securities pursuant to the Shelf Registration Statement (or such filings)
following further written notice to such effect (an “End of Suspension Notice”) from the Corporation, which End of Suspension Notice shall be given by the Corporation to the Holders and their counsel, if any, promptly
following the conclusion of any Suspension Event. 
 (iv)    Extension Following Suspension.
Notwithstanding any provision herein to the contrary, if the Corporation gives a Suspension Notice with respect to any Shelf Registration Statement pursuant to this Section 2(i), the Corporation agrees that it shall
(A) extend the period of time during which such Shelf Registration Statement shall be maintained effective pursuant to this Agreement by the number of days during the period from the date of receipt by the Holders of the Suspension Notice to
and including the date of receipt by the Holders of the End of Suspension Notice, and (B) provide copies of any supplemented or amended prospectus necessary to resume sales, with respect to each Suspension Event; provided that such
period of time shall not be extended beyond the date that there are no longer Registrable Securities covered by such Shelf Registration Statement. 

(j)    Selection of Underwriters. Holders representing a majority of the Registrable Securities being registered by
the Controlling Holders in any Demand Registration, shall have the right to select the investment banker(s) and manager(s) to administer the offering (including assignment of titles), subject to the Corporation’s approval not be unreasonably
withheld, 

  
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conditioned or delayed. If any Shelf Offering is an Underwritten Takedown, the Holders representing a majority of the Registrable Securities participating in such Underwritten Takedown shall have
the right to select the investment banker(s) and manager(s) to administer the offering relating to such Shelf Offering (including assignment of titles), subject to the Corporation’s approval not be unreasonably withheld, conditioned or delayed.

 (k)    Other Registration Rights. The Corporation represents and warrants that it is not a party to, or
otherwise subject to, any other agreement granting registration rights to any other Person with respect to any securities of the Corporation. Except as provided in this Agreement, the Corporation shall not grant to any Persons the right to request
the Corporation or any Subsidiary to register any Capital Stock of the Corporation or of any Subsidiary, or any securities convertible or exchangeable into or exercisable for such securities, without the prior written consent of the applicable
Controlling Holder. 
 Section 3.    Piggyback Registrations. 

(a)    Right to Piggyback. Following the IPO, whenever the Corporation proposes to register any of its securities
under the Securities Act (other than (i) pursuant to a Demand Registration, (ii) in connection with registrations on Form S-4 or S-8 promulgated by the
Securities and Exchange Commission or any successor or similar forms or (iii) a registration on any form that does not include substantially the same information as would be required to be included in a registration statement covering the sale
of Registrable Securities) and the registration form to be used may be used for the registration of Registrable Securities (a “Piggyback Registration”), the Corporation shall give prompt written notice (in any event within
three Business Days after its receipt of notice of any request for registration on behalf of holders of the Company’s securities (other than the Holders)) to all Holders of its intention to effect such Piggyback Registration and, subject to the
terms of Section 3(c) and Section 3(d), shall include in such Piggyback Registration (and in all related registrations or qualifications under blue sky laws and in any related underwriting) all
Registrable Securities with respect to which the Corporation has received written requests for inclusion therein within 20 days after delivery of the Corporation’s notice. 

(b)    Piggyback Expenses. The Registration Expenses of the Holders shall be paid by the Corporation in all
Piggyback Registrations, whether or not any such registration became effective. 
 (c)    Priority on Primary
Registrations. If a Piggyback Registration is an underwritten primary registration on behalf of the Corporation, and the managing underwriters advise the Corporation in writing that in their opinion the number of securities requested to be
included in such registration exceeds the number which can be sold in such offering without adversely affecting the marketability, proposed offering price, timing or method of distribution of the offering, the Corporation shall include in such
registration (i) first, the securities the Corporation proposes to sell, (ii) second, the Registrable Securities requested to be included in such registration which, in the opinion of the underwriters, can be sold without any such adverse
effect, pro rata among the Holders on the basis of the number of Registrable Securities owned by each such Holder that such Holder of Registrable Securities shall have requested to be included therein, and (iii) third, other securities
requested to be included in such registration which, in the opinion of the underwriters, can be sold without any such adverse effect. 

  
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 (d)    Priority on Secondary Registrations. If a Piggyback
Registration is an underwritten secondary registration on behalf of holders of the Corporation’s securities (other than the Holders), and the managing underwriters advise the Corporation in writing that in their opinion the number of securities
requested to be included in such registration exceeds the number which can be sold in such offering without adversely affecting the marketability, proposed offering price, timing or method of distribution of the offering, the Corporation shall
include in such registration (i) first, the securities requested to be included therein by the initial holders requesting such registration which, in the opinion of the underwriters, can be sold without any such adverse effect,
(ii) second, the Registrable Securities of Holders requested to be included in such registration which, in the opinion of the underwriters, can be sold without any such adverse effect, pro rata among the such Holders on the basis of the number
of Registrable Securities owned by each such Holder that such Holder of Registrable Securities shall have requested to be included therein and (iii) third, other securities requested to be included in such registration which, in the opinion of
the underwriters, can be sold without any such adverse effect. 
 (e)    Selection of Underwriters. If any
Piggyback Registration is an underwritten offering, the selection of investment banker(s) and manager(s) for the offering shall be at the election of the Corporation (in the case of a primary registration) or at the election of the holders of other
Corporation securities requesting such registration (in the case of a secondary registration); provided that Holders representing a majority of the Registrable Securities included in such Piggyback Registration may request that one or more
investment banker(s) or manager(s) be included in such offering (such request not to be binding on the Corporation or such other initiating holders of Corporation securities). 

(f)    Right to Terminate Registration. The Corporation shall have the right to terminate or withdraw any
registration initiated by it under this Section 3 whether or not any Holder has elected to include securities in such registration. The Registration Expenses of such withdrawn registration shall be borne by the Corporation
in accordance with Section 6. 
 Section 4.    Holdback Agreements. If requested
by the Corporation or the managing underwriter(s), all Holders shall enter into customary lock-up agreements (no less favorable to Holders than those entered into in connection with the IPO, if applicable)
with the managing underwriter(s) of such Public Offering. The Corporation may impose stop-transfer instructions with respect to the shares of Capital Stock (or other securities) subject to the restrictions set forth in any such lock-up agreements until the end of the applicable restricted period (the “Holdback Period”). 

Section 5.    Registration Procedures. 

(a)    Whenever the Holders have requested that any Registrable Securities be registered pursuant to this Agreement or have
initiated a Shelf Offering, (i) such Holders shall, if applicable, cause such Registrable Securities to be exchanged into shares of Class A Common Stock in accordance with the terms of the LLC Agreement prior to sale of such Registrable

  
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Securities and (ii), the Corporation shall use its reasonable best efforts to effect the registration and the sale of such Registrable Securities in accordance with the intended method of
disposition thereof, and pursuant thereto the Corporation shall as expeditiously as possible: 

(i)    in accordance with the Securities Act and all applicable rules and regulations promulgated
thereunder, prepare and file with the Securities and Exchange Commission (subject to the availability of required financial information) a registration statement, and all amendments and supplements thereto and related prospectuses, with respect to
such Registrable Securities and use its reasonable best efforts to cause such registration statement to become effective (provided that before filing a registration statement or prospectus or any amendments or supplements thereto, the Corporation
shall furnish to the counsel selected by the Holders representing a majority of the Registrable Securities covered by such registration statement copies of all such documents proposed to be filed, which documents shall be subject to the review and
comment of such counsel); 
 (ii)    notify each holder of Registrable Securities of (A) the
issuance by the Securities and Exchange Commission of any stop order suspending the effectiveness of any registration statement or the initiation of any proceedings for that purpose, (B) the receipt by the Corporation or its counsel of any
notification with respect to the suspension of the qualification of the Registrable Securities for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose and (C) the effectiveness of each registration
statement filed hereunder; 
 (iii)    prepare and file with the Securities and Exchange Commission such
amendments and supplements to such registration statement and the prospectus used in connection therewith as may be necessary to keep such registration statement effective for a period ending when all of the securities covered by such registration
statement have been disposed of in accordance with the intended methods of distribution by the sellers thereof set forth in such registration statement (but in any event not before the expiration of any longer period required under the Securities
Act or, if such registration statement relates to an underwritten Public Offering, such longer period as in the opinion of counsel for the underwriters a prospectus is required by law to be delivered in connection with sale of Registrable Securities
by an underwriter or dealer) and comply with the provisions of the Securities Act with respect to the disposition of all securities covered by such registration statement during such period in accordance with the intended methods of disposition by
the sellers thereof set forth in such registration statement; 
 (iv)    furnish to each seller of
Registrable Securities thereunder such number of copies of such registration statement, each amendment and supplement thereto, the prospectus included in such registration statement (including each preliminary prospectus), each Free Writing
Prospectus and such other documents as such seller may reasonably request in order to facilitate the disposition of the Registrable Securities owned by such seller; 

(v)    use its reasonable best efforts to register or qualify such Registrable Securities under such other
securities or blue sky laws of such jurisdictions as any seller 

  
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reasonably requests and do any and all other acts and things which may be reasonably necessary or advisable to enable such seller to consummate the disposition in such jurisdictions of the
Registrable Securities owned by such seller (provided that the Corporation shall not be required to (A) qualify generally to do business in any jurisdiction where it would not otherwise be required to qualify but for this subparagraph,
(B) consent to general service of process in any such jurisdiction or (C) subject itself to taxation in any such jurisdiction); 

(vi)    notify each seller of such Registrable Securities (A) promptly after it receives notice
thereof, of the date and time when such registration statement and each post-effective amendment thereto has become effective or a prospectus or supplement to any prospectus relating to a registration statement has been filed and when any
registration or qualification has become effective under a state securities or blue sky law or any exemption thereunder has been obtained, (B) promptly after receipt thereof, of any request by the Securities and Exchange Commission for the
amendment or supplementing of such registration statement or prospectus or for additional information and (C) at any time when a prospectus relating thereto is required to be delivered under the Securities Act, of the happening of any event as
a result of which the prospectus included in such registration statement contains an untrue statement of a material fact or omits any fact necessary to make the statements therein not misleading, and, subject to
Section 2(f), at the request of any such seller, the Corporation shall prepare a supplement or amendment to such prospectus so that, as thereafter delivered to the purchasers of such Registrable Securities, such prospectus
shall not contain an untrue statement of a material fact or omit to state any fact necessary to make the statements therein not misleading; 

(vii)    use reasonable best efforts to cause all such Registrable Securities to be listed on each
securities exchange on which similar securities issued by the Corporation are then listed and, if not so listed, to be listed on a securities exchange and, without limiting the generality of the foregoing, to arrange for at least two market markers
to register as such with respect to such Registrable Securities with FINRA; 
 (viii)    use reasonable
best efforts to provide a transfer agent and registrar for all such Registrable Securities not later than the effective date of such registration statement; 

(ix)    enter into and perform such customary agreements, including underwriting agreements, or other
agreements with underwriters, and including customary representations, warranties, covenants, indemnities and lock-up provisions (no less favorable than those entered into in connection with the IPO), and take
all such other actions as the Holders representing a majority of the Registrable Securities being sold or the underwriters, if any, reasonably request in order to expedite or facilitate the disposition of such Registrable Securities (including,
without limitation, effecting a stock split, combination of shares, recapitalization or reorganization); 

(x)    make available for inspection by any seller of Registrable Securities, any underwriter participating
in any disposition pursuant to such registration statement and any attorney, accountant or other agent retained by any such seller or underwriter, all financial and other records, pertinent corporate and business documents and properties of

  
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the Corporation as shall be necessary to enable them to exercise their due diligence responsibility, and cause the Corporation’s officers, directors, employees, agents, representatives and
independent accountants to supply all information reasonably requested by any such seller, underwriter, attorney, accountant or agent in connection with such registration statement; 

(xi)    take all reasonable actions to ensure that any Free-Writing Prospectus utilized in connection with
any Demand Registration or Piggyback Registration hereunder complies in all material respects with the Securities Act, is filed in accordance with the Securities Act to the extent required thereby, is retained in accordance with the Securities Act
to the extent required thereby and, when taken together with the related prospectus, shall not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in light of the circumstances
under which they were made, not misleading; 
 (xii)    otherwise use its reasonable best efforts to
comply with all applicable rules and regulations of the Securities and Exchange Commission, and make available to its security holders, as soon as reasonably practicable, an earnings statement covering the period of at least twelve months beginning
with the first day of the Corporation’s first full calendar quarter after the effective date of the registration statement, which earnings statement shall satisfy the provisions of Section 11(a) of the Securities Act and Rule 158; 

(xiii)    to the extent that a Holder, in its sole and exclusive judgment, might be deemed to be an
underwriter of any Registrable Securities or a controlling person of the Corporation, permit such Holder to participate in the preparation of such registration or comparable statement and allow such Holder to provide language for insertion therein,
in form and substance satisfactory to the Corporation, which in the reasonable judgment of such Holder and its counsel should be included; 

(xiv)    in the event of the issuance of any stop order suspending the effectiveness of a registration
statement, or the issuance of any order suspending or preventing the use of any related prospectus or suspending the qualification of any Class A Common Stock included in such registration statement for sale in any jurisdiction use reasonable
best efforts promptly to obtain the withdrawal of such order; 
 (xv)    use its reasonable best efforts
to cause such Registrable Securities covered by such registration statement to be registered with or approved by such other governmental agencies or authorities as may be necessary to enable the sellers thereof to consummate the disposition of such
Registrable Securities; 
 (xvi)    cooperate with the Holders of Registrable Securities covered by the
registration statement and the managing underwriter or agent, if any, to facilitate the timely preparation and delivery of certificates (not bearing any restrictive legends) representing securities to be sold under the registration statement and
enable such securities to be in such denominations and registered in such names as the managing underwriter, or agent, if any, or such Holders may request; 

  
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 (xvii)    cooperate with each Holder of Registrable
Securities covered by the registration statement and each underwriter or agent participating in the disposition of such Registrable Securities and their respective counsel in connection with any filings required to be made with FINRA; 

(xviii)    use its reasonable best efforts to make available the executive officers of the Corporation to
participate with the Holders of Registrable Securities covered by the registration statement and any underwriters in any “road shows” or other selling efforts that may be reasonably requested by the Holders in connection with the methods
of distribution for the Registrable Securities; 
 (xix)    in the case of any underwritten Public
Offering, use its reasonable best efforts to obtain one or more cold comfort letters from the Corporation’s independent public accountants or other independent public accountants as appropriate, in customary form and covering such matters of
the type customarily covered by cold comfort letters as the Holders representing a majority of the Registrable Securities being sold reasonably request; 

(xx)    in the case of any underwritten Public Offering, use its reasonable best efforts to provide a legal
opinion of the Corporation’s outside counsel, dated the closing date of the Public Offering, in customary form and covering such matters of the type customarily covered by legal opinions of such nature, which opinion shall be addressed to the
underwriters and the Holders of such Registrable Securities being sold; 
 (xxi)    if the Corporation
files an Automatic Shelf Registration Statement covering any Registrable Securities, use its reasonable best efforts to remain a WKSI (and not become an ineligible issuer (as defined in Rule 405 under the Securities Act)) during the period during
which such Automatic Shelf Registration Statement is required to remain effective; 
 (xxii)    if the
Corporation does not pay the filing fee covering the Registrable Securities at the time an Automatic Shelf Registration Statement is filed, pay such fee at such time or times as the Registrable Securities are to be sold; 

(xxiii)    if the Automatic Shelf Registration Statement has been outstanding for at least three
(3) years, at the end of the third year, file a new Automatic Shelf Registration Statement covering the Registrable Securities, and, if at any time when the Corporation is required to re-evaluate its WKSI
status the Corporation determines that it is not a WKSI, use its reasonable best efforts to refile the Shelf Registration Statement on Form S-3 and, if such form is not available, Form S-1 and keep such registration statement effective during the period during which such registration statement is required to be kept effective; and 

(xxiv)    take no direct or indirect action prohibited by Regulation M under the Exchange Act; provided,
however, that to the extent that any prohibition is applicable to the Corporation, the Corporation will use its reasonable best efforts to make any such prohibition inapplicable. 

  
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 (b)    Any officer of the Corporation who is a Holder agrees that if and
for so long as he or she is employed by the Corporation or any Subsidiary thereof, he or she shall participate fully in the sale process in a manner customary and reasonable for persons in like positions and consistent with his or her other duties
with the Corporation and in accordance with applicable law, including the preparation of the registration statement and the preparation and presentation of any road shows. 

(c)    The Corporation may require each Holder requesting, or electing to participate in, any registration to furnish the
Corporation such information regarding such Holder and the distribution of such Registrable Securities as the Corporation may from time to time reasonably request in writing. 

(d)    If the Original LLC Owners or any of their respective Affiliates seek to effectuate an in-kind distribution of all or part of their respective Registrable Securities to their respective direct or indirect equityholders, the Corporation shall, subject to any applicable
lock-ups, work with the foregoing persons to facilitate such in-kind distribution in the manner reasonably requested. 

Section 6.    Registration Expenses. 

(a)    The Corporation’s Obligation. All expenses incident to the Corporation’s performance of or
compliance with this Agreement (including, without limitation, all registration, qualification and filing fees, fees and expenses of compliance with securities or blue sky laws, printing expenses, messenger and delivery expenses, fees and
disbursements of custodians, and fees and disbursements of counsel for the Corporation and all independent certified public accountants, underwriters (excluding underwriting discounts and commissions) and other Persons retained by the Corporation)
(all such expenses being herein called “Registration Expenses”), shall be borne as provided in this Agreement, except that the Corporation shall, in any event, pay its internal expenses (including, without limitation, all
salaries and expenses of its officers and employees performing legal or accounting duties), the expense of any annual audit or quarterly review, the expense of any liability insurance and the expenses and fees for listing the securities to be
registered on each securities exchange on which similar securities issued by the Corporation are then listed. Each Person that sells securities pursuant to a Demand Registration or Piggyback Registration hereunder shall bear and pay all underwriting
discounts and commissions applicable to the securities sold for such Person’s account. 
 (b)    Counsel Fees
and Disbursements. In connection with each Demand Registration, each Piggyback Registration and each Shelf Offering that is an underwritten Public Offering, the Corporation shall reimburse the Holders of Registrable Securities included in such
registration for the reasonable fees and disbursements of one counsel chosen by the Holders representing a majority of the Registrable Securities included in such registration or participating in such Shelf Offering. 

  
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 Section 7.    Indemnification and Contribution. 

(a)    By the Corporation. The Corporation shall indemnify and hold harmless, to the extent permitted by law, each
Holder, such Holder’s officers, directors, managers, employees, agents and representatives, and each Person who controls such Holder (within the meaning of the Securities Act) (the “Holder Indemnified
Parties”) against all losses, claims, actions, damages, liabilities and expenses (including with respect to actions or proceedings, whether commenced or threatened, and including reasonable attorney fees and expenses) caused by,
resulting from, arising out of, based upon or related to any of the following statements, omissions or violations (each a “Violation”) by the Corporation: (i) any untrue or alleged untrue statement of material fact
contained in (A) any registration statement, prospectus, preliminary prospectus or Free-Writing Prospectus, or any amendment thereof or supplement thereto or (B) any application or other document or communication (in this
Section 7, collectively called an “application”) executed by or on behalf of the Corporation or based upon written information furnished by or on behalf of the Corporation filed in any jurisdiction
in order to qualify any securities covered by such registration under the securities laws thereof, (ii) any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein not misleading
or (iii) any violation or alleged violation by the Corporation of the Securities Act or any other similar federal or state securities laws or any rule or regulation promulgated thereunder applicable to the Corporation and relating to action or
inaction required of the Corporation in connection with any such registration, qualification or compliance. In addition, the Corporation will reimburse such Holder Indemnified Party for any legal or any other expenses reasonably incurred by them in
connection with investigating or defending any such losses. Notwithstanding the foregoing, the Corporation shall not be liable in any such case to the extent that any such losses result from, arise out of, are based upon, or relate to an untrue
statement or alleged untrue statement, or omission or alleged omission, made in such registration statement, any such prospectus, preliminary prospectus or Free-Writing Prospectus or any amendment or supplement thereto, or in any application, in
reliance upon, and in conformity with, written information prepared and furnished in writing to the Corporation by such Holder Indemnified Party expressly for use therein. In connection with an underwritten offering, the Corporation shall indemnify
such underwriters, their officers and directors, and each Person who controls such underwriters (within the meaning of the Securities Act) to the same extent as provided above with respect to the indemnification of the Holder Indemnified Parties.

 (b)    By Each Holder. In connection with any registration statement in which a Holder is participating, each
such Holder shall furnish to the Corporation in writing such information and affidavits as the Corporation reasonably requests for use in connection with any such registration statement or prospectus and, to the extent permitted by law, shall
indemnify the Corporation, its officers, directors, managers, employees, agents and representatives, and each Person who controls the Corporation (within the meaning of the Securities Act) against any losses, claims, damages, liabilities and
expenses resulting from any untrue or alleged untrue statement of material fact contained in the registration statement, prospectus or preliminary prospectus or any amendment thereof or supplement thereto or any omission or alleged omission of a
material fact required to be stated therein or necessary to make the statements therein not misleading, but only to the extent that such untrue statement or omission is contained in any information or affidavit so furnished in writing by such
Holder; provided that the obligation to indemnify shall be individual, not joint and several, for each Holder and shall be limited to the net amount of proceeds received by such Holder from the sale of Registrable Securities pursuant to such
registration statement. 

  
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 (c)    Claim Procedure. Any Person entitled to indemnification
hereunder shall (i) give prompt written notice to the indemnifying party of any claim with respect to which it seeks indemnification (provided that the failure to give prompt notice shall impair any Person’s right to indemnification
hereunder only to the extent such failure has prejudiced the indemnifying party) and (ii) unless in such indemnified party’s reasonable judgment a conflict of interest between such indemnified and indemnifying parties may exist with
respect to such claim, permit such indemnifying party to assume the defense of such claim with counsel reasonably satisfactory to the indemnified party. If such defense is assumed, the indemnifying party shall not be subject to any liability for any
settlement made by the indemnified party without its consent (but such consent shall not be unreasonably withheld, conditioned or delayed). An indemnifying party who is not entitled to, or elects not to, assume the defense of a claim shall not be
obligated to pay the fees and expenses of more than one counsel for all parties indemnified by such indemnifying party with respect to such claim, unless in the reasonable judgment of any indemnified party a conflict of interest may exist between
such indemnified party and any other of such indemnified parties with respect to such claim. In such instance, the conflicted indemnified parties shall have a right to retain one separate counsel, chosen by the Holders representing a majority of the
Registrable Securities included in the registration if such Holders are indemnified parties, at the expense of the indemnifying party. 

(d)    Contribution. If the indemnification provided for in this Section 7 is held by a
court of competent jurisdiction to be unavailable to, or is insufficient to hold harmless, an indemnified party or is otherwise unenforceable with respect to any loss, claim, damage, liability or action referred to herein, then the indemnifying
party shall contribute to the amounts paid or payable by such indemnified party as a result of such loss, claim, damage, liability or action in such proportion as is appropriate to reflect the relative fault of the indemnifying party on the one hand
and of the indemnified party on the other hand in connection with the statements or omissions which resulted in such loss, claim, damage, liability or action as well as any other relevant equitable considerations; provided that the maximum amount of
liability in respect of such contribution shall be limited, in the case of each seller of Registrable Securities, to an amount equal to the net proceeds actually received by such seller from the sale of Registrable Securities effected pursuant to
such registration. The relative fault of the indemnifying party and of the indemnified party shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission to state a
material fact relates to information supplied by the indemnifying party or by the indemnified party and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The parties
hereto agree that it would not be just or equitable if the contribution pursuant to this Section 7(d) were to be determined by pro rata allocation or by any other method of allocation that does not take into account such
equitable considerations. The amount paid or payable by an indemnified party as a result of the losses, claims, damages, liabilities or expenses referred to herein shall be deemed to include any legal or other expenses reasonably incurred by such
indemnified party in connection with investigating or defending against any action or claim which is the subject hereof. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(t) of the Securities Act) shall be
entitled to contribution from any Person who is not guilty of such fraudulent misrepresentation. 

(e)    Release. No indemnifying party shall, except with the consent of the indemnified party, consent to the entry
of any judgment or enter into any settlement that does not include as 

  
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an unconditional term thereof giving by the claimant or plaintiff to such indemnified party of a release from all liability in respect to such claim or litigation. Notwithstanding anything to the
contrary in this Section 7, an indemnifying party shall not be liable for any amounts paid in settlement of any loss, claim, damage, liability, or action if such settlement is effected without the consent of the
indemnifying party, such consent not to be unreasonably withheld, conditioned or delayed. 
 (f)    Non-exclusive Remedy; Survival. The indemnification and contribution provided for under this Agreement shall be in addition to any other rights to indemnification or contribution that any indemnified party may
have pursuant to law or contract and shall remain in full force and effect regardless of any investigation made by or on behalf of the indemnified party or any officer, director or controlling Person of such indemnified party and shall survive the
transfer of Registrable Securities and the termination or expiration of this Agreement. Notwithstanding the foregoing, to the extent that the provisions on indemnification and contribution contained in the underwriting agreement entered into in
connection with the underwritten public offering are in conflict with the foregoing provisions, the provisions in the underwriting agreement shall control. 

Section 8.    Underwritten Registrations. 

(a)    Participation. No Person may participate in any Public Offering hereunder which is underwritten unless such
Person (i) agrees to sell such Person’s securities on the basis provided in any underwriting arrangements approved by the Person or Persons entitled hereunder to approve such arrangements (including, without limitation, pursuant to any
over-allotment or “green shoe” option requested by the underwriters; provided that no Holder shall be required to sell more than the number of Registrable Securities such Holder has requested to include) and (ii) completes and
executes all questionnaires, powers of attorney, indemnities, underwriting agreements, custody agreements and other documents required under the terms of such underwriting arrangements. Each Holder shall execute and deliver such other agreements as
may be reasonably requested by the Corporation and the lead managing underwriter(s) that are consistent with such Holder’s obligations under Section 4, Section 5 and this
Section 8(a) or that are necessary to give further effect thereto. To the extent that any such agreement is entered into pursuant to, and consistent with, Section 4 and this
Section 8(a), the respective rights and obligations created under such agreement shall supersede the respective rights and obligations of the Holders, the Corporation and the underwriters created pursuant to this
Section 8(a). 
 (b)    Price and Underwriting Discounts. In the case of an
underwritten Demand Registration or Underwritten Takedown requested by Holders pursuant to this Agreement, the price, underwriting discount and other financial terms of the related underwriting agreement for the Registrable Securities shall be
determined by the Holders representing a majority of the Registrable Securities included in such underwritten offering. 

(c)    Suspended Distributions. Each Person that is participating in any registration under this Agreement, upon
receipt of any notice from the Corporation of the happening of any event of the kind described in Section 5(a)(vi)(B) or (C), shall immediately discontinue the disposition of its Registrable Securities pursuant to
the registration statement until such Person’s receipt of the copies of a supplemented or amended prospectus as contemplated by Section 5(a)(vi). 

  
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In the event the Corporation has given any such notice, the applicable time period set forth in Section 5(a)(iii) during which a Registration Statement is to remain
effective shall be extended by the number of days during the period from and including the date of the giving of such notice pursuant to this Section 8(c) to and including the date when each seller of Registrable Securities
covered by such registration statement shall have received the copies of the supplemented or amended prospectus contemplated by Section 5(a)(vi). 

Section 9.    Additional Parties; Joinder. Subject to the prior written consent of each Controlling Holder,
the Corporation may make any Person who acquires Class A Common Stock or rights to acquire Class A Common Stock from the Corporation after the date hereof (including without limitation any Person who acquires Common Units) a party to this
Agreement (each such Person, an “Additional Investor”) and to succeed to all of the rights and obligations of a Holder under this Agreement by obtaining an executed joinder to this Agreement from such Additional Investor in
the form of Exhibit A attached hereto (a “Joinder”). Upon the execution and delivery of a Joinder by such Additional Investor, the Class A Common Stock of the Corporation acquired by such Additional Investor or issuable
upon redemption or exchange of Common Units acquired by such Additional Investor (the “Acquired Common”) shall be Registrable Securities to the extent provided herein, such Additional Investor shall be a Holder under this
Agreement with respect to the Acquired Common, and the Corporation shall add such Additional Investor’s name and address to the Schedule of Investors and circulate such information to the parties to this Agreement. 

Section 10.    Current Public Information. With a view to making available the benefits of certain rules and
regulations of the Securities Exchange Commission which may permit the sale of restricted securities to the public without registration, the Corporation agrees to: 

(a) make and keep public information available as those terms are understood and defined in Rule 144, at all times from and after ninety
(90) days following the effective date of the registration statement with respect to the IPO; 
 (b) use its reasonable best efforts to
file with the Securities Exchange Commission in a timely manner all reports and other documents required of the Corporation under the Securities Act and the Exchange Act; and 

(c) so long as the Holders own any Registrable Shares, furnish to the Holders upon request, a written statement by the Company as to its
compliance with the reporting requirements of Rule 144 (at any time from and after ninety (90) days following the effective date of the registration statement with respect to the IPO), and of the Securities Act and the Exchange Act, a copy of
the most recent annual or quarterly report of the Corporation, and such other reports and documents so filed as a Holder may reasonably request in availing itself of any rule or regulation of the Securities Exchange Commission allowing such Holder
to sell any such securities without registration. 
 Section 11.    Subsidiary Public Offering. If, after an
initial Public Offering of the Capital Stock of one of its Subsidiaries (including the Company), the Corporation distributes securities of such Subsidiary to its equityholders, then the rights and obligations of the Corporation pursuant to this
Agreement shall apply, mutatis mutandis, to such Subsidiary, and the Corporation shall cause such Subsidiary to comply with such Subsidiary’s obligations under this Agreement. 

  
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 Section 12.    Transfer of Registrable Securities. 

(a)    Restrictions on Transfers. Notwithstanding anything to the contrary contained herein, except in the case of
(i) a transfer to the Corporation, (ii) a transfer by any Original LLC Owners or any of its Affiliates to its respective equityholders, (iii) a Public Offering, (iv) a sale pursuant to Rule 144 after the completion of the IPO or
(v) a transfer in connection with a sale of the Corporation, prior to transferring any Registrable Securities to any Person (including, without limitation, by operation of law), the transferring Holder shall cause the prospective transferee to
execute and deliver to the Corporation a Joinder agreeing to be bound by the terms of this Agreement. Any transfer or attempted transfer of any Registrable Securities in violation of any provision of this Agreement shall be void, and the Corporation
shall not record such transfer on its books or treat any purported transferee of such Registrable Securities as the owner thereof for any purpose. 

(b)    Legend. Each certificate evidencing any Registrable Securities and each certificate issued in exchange for
or upon the transfer of any Registrable Securities (unless such Registrable Securities would no longer be Registrable Securities after such transfer) shall be stamped or otherwise imprinted with a legend in substantially the following form: 

“THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS ON TRANSFER AND OTHER PROVISIONS SET FORTH IN A REGISTRATION
RIGHTS AGREEMENT DATED AS OF FEBRUARY 16, 2021, BY AND AMONG THE ISSUER OF SUCH SECURITIES (THE “CORPORATION”) AND CERTAIN OF THE CORPORATION’S STOCKHOLDERS, AS AMENDED FROM TIME TO TIME. A COPY OF SUCH REGISTRATION RIGHTS
AGREEMENT WILL BE FURNISHED WITHOUT CHARGE BY THE CORPORATION TO THE HOLDER HEREOF UPON WRITTEN REQUEST.” 
 The Corporation shall imprint such legend
on certificates evidencing Registrable Securities outstanding prior to the date hereof, and shall cause the Company to imprint such legend on certificates, if any, evidencing Common Units exchangeable for Registrable Securities outstanding prior to
the date hereof. The legend set forth above shall be removed from the certificates evidencing any securities that have ceased to be Registrable Securities. 

Section 13.    MNPI Provisions. 

(a)    Each Holder acknowledges that (i) the provisions of this Agreement that require communications by the
Corporation or other Holders to such Holder may result in such Holder and its Representatives (as defined below) acquiring MNPI (which may include, solely by way of illustration, the fact that an offering of the Corporation’s securities is
pending or the number of Corporation securities or the identity of the selling Holders), and (ii) there is no limitation on the duration of time that such Holder and its Representatives may be in possession of MNPI and no requirement that the
Company or other Holders make any public disclosure to cause such information to cease to be MNPI; provided that the Corporation will use commercially reasonable best efforts to promptly notify each Holder if any proposed registration or
offering for which a notice has been delivered pursuant to this Agreement has been terminated or aborted. 

  
 23 

 (b)    Each Holder agrees that it will maintain the confidentiality of
such MNPI and, to the extent such Holder is not a natural person, such confidential treatment shall be in accordance with procedures adopted by it in good faith to protect confidential information of third parties delivered to such Holder
(“Policies”); provided that a holder may deliver or disclose MNPI to (i) its directors, officers, employees, agents, attorneys, affiliates and financial and other advisors (collectively, the
“Representatives”), but solely to the extent such disclosure reasonably relates to its evaluation of exercise of its rights under this Agreement and the sale of any Registrable Securities in connection with the subject of the
notice, (ii) any federal or state regulatory authority having jurisdiction over such Holder, (iii) any Person if necessary to effect compliance with any law, rule, regulation or order applicable to such Holder, (iv) in response to any
subpoena or other legal process, or (v) in connection with any litigation to which such Holder is a party; provided further, that in the case of clause (i), the recipients of such MNPI are subject to the Policies or agree to hold
confidential the MNPI in a manner substantially consistent with the terms of Section 13 and that in the case of clauses (ii) through (v), such disclosure is required by law and you promptly notify the
Corporation of such disclosure to the extent such Holder is legally permitted to give such notice. 
 (c)    Each
Holder, by its execution of a counterpart to this agreement or of a Joinder, hereby (i) acknowledges that it is aware that the U.S. securities laws prohibit any person who has MNPI about a company from purchasing or selling, directly or
indirectly, securities of such company (including entering into hedge transactions involving such securities), or from communicating such information to any other person under circumstances in which it is reasonably foreseeable that such person is
likely to purchase or sell such securities, and (ii) agrees that it will not use or permit any third party to use, and that it will use its reasonable best efforts to assure that none of its representatives will use or permit any third party to
use, any MNPI the Corporation provides in contravention of the U.S. securities laws and cease trading in the Corporation’s securities while in possession of material non-public information. 

(d)    Each Holder shall have the right, at any time and from time to time (including after receiving information
regarding any potential Public Offering), to elect to not receive any notice that the Corporation or any other Holders otherwise are required to deliver pursuant to this Agreement by delivering to the Corporation a written statement signed by such
Holder that it does not want to receive any notices hereunder (an “Opt-Out Request”); in which case and notwithstanding anything to the contrary in this Agreement the Corporation and
other Holders shall not be required to, and shall not, deliver any notice or other information required to be provided to Holders hereunder to the extent that the Corporation or such other Holders reasonably expect would result in a Holder acquiring
MNPI. An Opt-Out Request may state a date on which it expires or, if no such date is specified, shall remain in effect indefinitely. A Holder who previously has given the Corporation an Opt-Out Request may revoke such request at any time, and there shall be no limit on the ability of a Holder to issue and revoke subsequent Opt-Out Requests; provided
that each Holder shall use commercially reasonable best efforts to minimize the administrative burden on the Corporation arising in connection with any such Opt-Out Requests. 

  
 24 

 Section 14.    General Provisions. 

(a)    Amendments and Waivers. Except as otherwise provided herein, the provisions of this Agreement may be amended,
modified, terminated or waived only with the prior written consent of the Corporation and each Controlling Holder; provided that no such amendment, modification, termination or waiver that would materially and adversely affect a Holder in a
manner materially different than any other Holder (provided that the accession by Additional Investors to this Agreement pursuant to Section 9 shall not be deemed to adversely affect any Holder), shall be effective
against such Holder without the consent of such Holder that is materially and adversely affected thereby. The failure or delay of any Person to enforce any of the provisions of this Agreement shall in no way be construed as a waiver of such
provisions and shall not affect the right of such Person thereafter to enforce each and every provision of this Agreement in accordance with its terms. A waiver or consent to or of any breach or default by any Person in the performance by that
Person of his, her or its obligations under this Agreement shall not be deemed to be a consent or waiver to or of any other breach or default in the performance by that Person of the same or any other obligations of that Person under this Agreement.

 (b)    Remedies. The parties to this Agreement shall be entitled to enforce their rights under this Agreement
specifically (without posting a bond or other security), to recover damages caused by reason of any breach of any provision of this Agreement and to exercise all other rights existing in their favor. The parties hereto agree and acknowledge that a
breach of this Agreement would cause irreparable harm and money damages would not be an adequate remedy for any such breach and that, in addition to any other rights and remedies existing hereunder, any party shall be entitled to specific
performance and/or other injunctive relief from any court of law or equity of competent jurisdiction (without posting any bond or other security) in order to enforce or prevent violation of the provisions of this Agreement. 

(c)    Severability. Whenever possible, each provision of this Agreement shall 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 prohibited, invalid, illegal or unenforceable in any respect under any applicable law or regulation in any jurisdiction, such prohibition, invalidity,
illegality or unenforceability shall not affect the validity, legality or enforceability of any other provision of this Agreement in such jurisdiction or in any other jurisdiction, but this Agreement shall be reformed, construed and enforced in such
jurisdiction as if such prohibited, invalid, illegal or unenforceable provision had never been contained herein. 

(d)    Entire Agreement. Except as otherwise provided herein, this Agreement contains the complete agreement and
understanding among the parties hereto with respect to the subject matter hereof and supersedes and preempts any prior understandings, agreements or representations by or among the parties hereto, written or oral, which may have related to the
subject matter hereof in any way. 
 (e)    Successors and Assigns. This Agreement shall bind and inure to the
benefit and be enforceable by the Corporation and its successors and assigns and the Holders and their respective successors and assigns (whether so expressed or not). In addition, whether or not any express assignment has been made, the provisions
of this Agreement which are for the benefit of Holders are also for the benefit of, and enforceable by, any subsequent or successor Holder that acquired Registrable Securities from a prior or predecessor Holder. 

  
 25 

 (f)    Notices. Any notice, demand or other communication to be
given under or by reason of the provisions of this Agreement shall be in writing and shall be deemed to have been given (i) when delivered personally to the recipient, (ii) when sent by confirmed electronic mail or facsimile if sent during
normal business hours of the recipient but; if not, then on the next Business Day, (iii) one Business Day after it is sent to the recipient by reputable overnight courier service (charges prepaid) or (iv) three Business Days after it is
mailed to the recipient by first class mail, return receipt requested. Such notices, demands and other communications shall be sent to the Corporation at the address specified below and to any Original LLC Owner or to any other party subject to this
Agreement at such address as indicated on the Schedule of Investors, 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. Any party may change such
party’s address for receipt of notice by providing prior written notice of the change to the sending party as provided herein. The Corporation’s address is: 

Bioventus Inc. 
 4721 Emperor
Boulevard, Suite 100 
 Durham, North Carolina 27703 

Attn: General Counsel 
 With a copy to: 

Latham & Watkins LLP 

200 Clarendon St. 
 Boston,
Massachusetts 02116 
 Attn: Wesley C. Holmes, Esq. 

Facsimile: (617) 948-6001 

or to such other address or to the attention of such other Person as the recipient party has specified by prior written notice to the sending party. 

(g)    Business Days. If any time period for giving notice or taking action hereunder expires on a day that is not
a Business Day, the time period shall automatically be extended to the immediately following Business Day. 

(h)    Governing Law. The corporate law of the State of Delaware shall govern all issues and questions concerning
the relative rights of the Corporation and its stockholders. All other issues and questions concerning the construction, validity, interpretation and enforcement of this Agreement and the exhibits and schedules hereto shall be governed by, and
construed in accordance with, the laws of the State of New York, without giving effect to any choice of law or conflict of law rules or provisions (whether of the State of New York or any other jurisdiction) that would cause the application of the
laws of any jurisdiction other than the State of New York. 
 (i)    MUTUAL WAIVER OF JURY TRIAL. AS A
SPECIFICALLY BARGAINED FOR INDUCEMENT FOR EACH OF THE PARTIES HERETO TO ENTER INTO THIS 

  
 26 

 
AGREEMENT (AFTER HAVING THE OPPORTUNITY TO CONSULT WITH COUNSEL), EACH PARTY HERETO EXPRESSLY WAIVES THE RIGHT TO TRIAL BY JURY IN ANY LAWSUIT OR PROCEEDING RELATING TO OR ARISING IN ANY WAY FROM
THIS AGREEMENT OR THE MATTERS CONTEMPLATED HEREBY. 
 (j)    CONSENT TO JURISDICTION AND SERVICE OF PROCESS. EACH
OF THE PARTIES IRREVOCABLY SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF THE FEDERAL COURTS OF THE UNITED STATES OF AMERICA LOCATED IN THE CITY AND COUNTY OF NEW YORK BOROUGH OF MANHATTAN, FOR THE PURPOSES OF
ANY SUIT, ACTION OR OTHER PROCEEDING ARISING OUT OF THIS AGREEMENT, ANY RELATED AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY OR THEREBY. EACH OF THE PARTIES HERETO FURTHER AGREES THAT SERVICE OF ANY PROCESS, SUMMONS, NOTICE OR DOCUMENT BY U.S.
REGISTERED MAIL TO SUCH PARTY’S RESPECTIVE ADDRESS SET FORTH ABOVE SHALL BE EFFECTIVE SERVICE OF PROCESS FOR ANY ACTION, SUIT OR PROCEEDING WITH RESPECT TO ANY MATTERS TO WHICH IT HAS SUBMITTED TO JURISDICTION IN THIS PARAGRAPH. EACH OF THE
PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY OBJECTION TO THE LAYING OF VENUE OF ANY ACTION, SUIT OR PROCEEDING ARISING OUT OF THIS AGREEMENT, ANY RELATED DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY IN THE UNITED STATES
DISTRICT COURT FOR THE DISTRICT OF DELAWARE, AND HEREBY AND THEREBY FURTHER IRREVOCABLY AND UNCONDITIONALLY WAIVES AND AGREES NOT TO PLEAD OR CLAIM IN ANY SUCH COURT THAT ANY SUCH ACTION, SUIT OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT
IN AN INCONVENIENT FORUM. 
 (k)    No Recourse. Notwithstanding anything to the contrary in this Agreement, the
Corporation and each Holder agrees and acknowledges that no recourse under this Agreement or any documents or instruments delivered in connection with this Agreement, shall be had against any current or future director, officer, employee, general or
limited partner or member of any Holder or of any Affiliate or assignee thereof, whether by the enforcement of any assessment or by any legal or equitable proceeding, or by virtue of any statute, regulation or other applicable law, it being
expressly agreed and acknowledged that no personal liability whatsoever shall attach to, be imposed on or otherwise be incurred by any current or future officer, agent or employee of any Holder or any current or future member of any Holder or any
current or future director, officer, employee, partner or member of any Holder or of any Affiliate or assignee thereof, as such for any obligation of any Holder under this Agreement or any documents or instruments delivered in connection with this
Agreement for any claim based on, in respect of or by reason of such obligations or their creation. 

(l)    Descriptive Headings; Interpretation. The descriptive headings of this Agreement are inserted for
convenience only and do not constitute a part of this Agreement. The use of the word “including” in this Agreement shall be by way of example rather than by limitation. 

  
 27 

 (m)    No Strict Construction. The language used in this
Agreement shall be deemed to be the language chosen by the parties hereto to express their mutual intent, and no rule of strict construction shall be applied against any party. 

(n)    Counterparts. This Agreement may be executed in multiple counterparts, any one of which need not contain the
signature of more than one party, but all such counterparts taken together shall constitute one and the same agreement. 

(o)    Electronic Delivery. This Agreement, the agreements referred to herein, and each other agreement or
instrument entered into in connection herewith or therewith or contemplated hereby or thereby, and any amendments hereto or thereto, to the extent executed and delivered by means of a photographic, photostatic, facsimile or similar reproduction of
such signed writing using a facsimile machine or electronic mail 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 a facsimile machine or electronic mail to deliver a signature or the fact that any signature or agreement or instrument was transmitted or communicated
through the use of a facsimile machine or electronic mail as a defense to the formation or enforceability of a contract and each such party forever waives any such defense. 

(p)    Further Assurances. In connection with this Agreement and the transactions contemplated hereby, each Holder
shall execute and deliver any additional documents and instruments and perform any additional acts that may be necessary or appropriate to effectuate and perform the provisions of this Agreement and the transactions contemplated hereby. 

(q)    No Inconsistent Agreements. The Corporation shall not hereafter enter into any agreement with respect to its
securities which is inconsistent with or violates the rights granted to the Holders in this Agreement. 

Section 15.    Term. This Agreement shall terminate on the date as of which all of the Registerable Securities
have been sold (i) pursuant to a Registration Statement (but in no event prior to the applicable period referred to in Section 4(a)(3) of the Securities Act and Rule 174 thereunder (or any successor rule promulgated thereafter by the
Commission)) or (ii) without registration pursuant to Rule 144 (or any similar provision) under the Securities Act with no volume or other restrictions or limitations. The provisions of Section 7 and
Section 10(c) shall survive any termination. 
 * * * * * 

  
 28 

 IN WITNESS WHEREOF, the parties have executed this Registration Rights Agreement as of the
date first written above. 
  

			
	BIOVENTUS INC.
		
	By:	 	 /s/ Kenneth M. Reali

	Name:	 	Kenneth M. Reali
	Title:	 	Chief Executive Officer

  
 [Signature Page to
Registration Rights Agreement] 

 
			
	SMITH & NEPHEW, INC.
		
	By:	 	 /s/ Catheryn A. O’Rourke

	Name:	 	Catheryn A. O’Rourke
	Title:	 	Director
	
	SMITH & NEPHEW (EUROPE) B.V.
		
	By:	 	 /s/ J.A.D.J. Lindeman

	Name:	 	J.A.D.J. Lindeman
	Title:	 	Director
		
	By:	 	 /s/ Antoine Vidts

	Name:	 	Antoine Vidts
	Title:	 	Director

  
 [Signature Page to
Registration Rights Agreement] 

 
			
	EW HEALTHCARE PARTNERS ACQUISITION FUND, L.P.
		
	By:	 	EW Healthcare Partners Acquisition Fund GP, L.P.
	Its:	 	General Partner
		
	By:	 	EW Healthcare Partners Acquisition Fund UGP, LLC, its general partner
		
	By:	 	 /s/ Martin P. Sutter

	Name:	 	Martin P. Sutter
	Title:	 	Manager

  
 [Signature Page to
Registration Rights Agreement] 

 
			
	WHITE PINE MEDICAL LLC
		
	By:	 	 /s/ Martin P. Sutter

	Name:	 	Martin P. Sutter
	Title:	 	Manager

  
 [Signature Page to
Registration Rights Agreement] 

 
			
	SPINDLETOP HEALTHCARE CAPITAL L.P.
		
	By:	 	 /s/ Evan Melrose

	Name:	 	Evan Melrose
	Title:	 	Managing Director

  
 [Signature Page to
Registration Rights Agreement] 

 
			
	PANTHEON GLOBAL CO-INVESTMENT OPPORTUNITIES FUND L.P.
		
	By:	 	 /s/ Jeffrey Miller

	Name:	 	Jeffrey Miller
	Title:	 	Managing Director

  
 [Signature Page to
Registration Rights Agreement] 

 
			
	 AMP-CF HOLDINGS, LLC
  

	By:	 	 /s/ Dana L. Niles

	Name:	 	Dana L. Niles
	Title:	 	Chief Operating Officer

  
 [Signature Page to
Registration Rights Agreement] 

 
			
	ALTA PARTNERS VIII, L.P.
		
	By:	 	 /s/ Guy Nohra

	Name:	 	Guy Nohra
	Title:	 	Managing Director

  
 [Signature Page to
Registration Rights Agreement] 

 SCHEDULE OF INVESTORS 

 

					
	 Holder
	  	Controlling
Holder	  	Continuing LLC Owner/
Former LLC Owner
	Smith & Nephew, Inc.	  	S&N Stockholders	  	Continuing LLC Owner
	Smith & Nephew (Europe) B.V.	  	S&N Stockholders	  	Former LLC Owner
	EW Healthcare Partners Acquisition Fund, L.P.	  	Essex Stockholders	  	Former LLC Owner
	White Pine Medical LLC	  	Essex Stockholder	  	Former LLC Owner
	Spindletop Healthcare Capital L.P.	  	Essex Stockholders	  	Former LLC Owner
	Pantheon Global Co-Investment Opportunities Fund L.P.	  	Essex Stockholders	  	Former LLC Owner
	 AMP-CF Holdings, LLC
	  	Essex Stockholders	  	Former LLC Owner
	Alta Partners VIII, L.P.	  	Essex Stockholders	  	Former LLC Owner

 EXHIBIT A 

REGISTRATION RIGHTS AGREEMENT JOINDER 

The undersigned is executing and delivering this Joinder pursuant to the Registration Rights Agreement dated as of February 16, 2021 (as
the same may hereafter be amended, the “Registration Rights Agreement”), among Bioventus Inc., a Delaware corporation (the “Corporation”), and the other person named as parties therein. 

By executing and delivering this Joinder to the Corporation, and upon acceptance hereof by the Corporation upon the execution of a counterpart
hereof, the undersigned hereby agrees to become a party to, to be bound by, and to comply with the provisions of the Registration Rights Agreement as a Holder of Registrable Securities in the same manner as if the undersigned were an original
signatory to the Registration Rights Agreement, and the undersigned’s shares of Class A Common Stock shall be included as Registrable Securities under the Registration Rights Agreement to the extent provided therein. The Corporation is
directed to add the address below the undersigned’s signature on this Joinder to the Schedule of Investors attached to the Registration Rights Agreement. 

Accordingly, the undersigned has executed and delivered this Joinder as of the      day
of            , 20    . 
  

			
	  

	Signature of Stockholder
	
	  

	Print Name of Stockholder
	Its:	 	
		
	Address:	 	
                     
                    

	  

	  

  

			
	Agreed and Accepted as of             , 20    
	
	Bioventus Inc.
		
	By:	 	
                     
                    

	Name:	 	
	Its:EX-10.4

 Exhibit 10.4 

STOCKHOLDERS AGREEMENT 

THIS STOCKHOLDERS AGREEMENT, dated as of February 16, 2021 (as it may be amended, amended and restated or otherwise modified from time to
time in accordance with the terms hereof, this “Agreement”), is entered into by and among (i) Bioventus Inc., a Delaware corporation (the “Company”), (ii) Bioventus LLC, a Delaware limited liability
company (“Bioventus LLC”), (iii) the entities listed on Schedule 1 attached hereto (together with their Affiliates, collectively, the “Essex Stockholders”) and (iv) the entities listed on Schedule
2 attached hereto (together with their Affiliates, collectively, the “S+N Stockholders” and, together with the Essex Stockholders, the “Principal Stockholders” and each a “Principal
Stockholder”). Capitalized terms used herein without definition shall have the meanings set forth in Section 1.1. 

W I T N E S S E T H: 

WHEREAS, the Company, Bioventus LLC, the Principal Stockholders and certain other Persons have effected, or will effect in connection with the
Closing, a series of reorganization transactions (collectively, the “Transactions”); 
 WHEREAS, after giving effect to the
Transactions, the Principal Stockholders own or will own either (x) shares of the Company’s Class A common stock, par value $0.001 per share (the “Class A Common Stock”), or (y) limited
liability company interests in Bioventus LLC (“LLC Interests”) and shares of the Company’s Class B common stock, par value $0.001 per share (the “Class B Common Stock” and, together with
the Class A Common Stock, the “Common Stock”), which such LLC Interests, subject to certain restrictions, are redeemable from time to time at the option of the holder thereof for newly-issued shares of Class A Common Stock
or, if the Company and such holder mutually agree, a cash payment, in each case pursuant to the terms of the Second Amended and Restated Limited Liability Company Agreement of Bioventus LLC (the “LLC Agreement”); 

WHEREAS, prior to the Effective Date, the Company will have priced an initial public offering of shares of its Class A Common Stock (the
“IPO”) pursuant to an Underwriting Agreement dated the Effective Date (the “Underwriting Agreement”); 

WHEREAS, the parties hereto desire to provide for certain governance rights and other matters, and to set forth the respective rights and
obligations of the Principal Stockholders on and after the Effective Date. 

 NOW, THEREFORE, in consideration of the mutual agreements and understandings set forth
herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 

ARTICLE I 
 CERTAIN DEFINITIONS

 SECTION 1.1 Definitions As used in this Agreement, the following terms shall have the following respective meanings: 

“Affiliate” means, with respect to any specified Person, (a) any other Person directly or indirectly controlling,
controlled by, or under common control with such other Person or (b) if such specified Person is a natural person, any other Person that is a part of such specified Person’s Family Group. For purposes of this definition, (i)
“control” when used with respect to any Person means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise, and the terms
“controlling” and “controlled” have correlative meanings, and (ii) no Principal Stockholder or any of its Affiliates shall by reason of this Agreement or the Related Documents be deemed to be an Affiliate of
any other Principal Stockholder, the Company, Bioventus LLC or any of their respective subsidiaries. 
 “Agreement” shall
mean this Stockholders Agreement as in effect on the date hereof and as hereafter from time to time amended, modified or supplemented in accordance with the terms hereof. 

“Bioventus LLC” shall have the meaning set forth in the preamble. 

“Board of Directors” shall mean the Board of Directors of the Company. 

“Board Designees” shall mean the Directors designated by the Principal Stockholders pursuant to
Section 2.1. 
 “Business Day” means a day, other than Saturday, Sunday or other day on
which commercial banks in New York, New York are authorized or required by applicable law to close. 
 “Class A
Common Stock” shall have the meaning set forth in the recitals. 
 “Class B Common Stock” shall
have the meaning set forth in the recitals. 
 “Closing” means the closing of the IPO. 

“Code” shall mean the Internal Revenue Code of 1986, as amended from time to time. 

“Common Stock” shall have the meaning set forth in the recitals. 

“Company” shall have the meaning set forth in the preamble. 

“Company Shares” means (i) all shares of Common Stock that are not then subject to vesting (but including shares that
were at one time subject to vesting to the extent they have vested), (ii) all shares of Common Stock issuable upon exercise, conversion or exchange of any option, warrant or convertible security that are not then subject to vesting (but
including shares that were at one time subject to vesting to the extent they have vested) (without double counting shares of Class A Common Stock issuable upon redemption of LLC Interests) and (iii) all shares of Common Stock directly or
indirectly issued or issuable with respect to the securities referred to in clauses (i) or (ii) above by way of unit or stock dividend or unit or stock split, or in connection with a combination of units or shares, recapitalization, merger,
consolidation or other reorganization. 

  
 2 

 “Director” shall mean a member of the Board of Directors. 

“Effective Date” shall have the meaning set forth in Section 4.12. 

“Essex Stockholder Designee” shall have the meaning set forth in Section 2.1(b). 

“Essex Director” shall have the meaning set forth in Section 2.1(a). 

“Essex Stockholders” shall have the meaning set forth in the preamble. 

“Exchange Act” shall have the meaning set forth in Section 4.11. 

“Family Group” means a Principal Stockholder’s spouse and descendants (whether by birth or adoption) and any
trust solely for the benefit of such Principal Stockholder and/or such Principal Stockholder’s spouse and/or such Principal Stockholder’s descendants (by birth or adoption), parents or dependents, or any charitable trust the grantor of
which is such signatory and/or one or more members of the Principal Stockholder’s Family Group. 
 “Governmental
Authority” means any transnational, domestic or foreign federal, provincial, state or local governmental, regulatory or administrative authority (including the Centers for Medicare & Medicaid Services), department, court, agency,
including any political subdivision thereof. 
 “IPO” shall have the meaning set forth in the recitals. 

“LLC Interests” shall have the meaning set forth in the recitals. 

“Loss” or “Losses” shall mean any claims, losses, liabilities, damages, interest, penalties and costs and
expenses, including reasonable attorneys’, accountants’ and expert witnesses’ fees, and costs and expenses of investigation and amounts paid in settlement, court costs, and other expenses of litigation, including in respect of
enforcement of indemnity rights hereunder (it being understood that Losses shall not include any consequential, special, incidental, indirect or punitive damages). 

“Necessary Action” means, with respect to a specified result, all commercially reasonable actions required to cause such
result that are within the power of a specified Person, including but not limited to (i) voting or providing a written consent or proxy with respect to the Company Shares, (ii) causing the adoption of stockholders’ resolutions and
amendments to the organizational documents of the Company, (iii) executing agreements and instruments, (iv) making, or causing to be made, with governmental, administrative or regulatory authorities, all filings, registrations or similar
actions that are required to achieve such result and (v) causing members of the Board of Directors, subject to any fiduciary duties that such members may have as Directors of the Company (including pursuant to
Section 2.1(e)), to act in a certain manner, including causing members of the Board of Directors or any nominating or similar committee of the Board of Directors to recommend the appointment of any Board Designees as
provided by this Agreement. 

  
 3 

 “Person” shall mean an individual, corporation, company, limited liability
company, association, partnership, joint venture, organization, business, trust or any other entity or organization. 
 “Principal
Stockholders” shall have the meaning set forth in the preamble. 
 “S+N” shall mean Smith & Nephew, Inc.,
a Delaware corporation. 
 “S+N Stockholder Designee” shall have the meaning set forth in
Section 2.1(c). 
 “S+N Director” shall have the meaning set forth in
Section 2.1(a). 
 “S+N Stockholders” shall have the meaning set forth in the preamble. 

“Subsidiary” of any Person means any entity of which securities or other ownership interests having ordinary voting power to
elect a majority of the board of directors or other persons performing similar functions are at the time directly or indirectly owned by such Person. 

“Transactions” shall have the meaning set forth in the recitals. 

“Underwriting Agreement” shall have the meaning set forth in the recitals. 

ARTICLE II 
 CORPORATE GOVERNANCE

 SECTION 2.1 Board of Directors. 

(a)    Composition of Initial Board. As of the Effective Date, the Board of Directors shall be
comprised of nine Directors, (i) three of whom shall be deemed to have been designated by the Essex Stockholders (the “Essex Directors”), (ii) two of whom shall be deemed to have been designated by the S+N Stockholders
(each, a “S+N Director”), (iii) one of whom shall be the Company’s Chief Executive Officer and (iv) three of whom shall meet the requirements for an “independent director” under the rules applicable to The Nasdaq
Global Market exchange and be deemed to have been designated by the Board of Directors (the “Independent Directors”). The initial Chairperson of the Board of Directors shall be William A. Hawkins III. The foregoing directors shall
be divided into three classes of directors, each of whose members shall serve for staggered three-year terms as follows: 

(i)    the class I directors shall initially include two Essex Directors and one Independent Director; 

(ii)    the class II directors shall initially include one S+N Director and two Independent Directors; and

 (iii)    the class III directors shall initially include one S+N Director, one Essex Director and the
Company’s Chief Executive Officer. 

  
 4 

 The initial term of the class I directors shall expire at the first annual meeting of
stockholders following the initial registration of the Class A Common Stock pursuant to the Exchange Act. The initial term of the class II directors shall expire at the second annual meeting of stockholders following such registration. The
initial term of the class III directors shall expire at the third annual meeting of stockholders following such registration. 
 The original
Essex Stockholder Designees, the S+N Stockholder Designees and the Independent Director designees are set forth on Schedule 3 attached hereto. 

(b)    Essex Stockholder Representation. For so long as the Essex Stockholders hold a number of
shares of Common Stock representing at least the percentage of shares of Common Stock held by such Essex Stockholders as of the Closing shown below, each of the Principal Stockholders, individually and not jointly, agrees with the Company (and
only with the Company), and the Company agrees with each of the Principal Stockholders, individually and not jointly, that it shall use their reasonable best efforts to include in the slate of nominees recommended by the Board for election as
Directors at each applicable annual or special meeting of stockholders at which directors are to be elected, that number of individuals designated by the Essex Stockholders (each, a “Essex Stockholder Designee”) that, if elected,
will result in the number of Essex Directors serving on the Board of Directors that is shown below. 
  

			
	 Percentage
	  	Number of Directors
	 75% or greater
	  	3
	 Less than 75% but greater than or equal to 25%
	  	2
	 Less than 25% but greater than or equal to 10%
	  	1
	 Less than 10%
	  	0

 Upon any decrease in the number of directors that the Essex Stockholders are entitled to designate for election
to the Board of Directors, each of the Essex Stockholders, individually and not jointly, agrees with the Company (and only with the Company), and the Company agrees with each of the Essex Stockholders, individually and not jointly, that it shall use
their reasonable best efforts to cause the appropriate number of Essex Stockholder Designees to tender his or her resignation. The Essex Stockholder Designee(s) required to tender his or her resignation will be from the class of directors whose term
is next expiring. Following such resignation, the Board of Directors (by approval of a majority of the remaining Directors) shall select a replacement Director(s) to serve the remainder of the term of the Essex Stockholder Designee(s) that has
resigned (for the avoidance of doubt, the Board of Directors may not select the Essex Stockholder Designee(s) that has resigned). 

  
 5 

 (c)    S+N Stockholder Representation. For so
long as the S+N Stockholders hold a number of shares of Common Stock representing at least the percentage of shares of Common Stock held by such S+N Stockholders as of the Closing shown below, each of the Principal Stockholders, individually and not
jointly, agrees with the Company (and only with the Company), and the Company agrees with each of the Principal Stockholders, individually and not jointly, that it shall use their reasonable best efforts to include in the slate of nominees
recommended by the Board for election as Directors at each applicable annual or special meeting of stockholders at which Directors are to be elected that number of individuals designated by the S+N Stockholders (each, a “S+N Stockholder
Designee”) that, if elected, will result in the number of S+N Directors serving on the Board of Directors that is shown below. 
  

			
	 Percentage
	  	Number of Directors
	 25% or greater
	  	2
	 Less than 25% but greater than or equal to 10%
	  	1
	 Less than 10%
	  	0

 Upon any decrease in the number of directors that the S+N Stockholders are entitled to designate for election
to the Board of Directors, each of S+N Stockholders, individually and not jointly, agrees with the Company (and only with the Company), and the Company agrees with each of the S+N Stockholders, individually and not jointly, that it shall use their
reasonable best efforts to cause the appropriate number of S+N Stockholder Designees to tender his or her resignation. The S+N Stockholder Designee(s) required to tender his or her resignation will be from the class of directors whose term is next
expiring. Following such resignation, the Board of Directors (by approval of a majority of the remaining Directors) shall select a replacement Director(s) to serve the remainder of the term of the S+N Stockholder Designee(s) that has resigned (for
the avoidance of doubt, the Board of Directors may not select the S+N Stockholder Designee(s) that has resigned). 

(d)    Additional Obligations. An individual designated by a Principal Stockholder for election
(including pursuant to Sections 2.1(b) and 2.1(c)) as a Director shall comply with the director qualification requirements of the charter for, and related guidelines of, the Nominating and Corporate Governance Committee and
Section 2.6 of the bylaws of the Company (as the same may be amended, modified or restated from time to time, the “Bylaws”). Notwithstanding anything to the contrary in this Article II, in the event that the Board of
Directors determines in good faith, after consultation with outside legal counsel, that its nomination, appointment or election of a particular Board Designee pursuant to this Section 2.1 or
Section 2.2 would constitute a breach of its fiduciary duties to the Company’s stockholders or does not otherwise comply with any of the director qualification requirements of the charter for, or related guidelines of,
the Nominating and Corporate Governance Committee or Section 2.6 of the Bylaws (provided that any such determination with respect to any Board Designee pursuant to this Section 2.1 shall be made no later than sixty
(60) days after such individual’s nomination, in which case the 

  
 6 

 
Board of Directors shall inform such Principal Stockholder of such determination in writing and explain in reasonable detail the basis for such determination and the Principal Stockholder shall
designate another individual for nomination, election or appointment to the Board of Directors by such Principal Stockholder (subject in each case to this Section 2.1(d)), and the Board of Directors and the Company shall
take all of the actions required by this Article II with respect to the election of such substitute Board Designee. It is hereby acknowledged and agreed, that the fact that a particular Board Designee is an Affiliate, director, professional,
partner, member, manager, employee or agent of a Principal Stockholder or is not an independent director shall not in and of itself constitute an acceptable basis for such determination by the Board of Directors. 

(e)    Notwithstanding anything to the contrary in this Agreement, if the number of Independent Directors
are insufficient to satisfy the independence requirements of The Nasdaq Global Market rules and other applicable laws, rules and regulations, the Board of Directors shall take the Necessary Action to increase the size of the Board of Directors to
the minimum number of Directors needed to comply with such requirements. 

(f)    Vacancies. Except as provided in Sections 2.1(b) and 2.1(c), as
applicable, with respect to decreases in stock ownership of the Principal Stockholders, (i) each Principal Stockholder shall have the exclusive right to request the removal of its Board Designees from the Board of Directors (whether for or
without cause), and each of the Principal Stockholders, individually and not jointly, agrees with the Company (and only with the Company), and the Company agrees with each of the Principal Stockholders, individually and not jointly, that it
shall take all Necessary Action to cause the removal (whether for or without cause) of any such Board Designee at the request of the designating Principal Stockholder and (ii) each Principal Stockholder shall have the exclusive right to
designate directors for election to the Board of Directors to fill vacancies (for the remainder of the then current term) created by reason of death, disability, removal or resignation of its Board Designees to the Board of Directors, and each of
the Principal Stockholders, individually and not jointly, agrees with the Company (and only with the Company), and the Company agrees with each of the Principal Stockholders, individually and not jointly, that it shall take all Necessary
Action to cause any such vacancies to be filled by replacement directors designated by such designating Principal Stockholder as promptly as reasonably practicable. 

SECTION 2.2 Committees. 

(a)    Each of the Essex Stockholders, individually and not jointly, agrees with the Company (and only
with the Company), and the Company agrees with each of the Essex Stockholders, individually and not jointly, that the Essex Stockholders shall have, to the fullest extent permitted by applicable law, subject to Nasdaq Global Market rules and in
compliance with other applicable laws, rules and regulations, and subject to the requirements of the charter for the Nominating and Corporate Governance Committee, the right, but not the obligation, to designate one (1) member of each committee
of the Board of Directors (other than the audit committee) for so long as the Essex Stockholders have the ability pursuant to Section 2.1 to designate for nomination at least one (1) Board Designee.  

  
 7 

 (b)    Each of the S+N Stockholders, individually and
not jointly, agrees with the Company (and only with the Company), and the Company agrees with each of the S+N Stockholders, individually and not jointly, that the S+N Stockholders shall have, to the fullest extent permitted by applicable law,
subject to Nasdaq Global Market rules and in compliance with other applicable laws, rules and regulations, and subject to the requirements of the charter for the Nominating and Corporate Governance Committee, the right, but not the obligation, to
designate one (1) member of each committee of the Board of Directors (other than the audit committee) for so long as the S+N Stockholders have the ability pursuant to Section 2.1 to designate for nomination at least one (1) Board
Designee. 
 (c)    The audit committee of the Board of Directors shall initially be Susan M. Stalnecker,
Philip G. Cowdy and David J. Parker. Upon any resignation or removal of a member of the audit committee of the Board of Directors, a new member shall be designated by the Board of Directors, subject to Nasdaq Global Market rules and in compliance
with other applicable laws, rules and regulations, and subject to the requirements of the charter for the Nominating and Corporate Governance Committee and/or the charter for the Audit Committee. 

(d)    The compliance committee of the Board of Directors shall initially be William A. Hawkins and Susan
M. Stalnecker. Upon any resignation or removal of a member of the compliance committee of the Board of Directors, a new member shall be designated by the Board of Directors, subject to Nasdaq Global Market rules and in compliance with other
applicable laws, rules and regulations, and subject to the requirements of the charter for the Nominating and Corporate Governance Committee and/or the charter for the Compliance Committee. 

SECTION 2.3 Voting Agreement. Each of the Principal Stockholders, individually and not jointly, agrees with the Company (and only with
the Company), and the Company agrees with each of the Principal Stockholders, individually and not jointly, in person or by proxy, to cast all votes to which such Principal Stockholder is entitled in respect of its Company Shares, whether at any
annual or special meeting, by written consent or otherwise, so as to cause to be elected to the Board of Directors those individuals designated in accordance with Section 2.1 and to otherwise effect the intent of this Article II. 

SECTION 2.4 Approvals. Except in accordance with Section 2.1(e), each of the Essex Stockholders and S+N Stockholders,
individually and not jointly, agrees with the Company (and only with the Company), and the Company agrees with each of the Essex Stockholders and S+N Stockholders, individually and not jointly, that the Company shall not take any of the following
actions without the approval of the Essex Stockholders and the S+N Stockholders so long as the Essex Stockholders and the S+N Stockholders (as applicable) have the ability pursuant to Section 2.1 to designate for nomination at least one Board
Designee: 
 (a)    increase or decrease the size of the Board of Directors or any committee; or 

  
 8 

 (b)    amend any of the organizational documents of the
Company, including but not limited to the Company’s Certificate of Incorporation and Bylaws. 
 SECTION 2.5 Agreement of
Company and Bioventus LLC. Each of the Company and Bioventus LLC hereby agrees that it will take all Necessary Actions within its control to cause the matters addressed by this Article II to be carried out in accordance with the provisions
thereof. 
 SECTION 2.6 Restrictions on Other Agreements. Each of the Principal Stockholders, individually and not jointly,
agrees with the Company (and only with the Company) that it shall not grant any proxy or enter into or agree to be bound by any voting trust, agreement or arrangement of any kind with any Person with respect to its Company Shares if and to the
extent the terms thereof conflict with the provisions of this Agreement (whether or not such proxy, voting trust, agreements or arrangements are with other Principal Stockholders, holders of Company Shares that are not parties to this Agreement or
otherwise). 
 ARTICLE III 

REPRESENTATIONS AND WARRANTIES 

Each party hereby represents and warrants severally and not jointly to each other party to this Agreement that as of the date such party
executes this Agreement: 
 SECTION 3.1 Existence; Authority; Enforceability. Such party has the power and authority, corporate
or otherwise, to enter into this Agreement and to carry out its obligations hereunder. If such party is an entity, it is duly organized and validly existing under the laws of its jurisdiction of organization, and the execution and delivery of this
Agreement, and the consummation of the transactions contemplated herein, have been authorized by all necessary action, and no other act or proceeding on its part is necessary to authorize the execution of this Agreement or the consummation of the
transactions contemplated hereby. This Agreement has been duly executed by such party and constitutes such party’s legal, valid and binding obligation, enforceable against such party in accordance with its terms, except as enforcement may be
limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent transfer and similar laws relating to or affecting creditors’ rights generally, or by the general principles of equity. No representation is made by any party
with respect to the regulatory effect of this Agreement, and such party has had an opportunity to consult with counsel as to such party’s rights and responsibilities under this Agreement. No party makes any representation to any other party as
to future law or regulation or the future interpretation of existing laws or regulations by any Governmental Authority or self-regulatory organization. 

SECTION 3.2 Absence of Conflicts. The execution and delivery by such party of this Agreement and the performance of such
party’s obligations hereunder does not and will not (i) conflict with, or result in the breach of, any provision of the organizational documents of such party, if any; (ii) result in any violation, breach, conflict, default or event
of default (or an event which with notice, lapse of time, or both, would constitute a default or event of default), or give rise to any right of acceleration or termination or any additional payment obligation, under the terms of any material
contract or agreement to which such party is a party or by which such party’s assets or operations are bound or affected; or (iii) violate any law applicable to such party. 

  
 9 

 SECTION 3.3 Consents. Other than any consents which have already been obtained, no
consent, waiver, approval, authorization, exemption, registration, license or declaration is required to be made or obtained by such party in connection with the execution, delivery or performance of this Agreement. 

ARTICLE IV 
 MISCELLANEOUS 

SECTION 4.1 Termination. This Agreement shall terminate and be of no further force and effect upon (a) a Principal Stockholder,
upon such Principal Stockholder ceasing to have the ability pursuant to Section 2.1 to designate for nomination at least one Board Designee, or (b) the written agreement of the Principal Stockholders to terminate this Agreement. 

SECTION 4.2 Successors and Assigns; Beneficiaries. Except as otherwise provided herein, all of the terms and provisions of this
Agreement shall be binding upon, shall inure to the benefit of and shall be enforceable by the respective successors and permitted assigns of the parties hereto. This Agreement may not be assigned without the express prior written consent of the
other parties hereto, and any attempted assignment, without such consents, will be null and void; provided that each Principal Stockholder (from time to time party hereto) shall be entitled to assign (solely in connection with a transfer of
Common Stock or LLC Interests) to any of its Affiliates, without such prior written consent, any of its rights and obligations hereunder; provided, further, that any Person (other than an Affiliate) to which a Principal Stockholder
(from time to time party hereto) transfers such Common Stock or LLC Interests shall not be bound by the obligations hereunder and shall not be entitled to the rights hereunder, including pursuant to Sections 2.1(b), 2.1(c),
2.1(d) and 2.1(f) or otherwise. 
 SECTION 4.3 FIRPTA Statement. The Company shall, from time to time upon
the reasonable request of a Principal Stockholder pursuant to Treasury Regulations Section 1.897-2(h)(1), provide a statement to such Principal Stockholder, satisfying the requirements of Treasury
Regulations Section 1.897-2(h), stating whether the Class A Common Stock constitutes a U.S. real property interest.  

SECTION 4.4 Amendment and Modification; Waiver of Compliance. (a)    This Agreement may be amended only by a
written instrument duly executed by the Company and the Principal Stockholders. 
 (b)    Except as
otherwise provided in this Agreement, any failure of any of the parties to comply with any obligation, covenant, agreement or condition herein may be waived by the party entitled to the benefits thereof only by a written instrument signed by the
party granting such waiver, but such waiver or failure to insist upon strict compliance with such obligation, covenant, agreement or condition shall not operate as a waiver of, or estoppel with respect to, any subsequent or other failure; provided
that the Company shall not be entitled to waive the obligations to the Company of each Principal Stockholder in Article 2. 
 SECTION 4.5
Notices. Any notice, request, claim, demand, document and other communication hereunder to any party shall be effective upon receipt (or refusal of receipt) and 

  
 10 

 
shall be in writing and delivered personally or sent by email or first class mail, or by Federal Express, United Parcel Service or other similar courier or other similar means of communication,
as follows: 
 (i)    If to the S+N Stockholders, addressed to Smith & Nephew, Inc., 7135
Goodlett Farms, Cordova, Tennessee 38106, Attention: Chief Legal and Compliance Officer (company.secretary@smith-nephew.com), with a copy to Davis Polk & Wardwell LLP, 450 Lexington Avenue, New York, NY 10017, Attn: Harold Birnbaum; and

 (ii)    If to the Essex Stockholders, addressed to (a) EW Healthcare Partners, 21 Waterway
Avenue, Suite 225, The Woodlands, Texas 77380, Attention: Richard Kolodziejcyk (rkolodziejcyk@ewhealthcare.com), (b) Spindletop Healthcare Capital, LP, 11401 Century Oak Terrace, Suite 410, Austin, Texas 78731, Attn: Evan Melrose
(evan@spindletopcapital.com) (c) Pantheon Global Co-Investment Opportunities Fund L.P., 600 Montgomery Street, 23rd Floor, San Francisco, California
94111, Attn: Jeffrey Miller (jeffrey.miller@pantheon.com) (d) Ampersand Capital Partners, 55 William Street, Suite 240, Wellesley, Massachusetts 02481, Attn: Dana Niles (dln@ampersandcapital.com) and (e) Alta Partners, One Embarcadero
Center, 37th Floor, San Francisco, California 94111, Attn: Larry Randall (finance@altapartners.com) with a copy to Reed Smith LLP, 599 Lexington Avenue, New York, NY 10022, Attn: Mark Pedretti
(MPedretti@ReedSmith.com). 
 or, in each case, to such other address or email address as such party may designate in writing to each Principal Stockholder
by written notice given in the manner specified herein. 
 All such communications shall be deemed to have been given, delivered or made
when so delivered by hand or sent by email (with confirmed transmission), on the next Business Day if sent by overnight courier service (with confirmed delivery) or when received if sent by first class mail. 

SECTION 4.6 Specific Performance. Each party hereto, individually and not jointly, acknowledges and agrees that in the event of
any breach of this Agreement by any of them, the other parties hereto would be irreparably harmed and could not be made whole by monetary damages. Each party, individually and not jointly, accordingly agrees to waive the defense in any action for
specific performance that a remedy at law would be adequate and agrees that the parties, in addition to any other remedy to which they may be entitled at law or in equity, shall be entitled to specific performance of this Agreement without the
posting of bond. The Company hereby agrees with each Principal Stockholder, severally and not jointly, that it will enforce the provisions of this Agreement (including without limitation the provisions of Article 2) against any other Principal
Stockholder in breach of any such provisions. 
 SECTION 4.7 Entire Agreement. The provisions of this Agreement and the other
writings referred to herein or delivered pursuant hereto which form a part hereof contain the entire agreement among the parties hereto with respect to the subject matter hereof and supersede all prior oral and written agreements and memoranda and
undertakings among the parties hereto with regard to such subject matter. 

  
 11 

 SECTION 4.8 Severability. If any provision of this Agreement, or the application
of such provision to any Person or circumstance or in any jurisdiction, shall be held to be invalid or unenforceable to any extent (or the principal exchange on which the Class A Common Stock are traded determines that the existence or
application of a provision of this Agreement will threaten the continued listing of the Class A Common Stock on such principal exchange), (i) the remainder of this Agreement shall not be affected thereby, and each other provision hereof shall
be valid and enforceable to the fullest extent permitted by law (or the rules of the principal exchange on which the Class A Common Stock are traded, as applicable), (ii) as to such Person or circumstance or in such jurisdiction such provision
shall be reformed to be valid and enforceable to the fullest extent permitted by law (or the rules of the principal exchange on which the Class A Common Stock are traded, as applicable) and (iii) the application of such provision to other
Persons or circumstances or in other jurisdictions shall not be affected thereby. 
 SECTION 4.9 CHOICE OF LAW AND VENUE; WAIVER OF
RIGHT TO JURY TRIAL. THIS AGREEMENT SHALL BE GOVERNED BY, CONSTRUED, APPLIED AND ENFORCED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF DELAWARE. EACH OF THE PARTIES HERETO ACKNOWLEDGES AND AGREES THAT IN THE EVENT OF ANY BREACH OF THIS
AGREEMENT, THE NON-BREACHING PARTY WOULD BE IRREPARABLY HARMED AND COULD NOT BE MADE WHOLE BY MONETARY DAMAGES, AND THAT, IN ADDITION TO ANY OTHER REMEDY TO WHICH THEY MAY BE ENTITLED AT LAW OR IN EQUITY, THE
PARTIES SHALL BE ENTITLED TO SUCH EQUITABLE OR INJUNCTIVE RELIEF AS MAY BE APPROPRIATE. THE CHOICE OF FORUM SET FORTH IN THIS SECTION SHALL NOT BE DEEMED TO PRECLUDE THE ENFORCEMENT OF ANY JUDGMENT OF A DELAWARE FEDERAL OR STATE COURT, OR THE TAKING
OF ANY ACTION UNDER THIS AGREEMENT TO ENFORCE SUCH A JUDGMENT, IN ANY OTHER APPROPRIATE JURISDICTION. 
 IN THE EVENT ANY PARTY TO THIS
AGREEMENT COMMENCES ANY LITIGATION, PROCEEDING OR OTHER LEGAL ACTION IN CONNECTION WITH OR RELATING TO THIS AGREEMENT, ANY RELATED AGREEMENT OR ANY MATTERS DESCRIBED OR CONTEMPLATED HEREIN OR THEREIN, THE PARTIES TO THIS AGREEMENT HEREBY
(1) AGREE UNDER ALL CIRCUMSTANCES ABSOLUTELY AND IRREVOCABLY TO SUBMIT TO THE EXCLUSIVE JURISDICTION OF THE COURT OF CHANCERY OF THE STATE OF DELAWARE, OR IF (AND ONLY IF) SUCH COURT FINDS IT LACKS SUBJECT MATTER JURISDICTION, THE SUPERIOR
COURT OF THE STATE OF DELAWARE (COMPLEX COMMERCIAL DIVISION), OR IF UNDER APPLICABLE LAW, SUBJECT MATTER JURISDICTION OVER THE MATTER THAT IS THE SUBJECT OF THE ACTION OR PROCEEDING IS VESTED EXCLUSIVELY IN THE FEDERAL COURTS OF THE UNITED STATES OF
AMERICA, THE UNITED STATES DISTRICT COURT FOR THE DISTRICT OF DELAWARE, AND APPELLATE COURTS FROM ANY THEREOF, WITH RESPECT TO ALL ACTIONS AND PROCEEDINGS ARISING OUT OF OR RELATING TO THIS AGREEMENT AND THE TRANSACTIONS CONTEMPLATED HEREBY
(2) AGREE THAT IN THE EVENT OF ANY SUCH LITIGATION, PROCEEDING OR ACTION, SUCH PARTIES WILL CONSENT AND SUBMIT TO THE PERSONAL JURISDICTION OF ANY SUCH COURT DESCRIBED IN THIS SECTION 4.8 AND TO SERVICE OF PROCESS UPON THEM IN ACCORDANCE

  
 12 

 
WITH THE RULES AND STATUTES GOVERNING SERVICE OF PROCESS; (3) AGREE TO WAIVE TO THE FULL EXTENT PERMITTED BY LAW ANY OBJECTION THAT THEY MAY NOW OR HEREAFTER HAVE TO THE VENUE OF ANY SUCH
LITIGATION, PROCEEDING OR ACTION IN ANY SUCH COURT OR THAT ANY SUCH LITIGATION, PROCEEDING OR ACTION WAS BROUGHT IN ANY INCONVENIENT FORUM; (4) AGREE TO WAIVE ANY RIGHTS TO A JURY TRIAL TO RESOLVE ANY DISPUTES OR CLAIMS RELATING TO THIS
AGREEMENT; (5) AGREE TO SERVICE OF PROCESS IN ANY LEGAL PROCEEDING BY MAILING OF COPIES THEREOF TO SUCH PARTY AT ITS ADDRESS SET FORTH HEREIN FOR COMMUNICATIONS TO SUCH PARTY; (6) AGREE THAT ANY SERVICE MADE AS PROVIDED HEREIN SHALL BE
EFFECTIVE AND BINDING SERVICE IN EVERY RESPECT; AND (7) AGREE THAT NOTHING HEREIN SHALL AFFECT THE RIGHTS OF ANY PARTY TO EFFECT SERVICE OF PROCESS IN ANY OTHER MANNER PERMITTED BY LAW. 

SECTION 4.10 Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original,
but all of which together shall constitute one and the same instrument. 
 SECTION 4.11 Further Assurances. At any time or from
time to time after the date hereof, the parties hereto agree to cooperate with each other, and at the request of any other party, to execute and deliver any further instruments or documents and to take all such further action as any other party may
reasonably request in order to evidence or effectuate the provisions of this Agreement and to otherwise carry out the intent of the parties hereunder. 

SECTION 4.12 Schedule 13 Filings. In accordance with the requirements of Rule 13d-1 under
the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and subject to the limitations set forth therein, each Principal Stockholder that is required to file pursuant to the Exchange Act a Schedule 13D or Schedule 13G,
as applicable, agrees to file such schedule no later than the time period prescribed by the applicable rules of the Exchange Act following the Effective Date. 

SECTION 4.13 Effectiveness of Agreement. Upon the Closing, the Agreement shall thereupon be deemed to be effective (such date, the
“Effective Date”). However, to the extent the Closing does not occur, the provisions of this Agreement shall be without any force or effect. 
  

	*    *    *    	 

  
 13 

 IN WITNESS WHEREOF, each of the undersigned has signed this Stockholders Agreement as of the
date first above written. 
  

			
	COMPANY:
	
	BIOVENTUS INC.
		
	By:	 	 /s/ Kenneth M. Reali

	Name:	 	Kenneth M. Reali
	Title:	 	Chief Executive Officer
	
	BIOVENTUS LLC:
		
	By:	 	 /s/ Kenneth M. Reali

	Name:	 	Kenneth M. Reali
	Title:	 	Chief Executive Officer

  
 [Signature Page to
Stockholders Agreement] 

 
			
	S+N STOCKHOLDERS:
	
	SMITH & NEPHEW, INC.
		
	By:	 	 /s/ Catheryn A. O’Rourke

	Name:	 	Catheryn A. O’Rourke
	Title:	 	Director
	
	SMITH & NEPHEW (EUROPE) B.V.
		
	By:	 	 /s/ J.A.D.J. Lindeman

	Name:	 	J.A.D.J. Lindeman
	Title:	 	Director
		
	By:	 	 /s/ Antoine Vidts

	Name:	 	Antoine Vidts
	Title:	 	Director

  
 [Signature Page to
Stockholders Agreement] 

 
			
	ESSEX STOCKHOLDERS:
	
	EW HEALTHCARE PARTNERS
	ACQUISITION FUND, L.P.
	By:	 	EW Healthcare Partners Acquisition Fund GP, L.P.
	Its:	 	General Partner
		
	By:	 	EW Healthcare Partners Acquisition Funds UGP, LLC, its general partner
		
	By:	 	 /s/ Martin P. Sutter

	Name:	 	Martin P. Sutter
	Title:	 	Manager
	
	WHITE PINE MEDICAL LLC
		
	By:	 	 /s/ Martin P. Sutter

	Name:	 	Martin P. Sutter
	Title:	 	Manager
	
	SPINDLETOP HEALTHCARE CAPITAL L.P.
		
	By:	 	 /s/ Evan Melrose

	Name:	 	Evan Melrose
	Title:	 	Managing Director
	
	PANTHEON GLOBAL CO-INVESTMENT
	OPPORTUNITIES FUND L.P.
		
	By:	 	 /s/ Jeffrey Miller

	Name:	 	Jeffrey Miller
	Title:	 	Managing Director
	
	AMP-CF HOLDINGS, LLC
		
	By:	 	 /s/ Dana L. Niles

	Name:	 	Dana L. Niles
	Title:	 	Chief Operating Officer

  
 [Signature Page to
Stockholders Agreement] 

 
			
	ALTA PARTNERS VIII, L.P.
		
	By:	 	 /s/ Guy Nohra

	Name:	 	Guy Nohra
	Title:	 	Managing Director

  
 [Signature Page to
Stockholders Agreement] 

 SCHEDULE 1 

ESSEX STOCKHOLDERS 
 EW Healthcare
Partners Acquisition Fund, L.P. 
 White Pine Medical LLC 

Spindletop Healthcare Capital L.P. 
 Pantheon Global Co-Investment Opportunities Fund L.P. 
 AMP-CF Holdings, LLC 

Alta Partners VIII, L.P. 

 SCHEDULE 2 

S+N STOCKHOLDERS 
 Smith &
Nephew, Inc. 
 Smith & Nephew (Europe) B.V. 

 SCHEDULE 3 

ORIGINAL DESIGNEES 
 Essex
Directors: 
  

					
	 Designee:
	  	 Class
	  	 
	Guido J. Neels	  	Class I	  	
			
	David J. Parker	  	Class I	  	
			
	Martin P. Sutter	  	Class III	  	

 S+N Directors: 
  

					
	 Designee:
	  	 Class
	  	 
	Designee to be elected by the S+N Stockholders at a future date	  	Class II	  	
			
	Philip G. Cowdy	  	Class III	  	

 Independent Directors: 
  

					
	 Designee:
	  	 Class
	  	 
	Guy P. Nohra	  	Class I	  	
			
	William A. Hawkins	  	Class II	  	
			
	Susan M. Stalnecker	  	Class II

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