Document:

EX-10.8

 Exhibit 10.8 

STOCKHOLDERS AGREEMENT 

THIS STOCKHOLDERS AGREEMENT, dated as of [●], 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. 

  
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 “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. 

  
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 “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. 

  
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 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). 

  
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 (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 

  
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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.  

  
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 (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 

  
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 (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. 

  
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 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 

  
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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. 

  
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 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:	 	
                     
                                       

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

	Name:	 	Kenneth M. Reali
	Title:	 	Chief Executive Officer

  
 [Signature Page to
Stockholders Agreement] 

 
			
	S+N STOCKHOLDERS:
	
	SMITH & NEPHEW, INC.
		
	By:	 	
                     
                                       

	Name:	 	
	Title:	 	
	
	SMITH & NEPHEW (EUROPE) B.V.
		
	By:	 	
                     
                                       

	Name:	 	
	Title:	 	

  
 [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:	 	  

	Name:	 	
	Title:	 	
	
	WHITE PINE MEDICAL LLC
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	SPINDLETOP HEALTHCARE CAPITAL L.P.
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	PANTHEON GLOBAL CO-INVESTMENT
	OPPORTUNITIES FUND L.P.
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	AMPERSAND 2020 LIMITED PARTNERSHIP
		
	By:	 	AMP-20 Management Company Limited
	Partnership, its General Partner
	By:	 	AMP-20 MC LLC, its General Partner
	By:	 	  

	Name:	 	
	Title:	 	

  
 [Signature Page to
Stockholders Agreement] 

 
			
	AMPERSAND CF LIMITED PARTNERSHIP
		
	BY:	 	AMP-CF Management Company Limited
	Partnership, its General Partner
	BY:	 	AMP-CF MC LLC, its General Partner
	By:	 	  

	Name:	 	
	Title:	 	
	
	ALTA PARTNERS VIII, L.P.
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 [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. 
 Ampersand CF Limited Partnership 

Ampersand 2020 Limited Partnership 
 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 IIEX-10.12

 Exhibit 10.12 

PROFITS INTEREST PLAN 

BIOVENTUS LLC 

MANAGEMENT INCENTIVE PLAN 

DATED AS OF MAY 4, 2012 

The purpose of the Bioventus LLC Management Incentive Plan (the “Plan”) is to provide eligible employees of Bioventus LLC
(the “Company”) who are important to the success and growth of the business of the Company an opportunity to share in the future appreciation in value of the Company by receiving grants of Profits Interest Units in the Company. The
Company believes that the Plan will encourage participants to contribute materially to the growth of the Company’s owners, thereby benefiting the Company, and will align the economic interests of the participants with those of the owners.
Awards under the Plan shall consist of grants of Profits Interest Units as described in Section 5 (“Awards”). Capitalized terms that are used but not defined herein shall have the respective meanings accorded to such terms in
the Amended and Restated Limited Liability Company Agreement of the Company, as amended (the “LLC Agreement”). 
  

	1.	 Definitions 

(a) “Benchmark Amount” means the cumulative distributions that must be made by the Company pursuant to the LLC Agreement
before a Grantee is entitled to receive any distributions in respect of such Grantee’s Profits Interest Units. The Benchmark Amount as of the initial effective date of the Plan is $231,372,549.02. 

(b) “Employee” means an employee of the Company. 

(c) “Grantee” means an Employee who receives an Award. 

(d) “Management Distribution Cap” means 10% of the aggregate amount, if any, available for distribution pursuant to
Section 10.05(a)(v) of the LLC Agreement. 
 (e) “Phantom Plan” means the Bioventus LLC Phantom Profits Interests Plan.

 (f) “Profits Interest Unit” means a non-managing,
non-voting ownership interest in the Company issued pursuant to Section 3.01(b) of the LLC Agreement. The Profits Interest Units granted pursuant to this Plan are intended to qualify as “profits
interests” within the meaning of Revenue Procedure 93-27 as clarified by Revenue Procedure 2001-43. 

(g) “Waterfall Distribution Event” means an event pursuant to which distributions are required to be made pursuant to Sections
10.04, 10.05 and/or 10.06 of the LLC Agreement. 
  

	2.	 Administration 

(a) Administration. The Plan shall be administered and interpreted by the Board of Managers (the “Administrator”) or by
a committee or subcommittee, which shall be appointed by the Administrator. To the extent that a committee or subcommittee administers the Plan, references in the Plan to the “Administrator” shall be deemed to refer to the committee or the
subcommittee. 

  
 1 

 PROFITS INTEREST PLAN 

(b) Administrator Authority. The Administrator shall determine (i) the Employees to receive Awards, (ii) the size and terms
of the Awards, (iii) the time when the Awards will be made, (iv) the duration of any applicable vesting period, provided that such vesting period shall not be less than four years and that the Award shall vest ratably over the vesting
period, and (v) the Benchmark Amount with respect to any Award. 
 (c) Administrator Determinations. The Administrator shall have
full power and authority to administer and interpret the Plan, to make factual determinations, and to adopt or amend such rules, regulations, agreements, and instruments for implementing the Plan and for the conduct of its business as it deems
necessary or advisable. All powers of the Administrator shall be executed without the approval or consent of the Grantees. 
  

	3.	 Interests Subject to the Plan 

(a) Awards Authorized by the LLC Agreement. The total amount of Profits Interest Units available for grants under the Plan, when
combined with the total amount of Phantom Profits Interest Units (as defined in the Phantom Plan) granted under the Phantom Plan and any other form of employee, management, or other service provider equity or
equity-related awards of the Company, shall not result in aggregate distributions to the holders thereof in excess of the Management Distribution Cap (such amount determined, solely for this purpose, as if
there were no Phantom Profits Interest Units or Other Management Equity Awards (as defined in the LLC Agreement)) (“Excess Distributions”), unless and to the extent that S&N and the Essex Members consent in their capacity as
Members to such Excess Distributions. If, and to the extent that, Profits Interest Units granted under the Plan terminate or are canceled, forfeited, exchanged, or surrendered, such Profits Interest Units shall be available again for purposes of the
Plan. A Grantee shall have no balance in his or her Capital Account immediately after receipt of an Award. A Grantee shall receive allocations and distributions of the Company’s profits and losses based upon the terms of the LLC Agreement;
provided, however, that upon the occurrence of a Waterfall Distribution Event, a Grantee shall receive, for each vested Profits Interest Unit, distributions pursuant to the LLC Agreement. 

(b) Adjustments. If there is any change in the total amount or kind of Profits Interest Units outstanding (i) by reason of a
spinoff, split of the Profits Interest Units, reclassification, combination, or exchange of such Profits Interest Units or similar event; (ii) by reason of a merger, reorganization, or consolidation; (iii) by reason of any other
extraordinary or unusual event affecting the outstanding Profits Interest Units as a class without the Company’s receipt of consideration; or (iv) by reason of a change in the structure of the Company, or if the value of the outstanding
Profits Interest Units are substantially reduced as a result of a spinoff, the amount or percentage of such Profits Interest Units covered by outstanding Awards, and the kind of Profits Interest Units issued under the Plan shall be appropriately
adjusted by the Administrator to reflect any increase or decrease in the amount of, or change in the kind or value of, issued Profits Interest Units to preclude, to the extent practicable, the enlargement or dilution of rights and benefits under
such Awards. Any adjustments determined by the Administrator shall be final, binding, and conclusive. 

  
 2 

 PROFITS INTEREST PLAN 

4. Eligibility for Participation 

All Employees who are designated by the Administrator shall be eligible to participate in the Plan. 

 

	5.	 Grants of Awards 

(a) Award Agreement. All Awards shall be subject to the terms and conditions of this Plan, the terms of the LLC Agreement, and the
Grantee’s award instrument (the “Award Agreement”). Each Award Agreement shall contain the number of Profits Interest Units underlying the Grantee’s Award and the applicable grant date Benchmark Amount (subject to
adjustment as provided in the LLC Agreement), and each Award shall vest in accordance with the terms of the Grantee’s Award Agreement. 

(b) Acknowledgement by Grantee. All Awards shall be made conditional upon the Grantee’s acknowledgement, in writing or by
acceptance of the Award, that all decisions and determinations of the Administrator shall be final and binding on the Grantee, his or her beneficiaries, and any other person having or claiming an interest under such award. Awards need not be uniform
as among the Grantees. 
 6. Repurchase Right and Forfeiture 

(a) Termination of Employment. 

(i) Except as otherwise set forth in the Award Agreement or in any written employment agreement between the Grantee and the Company in effect
on the date of the Grantee’s termination of employment, upon termination of the employment of any Grantee for any reason other than for Cause (as defined below), the Company shall have a right to repurchase any vested Profits Interest Units
from such Grantee at any time thereafter for an amount equal to the amount that would be allocated to such Grantee’s vested Profits Interest Units if the Company were liquidated on the date of repurchase at fair market value (as determined in
good faith by the Administrator). Profits Interest Units repurchased by the Company may not be reissued. 
 (ii) Except as otherwise set
forth in the Award Agreement or in any written employment agreement between the Grantee and the Company in effect on the date of the Grantee’s termination of employment, any and all of a Grantee’s unvested Profits Interest Units shall be
forfeited upon the termination of the Grantee’s employment for any reason. 
 (b) Termination of Employment for Cause. Except as
otherwise set forth in the Award Agreement or any written employment agreement between the Grantee and the Company in effect on the date of the Grantee’s termination of employment, any and all of a Grantee’s vested and unvested Profits
Interest Units shall be forfeited upon the termination of the Grantee’s employment for Cause. For purposes of this Plan, “Cause” shall have the meaning set forth in the written employment agreement between the Grantee and the Company
in effect on the date of the Grantee’s termination of employment, or if no such agreement exists, shall mean (i) conviction (including guilty plea or plea of nolo contendere) of any felony or any other crime involving fraud, violence or
dishonesty; (ii) commission of or participation in a fraud or act of dishonesty or misrepresentation against the Company; (iii) violation of any written and fully executed contract or agreement between the Grantee and the Company;
(iv) gross negligence or willful misconduct; (v) continued and substantial failure to perform the Grantee’s duties to the Company; or (vi) violation of any material policies, practices or procedures of the Company. 

  
 3 

 PROFITS INTEREST PLAN 

(c) Confidentiality, Non-Compete,
Non-Solicitation. Notwithstanding anything herein to the contrary, a Grantee shall forfeit any and all rights to all vested and unvested Profits Interest Units if the Grantee violates the terms of
any confidentiality, non-solicitation and non-competition provisions of any agreement between the Grantee and the Company, if applicable. In the event that the Company
exercises its repurchase right pursuant to Section 6(a)(i) of this Plan, the payment by the Company of the repurchase price pursuant to Section 6(a)(i) may be delayed in the Company’s sole discretion, in whole or in part, until the
expiration of any post-termination non-competition and/or non-solicitation provisions of any agreement between the Grantee and
the Company, if applicable. 
  

	7.	 Withholding of Taxes 

All Awards under the Plan shall be subject to applicable federal (including FICA), state, and local tax withholding requirements. The Company
may require that the Grantee pay to the Company the amount of any federal, state, or local taxes that the Company is required to withhold with respect to such Awards, or the Company may deduct from other wages paid by the Company the amount of any
withholding taxes due with respect to such Awards. 
  

	8.	 Nontransferability of Awards 

Only the Grantee has any rights under an Award. Except as otherwise set forth in the Award Agreement, a Grantee may not transfer those rights,
directly or indirectly, except by will or the laws of descent and distribution. 
  

	9.	 Requirements for Issuance or Transfer of Profits Interest Units 

(a) Agreement. With respect to any Profits Interest Units issued or distributed pursuant to this Plan, each Grantee shall be required to
execute an agreement with the Company and/or its members, including the LLC Agreement, with such reasonable terms as the Administrator deems appropriate. 

(b) Limitations on Issuance or Transfer of Profits Interest Units. No Profits Interest Units shall be issued or transferred in
connection with any Award until all legal requirements applicable to the issuance or transfer of such Profits Interest Units have been complied with to the satisfaction of the Administrator. The Administrator shall have the right to condition any
Award made to any Grantee hereunder on such Grantee’s undertaking in writing to comply with any reasonable restrictions on his or her subsequent disposition of such Profits Interest Units as the Administrator shall deem necessary or advisable.

  
 4 

 PROFITS INTEREST PLAN 

 

	10.	 Amendment and Termination of the Plan 

(a) Amendment and Termination. The Administrator may, in accordance with the LLC Agreement, amend the Plan or any Award under the Plan,
or terminate the Plan, at any time; provided that no amendment or termination of the Plan or any Award shall, without the consent of a Grantee, adversely impact the rights of any Grantee under any Award granted to such Grantee under the Plan, unless
necessary to meet the requirements of any applicable law or regulation. Before amending or terminating the Plan or any Award to meet the requirements of an applicable law or regulation, the Administrator will attempt to bring the Plan or Award into
compliance with the applicable law or regulation without reducing the benefits or payments to a Grantee to the greatest extent possible. If amendment or termination is still necessary and adversely impacts the rights of a Grantee, the Administrator
will reasonably cooperate with such Grantee to adopt replacement benefits or payments that to the greatest extent possible places the Grantee in the same or a comparable economic position as if the Plan or Award had not been amended or terminated.

 (b) Governing Document. In the event of any conflict between any Award in the form attached hereto as Exhibit A and the LLC
Agreement, such Award shall control. In the event of any conflict between any subsequent Award not in the form attached hereto and the LLC Agreement, the LLC Agreement shall control unless such subsequent Award has been approved by the Board and
Smith & Nephew, Inc., in which case such Award shall control. No other statements, representations, explanatory materials or examples, oral or written, may amend the Plan in any manner. The Plan shall be binding upon and enforceable against
the Company and its successors and assigns. 
  

	11.	 Funding of the Plan 

This Plan shall be unfunded. The Company shall not be required to establish any special or separate fund or to make any other segregation of
assets to assure the payment of any Awards under this Plan. In no event shall interest be paid or accrued on any Award. 
  

	12.	 Rights of Grantees 

No Award shall entitle any Grantee to any (i) voting rights with respect to any action or decision taken or made (or to be taken or made)
by the Company or the Board of Managers, (ii) right to appoint Managers to the Board of Managers, or (iii) appraisal or preemption rights. Nothing in this Plan shall entitle any Employee or any other person to any claim or right to receive
an Award under this Plan. Neither this Plan nor any action taken hereunder shall be construed as giving any individual any rights to be retained by or in the employ of the Company or any other employment rights. 

 

	13.	 Headings 

Section headings are for reference only. In the event of a conflict between a title and the content of a Section, the content of the Section
shall control. 
  

	14.	 Effective Date of the Plan 

The Plan shall be effective on May 4, 2012. 

  
 5 

 PROFITS INTEREST PLAN 

 

	15.	 Miscellaneous 

(a) Compliance with Law. The Plan and the obligations of the Company to issue or transfer Profits Interest Units in connection with
Awards shall be subject to all applicable laws and to approvals by any governmental or regulatory agency as may be required. The Administrator may revoke any Award if it is contrary to law or modify an Award to bring it into compliance with any
valid and mandatory government regulation. The Administrator may also adopt rules regarding the withholding of taxes on payments to Grantees. The Administrator may, in its sole discretion, agree to limit its authority under this Section. 

(b) Governing Law. The validity, construction, interpretation, and effect of the Plan and Award Agreements issued under the Plan shall
be governed and construed by and determined in accordance with the laws of the State of Delaware, without giving effect to the conflict of laws provisions thereof. 

  
 6

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