Document:

EX-10.1

 Exhibit 10.1 
 EMPLOYMENT AGREEMENT 
 This Employment Agreement (“Agreement”) is
made as of the date set forth below between InfuSystem Holdings, Inc. (“Corporation”) and Jonathan P. Foster (“Employee”). 
 Recitals 
  

			
	RECITAL A.	  	Corporation is generally engaged in the business of providing Ambulatory Infusion Pumps and IV Delivery Systems;
		
	RECITAL B.	  	Corporation currently retains the services of Employee as an Independent Contractor pursuant to the terms of Consulting Agreement amended February 9, 2013 (“Consulting
Agreement”);
		
	RECITAL C.	  	Corporation has offered, and Employee has accepted the position of Chief Financial Officer; and
		
	RECITAL D.	  	Employee and Corporation desire to have their rights and obligations specified herein.

 THEREFORE, in consideration of the mutual covenants stated herein, the parties agree as follows:

 Section 1. Scope of Employment. 
 A. Corporation hereby employs Employee and Employee accepts such employment as Chief Financial Officer. Among other responsibilities set forth in the Job Description for the position, and such other
duties which may be assigned to him from time to time, Employee shall be responsible for all accounting, finance, treasury, M&A, planning, tax and internal audit, credit, risk management, real estate, legal, and investor relations matters of the
Company. Employee shall be paid in accordance with the provisions of Section 3 of this Agreement. 
 B. During the term of
this Agreement, Employee shall diligently and conscientiously devote Employee’s full time, attention and energies to the duties herein described. Employee shall not engage in any other employment or business activity without the express prior
written consent of Corporation; provided, however, Employee may continue to engage in certain non-medical related personal businesses consistent with his past practices. Employee shall not, directly or indirectly, engage or participate in any
activities at any time during the term of this Agreement which conflict with the best interests of Corporation. Employee shall work at such times and at such places as reasonably directed by the Corporation’s Chief Executive Officer, including
a minimum average of three (3) days per week outside the Employee’s office in South Carolina at the Corporation’s Madison Heights, Michigan and/or Olathe, Kansas offices, or such other locations as reasonably directed by the Chief
Executive Officer. 
 C. Employee shall, at all times during the term of this Agreement, discharge Employee’s duties herein
described in consultation with and under the direction, approval and control of the Chief Executive Officer, or such other individual as designated by Corporation. Notwithstanding any other provision of this Agreement, Corporation reserves the
absolute right, in its sole and absolute discretion, to make any and all decisions with respect to actions to be taken by Employee in connection with the rendering of Employee’s duties. 
 Section 2. Term of Agreement. 
 A. The term of this Agreement
shall be effective September 1, 2013, and continue thereafter unless terminated by either party, with or without cause. This Agreement shall also automatically terminate upon Employee’s death or Disability. “Disability” shall be
defined as the inability of Employee to reasonably perform his duties or responsibilities to Corporation as a result of mental or physical ailment of incapacity, for an aggregate period of ninety (90) consecutive calendar days, as determined by
a physician designated by Corporation. 

  
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 B. Employee expressly acknowledges that this Agreement is terminable at will by Employee or
Corporation, with or without cause, and without payment, penalty or further obligation except as follows: 
  

	 	i.	If Employee’s employment with Corporation is terminated for any reason, including, but not limited to, Employee’s Disability or as a result of Employee’s
death, then Employee (or Employee’s estate) shall be entitled to receive all Annual Base Salary, Paid Time Off (“PTO”), benefits and other compensation that has accrued but is unpaid as of the date of termination, including any
Incentive Compensation Plan award earned in respect of the immediately preceding calendar year but not yet paid as of the date of termination. Any payments under this provision (except for any Incentive Compensation Plan) shall be made within 30
days after the date on which employment terminates. Any Incentive Compensation Plan award payable under this provision shall be made in accordance with Section 3(B) of this Agreement. 

 

	 	ii.	Unless Employee’s employment with Corporation is terminated by Corporation for cause, then contingent upon execution and delivery to Corporation of an
unconditional general release, in form satisfactory to the Corporation, of all claims against Corporation, its parent company, subsidiaries, affiliates, officers, directors, employees and agents, arising from or in connection with this Agreement or
Employee’s employment with Corporation, Employee shall be entitled to the continuation of his salary and health insurance benefits for a period of nine (9) months. 

 

	 	iii.	“Cause” shall include any one or more of the following: (a) Employee’s repeated failure or inability to perform the duties and responsibilities set
forth under this Agreement or reasonably assigned from time to time by Corporation; (b) Employee’s failure to comply with any applicable laws and regulations in performing the duties and responsibilities set forth under this Agreement or
reasonably assigned from time to time by Corporation; (c) Employee’s breach of any of Employee’s duties to Corporation, rules applicable to all Corporation employees generally or contractual obligations to Corporation set forth in
this Agreement or any other agreement between Corporation and Employee; (d) an act of fraud, misappropriation, or embezzlement on Employee’s part which results in or is intended to result in Employee’s or another’s personal
enrichment at the expense of Corporation or its parent company, subsidiaries, affiliates, employees, agents or customers; (e) willful misconduct or gross negligence that has a material adverse effect on Corporation or its subsidiaries or
affiliates; (f) Employee’s conviction of a felony or of any crime involving moral turpitude or dishonesty (or entering a plea of nolo contendere with respect to such crime); and (g) Employee’s Disability.

 C. Notwithstanding anything to the contrary in this Section 2, in the event of the termination of
Employee’s relationship with Corporation for any reason whatsoever, the rights and obligations of the parties as set forth in Sections 5, 6, 7, 8, 9, 11, 14 and 16 shall continue. 
 Section 3. Compensation. 
 A. Corporation shall pay Employee a
bi-weekly salary, subject to normal withholdings and payable in accordance with the normal payroll practices of Corporation, in the annual amount of Two Hundred and Fifty-Seven Thousand dollars ($257,000) (“Annual Base Salary”). Annual
Base Salary may be reevaluated on a yearly basis for a possible increase, but there is no guarantee that compensation shall be increased and the decision as to same remains at the sole discretion of Corporation. 

B. Employee shall have the opportunity to earn bonuses pursuant to the terms of the attached Incentive Compensation Plan (Exhibit A
hereto). 
 C. Employee shall not be entitled to any compensation after the termination of Employee’s employment for any
reason whatsoever, except as provided under Section 2(B)(i) and (ii). 
 D. Corporation has the right to deduct from any
amounts payable under this Agreement an amount necessary to satisfy its obligation, under applicable laws, to withhold income or other taxes of Employee attributable to payments made hereunder. 

  
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 Section 4. Fringe Benefits. 

A. Employee shall receive the following fringe benefits during the course of Employee’s employment: 

 

	 	i.	Medical and dental insurance benefits, as generally available to employees of Corporation from time-to-time; 

 

	 	ii.	Retirement benefits in accordance with the retirement plan(s) of Corporation so long as said plans are maintained by Corporation and so long as Employee has fulfilled
the requirements under the plan(s); 

  

	 	iii.	Life Insurance benefits, as generally available to employees of Corporation from time-to-time; 

 

	 	iv.	Short-Term Disability benefits and Accidental Death and Dismemberment Insurance, as generally available to employees of Corporation from time-to-time;

  

	 	v.	Long-Term Disability benefits, as generally available to employees of Corporation from time-to-time; 

 

	 	vi.	Reimbursement for all reasonable business-related travel and entertainment expenses as per the terms of the InfuSystem Expense Guidelines which can be found on
Corporation’s computer network, including Employee’s travel expenses to and from his office in South Carolina to any location at which he is required to work pursuant to his obligations contained in Section 1.B;

  

	 	vii	Reimbursement for continuing professional education expenses as required to maintain Employee’s professional designation, of up to $1,500 each calendar year, or
such larger amount as approved by the Chief Executive Officer each calendar year; 

  

	 	viii.	21 days of Paid Time Off (“PTO”) each year during the term, subject to the terms of InfuSystem, Inc.’s Employee Handbook, provided that as of the
Effective Date of this Agreement Employee shall be deemed to have accrued fifteen (15) days of PTO; and 

  

	 	ix.	Reimbursement for the use of a home telephone, cellular phone, laptop computer and related services and supplies for business use as approved by the Chief Executive
Officer, which approval will not be unreasonably withheld. 

 Corporation reserves the right to modify or terminate its benefit
plans and arrangements generally for all its employees, including Employee, except that Corporation may not modify Employee’s right to reimbursement of his travel expenses to and from his office in South Carolina as stated in subsection vi
above without Employee’s consent. 
 B. Employee shall not be entitled to any fringe benefits not set forth in this Section
or InfuSystem, Inc.’s Employee Handbook. 
 C. Employee specifically acknowledges that Corporation reserves the right to
change the terms of Corporation’s Employee Handbook at any time, in its sole discretion. 
 Section 5. Non-Disclosure of
Confidential Information. 
 Employee acknowledges that, in and as a result of Employee’s performing the duties
hereunder, Employee will be making use of, acquiring, creating and/or adding to confidential and proprietary information of a special and unique nature and value relating to the customers, potential customers, customer lists, suppliers, vendors and
agents 

  
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of Corporation (“Corporation” for purposes of Section 5, 6 and 7 of this Agreement shall include Corporation, its parent company, subsidiaries, affiliates and related parties,
including, but not limited to, InfuSystem Holdings USA, Inc., InfuSystem, Inc. and First Biomedical, Inc.), the contracts, pricing lists, marketing plans, business records, accounting records, sales reports, billing systems, inventory systems,
financing and loan documents, bank records, financial records and statements, tax filings and records, account lists, territory reports, quotation forms, advertising and marketing methods and techniques, systems, methodologies, facts, data, patent
and license information of Corporation, the computer systems, computer programs, software, web portal solutions, customer sales portal design, development, and programming of Corporation, the employee payroll information and records, employee
medical records, information contained in employee personnel files or other employee files of Corporation, and all other information concerning the business and/or affairs of Corporation (hereinafter “Confidential Information”).

 A. As an inducement for Corporation to enter into this Agreement, Employee agrees that Employee will not, at any time, either
during the term of this Agreement or thereafter, divulge, disclose or communicate to any person, firm, corporation or entity whatsoever, directly or indirectly, or use for Employee’s own benefit or the benefit of others, any Confidential
Information which may be in Employee’s possession or to which Employee has access. Employee further acknowledges that all records and lists of the customers and prospective customers of Corporation, and all matters affecting or relating to the
business and financial operation of Corporation, are the property of Corporation and are material and confidential and greatly affect the effective and successful conduct of the business of Corporation and the goodwill of Corporation. Employee
hereby agrees that Employee shall never divulge, disclose or communicate any such information to any person, firm, corporation or other entity during the term of this Agreement or thereafter. 

B. Employee agrees that any books, manuals, price lists, customer lists, supplier and/or distributor lists, plans, samples or other
written or electronic evidence and/or forms of Confidential Information, including, but not limited to emails, computer files and all other electronic media, shall only be used by Employee during the term of this Agreement and constitute the
property of Corporation. Employee is only authorized to use these materials while undertaking Employee’s responsibilities under this Agreement. All of these materials must be returned to Corporation or destroyed by Employee upon Employee’s
separation from Corporation for any reason whatsoever. 
 C. Corporation has informed Employee of the need to keep the terms of
this Agreement confidential in order to prevent damage to Corporation’s business and its relationships with its other employees. Therefore, during the term of this Agreement and thereafter, Employee shall not disclose any of the terms of
Employee’s compensation under this Agreement, or any documents generated by Corporation or Employee relating to the calculation of Employee’s compensation or bonuses, to any third party other than Employee’s accountant, financial and
legal advisors or spouse, or as required under State or Federal law, except for any information which is already public. In the event of a breach of this confidentiality provision by Employee, Corporation shall be entitled to a permanent injunction,
in order to prevent or restrain any such breach by Employee, as well as all of its attorney fees and costs expended in enforcing this Section, its actual damages and any other remedies available to it at law or in equity.

Section 6. Covenants Against Competition. 
 Employee acknowledges that Employee’s duties as herein described are of a special and unusual character, which have a unique value to Corporation, the loss of which could not be adequately
compensated by damages in an action at law. In view of the unique value to Corporation of the Employee’s duties for which Corporation has contracted hereunder, because of the Confidential Information to be retained by or disclosed to Employee
as set forth above and as a material inducement to Corporation to enter into this Agreement, Employee covenants and agrees that, unless Corporation and its successors and assigns (including, but not limited to a purchaser of substantially all of
Corporation’s assets) shall cease to engage in business: 
 A. During the term of this Agreement and for a period of one
(1) year thereafter, Employee shall not, directly or indirectly, solicit the Corporation’s customers for the rental, sale, consignment and/or repair of ambulatory infusion pumps or IV delivery systems, or related third-party billing and
asset management services (the “Business”), or divert the Corporation’s customers from doing business with Corporation, and further, shall not induce any individual or entity to refrain from referring customers or work to Corporation.
For purposes of this Section 6A, the customers of Corporation shall include: 
  

	 	i.	 any individual, business or governmental entity which purchased goods or services from Corporation related to the Business at any time prior to the
execution of the Agreement or during the term of the Agreement; 

  
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	 	ii.	any individual, business or governmental entity whose name appears on a list of prospective customers maintained by Corporation related to the Business which list was
existing at any time prior to the execution of the Agreement or during the term of the Agreement; 

  

	 	iii.	any suppliers, distributors, vendors or other entities which provided goods or services to Corporation related to the Business at any time prior to the execution of the
Agreement or during the term of the Agreement; and 

  

	 	iv.	any non-profit organizations, large customer facilities, group purchasing organizations or referral sources which did any business with, or referred any customers to,
Corporation related to the Business at any time prior to the execution of the Agreement or during the term of the Agreement. 

 B. During the term of this Agreement and for a period of two (2) years thereafter, Employee shall not, directly or indirectly, own, manage, operate, join, control, accept employment with, or
participate in the ownership, management, operation or control of, or act as an employee, agent or consultant to, or be connected in any manner with, any business which is competitive with Corporation in any states, territories or provinces of the
United States, Canada, Mexico or any other countries in which Corporation has conducted business at any time prior to Employee’s separation from Corporation,. For purposes of determining whether a business is competitive with Corporation, a
competitive business shall be defined as any business which primarily engages in the rental, sale, consignment and/or repair of ambulatory infusion pumps and IV delivery systems for oncology, as well as related third-party billing and asset
management services. 
 C. At the conclusion of the two (2) year non-competition period set forth in Section 6(B),
Corporation may in its sole discretion elect to extend the non-competition period and provisions of Sections 6(B) by up to an additional one (1) year period by paying Employee his Annual Base Salary as of the date of his termination of
employment, for a commensurate period of time. 
 D. During the term of this Agreement and for a period of one (1) year
thereafter, regardless of the reason for Employee’s separation of employment from Corporation, Employee shall not, directly or indirectly, solicit for employment any employees, agents or independent contractors of Corporation or their assigns,
unless previously agreed to in writing by Corporation or its assigns. 
 Section 7. Employee’s Review of Sections 5 and 6.

 A. Employee has carefully read and considered the provisions of Sections 5 and 6 hereof and, having done so, agrees
that the restrictions set forth in such Sections are fair and reasonable and are reasonably required for the protection of the interests of Corporation, its officers, directors and other employees. Employee acknowledges that the restrictions set
forth in Sections 5 and 6 hereof will not unreasonably restrict or interfere with Employee’s ability to obtain future employment. 
 B. It is the belief of the parties that the best protection which can be given to Corporation which does not in any manner infringe on the rights of Employee to conduct any unrelated business, is to
provide for the restrictions described above. In the event any of said restrictions shall be held unenforceable by any court of competent jurisdiction, the parties hereto agree that it is their desire that such court shall substitute a reasonable
judicially enforceable limitation in place of any limitation deemed unenforceable and, as so modified, the covenant shall be as fully enforceable as if it had been set forth herein by the parties. In determining this limitation, it is the intent of
the parties that the court recognize that the parties hereto desire that this covenant not to compete be imposed and maintained to the greatest extent possible. 

  
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 C. In the event of a breach of Section 5 or 6, Corporation, in addition to and not in
limitation of any other rights, remedies or damages available to Corporation at law or in equity, shall be entitled to a permanent injunction, in order to prevent or restrain any such breach by Employee, or by Employee’s partners, agents,
representatives, servants, employers, employees and/or any and all persons directly or indirectly acting for or with Employee. 

Section 8. Public Statements. 
 Employee shall not make any public statements or disclosures regarding the terms of Employee’s employment with Corporation, this Agreement or the termination of Employee’s employment (for any
reason whatsoever) which are not pre-approved in writing by Corporation. Further, Employee shall not make, at any time, any public statement that would libel, slander, disparage, denigrate or criticize Corporation, its parent company, subsidiaries
and affiliates or any of their respective past or present officers, directors, employees or agents. Similarly, Corporation, its parent company, subsidiaries and affiliates or any of their respective past or present officers, directors, employees or
agents shall not make, at any time, any public statement that would libel, slander, disparage, denigrate or criticize Employee. Notwithstanding this Section, nothing contained herein shall limit or impair the ability of any party to provide truthful
testimony in response to any validly issued subpoena. 
 Section 9. Intellectual Property. 

A. Employee assigns to Corporation all rights, title and interest in and to all creations which are or may become legally protectable or
recognized as forms of intellectual property rights, including all works, whether registerable or not, in which copyright, design right or any form of intellectual property rights may subsist, including, but not limited to all innovations,
inventions, improvements, marks, grants, designs, processes, methods, formulas, techniques, videotapes, audiotapes and computer programs, (all referred to as “Intellectual Property”), which Employee, either solely or jointly, conceives,
makes or reduces to practice during the time that this Agreement is in effect, which relate to or directly touches upon Employee’s services to Corporation, or any aspect of Corporation’s business, including but not limited to anything
related to Confidential Information. All such Intellectual Property shall be the absolute property of Corporation. Employee shall make and maintain written records of and promptly and fully disclose to Corporation all such Intellectual Property.

 B. During and after termination of Employee’s services under this Agreement, Employee shall perform, at
Corporation’s sole cost and expense, all useful or necessary acts to assist Corporation, as it may elect, to file patent, design, mark and copyright applications in the United States and foreign countries to protect or maintain rights in the
Intellectual Property, and also perform all useful or necessary acts to assist Corporation, at Corporation’s sole cost and expense, in any related proceedings or litigation as to such Intellectual Property. 

Section 10. Rules and Regulations. 
 Employee agrees to comply with all rules and regulations of Corporation as established from time to time, including, but not limited to, the Employee Handbook and InfuSystem Expense Guidelines.

 Section 11. Indemnification. 
 Employee holds harmless and indemnifies Corporation, its successors and assigns, from and against any and all liabilities, costs, damages, expenses and attorney fees resulting from or attributable to any
and all criminal acts and/or willful misconduct of Employee in connection with Employee’s actions under this Agreement; provided, however, that to the extent any such liabilities, costs, damages, expenses and attorney’s fees are
compensated for by insurance purchased by Corporation and/or Employee, Employee shall not be required to reimburse Corporation for the same. 
 During the term of this Agreement and thereafter, Corporation shall indemnify Employee, and Employee shall be entitled to the protection of insurance policies Corporation may elect to maintain generally
for the benefit of its officers, with respect to all costs, charges and expenses whatsoever incurred or sustained by Employee in connection with any action, suit or proceeding to which he may be made a party by reason of being or having been an
officer or employee of Corporation or having served any other enterprise as a director, officer or employee at the 

  
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request of Corporation, except to the extent that any action, suit or proceeding relates to the criminal acts and/or willful misconduct of Employee. As to Corporation’s indemnification
obligation to Employee: 
  

	 	A.	Corporation shall be entitled to retain counsel of its choice to defend Employee against any and all covered claims and shall be responsible for such counsel’s
costs and fees. In the event Corporation does retain counsel to defend Employee, Corporation shall not be responsible for the fees of any other attorneys retained by Employee. 

 

	 	B.	Employee shall fully cooperate with counsel of Corporation’s choice and provide such information and assistance as Corporation or its counsel may reasonably
request, including, but not limited to, making himself available at reasonable times and places. 

  

	 	C.	Employee shall notify Corporation in writing within ten (10) business days of receiving notice of claims(s) which may be covered by this Agreement. In the event
that Employee shall fail to comply with such notice provision, Employee shall be deemed to have waived all of his rights under this Agreement to be indemnified, held harmless and/or defended as to such claim(s). 

 

	 	D.	Corporation shall be permitted to settle any covered claim or lawsuit brought against Employee at Corporation’s sole discretion, provided that such settlement does
not subject Employee to any liability as a result of such settlement and provided that such settlement does not in any way disparage Employee. Employee shall not settle any covered claim without the prior written approval of Corporation.

 Corporation shall maintain director and officer insurance at reasonable and customary levels. 

Section 12. Assignment. 
 This Agreement is personal to Employee and Employee may not assign or delegate any of Employee’s rights or obligations hereunder. Notwithstanding anything to the contrary, in the event of
Employee’s death, any amounts owing to Employee as compensation shall be payable to a beneficiary designated in writing by Employee, or if no such designation was made, to Employee’s estate. Corporation may, without Employee’s
consent, assign this Agreement to any parent, subsidiary or affiliate of Corporation, to any successor in interest to the business of Corporation or to a purchaser of all or substantially all of the assets of Corporation. 

Section 13. Partial Invalidity. 
 If any term, covenant, warranty, section, clause, condition or provision of this Agreement, is determined by a court of competent jurisdiction to be invalid, void or unenforceable, the remainder of the
provisions hereof, or the application of such term, covenant, warranty, section, clause, condition or provision to persons or circumstances other than those to which it is held invalid or unenforceable, shall remain in full force and effect and
shall in no way be affected, impaired, or invalidated thereby. In such event, this Agreement shall be construed in all respects as if such invalid, void or unenforceable provisions, etc., were omitted. 

Section 14. Section 409A. 
 This Agreement shall be interpreted and applied in all circumstances in a manner that is consistent with the intent of the parties that, to the extent applicable, amounts earned and payable pursuant to
this Agreement shall constitute short-term deferrals exempt from the application of Section 26 USC § 409A (“Section 409A”) and, if not exempt, that amounts earned and payable pursuant to this Agreement shall not be subject to the
premature income recognition or adverse tax provisions of Section 409A. Any payments to be made under this Agreement upon a termination of employment shall only be made if such termination of employment constitutes a “separation from
service” under Section 409A. Notwithstanding the foregoing, Corporation makes no representations that the payments and benefits provided under this Agreement comply with Section 409A and in no event shall Corporation be liable for all
or any portion of any taxes, penalties, interest or other expenses that may be incurred by Employee on account of non-compliance with Section 409A. 

  
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 Section 15. Binding Agreement. 

This Agreement shall become effective only upon execution by both parties. The submission of this Agreement for review to Employee shall
not be construed to be a binding offer of employment. 
 Section 16. Miscellaneous. 

A. This Agreement shall be binding upon and inure to the benefit of the parties hereto, and their respective heirs, devisees, legatees,
personal representatives, successors and assigns. 
 B. Any action or suit by Employee against Corporation arising out of
Employee’s employment, termination of employment or this Agreement, including, but not limited to claims arising under State or Federal civil rights statutes, must be brought within 180 days of the event giving rise to the claim or be forever
barred; provided, however, this waiver does not in any way limit or restrict the Employee’s right to file cross-claims, counter-claims and third-party claims against the Corporation, its officers, directors, employees and agents in the event
the Employee is a party in any legal action. Similarly, any action or suit by Corporation against Employee arising out of Employee’s employment, termination of employment or this Agreement, including, but not limited to claims arising
under State or Federal civil rights statutes, must be brought within 180 days of the event giving rise to the claim or be forever barred; provided, however, this waiver does not in any way limit or restrict the Corporation’s right to file
cross-claims, counter-claims and third-party claims against the Employee in the event the Corporation is a party in any legal action. 
 C. The prevailing party in any action relating to this Agreement shall be entitled to recovery of all reasonable attorney fees, costs and expenses related to same. 

D. Any notices, designations, consents, offers, acceptances, or other communication desired or required to be given hereunder, shall be
in writing and shall be deemed to have been sufficiently given or served for all purposes when received by the recipient party, if hand-delivered or sent by certified or registered mail, return receipt requested, postage prepaid, or sent by
overnight mail to Employee’s last known address, unless notice of a change of address is furnished to Corporation in the manner established by Corporation’s Employee Handbook, or if sent to Corporation’s then registered headquarters.

 E. This Agreement is being entered into as of the date set forth below, but it shall not be effective until September 1,
2013 (the “Effective Date”). The Consulting Agreement between Corporation and Employee shall continue in full force and effect through August 31, 2013, at which time it will terminate and any and all payments due by Corporation to
Employee thereunder shall likewise terminate and Employee will at that time no longer be entitled to any payments under the Consulting Agreement, except for any then outstanding payments required under the Consulting Agreement and any outstanding
reimbursements for expenses due to Employee under Section 3 of the Consulting Agreement. Following the termination of the Consulting Agreement on August 31, 2013, this Agreement will then become effective as of September 1, 2013.
However, in the event Employee’s services to the Corporation are terminated at any time on or prior to August 31, 2013, then the Consulting Agreement and all rights, duties and obligations of the parties thereunder shall survive and
continue in full force and effect under the terms of the Consulting Agreement, and this Agreement, except for Sections 2(B)-(C) and 5 of this Agreement, shall automatically terminate and shall therefore never become effective. In either event,
the Consulting Agreement shall terminate on August 31, 2013. 
 F. Except as expressly stated herein, this Agreement
specifically supersedes any and all negotiations, discussions, proposed drafts and previous employment and compensation agreements. Employee remains bound by the terms of the Employee Handbook and all other written policies of the Corporation,
although the terms of this Agreement supersede any contradictory terms of such other documents, except for the previously executed Non-Disclosure Agreement and the PHI Confidentiality Agreement. Employee specifically acknowledges that Employee is
not entitled to either deferred compensation, dividends or any ownership interest of any kind in Corporation or any related companies or assets not expressly referenced herein and Employee expressly waives any claims as to same. 

  
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 G. This Agreement sets forth the entire understanding of the parties and shall not be
changed or terminated orally. The terms of this Agreement can only be changed through a written instrument signed by Employee and the CEO of Corporation. The waiver by Corporation of a breach of any provision of this Agreement by Employee shall not
operate or be construed as a waiver of any subsequent breach by Employee. 
 H. The section headings as herein used are for
convenience of reference only and in no way define, limit or describe the scope or intent of any provision of this Agreement. 

I. The parties acknowledge that they jointly drafted this Agreement, that no party can be properly referred to as the drafter of same and
that none of the language contained here can be properly construed against either party as the drafter of same. 
 J. This
Agreement is being executed and delivered in the State of Michigan. Any disputes relating to this Agreement shall be governed by Michigan law, including, but not limited to, interpretation, enforceability, validity and construction of this
Agreement. The Oakland County Circuit Court of the State of Michigan shall be the court of exclusive jurisdiction and venue over any disputes arising out of this Agreement, any such disputes must be commenced and maintained in the said Circuit Court
and Employee expressly waives any right of removal to federal court pursuant to 28 U.S.C. §1441. 
 K. This Agreement may
be executed (including by facsimile or scanned electronic mail transmission) in counterparts, each of which shall be deemed to be an original and all of which together shall constitute one and the same instrument. 

Corporation has caused this Agreement to be signed by its duly-authorized Officer, and Employee has signed this Agreement, as of the
day and year written below. 
  

					
	CORPORATION:	 		 	EMPLOYEE:
			
	 /s/ Eric K. Steen
	 		 	 /s/ Jonathan P. Foster

	InfuSystem Holdings, Inc.,	 		 	Jonathan P. Foster
	by its Chief Executive Officer, Eric K. Steen	 		 	Chief Financial Officer
			
	Date: July 1, 2013	 		 	Date: July 1, 2013

  
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 Exhibit A 
 InfuSystem Holdings, Inc. 
 Business Unit Management 

Incentive Compensation Plan 
 You
(“you” and/or “Employee”) have been selected to participate in the InfuSystem Holdings, Inc. Incentive Compensation Plan (the “Plan”). The purpose of the Plan is to recognize and reward key employees of InfuSystem
Holdings, Inc., its subsidiaries and related entities, including, but not limited to, InfuSystem Holdings USA, Inc., InfuSystem, Inc. and First Biomedical, Inc. (collectively, “Infusystem Holdings”), who contribute to the overall financial
performance of their area, business unit, and Infusystem Holdings. By rewarding the successful achievement of the operating plan, InfuSystem Holdings provides a competitive opportunity to enrich your annual cash compensation while driving the
behaviors needed to enhance performance. The terms set forth below govern the Plan, except where in conflict, local laws prevail. 
 The
following overview explains the guidelines of the Plan: 
  

	 	•	 	 The Plan year starts on January 1, 2013 and ends on December 31, 2013.  

 

	 	•	 	 Unless otherwise approved by the InfuSystem Holdings Board of Directors or Compensation Committee thereof, while you are a participant of the Plan, you
are not eligible to participate in any other bonus/incentive/commission compensation plan that may be offered by InfuSystem Holdings. 

  

	 	•	 	 Your target bonus is established based on your level of responsibility and market factors. Each participant will be notified as to their target bonus.

  

	 	•	 	 The components of your target bonus will be weighted based on factors including InfuSystem Holdings’ and your business unit’s performance.
Details regarding the composition of the factors contributing to your target bonus are outlined below. 

  

	 	•	 	 The Plan includes two components, an Annual Plan (AP) and a Long Term Plan (LTP). 

 

	 	•	 	 The Annual Plan consists of three components: Corporate EBITDA, Corporate Revenue, and Individual Objectives. The Long Term Plan consists of two
components, Corporate Operating Margin and Free Cash Flow. 

  

	 	•	 	 Individual Objectives will be related to specific function and as measurable as possible. These objectives shall be determined at the beginning of the
performance period and mutually agreed upon by the employee and his or her manager. Objectives should be specific, definable and measurable. 

  

	 	•	 	 You must be an employee in good standing as of the end of the Plan year in order to receive an incentive payment. If your employment is terminated
before the end of the Plan year for any reason whatsoever, you will not be entitled to any incentive payment under the Plan. 

  

	 	•	 	 Managers who are responsible for conducting performance appraisals must complete these before he/she will earn or be paid an incentive payment.

  

	 	•	 	 Employees hired during the Plan year will receive a prorated incentive target based on months of service in the Plan year. Employees hired after
October 1st are not eligible to participate in the
current year’s Plan. 

  

	 	•	 	 Employees who are promoted or change positions during the Plan year are eligible for a prorated incentive based on the months of service in each
position. 

  

	 	•	 	 Incentive payments for the Annual Plan will be paid out no later than 90 days following the end of the Plan year or upon the completion of the annual
financial audit. 

  
 -10-

 Employee Name: Jonathan Foster 
 Employee Title: Chief Financial Officer 
 Business Unit: InfuSystem, Inc.

 Annual Plan Target Award % of Base Salary: 50% 
 Long Term Plan Grant Award % of Base Salary: 50% 
 2013 Annual Plan Summary
(Corporate) 
 Performance Measures and Weights: 
 Corporate EBITDA – 50% 
 Corporate Revenues – 25% 

Individual Objectives – 25% 
 Payout
Scale:* 
 At 80% of Plan, receive 50% of payout 
 At 85% of Plan, receive 62.5% of payout 
 At 90% of Plan, receive 75% of payout 

At 95% of Plan, receive 87.5% of payout 
 At
100% of Plan, receive 100% of payout 
 At 105% of Plan, receive 112.5% of payout 
 At 110% of Plan, receive 125% of payout 
 At 115% of Plan, receive 137.5% of payout 

At 120% or more of Plan, receive 150% of payout 

Annual Plan Targets: 
 Corporate EBITDA
Target: To be determined by Compensation Committee 
 Corporate Revenue Target: To be determined by Compensation Committee 

2013 Long Term Plan Summary 

Performance Measures and Weights: 

Operating Profit Margin – 50% 
 Free Cash
Flow – 50% 
 Performance Period: 
 Performance Period will be three years. 
 Grants will be made annually, with a new three-year
rolling performance cycle, for example: 
  

	 	•	 	 The FY 2013 grant will be tied to achievements during the FY 2013-2015 performance cycle 

 

	 	•	 	 The FY 2014 grant will be tied to the FY 2014-2016 cycle, etc. 

 2013 – 2015 Payout Schedule: 
 2013 Grant will be paid within 75 days of the completion
of the 2013 – 2015 performance period. 
 Payout Scale:* 
 At 80% of Plan, receive 25% of payout 
 At 100% of Plan, 100% of payout 

At 120% or more of Plan, receive 150% of payout 

  
 -11-

 2013 – 2015 Long Term Plan Targets: 
 Operating Profit: To be determined by Compensation Committee 
 Free Cash Flow Target: To be
determined by Compensation Committee 
 *Employee is not entitled to any payout at less than 80% of Plan and payout is capped at 150%.

 InfuSystem Holdings’ Board of Directors has the authority to change the terms of this Plan at any time as business needs require in its
sole discretion. Further, this Plan may be terminated at any time, with or without prior notice. The Board or its Compensation Committee shall administer the Plan and has the exclusive and final authority in each determination or interpretation
affecting the Plan and its participants. All such decisions made by the Board or its Compensation Committee are final and binding on participants. This policy is not intended to create a contract of employment, either expressed or implied, nor gives
any participant any right to be retained in the service of InfuSystem Holdings in any capacity. 
 As to Employee’s right to commission and
bonus, this Agreement supersedes all previous discussions, proposed drafts and compensation agreements, including, but not limited to, any conflicting provisions of offer letters, employee handbooks or employment agreements. This Agreement sets
forth the entire understanding of the parties as to Employee’s commission and bonus. No parole evidence shall be used to construe or modify this Agreement. The terms of this Agreement cannot be waived or modified except by a written document
signed by the InfuSystem Holdings’ CEO or CFO, provided that Employee may not sign on behalf of InfuSystem Holdings. 
 Any action or suit
against InfuSystem Holdings relating to sales commission or bonus and/or this Plan must be brought by Employee within 180 days of the event giving rise to the claims or be forever barred and Employee expressly waives any limitation periods to the
contrary. Participants also waive trial by jury in connection with any action or suit arising under or related to this Plan. This Agreement will be governed by and construed in accordance with the laws of the State of Michigan. The parties expressly
agree that the Oakland County Circuit Court shall have exclusive jurisdiction over any disputes arising out of this Agreement and that venue is only appropriate in the said Circuit Court. 

 

							
	CORPORATION:	 		 	EMPLOYEE:
				
	By:	 	 /s/ Eric K. Steen
	 		 	 /s/ Jonathan P. Foster

	InfuSystem Holdings, Inc.	 		 	Chief Financial Officer
	by its Chief Executive Officer	 		 	
			
	Dated: July 1, 2013	 		 	Dated: July 1, 2013

  
 -12-EX-10.1

 Exhibit 10.1 
 CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR PORTIONS OF THIS DOCUMENT. THE CONFIDENTIAL PORTIONS HAVE BEEN REDACTED AND ARE DENOTED BY AN ASTERIK IN BRACKETS [*]. THE CONFIDENTIAL PORTIONS HAVE BEEN
SEPARATELY FILED WITH THE SECURITIES AND EXCHANGE COMMISSION. 
 AMENDMENT NO. 3 TO 

MATRIX COMMERCIALIZATION COLLABORATION 
 AGREEMENT 
 THIS AMENDMENT NO. 3 TO MATRIX COMMERCIALIZATION
COLLABORATION AGREEMENT (this “Amendment No. 3”) is dated as of June 25, 2013 (the “Amendment No. 3 Effective Date”) by and between Musculoskeletal Transplant Foundation, Inc., a
non-profit corporation formed under the laws of the District of Columbia, and having a principal place of business at 125 May Street, Suite 300, Edison, New Jersey 08837 (“MTF”), and Orthofix Holdings, Inc., a
corporation organized under the laws of the State of Delaware, and having a principal place of business at 3451 Plano Parkway, Lewisville, Texas 75056 (“Orthofix”) (each individually a “Party” and
collectively the “Parties”). 
 W I T N E S S
E T H: 
 WHEREAS, the Parties have entered into that certain Matrix Commercialization
Collaboration Agreement dated as of July 28, 2008, as amended by that certain Amendment No. 1 to Matrix Commercialization Collaboration Agreement dated as of December 15, 2010 and that certain Amendment No. 2 to Matrix
Commercialization Collaboration Agreement dated as of January 9, 2012 (collectively the “Original Agreement”), pursuant to which the Parties have collaborated on the commercialization of the Matrix I and Matrix II
(capitalized terms utilized in this Amendment No. 3 and not otherwise defined in this Amendment No. 3 to have the respective meaning assigned and ascribed to such terms under the Original Agreement); 

WHEREAS, the Parties desire further to collaborate with respect to the development and commercialization of an additional
allogenic cancellous bone matrix containing viable mesenchymal stem cells and/or osteoprogenitor cells and conforming to the Matrix III Specifications (as defined herein) (hereinafter identified as the “Matrix III”);

 WHEREAS, neither Party currently makes the Matrix III commercially available and the Parties believe that they can
develop and commercialize the Matrix III more effectively and efficiently together than on their own; 
  

	[*]	Certain confidential information contained in this document, marked with an asterisk in brackets, has been omitted and filed separately with the Securities and Exchange
Commission pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

 WHEREAS, to effectuate that collaboration, the Parties wish, subject to the terms and
conditions of the Original Agreement, as amended hereby, to (a) give responsibility to (i) MTF to develop and improve the Matrix III and (ii) Orthofix to develop application tools and instruments in connection with the Matrix III and
to provide specified funding to MTF for MTF’s development and improvement of the Matrix III, and (b) share responsibility for contributing scientific or medical personnel, technical expertise and other resources to the development and
improvement of the Matrix III, communicating findings and discoveries to one another with respect to the Matrix III and exchanging information related to such collaboration and (c) give exclusive responsibility, following the Matrix III
Commercialization Date (as defined herein), to (i) MTF to Process quantities of the Matrix III using human tissue procured by MTF and fulfill orders for the Matrix III (x) submitted to MTF by any Third Party that places one or more orders
for the Matrix III directly with MTF or (y) solicited by Orthofix and (ii) Orthofix to market the Matrix III; and 

WHEREAS, the parties acknowledge that, although the Development Agreement has expired by its terms, the references to the
Development Agreement herein and in the Original Agreement are nevertheless intentional and shall be construed as if the Development Agreement were still in effect; 
 NOW, THEREFORE, in consideration of the foregoing premises and mutual covenants contained herein, the Parties agree as follows: 

ARTICLE I 

AMENDMENTS 
 A. Initial Matrix III Forecast. Section 2.2 of the Original Agreement is hereby amended by inserting the following at the end thereof: 

“Orthofix shall have submitted to MTF, not later than the thirty (30) days after the date on which the second Matrix III
Development Milestone has been achieved and MTF has delivered to Orthofix the Matrix III Notice of Achievement with respect thereto, a Forecast setting forth the orders that Orthofix reasonably believes will be solicited by Orthofix during
(a) the calendar quarter in which the third Matrix III Development Milestone is achieved, which will be presented in two (2) individual, consecutive forty-five (45) day periods and (b) the three calendar quarters immediately
succeeding (the “Initial Matrix III Forecast”). The Initial Matrix III Forecast may be amended from time to time pursuant to the terms of this Agreement and, as so amended, will be deemed incorporated into each Forecast as aforesaid
pertaining to the same calendar quarters.” 
 B. Matrix III Collaboration. The Original Agreement is hereby
amended by inserting the following new Article VI-B immediately following Article VI-A thereof: 

  
  

	[*]	Certain confidential information contained in this document, marked with an asterisk in brackets, has been omitted and filed separately with the Securities and Exchange
Commission pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

  
 2 

 “ARTICLE VI-B 

MATRIX III DEVELOPMENT COLLABORATION 
 6B.1 General. MTF and Orthofix will engage in the Matrix III Development Collaboration upon the terms and conditions set forth in this Agreement. In furtherance of the foregoing, this Agreement
will from time to time be deemed amended as hereinafter set forth to attach, respectively, the Matrix III Specifications, the Matrix III Release Criteria and the Matrix III Development Plan if and to the extent determined pursuant to the provisions
hereof and subject to revision if and to the extent applicable. 
 6B.2 MTF Obligations. Subject to the
terms and conditions of this Agreement, MTF will, during the Matrix III Development Term, use Reasonable Commercial Efforts to develop the Matrix III in a good scientific manner in accordance with applicable Law and the Matrix III Development Plan
so as to meet the Matrix III Development Milestones, including, without limitation, so that the Matrix III meets the Matrix III Specifications and conforms to and complies with applicable Law. In addition, MTF will, during the Matrix III Development
Term, provide consulting, medical and/or other expertise within the capability of MTF, as reasonably necessary and appropriate, in support of Orthofix’s obligations under this ARTICLE VI-B. 

6B.3 Orthofix Obligations. During the Matrix III Development Term, Orthofix will timely disclose to MTF and provide
information in Orthofix’s possession or within its control, as reasonably necessary or appropriate, for MTF to perform MTF’s obligations under this ARTICLE VI-B and will also provide consulting, medical and/or other expertise within
the capability of Orthofix, as reasonably necessary and appropriate, in support of MTF’s performance of such obligations. Orthofix will use Reasonable Commercial Efforts to develop application tools and instruments in connection with the Matrix
III, including such application tools and instruments as may be proposed by MTF and reasonably acceptable to Orthofix, and MTF will, during the Matrix III Development Term, provide consulting, medical and/or other expertise, in each case within the
capability of MTF, as reasonably necessary or appropriate, in support of such activities. Orthofix will be entitled to have a representative present from time to time during normal business hours upon reasonable prior notice during the performance
at any Facility of MTF of MTF’s development activities under this ARTICLE VI-B to monitor the performance of such activities, subject in all respects to all safety and security procedures reasonably adopted by MTF and communicated to
Orthofix 

  
  

	[*]	Certain confidential information contained in this document, marked with an asterisk in brackets, has been omitted and filed separately with the Securities and Exchange
Commission pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

  
 3 

 6B.4 Change Management Procedure. Either Party may request a change
to the Matrix III Development Plan, the Matrix III Specifications (including line extensions) or the Matrix III Release Criteria at any time by giving a written request to the other Party. Any change requested by MTF will describe the requested
change and explain the anticipated impact of such change on MTF’s performance of its obligation to develop the Matrix III in accordance with this Agreement, including the Matrix III Development Milestones; and in response to any change
requested by MTF, Orthofix will advise MTF, as promptly as practicable, of the anticipated impact of such change on Orthofix’s performance of its obligations hereunder. Any change requested by Orthofix will describe the requested change and
explain the anticipated impact of such change on Orthofix’s performance of its obligations in accordance with this Agreement; and in response to any change requested by Orthofix, MTF will advise Orthofix, as promptly as practicable, of the
anticipated impact of such change on MTF’s performance of its obligation to develop the Matrix III in accordance with this Agreement, including the Matrix III Development Milestones. No change to the Matrix III Specifications, the Matrix III
Development Plan or the Matrix III Release Criteria will become effective unless and until approved by the Steering Committee. 
 6B.5 Research Funding. Subject to Orthofix’s obligations hereunder to make payments in respect of MTF’s achievement of the Matrix III Development Milestones, each Party will pay its own
costs and expenses associated with the technical expertise, scientific personnel, facilities, equipment, materials and other resources it provides in performing its obligations under this ARTICLE VI-B. 

6B.6 Project Managers; Progress Reports; Steering Committee. Each Party will appoint and maintain during the Matrix
III Development Term a project manager who will be primarily responsible to the other Party for all communications relating to the performance of the appointing Party’s obligations under this ARTICLE VI-B (“Matrix III
Project Manager”). At each meeting of the Steering Committee during the Matrix III Development Term, each Party will provide the other Party a report on the performance of its obligations under this ARTICLE VI-B so as to enable the
Steering Committee to evaluate the progress of the Matrix III Collaboration and the work performed in relation to the Matrix III Development Plan. Each Party will provide to the Steering Committee such other information as may be reasonably
requested by the Steering Committee relating to the progress of the Matrix III Collaboration in accordance with the Matrix III Development Plan. In addition to its authority set forth under Section 3.3 hereof, the Steering Committee is
authorized to take the following action: (i) review and evaluate data and progress of the activities under the Matrix III Development Plan; (ii) subject to the terms and provisions of this Agreement, resolve any issues and questions that
may arise with respect to the Matrix III Development Plan or the Matrix III Collaboration; (iii) ensure open 

  
  

	[*]	Certain confidential information contained in this document, marked with an asterisk in brackets, has been omitted and filed separately with the Securities and Exchange
Commission pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

  
 4 

 
communication between the Parties as related to the Matrix III Collaboration and as provided under this Agreement; (iv) determine the initial Matrix III Specifications (based on MTF’s
proposal with respect thereto) and approve any changes thereto (including any line extensions), and determine the initial Matrix III Development Plan and the initial Matrix III Release Criteria, and approve any changes thereto, in accordance with
the change management procedures set forth in Section 6B.4 of this Agreement; and (v) manage and supervise the activities of the Parties under the Matrix III Development Plan and the Matrix III Collaboration. 

6B.7 Milestone Payments. Orthofix will make the following one-time, non-refundable payments to MTF upon the
completion of the applicable milestones described below (each a “Matrix III Development Milestone” and, collectively the “Matrix III Development Milestones”) as confirmed by Orthofix pursuant to the procedures set
forth in Section 6B.8. The payment amount for each Matrix III Development Milestone is paid only once. 
  

					
	Development Milestones
	 
No.
	  	 Description
	  	Payment
Amount
	1	  	 Execution of Amendment No. 3 by MTF and Orthofix
	  	$500,000
	2	  	 Determination of the initial Matrix III Specifications by the Steering Committee or otherwise pursuant to ARTICLE XIX
and delivery of the Matrix III Pre-Clinical Data Package that confirms that the Matrix III meets the Matrix III Specifications.
	  	$250,000
	3	  	 Creation by MTF of an inventory of a commercially-saleable quantity of the Matrix III that is sufficient to satisfy fifty
percent (50%) of Orthofix’s requirements for the Matrix III as set forth in the initial forty-five (45) day forecast reflected in the Initial Matrix III Forecast, as may be amended pursuant to the terms of this Agreement; and MTF’s
demonstration that its work in process supports the ongoing release by MTF, on a daily basis, of sufficient commercially-saleable quantities of the Matrix III to satisfy Orthofix’s daily requirements of the remaining fifty percent (50%) of
Orthofix’s requirements for the Matrix III as set forth in the initial forty-five (45) day forecast reflected in the Initial Matrix III Forecast, as may be amended pursuant to the terms of this Agreement.
	  	$150,000

  
  

	[*]	Certain confidential information contained in this document, marked with an asterisk in brackets, has been omitted and filed separately with the Securities and Exchange
Commission pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

  
 5 

 6B.8 Matrix III Milestone Determination Procedures. 

(a) Payment Obligations. MTF will, in each case, provide to Orthofix written notice (the “Matrix III Notice
of Achievement”) in the event it has achieved a Matrix III Development Milestone (other than the first Matrix III Development Milestone, which shall be deemed achieved upon execution and delivery of Amendment No. 3 by both Parties; and
it being acknowledged and agreed that the Matrix III Notice of Achievement with respect to the third Matrix III Development Milestone may not be provided unless and until MTF has achieved the second Matrix III Development Milestone and provided to
Orthofix the Matrix III Notice of Achievement with respect thereto). Subject to the foregoing, as soon as reasonably practicable following the date of the Matrix III Notice of Achievement of each Matrix III Development Milestone and in any event
within ten (10) business days after the date of the Matrix III Notice of Achievement of any such Matrix III Development Milestone, Orthofix will pay to MTF the applicable payment amount for such Matrix III Development Milestone set forth in
Section 6B.7; provided, however, that each such payment shall be subject to Orthofix’s confirmation, as hereinafter set forth, that the Matrix III Development Milestone covered by such Matrix III Notice of Achievement
has been achieved and in no event will Orthofix be liable for, and MTF will not be entitled to, the applicable payment amount for any Matrix III Development Milestone that is not achieved. 

(b) Standards for Confirmation. Orthofix shall have the right to withhold payment due in respect of a Matrix III
Notice of Achievement covering the second Matrix III Development Milestone solely in the event that (i) MTF has not provided a Notice of Achievement with respect thereto, or (ii) the initial Matrix III Specifications have not been
determined by the Steering Committee or otherwise pursuant to ARTICLE XIX, or (iii) the data contained in the Matrix III Pre-Clinical Data Package fails reasonably to indicate that the Matrix III meets the Matrix III Specifications.
Orthofix shall have the right to withhold payment due in respect of a Matrix III Notice of Achievement covering the third Matrix III Development Milestone solely in the event that (i) MTF has not provided a Notice of Achievement with respect
thereto or with respect to the second Matrix III Development Milestone, or (ii) the results of a physical inventory of the Matrix III and inspection of MTF’s books and records related to the production of the Matrix III fail reasonably to
demonstrate the existence of the required amount of inventory and work in process and the capacity to support ongoing release of the Matrix III. 
 (c) Dispute Resolution. If Orthofix disagrees with MTF’s claim regarding the achievement of a Matrix III Development Milestone as set forth in a Matrix III Notice of Achievement, then Orthofix
will refer the dispute to the Steering Committee as promptly as practicable and, in any event, prior to the date on which payment relating thereto is due, and will provide the Steering 

  
  

	[*]	Certain confidential information contained in this document, marked with an asterisk in brackets, has been omitted and filed separately with the Securities and Exchange
Commission pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

  
 6 

 
Committee with an explanation of the basis for Orthofix’s determination that the applicable Matrix III Development Milestone was not achieved on the date claimed by MTF. The Steering
Committee will meet as promptly as practicable to resolve the dispute. If the Steering Committee has not resolved the dispute within ten (10) business days after referral of the dispute by Orthofix, the dispute will be resolved in accordance
with ARTICLE XIX. In the event of any determination by the Steering Committee or pursuant to ARTICLE XIX that a Matrix III Development Milestone has not been achieved as set forth in a Matrix III Notice of Achievement, MTF shall
thereafter deliver to Orthofix a new Matrix III Notice of Achievement in the event it has achieved such Development Milestone.” 
 C. Representations and Warranties of MTF. The first paragraph of Article VIII of the Original Agreement is hereby deleted in its entirety, and the following is inserted in lieu thereof:

 “Except for the representations and warranties in Section 8.7(a), Section 8.7(b),
Section 8.7(c) and Section 8.8, each of which will be given for the entire Term, MTF hereby represents and warrants to Orthofix as of the Effective Date, and again as of the Amendment No. 2 Effective Date and again as of
the Amendment No. 3 Effective Date, as follows:” 
 D. Representations and Warranties of Orthofix. The
first paragraph of Article IX of the Original Agreement is hereby deleted in its entirety, and the following is inserted in lieu thereof: 
 “Orthofix hereby represents and warrants to MTF as of the Effective Date, and again as of the Amendment No. 2 Effective Date and again as of the Amendment No. 3 Effective Date, as
follows:” 
 E. Specifications. Section 10.1 of the Original Agreement is hereby amended by inserting
the following after the second sentence thereof: 
 “The Matrix III Specifications and the Matrix III Release Criteria shall
be added to Exhibits C and D, respectively, upon approval by the Steering Committee, and each of the foregoing may be subsequently amended in accordance with Section 6B.4 (if prior to the Matrix III Commercialization Date)
or in accordance with Section 10.4 (in all other cases).” 
 F. Infringement Claims.
(i) Section 14.1 of the Original Agreement is hereby amended by deleting Sub-paragraph (i) thereunder and inserting the following in lieu thereof: 
 “(i) the provisions of clause (d) immediately preceding shall not extend to, and Orthofix shall have no obligations to MTF under clause (d) immediately preceding with respect to, any Matrix
II Infringement Claim or any Matrix III Infringement Claim; and” 

  
  

	[*]	Certain confidential information contained in this document, marked with an asterisk in brackets, has been omitted and filed separately with the Securities and Exchange
Commission pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

  
 7 

 (ii) Section 14.2 of the Original Agreement is hereby amended by deleting
“and” immediately before clause (d) and inserting the following at the end thereof immediately prior to the period: 
 “and (e) any Matrix III Infringement Claim; provided, however, that (i) in the event of a Matrix III Infringement Claim or a reasonable determination by MTF that a Matrix III
Infringement Claim is likely to be initiated, MTF will have the right to direct Orthofix, by written notice, to cease marketing the Matrix III during the period beginning upon Orthofix’s receipt of such notice and continuing until
Orthofix’s receipt of written notice from MTF that the Matrix III Infringement Claim has been satisfactorily resolved in MTF’s reasonable determination or is no longer expected to be initiated (the “Matrix III Cessation
Period”), and MTF will have no obligation to indemnify or hold harmless Orthofix or any other Person otherwise indemnified hereunder from or against any Damages attributable to any development or marketing of the Matrix III during the
Matrix III Cessation Period” 
 G. Notices. The addresses for notices to Orthofix are hereby deleted from
Section 20.8 of the Original Agreement in their entirety, and the following is inserted in lieu thereof: 
 “If to
Orthofix: 
 Orthofix Holdings, Inc. (c/o Orthofix International N.V.) 

3451 Plano Parkway 
 Lewisville, TX 75056 
 Attention: Chief Executive Officer and General Counsel

 Facsimile No.: (440) 445-0504 
 Hogan Lovells US LLP 
 7930 Jones Branch Drive 

Ninth Floor 

McLean, VA 22102 
 Attention: Cullen G. Taylor 
 Facsimile No.: (703) 610-6200” 

H. Definitions. (a) Addendum 1 of the Original Agreement is hereby amended by inserting the following definitions in
appropriate alphabetical sequence, respectively: 
 “Amendment No. 3” means that certain Amendment
No. 3 to Matrix Commercialization Collaboration Agreement dated June 25, 2013 entered into by the Parties. 

  
  

	[*]	Certain confidential information contained in this document, marked with an asterisk in brackets, has been omitted and filed separately with the Securities and Exchange
Commission pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

  
 8 

 “Amendment No. 3 Effective Date” has the meaning set
forth in Amendment No. 3. 
 “Initial Matrix III Forecast” has the meaning set forth in
Section 2.2. 
 “Matrix III” has the meaning set forth in the Recitals. 

“Matrix III Cessation Period” has the meaning set forth in Section 14.2. 

“Matrix III Commercialization Date” means the date of completion of the last Matrix III Development
Milestone pursuant to the Matrix III Development Plan. 
 “Matrix III Development Collaboration”
means the development of the Matrix III undertaken by the Parties pursuant to the terms and conditions of ARTICLE VI-B of this Agreement. 
 “Matrix III Development Milestones” has the meaning set forth in Section 6B.7. 
 “Matrix III Development Plan” means the plan for development of the Matrix III initially determined by the Steering Committee, as subsequently amended from time to time in accordance with
the procedures set forth in this Agreement. 
 “Matrix III Development Term” means the period
commencing on June 25, 2013 and continuing until the completion of the last Matrix III Development Milestone. 
 “Matrix III Infringement Claim” means any Third Party claim that the exploitation of the Matrix III Subject Intellectual Property in the development, Processing, supply or distribution
under this Agreement and for purposes of the Collaboration of the Matrix III in accordance with the Matrix III Specifications violates the intellectual property rights of a Third Party and/or infringes the valid claim of an existing Patent of a
Third Party; it being understood that a Third Party Claim regarding the development, Processing, supply or distribution of the Matrix III independent of the Collaboration shall not be within the definition of Matrix III Infringement Claim.

 “Matrix III Notice of Achievement” has the meaning set forth in Section 6B.8(a).

 “Matrix III Pre-Clinical Data Package” means the following data, to be obtained in accordance
with criteria determined by the Steering Committee consistent with this Agreement, of completed Matrix III after thawing as it would be used in clinical practice: 

[*] 
 “Matrix III Project Manager” has the meaning set forth in Section 6B.6. 

  
  

	[*]	Certain confidential information contained in this document, marked with an asterisk in brackets, has been omitted and filed separately with the Securities and Exchange
Commission pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

  
 9 

 “Matrix III Release Criteria” means the procedures and
release criteria for verification that each Lot of the Matrix III complies with the Matrix III Specifications to be determined initially by the Steering Committee and set forth in Exhibit D attached hereto, as subsequently amended from time
to time in accordance with the procedures set forth in this Agreement. 
 “Matrix III
Specifications” means the specifications for the Matrix III to be initially determined by the Steering Committee (based on MTF’s proposal with respect thereto) and set forth in Exhibit C attached hereto, as subsequently amended
from time to time in accordance with the procedures set forth in this Agreement. 
 “Matrix III Subject
Intellectual Property” means any intellectual property exploited, in any manner, directly or indirectly, in whole or in part, in connection with the Matrix III and not also exploited in any manner, directly or indirectly, in whole or in
part, in connection with the Matrix I or Matrix II. 
 “Third Phase Developed Technology” means
(a) all Technology, Inventions and Know-How arising during the Matrix III Development Term under or in connection with the activities of the Parties pursuant to the Matrix III Development Plan under ARTICLE VI-B hereof, and all
Improvements after the beginning of the Matrix III Development Term and during the remainder of the Term with respect thereto, including, without limitation, all Patents relating to the foregoing, and (b) all Improvements to the First Phase
Developed Technology and the Second Phase Developed Technology made after the beginning of the Matrix III Development Term and during the remainder of the Term, including, without limitation, all Patents relating to the foregoing. 

(i) Addendum 1 of the Original Agreement is further amended by deleting the definitions of “Collaboration”, “Developed
Technology”, “Existing MTF Technology”, “Existing Orthofix Technology”, “Matrix”, “Minimum Service Fee” and “Second Phase Developed Technology” and inserting the following in lieu thereof,
respectively: 
 “Collaboration” means the Processing and Commercialization of the Matrix
pursuant to the terms and conditions of this Agreement, and except for purposes of Section 2.7, the Matrix II Development Collaboration and the Matrix III Development Collaboration. 

“Developed Technology” means the First Phase Developed Technology, the Second Phase Developed Technology
and the Third Phase Developed Technology. 
 “Existing MTF Technology” means (a) for all
purposes of this Agreement other than Section 7.1(a)(ii), such Technology, Inventions and Know-How Controlled by MTF (x) in existence as of the date of this Agreement (including, without limitation, all Patents), in each case solely
insofar as necessary or useful for making, using, selling, offering to sell and importing the Matrix and (y) in existence as of the beginning of the Matrix III Development 

  
  

	[*]	Certain confidential information contained in this document, marked with an asterisk in brackets, has been omitted and filed separately with the Securities and Exchange
Commission pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

  
 10 

 
Term (including, without limitation, all Patents, but excluding First Phase Developed Technology and the Second Phase Developed Technology), in each case solely insofar as necessary or useful for
making, using, selling, offering to sell and importing the Matrix, and (b) solely for purposes of Section 7.1(a)(ii), such Technology, Inventions and Know-How Controlled by MTF (x) in existence as of the Effective Date
(including, without limitation, all Patents), in each case solely insofar as necessary for making, using, selling, offering to sell and importing the Matrix and (y) in existence as of the beginning of the Matrix III Development Term (including,
without limitation, all Patents, but excluding First Phase Developed Technology and Second Phase Developed Technology), in each case solely insofar as necessary for making, using, selling, offering to sell and importing the Matrix. 

“Existing Orthofix Technology” means (a) for all purposes of this Agreement other than
Section 7.1(b)(ii), such Technology, Inventions and Know-How Controlled by Orthofix (x) in existence as of the date of this Agreement (including, without limitation, all Patents), in each case solely insofar as necessary or useful
for making, using, selling, offering to sell and importing the Matrix and (y) in existence as of the beginning of the Matrix III Development Term (including, without limitation, all Patents, but excluding First Phase Developed Technology and
the Second Phase Developed Technology), in each case solely insofar as necessary or useful for making, using, selling, offering to sell and importing the Matrix, and (b) solely for purposes of Section 7.1(b)(ii), such Technology,
Inventions and Know-How Controlled by Orthofix (x) in existence as of the Effective Date (including, without limitation, all Patents), in each case solely insofar as necessary for making, using, selling, offering to sell and importing the
Matrix and (y) in existence as of the beginning of the Matrix III Development Term (including, without limitation, all Patents, but excluding First Phase Developed Technology and Second Phase Developed Technology), in each case solely insofar
as necessary for making, using, selling, offering to sell and importing the Matrix. 
 “Matrix”
means the Matrix I, the Matrix II and the Matrix III, and each of them; provided, however, that, prior to the Matrix II Commercialization Date, each reference to “Matrix” under ARTICLES II (except for
Section 2.9), IV, V, X and XII, and under Section 7.3, the proviso under Section 17.1 and under Section 17.3 means the Matrix I; and provided further, that, prior to
the Matrix III Commercialization Date, each reference to “Matrix” under ARTICLES II (except for Section 2.9), IV, V, X and XII, and under Section 7.3, the proviso under
Section 17.1 and under Section 17.3 means the Matrix I and the Matrix II. 

“Minimum Service Fee” means $[*]per cc of the Matrix I, $[*] per cc of the Matrix II and $[*] per cc of
the Matrix III. 
 “Release Criteria” means the Matrix I Release Criteria, the Matrix II Release
Criteria and the Matrix III Release Criteria, as the case may be; provided, however, that, prior to the Matrix II Commercialization Date, each reference to “Release Criteria” under ARTICLE X means the Matrix I Release
Criteria; and provided further, that prior to the Matrix III Commercialization Date, each reference to “Release Criteria” under ARTICLE X means the Matrix I Release Criteria and the Matrix II Release Criteria. 

  
  

	[*]	Certain confidential information contained in this document, marked with an asterisk in brackets, has been omitted and filed separately with the Securities and Exchange
Commission pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

  
 11 

 “Second Phase Developed Technology” means (a) all
Technology, Inventions and Know-How arising during the Matrix II Development Term under or in connection with the activities of the Parties pursuant to the Matrix II Development Plan under ARTICLE VI-A hereof, and all Improvements after the
beginning of the Matrix II Development Term and prior to the beginning of the Matrix III Development Term with respect thereto, including, without limitation, all Patents relating to the foregoing, and (b) all Improvements to the First Phase
Developed Technology made after the beginning of the Matrix II Development Term and prior to the beginning of the Matrix III Development Term, including, without limitation, all Patents relating to the foregoing. 

“Specifications” means the Matrix I Specifications, the Matrix II Specifications and the Matrix III
Specifications, as the case may be; provided, however, that, prior to the Matrix II Commercialization Date, each reference to “Specifications” under ARTICLE X means Matrix I Specifications; and provided further,
that prior to the Matrix III Commercialization Date, each reference to “Specifications” under ARTICLE X means the Matrix I Specifications and the Matrix II Specifications. 

(ii) Addendum 1 of the Original Agreement is further amended by adding the phrase “development of the Matrix III and the”
immediately following the phrase “development of the Matrix II” contained under the definition of “Reasonable Commercial Efforts”. 
 ARTICLE II 
 MISCELLANEOUS 

A. The Parties each hereby acknowledge and agree that, by entering into this Amendment No. 3, they have satisfied any obligations
under Section 6.2 of the Original Agreement with respect to the Matrix III as a Product Concept thereunder. In addition, and without limiting any provision of Article IX of the Original Agreement, as amended hereby, Orthofix hereby represents,
warrants and confirms to MTF that it has complied with the provisions of the NuVasive License (as defined in the Original Agreement), including, without limitation, Section 3.2 thereof, with respect to this Amendment\ 

B. Except as amended hereby, the Original Agreement shall remain in full force and effect. 

C. This Amendment may be executed in counterparts, each of which shall be deemed to be an original, and all of which taken together will
constitute one and the same instrument. 

  
  

	[*]	Certain confidential information contained in this document, marked with an asterisk in brackets, has been omitted and filed separately with the Securities and Exchange
Commission pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

  
 12 

 IN WITNESS WHEREOF, the parties have caused this Amendment to be executed and
delivered as of the date first written above. 
  

									
	MUSCULOSKELETAL TRANSPLANT
        FOUNDATION, INC.	  	 	  	ORTHOFIX HOLDINGS, INC.
					
	By	 	/s/ Bruce Stroever	  	 	  	By	  	 /s/ Michael Finegan

  
  

	[*]	Certain confidential information contained in this document, marked with an asterisk in brackets, has been omitted and filed separately with the Securities and Exchange
Commission pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

  
 13

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