Document:

Exhibit 10.2

CHANGE IN CONTROL AGREEMENT

THIS
AGREEMENT, dated as of March 29, 2007, is made by and between Biomet, Inc., an
Indiana corporation (the “Company”), and Jay P. Richardson (the “Executive”).

Recitals

A.            The Company
considers it essential to the best interests of its shareholders to foster the
continuous employment of certain key management personnel, including the
Executive.

B.            The Board recognizes
that, as is the case with many publicly-held corporations, the possibility of a
Change in Control exists and that such a possibility, and the uncertainty and
questions that it may raise among management, may result in the departure or
distraction of certain key management personnel to the detriment of the Company
and its shareholders.

C.            The Board has determined
that appropriate steps should be taken to reinforce and encourage the continued
attention and dedication of members of the Company’s management, including the
Executive, to their assigned duties without distraction in the face of
potentially disturbing circumstances arising from, among other things, the
possibility of a Change in Control.

D.            The parties intend
that no amount or benefit will be payable under this Agreement unless both of
the following events occur: (i) a Change in Control occurs; and (ii) the
Executive’s employment with the Company is terminated as provided in this
Agreement.

AGREEMENT

In
consideration of the premises and the mutual covenants and agreements set forth
below, the Company and the Executive agree as follows:

ARTICLE I

Term of Agreement

Section 1.01           Term.

(a)           The “Term” of
this Agreement is the period commencing on the date hereof and ending on the
second anniversary of the date hereof; provided, however, that commencing on
the date one year after the date hereof, and on each annual anniversary of such
date (such date and each annual anniversary thereof shall be hereinafter
referred to as the “Renewal Date”), unless previously terminated, the
Term shall be automatically extended so as to terminate two years from such
Renewal Date, unless at least 60 days prior to the Renewal Date the Board shall
give notice to the Executive that the Term not be so extended.  Notwithstanding any notice to the Executive
that the Term shall not be extended, if a Change in Control occurs prior to the
expiration of the Term, then the Term shall be automatically extended so as to
expire two years from the date of such Change in Control.

(b)           Notwithstanding anything to the contrary contained herein, this
Agreement shall automatically terminate and be canceled and the Executive shall
have no further rights or obligations hereunder immediately prior to the
Closing, as defined in the Agreement and Plan of Merger dated December 18, 2006
by and among Biomet, Inc., LVB Acquisition

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Merger Sub, Inc. and LVB Acquisitions LLC, as such may be amended from
time to time (the “Transaction Agreement”).

Section 1.02           Post-Change
in Control Employment Period. 
Subject to the terms and conditions of this Agreement, the Company
hereby agrees to continue the Executive in its employ, and the Executive hereby
agrees to remain in the employ of the Company for the period commencing on the
first date on which a Change in Control occurs during the Term and ending on
the second anniversary of such date (the “Post-CIC Employment Period”).

ARTICLE II

Termination of Employment

Section 2.01           Death or
Disability. The Executive’s employment shall terminate automatically upon
the Executive’s death during the Term. If the Company determines in good faith
that the Disability (pursuant to the definition of Disability set forth below)
of the Executive has occurred during the Term, it may give to the Executive
written notice in accordance with Article VII of this Agreement of its
intention to terminate the Executive’s employment. In such event, the Executive’s
employment with the Company shall terminate effective on the 30th day after
receipt of such notice by the Executive (the “Disability Effective Date”),
provided that, within the thirty days after such receipt, the Executive shall
not have returned to full-time performance of the Executive’s duties. For
purposes of this Agreement, “Disability” shall mean the absence of the
Executive from the Executive’s duties with the Company on a full-time basis for
180 consecutive business days as a result of incapacity due to mental or
physical illness, which is determined to be a disability pursuant to the
Company’s then existing long term disability plan or, in the absence of such a
plan, a disability determined to be total and permanent by a physician selected
by the Company and acceptable to the Executive or the Executive’s legal
representative.

Section 2.02           Cause.  The Company may terminate the Executive’s
employment during the Term for Cause.

Section 2.03           Good
Reason.  The Executive’s employment
may be terminated by the Executive for Post-CIC Good Reason.

Section 2.04           Notice
of Termination. Any termination by the Company for Cause, or by the
Executive for Post-CIC Good Reason, shall be communicated by Notice of
Termination to the other party hereto given in accordance with Article VII of
this Agreement. For purposes of this Agreement, a “Notice of Termination”
means a written notice which (i) indicates the specific termination provision
in this Agreement relied upon, (ii) to the extent applicable, sets forth in
reasonable detail the facts and circumstances claimed to provide a basis for
termination of the Executive’s employment under the provision so indicated and
(iii) if the Date of Termination (as defined below) is other than the date of
receipt of such notice, specifies the termination date. The failure by the
Executive or the Company to set forth in the Notice of Termination any fact or
circumstance which contributes to a showing of Post-CIC Good Reason or Cause
shall not waive any right of the Executive or the Company, respectively,
hereunder or preclude the Executive or the Company, respectively, from
asserting such fact or circumstance in enforcing the Executive’s or the Company’s
rights hereunder.

Section 2.05           Date of
Termination. “Date of Termination” means (i) if the Executive’s
employment is terminated by the Company for Cause, or by the Executive for
Post-CIC Good Reason, the date of receipt of the Notice of Termination or any
later date up to six months thereafter specified therein, as the case may be,
(ii) if the Executive’s employment is terminated by the Company other than for
Cause or Disability, the Date of Termination shall be the date on which the
Company notifies the Executive of such termination or any later date specified
therein within 30 days of such notice and (iii) if the

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Executive’s
employment is terminated by reason of death or Disability, the Date of
Termination shall be the date of death of the Executive or the Disability
Effective Date, as the case may be.

ARTICLE III

Obligations of the Company Upon Termination

Section 3.01           Post-CIC
Good Reason; Other Than for Cause or Disability. If, during the Post-CIC
Employment Period, the Executive shall terminate employment for Post-CIC Good
Reason or the Company shall terminate the Executive’s employment other than for
Cause or Disability (entitling the Executive to benefits under the Company’s
long-term disability plan, after any applicable waiting period):

(a)           The Company shall
pay to the Executive in a lump sum in cash on the tenth (10) Business Day
following the Date of Termination the aggregate of the following amounts:

(i)            the
sum of (1) the Executive’s Annual Base Salary (which for this purpose shall
include any allowance for perquisites that is paid directly to the Executive) through
the end of the fiscal year containing the Date of Termination; (2) an amount
equal to (x) the higher of the target bonus amount or the bonus actually paid
to the Executive under the Company’s incentive bonus plan (or any comparable
successor plan(s)) for the fiscal year of the Company prior to the Date of
Termination (or the first date on which a Change in Control occurs, if such
date is earlier) or (y) the target bonus amount payable to the Executive under
such plan(s) for the fiscal year of the Company which contains the Date of
Termination, whichever of (x) or (y) is higher (the “Target Bonus”); (3)
the total contributions (other than salary reduction contributions) made by the
Company to all qualified retirement plans on behalf of the Executive through
the end of the fiscal year containing the Date of Termination; (4) the total
car allowance contributions made by the Company to the Executive through the
end of the fiscal year containing the Date of Termination;  and (5) any accrued vacation or other pay not
theretofore paid (the sum of the amounts described in clauses (1), (2), (3),
(4) and (5) are herein referred to as the “Accrued Obligations”); and,

(ii)           the
amount equal to the product of (1) one and (2) the sum of (w) the Executive’s
Annual Base Salary (which for this purpose shall include any allowance for
perquisites that is paid directly to the Executive) and (x) the higher of (aa)
the Target Bonus and (bb) the highest annual incentive bonus earned by
Executive during the last one (1) completed fiscal years of the Company
immediately preceding Executive’s Date of Termination (annualized in the event
Executive was not employed by the Company for the whole of any such fiscal
year), with the product of (1) and (2) reduced by the amounts paid, if any, to
the Executive pursuant to any other contractual arrangement with the Executive
or plan providing coverage to the Executive as a result of such termination;
(y)  the total contributions (other than
salary reduction contributions) made by the Company to all qualified retirement
plans on behalf of the Executive for the calendar year immediately preceding
the calendar year in which the Change in Control occurs; and (z) the total car
allowance contributions made by the Company to the Executive for the calendar
year immediately preceding the calendar year in which the Change in Control
occurs.

(b)           The Company shall
provide the following benefit payments to the Executive:

(i)            For a 12-month
period after the Date of Termination, the Company will arrange to provide the
Executive with life insurance benefits and long-term disability benefits
substantially similar to those that the Executive was receiving from the
Company immediately prior to the Date of Termination (or the first date on
which a Change in Control occurs, if such date is earlier). Life insurance
benefits and long-term disability benefits otherwise receivable by the
Executive pursuant to the preceding sentence will be reduced to the extent
comparable benefits are actually received by or made available to the Executive
by any source other than the Company without greater cost to him than as

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provided
by the Company during the 12-month period following the Executive’s termination
of employment (and the Executive will report to the Company any such benefits
actually received by or made available to the Executive). If, as of the Date of
Termination, the Company reasonably determines that the continued life
insurance coverage and/or long-term disability coverage required by this
Section 3.01(b) is not available from the Company’s group insurance carrier,
cannot be procured from another carrier, and cannot be provided on a
self-insured basis without adverse tax consequences to the Executive or his
death beneficiary, then, in lieu of continued life insurance coverage and/or
long-term disability coverage, the Company will pay the Executive a lump sum
payment, in cash, equal to 12 times the full monthly premium payable to the
Company’s group insurance carrier for comparable coverage for an executive
employee under the Company’s group life insurance plan or long-term disability
plan then in effect.

(ii)           The
Company will offer the Executive and any eligible family members the
opportunity to elect to continue medical and dental coverage pursuant to the
continuation coverage requirements of the Consolidated Omnibus Budget
Reconciliation Act of 1985, as amended (“COBRA”). The Executive will be
responsible for paying the required monthly premium for that coverage, but the
Company will pay the Executive a lump sum cash stipend equal to 18 times the
monthly premium then charged to qualified beneficiaries for full family COBRA
continuation coverage under the Company’s medical and dental plans, which the
Executive may choose to use for the payment of COBRA premiums. The Company will
pay the stipend to the Executive whether or not the Executive or anyone in his
family elects COBRA continuation coverage, whether or not the Executive
continues COBRA coverage for a full 18 months, and whether or not the Executive
receives health coverage from another employer while the Executive is receiving
COBRA continuation coverage.

(c)           All outstanding
Options will become immediately vested and exercisable (to the extent not yet
vested and exercisable as of the Date of Termination) and shall remain
exercisable until the earlier of (i) the expiration of the option term or (ii)
five (5) years after the Date of Termination. To the extent not otherwise
provided under the written agreement, if any, evidencing the grant of any restricted Shares to the Executive, all
outstanding Shares that have been granted to the Executive subject to
restrictions that, as of the Date of Termination, have not yet lapsed will
lapse automatically upon the Date of Termination, and the Executive will own
those Shares free and clear of all such restrictions.

(d)           For 12 months
following the Date of Termination the Company shall, at its sole expense,
reimburse the Executive for the cost (but not in excess of $25,000  in the aggregate), as incurred, for
outplacement services the scope and provider of which shall be selected by the
Executive in Executive’s sole discretion.

(e)           To the extent not
theretofore paid or provided, the Company shall timely pay or provide to
Executive any other amounts or benefits required to be paid or provided or
which Executive is eligible to receive under any plan, program, policy,
practice, contract or agreement of the Company (such other amounts and benefits
shall be hereinafter referred to as the “Other Benefits”).

Section 3.02           Death.
If the Executive’s employment is terminated by reason of the Executive’s death
during the Term and prior to a Change in Control, this Agreement shall
terminate without further obligations to the Executive’s legal representatives
under this Agreement. Anything in this Agreement to the contrary
notwithstanding, if the Executive’s 
death occurs after a Change in Control, then this Section 3.02 shall not
apply and the Executive’s estate and/or beneficiaries shall be entitled to the
benefits of Section 3.01.

Section 3.03           Disability.
If the Executive’s employment is terminated by reason of the Executive’s
Disability during the Term, this Agreement shall terminate without further
obligations to the Executive, other than for payment of Accrued Obligations and
the timely payment or provision of Other

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Benefits.
Accrued Obligations shall be paid to the Executive in a lump sum in cash on the
twentieth (20th) Business Day following the Date of Termination. The term “Other
Benefits” as utilized in this Section 3.03 shall include, without limitation,
and the Executive shall be entitled after the Disability Effective Date to
receive, disability and other benefits at least equal to the most favorable of
those generally provided by the Company and its affiliated companies to
disabled executives and/or their families in accordance with such plans,
programs, practices and policies relating to disability, if any, as in effect
generally with respect to other peer executives and their families at any time
during the 120-day period immediately preceding the Date of Termination (or the
date on which a Change in Control occurs, if such date is earlier) or, if more
favorable to the Executive and/or the Executive’s family, as in effect at any
time thereafter generally with respect to other peer executives of the Company
and their families.

Section 3.04           Termination
in Anticipation of a Change in Control.

(a)           An “Anticipatory Termination” occurs if either

(i)            (1)
the Company terminates the Executive’s employment other than for Cause or
Disability prior to the date on which a Change in Control occurs, (2) it is
reasonably demonstrated by the Executive that such termination of employment
(x) was at the request or instruction of a third party who had taken steps
reasonably calculated to effect a Change in Control or (y) otherwise arose
within six months of, and was in connection with or in anticipation of, a
Change in Control, and (3) a Change in Control occurs, or 

(ii)           (1)
during the Term, an event occurs that would have constituted Post-CIC Good
Reason if the date on which a Change in Control occurs was deemed to be the
date immediately prior to the date of such event and the Executive terminated
his employment subsequent to such event, (2) the Executive can reasonably
demonstrate that such Post-CIC Good Reason event (x) was at the request or
instruction of a third party who had taken steps reasonably calculated to
effect a Change in Control or (y) otherwise arose within six months of, and was
in connection with or in anticipation of, a Change in Control, and (3) a Change
in Control occurs. 

(iii)          For purposes of
clauses (i)(1)(y) and (ii)(1)(y) of this Section 3.04(a), it shall be presumed
that such event was in connection with or in anticipation of a Change in
Control unless the Company establishes otherwise by clear and convincing
evidence.

(b)           If the Executive has
reason to believe that an Anticipatory Termination may have occurred, he shall
provide a notice setting forth such belief in accordance with Article VII of
this Agreement within 120 days after a Change in Control has occurred. Upon an
Anticipatory Termination, the Executive shall be entitled to (A) the payments
specified in Sections 3.01(a),(d) and (e) (to the extent not previously paid),
(B) the benefits specified in Section 3.01(b) (to the extent not previously
provided) (or the after-tax equivalent thereof to the extent that such benefits
have not been or are not provided in kind), (C) to the extent that the
Executive has outstanding any unexercised stock options and other stock-based
awards, the provisions of Section 3.01(c) shall apply to them, (D) in respect
of any stock options or other stock based awards that were forfeited by the
Executive as a result of his termination of employment but would have vested
had Section 3.01(c) applied, such awards shall be reinstated (or if not
reinstated, the Executive shall be paid in cash the fair value of such award),
and (E) liquidated damages of $25,000 for penalties associated with the
Anticipatory Termination. For the purposes of this Section 3.04(b), the
Executive’s Date of Termination shall be deemed to be his last date of
employment by the Company.

Section 3.05           Nonexclusivity
of Rights. Nothing in this Agreement shall prevent or limit the Executive’s
continuing or future participation in any plan, program, policy or practice
provided by the Company and for which the Executive may qualify, nor, subject
to Section 8.02, shall anything herein

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limit
or otherwise affect such rights as the Executive may have under any contract or
agreement with the Company. Amounts which are vested benefits or which the
Executive is otherwise entitled to receive under any plan, policy, practice, or
program of or any contract or agreement with the Company at or subsequent to
the Date of Termination shall be payable in accordance with such plan, policy,
practice or program or contract or agreement except as explicitly modified by
this Agreement.

Section 3.06           Certain
Additional Payments by the Company.

(a)           Anything in this
Agreement or in any other agreement between the Company and the Executive or in
any stock option or other benefit plan to the contrary notwithstanding and
except as set forth below, in the event it shall be determined that any payment
or distribution by the Company to or for the benefit of the Executive (whether
paid or payable or distributed or distributable pursuant to the terms of this
Agreement or otherwise, but determined without regard to any additional
payments required under this Section 3.06) (a “Payment”) would be
subject to the excise tax imposed by Section 4999  of the Code or any interest or penalties are
incurred by the Executive with respect to such excise tax (such excise tax,
together with any such interest and penalties, are hereinafter collectively
referred to as the “Excise Tax”), then the Executive shall be entitled
to receive an additional payment (a “Gross-Up Payment”) in an amount
such that after payment by the Executive of all taxes (including any interest
or penalties imposed with respect to such taxes), including, without
limitation, any income taxes (and any interest and penalties imposed with
respect thereto) and Excise Tax imposed upon the Gross-Up Payment, the
Executive retains an amount of the Gross-Up Payment equal to the Excise Tax
imposed upon the Payments.

(b)           All determinations required
to be made under this Section 3.06, including whether and when a Gross-Up
Payment is required and the amount of such Gross-Up Payment and the assumptions
to be utilized in arriving at such determination, shall be made by the
Accounting Firm, which shall provide detailed supporting calculations both to
the Company and the Executive within fifteen business days of the receipt of
notice from the Executive that there has been a Payment, or such earlier time
as is requested by the Company. In the event that the Accounting Firm is
serving as accountant or auditor for the Company or the individual, entity or
group effecting the Change in Control, the Executive shall appoint another
nationally recognized accounting firm to make the determinations required hereunder
(which accounting firm shall then be referred to as the Accounting Firm
hereunder). All fees and expenses of the Accounting Firm shall be borne solely
by the Company. Any Gross-Up Payment, as determined pursuant to this Section
3.06, shall be paid by the Company to the Executive in the calendar
year that includes the date on which the Payment was made; provided, however,
that if a payment is made after December 1 of any calendar year, then the
Gross-Up Payment, as determined pursuant to this Section 3.06, shall be paid by
the Company to the Executive in the immediately succeeding calendar year.  In either case, the Gross-Up Payment shall be
made on the later of the fifth day following the Accounting Firm’s determination and the first day of the applicable
calendar year. Any determination
by the Accounting Firm shall be binding upon the Company and the Executive.

Section 3.07           Tax
Matters. 
Notwithstanding anything contained in this Agreement (or any other
agreement between Executive and the Company or any of its subsidiaries) to the
contrary, the Company and its subsidiaries shall be entitled to deduct and
withhold any amounts required by the Code or under any state or local law
relating to compensation from any payment amounts distributable or due to Executive
from the Company or any of its subsidiaries, including from Executive’s wages,
compensation, or benefits, as may be required by the Code or under any state or
local law relating to compensation.  The
Company and the Executive agree to use commercially reasonable efforts to
ensure that this Agreement complies with Section 409A of the Code such that
Executive is not subject to any additional taxes, interest or penalties under
such provisions. In furtherance thereof, if payment or provision of any amount
or benefit hereunder at the time specified in this Agreement would subject such
amount or benefit to any additional tax under Section 409A of the Code, the
payment or provision of such amount or benefit shall

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be postponed to the earliest
commencement date on which the payment or the provision of such amount or
benefit could be made without incurring such additional tax (including paying
any severance that is delayed in a lump sum upon the earliest possible payment
date which is consistent with Section 409A of the Code).  Without limiting the generality of the
immediately preceding sentence, if payment or provision of any amount or
benefit hereunder at the time specified in this Agreement would fail to comply
with the provisions of Section 409A of the Code because the Executive is
treated as a “specified” employee (within the meaning of Section
409A(a)(2)(B)(i) of the Code), then such amount or benefit shall not be paid or
provided at the time otherwise specified in this Agreement, but instead shall
be paid or provided on the date that is six months after the date of separation
from service (or, if earlier, the date of death of the Executive). In addition,
to the extent that any regulations or guidance issued under Code §409A (after
application of the previous provision of this paragraph) would result in
Executive being subject to the payment of interest or any additional tax under
Code §409A, the Company and the Executive agree, to the extent reasonably
possible, to amend this Agreement in order to avoid the imposition of any such
interest or additional tax under Code §409A, which amendment shall have the
minimum economic effect necessary on Executive and be reasonably determined in
good faith by the Company and the Executive.

ARTICLE IV

No Mitigation

The
Company agrees that, if the Executive’s employment by the Company is terminated
during the term of this Agreement, the Executive is not required to seek other
employment or to attempt in any way to reduce any amounts payable to the
Executive by the Company pursuant to Article III. Further, the amount of any
payment or benefit provided for in Article III (other than Section 3.01(b)(i))
will not be reduced by any compensation earned by the Executive as the result
of employment by another employer, by retirement benefits, by offset against
any amount claimed to be owed by the Executive to the Company, or otherwise.

ARTICLE V

The Executive’s Covenants

Section 5.01           Noncompetition
Agreement.  In consideration for this
Agreement, the Executive will execute, concurrent with the execution of this
Agreement, a noncompetition agreement in the form attached to this Agreement as
Exhibit A. In the event of termination of this Agreement as
provided in Section 1.01, the noncompetition Agreement shall survive
termination.

Section 5.02           Confidential
Information.  The Executive shall
hold in a fiduciary capacity for the benefit of the Company all material
proprietary information, knowledge or data relating to the Company or any of
its affiliated companies, and their respective businesses, which shall have
been obtained by the Executive during the Executive’s employment by the Company
or any of its affiliated companies and which shall not be or become public
knowledge (other than by acts by the Executive or representatives of the Executive
in violation of this Agreement). After termination of the Executive’s
employment with the Company, the Executive shall not, without the prior written
consent of the Company or as may otherwise be required by law or legal process,
communicate or divulge any such information, knowledge or data to anyone other
than the Company and those designated by it. In no event shall an asserted
violation of the provisions of this Section 5.02 constitute a basis for
denying, deferring or withholding any amounts or benefits payable to the
Executive under this Agreement.

Section 5.03           General
Release.  The Executive agrees that,
notwithstanding any other provision of this Agreement, the Executive will not
be eligible for any payments under Section 3.01 unless the Executive timely
signs, and does not timely revoke, a General Release in substantially the form
attached to this Agreement as Exhibit B.

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ARTICLE VI

Successors; Binding
Agreement

Section 6.01           Obligation
of Successors.  In addition to any
obligations imposed by law upon any successor to the Company, the Company will
require any successor (whether direct or indirect, by purchase, merger,
consolidation, or otherwise) to all or substantially all of the business and/or
assets of the Company to expressly assume and agree to perform this Agreement
in the same manner and to the same extent that the Company would be required to
perform it if no succession had occurred. Failure of the Company to obtain such
an assumption and agreement prior to the effectiveness of any such succession
will be a breach of this Agreement.

Section 6.02           Enforcement
Rights of Others.  This Agreement
will inure to the benefit of and be enforceable by the Executive’s personal or
legal representatives, executors, administrators, successors, heirs,
distributees, devisees, and legatees. If the Executive dies while any amount is
still payable to the Executive under this Agreement, (other than amounts that,
by their terms, terminate upon the Executive’s death), then, unless otherwise
provided in this Agreement, all such amounts will be paid in accordance with
the terms of this Agreement to the executors, personal representatives, or
administrators of the Executive’s estate.

ARTICLE VII

Notices

For
the purpose of this Agreement, notices and all other communications provided
for in the Agreement will be in writing and will be deemed to have been duly
given when delivered or mailed by United States registered mail, return receipt
requested, postage prepaid, addressed to the respective addresses set forth below,
or to such other address as either party may furnish to the other in writing in
accordance with this Article VIII, except that notice of change of address will
be effective only upon actual receipt:

	
  To the Company:

  	
   

  	
  To the Executive:

  
	
  Biomet, Inc.

  56 E. Bell Drive

  P. O. Box 587

  Warsaw, Indiana 46581-0587

  Attn: Chief Legal Officer

  Facsimile Number: (574) 267-8137

  	
   

  	
  Jay P. Richardson

  Address last shown on the Company’s

  records

  

ARTICLE VIII

Miscellaneous; At-Will

Section 8.01           Miscellaneous.  No provision of this Agreement may be
modified, waived, or discharged unless the waiver, modification, or discharge
is agreed to in writing and signed by the Executive and an officer of the
Company specifically designated by the Board. No waiver by either party at any
time of any breach by the other party of, or compliance with, any condition or
provision of this Agreement to be performed by the other party will be deemed a
waiver of similar or dissimilar provisions or conditions at the same or at any
other time. Neither party has made any agreements or representations, oral or
otherwise, express or implied, with respect to the subject matter of this
Agreement that are not expressly set forth in this Agreement. The validity,
interpretation, construction, and performance of this Agreement will be
governed by the laws of the State of Indiana. All references to sections of the
Exchange Act or the Code will be deemed also to refer to any successor
provisions to those sections. Any payments provided for under this Agreement
will be paid net of any applicable withholding required under federal, state,
or local law and any additional withholding to which the Executive has agreed.
The

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obligations
of the Company and the Executive under Articles III, IV, and VI will survive
the expiration of this Agreement, if applicable.

Section 8.02           At-Will.  The Executive and the Company acknowledge
that, except as may otherwise be provided under any other written agreement
between the Executive and the Company, the employment of the Executive by the
Company is “at will,” and the Executive’s employment may be terminated by
either the Executive or the Company at any time.

ARTICLE IX

Validity

The
invalidity or unenforceability of any provision of this Agreement will not affect
the validity or enforceability of any other provision of this Agreement, which
will remain in full force and effect.

ARTICLE X

Counterparts

This
Agreement may be executed in several counterparts, each of which will be deemed
to be an original but all of which together will constitute one and the same
instrument.

ARTICLE XI

Settlement of Disputes; Arbitration

All
claims by the Executive for benefits under this Agreement must be in writing
and will be directed to and determined by the Board. Any denial by the Board of
a claim for benefits under this Agreement will be delivered to the Executive in
writing and will set forth the specific reasons for the denial and the specific
provisions of this Agreement relied upon. The Board will afford a reasonable
opportunity to the Executive for a review of the decision denying a claim and
will further allow the Executive to appeal to the Board a decision of the Board
within 60 days after notification by the Board that the Executive’s claim
has been denied. Any further dispute or controversy arising under or in
connection with this Agreement will be settled exclusively by arbitration in
Warsaw, Indiana in accordance with the rules of the American Arbitration
Association then in effect. Judgment may be entered on the arbitrator’s award
in any court having jurisdiction. Each party will bear its own expenses in the
arbitration for attorneys’ fees, for its witnesses, and for other expenses of
presenting its case. Other arbitration costs, including arbitrators’ fees,
administrative fees, and fees for records or transcripts, will be borne equally
by the parties. Notwithstanding anything in this Article to the contrary, if
the Executive prevails with respect to any dispute submitted to arbitration
under this Article, the Company will reimburse or pay all reasonable legal fees
and expenses that the Executive incurred in connection with that dispute as
required by Section 3.07.

ARTICLE XII

Definitions

For
purposes of this Agreement, the following terms will have the meanings indicated
below:

“401(k)
Plan” means the Biomet, Inc. Profit Sharing Plan and Trust qualified under
section 401(k) of the Code and any comparable successor plan(s).

“Accounting
Firm” means such nationally recognized certified public accounting firm as
may be designated by the Executive.

“Accrued
Obligations” shall have the meaning described in Section 3.01(a)(i).

 9
 

“Annual
Base Salary” means the Executive’s annual base salary as in effect
immediately prior to the date of the Change in Control.

“Anticipatory
Termination” shall have the meaning described in Section 3.04.

“Beneficial
Owner” has the meaning stated in Rule 13d-3 under the Exchange Act.

“Board”
means the Board of Directors of the Company.

“Business
Day” means any day other than a Saturday, Sunday or other day on which
commercial banks are authorized to close under the Laws of, or are in fact
closed in, the State of Indiana.

“Cause”
for termination by the Company of the Executive’s employment, after any Change
in Control, means (1) the willful and continued failure by the Executive
to substantially perform the Executive’s duties with the Company (other than
any such failure resulting from the Executive’s incapacity due to physical or
mental illness or any such actual or anticipated failure after the issuance of
a Notice of Termination for Post-CIC Good Reason or Pre-CIC Good Reason or by
the Executive pursuant to Sections 3.01 and 3.02) for a period of at least 30
consecutive days after a written demand for substantial performance is
delivered to the Executive by the Board, which demand specifically identifies
the manner in which the Board believes that the Executive has not substantially
performed the Executive’s duties; (2) the Executive willfully engages in
conduct that is demonstrably and materially injurious to the Company or its
subsidiaries, monetarily or otherwise; or (3) the Executive is convicted
of, or has entered a plea of no contest to, a felony. For purposes of clauses
(1) and (2) of this definition, no act, or failure to act, on the
Executive’s part will be deemed “willful” unless it is done, or omitted to be
done, by the Executive not in good faith and without reasonable belief that the
Executive’s act, or failure to act, was in the best interest of the Company.

“Change
in Control” will be deemed to have occurred if any of the following events
occur:

(a)           Individuals who, as
of March 29, 2007, constitute the Board (the “Incumbent Directors”)
cease for any reason to constitute at least a majority of such Board, provided
that any person becoming a director after March 29, 2007 and whose election or
nomination for election was approved by a vote of at least a majority of the
Incumbent Directors then on the Board shall be deemed an Incumbent Director; provided,
however, that no individual initially elected or nominated as a director
of the Company as a result of an actual or threatened election contest with
respect to the election or removal of directors (“Election Contest”) or
other actual or threatened solicitation of proxies or consents by or on behalf
of any Person other than the Board (“Proxy Contest”), including by
reason of any agreement intended to avoid or settle any Election Contest or
Proxy Contest, shall be deemed an Incumbent Director; or

(b)           Any Person is or
becomes a Beneficial Owner directly or indirectly, of either (A) 20% or more of
the then-outstanding Company Shares or (B) securities of the Company
representing 20% or more of the combined voting power of the Company’s then
outstanding securities eligible to vote for the election of directors (the “Company
Voting Securities”); provided, however, that for purposes of
this subsection (b), the following acquisitions shall not constitute a Change
in Control: (i) an acquisition directly from the Company, (ii) an acquisition
by the Company or a subsidiary of the Company, or (iii) an acquisition by any
employee benefit plan (or related trust) sponsored or maintained by the Company
or any subsidiary of the Company; or

(c)           The consummation of
a reorganization, merger, consolidation, statutory share exchange or similar
form of corporate transaction involving the Company or a subsidiary (a “Reorganization”),
or the sale or other disposition of all or substantially all of the Company’s
assets (a

 10
 

“Sale”)
or the acquisition of assets or stock of another corporation (an “Acquisition”),
unless immediately following such Reorganization, Sale or Acquisition: (A) all
or substantially all of the individuals and entities who were the beneficial
owners, respectively, of the outstanding Company Shares and outstanding Company
Voting Securities immediately prior to such Reorganization, Sale or Acquisition
beneficially own, directly or indirectly, more than 50% of, respectively, the
then outstanding shares of common stock and the combined voting power of the
then outstanding voting securities entitled to vote generally in the election
of directors, as the case may be, of the corporation resulting from such
Reorganization, Sale or Acquisition (including, without limitation, a
corporation which as a result of such transaction owns the Company or all or
substantially all of the Company’s assets or stock either directly or through
one or more subsidiaries, the “Surviving Corporation”) in substantially
the same proportions as their ownership, immediately prior to such Reorganization,
Sale or Acquisition, of the outstanding Company Shares and the outstanding
Company Voting Securities, as the case may be, and (B) no person (other than
(i) the Company or any subsidiary of the Company, (ii) the Surviving
Corporation or its ultimate parent corporation, or (iii) any employee benefit
plan or related trust sponsored or maintained by any of the foregoing) is the
beneficial owner, directly or indirectly, of 20% or more of the total common
stock or 20% or more of the total voting power of the outstanding voting
securities eligible to elect directors of the Surviving Corporation, and (C) at
least a majority of the members of the board of directors of the Surviving
Corporation were Incumbent Directors at the time of the Board’s approval of the
execution of the initial agreement providing for such Reorganization, Sale or
Acquisition; or

(d)           Approval by the
shareowners of the Company of a complete liquidation or dissolution of the
Company.

provided, however, in the
case of each of (a), (b), (c) and (d) above, the Transaction Agreement and the
consummation of the transactions contemplated thereby shall not be deemed to be, cause or result
in a Change in Control as defined herein.

“COBRA”
means the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended.

“Code”
means the Internal Revenue Code of 1986, as amended from time to time, and
interpretative rules and regulations.

“Company”
means Biomet, Inc., an Indiana corporation, and any successor to its business
and/or assets that assumes and agrees to perform this Agreement by operation of
law, or otherwise (except in determining whether or not any Change in Control
of the Company has occurred in connection with the succession).

“Company
Shares” means shares of common stock of the Company or any equity
securities into which those shares have been converted.

“Date
of Termination” shall have the meaning described in Section 2.05.

“Disability”
shall have the meaning described in Section 2.01.

“Disability
Effective Date” shall have the meaning described in Section 2.01.

“Exchange
Act” means the Securities Exchange Act of 1934, as amended from time to
time, and interpretive rules and regulations.

“Excise
Tax” shall have the meaning described in Section 3.05(a).

“Executive”
shall have the meaning described in the first paragraph of this Agreement.

 11
 

“Gross-Up
Payment” shall have the meaning described in Section 3.06(a).

“Notice
of Termination” shall have the meaning described in Section 2.04.

“Options”
means options for Shares granted to the Executive under the Stock Option Plan.

“Other
Benefits” shall have the meaning described in Section 3.01 (e) or 3.03, as
determined by the nature of the termination of the Agreement, as described in
each of those sections.

“Payment”
shall have the meaning described in Section 3.06(a).

“Person”
has the meaning stated in section 3(a)(9) of the Exchange Act, as modified and
used in sections 13(d) and 14(d) of the Exchange Act; however, a Person will
not include (1) the Company or any of its subsidiaries, (2) a trustee or other
fiduciary holding securities under an employee benefit plan of the Company or
any of its subsidiaries, (3) an underwriter temporarily holding securities
pursuant to an offering of those securities, or (4) a corporation owned,
directly or indirectly, by the stockholders of the Company in substantially the
same proportions as their ownership of stock of the Company.

“Post-CIC
Employment Period” shall have the meaning assigned in Section 1.02.

“Post-CIC
Good Reason” for termination by the Executive of the Executive’s employment
means the death of the Executive during the Post-CIC Employment Period or the
occurrence (without the Executive’s express written consent) of any one of the
following acts by the Company, or failures by the Company to act, in each case
during the Post-CIC Employment Period, unless, in the case of any act or
failure to act described in paragraph (i), (iv), (v), (vi), or
(viii) below, the act or failure to act is corrected prior to the Date of
Termination specified in the Executive’s Notice of Termination:

(i)            The assignment to
the Executive of any duties inconsistent with the Executive’s status as an
executive officer of the Company or a substantial adverse alteration in the
nature or status of the Executive’s responsibilities from those in effect
immediately prior to a Change in Control;

(ii)           A
reduction by the Company in the Executive’s annual base salary and/or Target
Bonus as in effect on the date of this Agreement or as the same may be
increased from time to time;

(iii)          The
Company’s requiring the Executive to be based more than 50 miles from the
Company’s offices at which the Executive is based prior to a Change in Control
(except for required travel on the Company’s business to an extent
substantially consistent with the Executive’s business travel obligations
immediately prior to the Change in Control), or, in the event the Executive
consents to any such relocation of his offices, the Company’s failure to
provide the Executive with all of the benefits of the Company’s historical
practices with respect to relocation of executive employees as in operation
immediately prior to the Change in Control;

(iv)          The
Company’s failure, without the Executive’s consent, to pay to the Executive any
portion of the Executive’s current compensation (which means, for purposes of
this paragraph (4), the Executive’s annual base salary as in effect on the date
of this Agreement, or as it may be increased from time to time, and any
installment of the annual target bonus earned by the Executive) or to pay to
the Executive any portion of an installment of deferred compensation under any
deferred compensation program of the Company, within seven days of the date the
compensation is due;

(v)           The
Company’s failure to continue in effect any compensation plan in which the
Executive participates immediately prior to a Change in Control, which plan is
material to the

 12
 

Executive’s total compensation, including, but not limited to, the
Stock Option Plan or any substitute plans adopted prior to the Change in Control,
unless an equitable arrangement (embodied in an ongoing substitute or
alternative plan) has been made with respect to that plan, or the Company’s
failure to continue the Executive’s participation in such a plan (or in a
substitute or alternative plan) on a basis not materially less favorable, both
in terms of the amount of benefits provided and the level of the Executive’s
participation relative to other participants, as existed at the time of the
Change in Control;

(vi)          The
Company’s failure to continue to provide the Executive with benefits
substantially similar to those enjoyed by the Executive under any of the
Company’s retirement plans (including, without limitation, the Company’s 401(k)
Plan, the Biomet, Inc. Employee Stock Bonus Plan, and such other life
insurance, medical, health and accident, or disability plans in which the
Executive was participating at the time of the Change in Control); the taking
of any action by the Company that would directly or indirectly materially
reduce any of those benefits or deprive the Executive of any material fringe
benefit enjoyed by the Executive at the time of a Change in Control; or the
Company’s failure to provide the Executive with the number of paid vacation
days  to which the Executive is entitled
on the basis of years of service with the Company in accordance with the
Company’s normal vacation policy in effect at the time of the Change in
Control;

(vii)         Any
purported termination of the Executive’s employment that is not effected
pursuant to a Notice of Termination satisfying the requirements of
Section 4.01; for purposes of this Agreement, no such purported
termination will be effective; or

(viii)        any
failure by the Company to comply with and satisfy Section 6.01 of this
Agreement.

The
Executive’s right to terminate the Executive’s employment for Post-CIC Good
Reason will not be affected by the Executive’s incapacity due to physical or
mental illness. The Executive’s continued employment will not constitute
consent to, or a waiver of rights with respect to, any act or failure to act
that constitutes Post-CIC Good Reason. 
Notwithstanding the foregoing, the occurrence of an event that would
otherwise constitute Post-CIC Good Reason will cease to be an event
constituting Post-CIC Good Reason if the Executive does not timely provide a
Notice of Termination to the Company within 120 days of the date on which
the Executive first becomes aware (or reasonably should have become aware) of
the occurrence of that event.

“Renewal
Date” shall have the meaning described in Section 1.01(a).

“Shares”
means shares of the common stock of the Company.

“Stock
Option Plan” means the 1998 Biomet, Inc. Qualified and Non-Qualified Stock
Option Plan and any other equity compensation plan of the Company approved by
the Board and adopted by the shareholders of the Company.

“Target
Bonus” shall have the meaning described in Section 3.01(a)(i).

“Term”
shall have the meaning described in Section 1.01(a).

“Transaction
Agreement” shall have the meaning described in Section 1.01(b).

*    *    *

 13
 

 

	
  EXECUTIVE

  	
  BIOMET, INC.

  
	
   

  	
   

  	
   

  
	
  /s/ Jay P.
  Richardson

  	
   

  	
  By: 

  	
  /s/ Jeffrey R. Binder

  
	
  Jay P.
  Richardson

  	
  Name:

  	
  Jeffrey R. Binder

  
	
   

  	
  Its:

  	
  President
  and Chief Executive Officer

  
				

 

 14Exhibit 10.1

Description of the
2007 Management Incentive Bonus Plan

In 2007 key employees of Georgia Gulf Corporation (“Georgia
Gulf”), including Messrs. Schmitt, Seal, Beerman, Doherty and Shannon, the
named executive officers (each, a “Participant,” and collectively, the “Participants”),
will participate in our management incentive bonus plan (the “Plan”). The
objective of the Plan is to motivate the performance of the Participants by
creating the potential for increased compensation tied directly to company
profit. In December 2006, the Compensation Committee assigned bonus points
to each Participant, set primarily by reference to his salary level, which, for
Mr. Schmitt, were equal to 80 percent of his base salary, and for each
other Participant, were equal to 50 to 60 percent of his base salary. The
Compensation Committee also established a corporate target for 2007 earnings
which is an EBITDA (earnings before interest, taxes, depreciation and
amortization) return equal to Georgia Gulf’s cost of capital plus 200 basis
points.

Under the terms of the Plan, if the corporate target
is reached, the Participants receive a payment equal to 100 percent of their
points awarded. If the corporate target is not reached, payments are ratably
reduced to a minimum target, which is the greater of half of the corporate
target or a risk-free rate of return (e.g., 10 year Treasury Bill), in which
case Participants receive a payment equal to 10 percent of their points
awarded. If the corporate target is surpassed, payments are ratably increased
to a maximum, which is double the Participants’ points where earnings equal two
times the corporate target.

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