Document:

Separation Agreement and Release

 Exhibit 10.1 
 SEPARATION AGREEMENT AND RELEASE 
 This Separation Agreement and Release
(“Agreement”) is made by and between Robert Kimball (“Executive”) and RealNetworks, Inc. (the “Company”) (collectively referred to as the “Parties” or individually referred to as a “Party”).

 RECITALS 
 WHEREAS, Executive was employed by the Company; 
 WHEREAS, the Company and
Executive have entered into a Change in Control and Severance Agreement dated as of February 24, 2010 (the “Severance Agreement”); 
 WHEREAS, the Company and Executive have entered into a Retention Letter Agreement dated as of February 24, 2010 (the “Retention Agreement”); 

WHEREAS, the Company and Executive have entered into an employee confidentiality agreement (the “Confidentiality Agreement”);

 WHEREAS, the Company has granted Executive stock options, restricted stock and restricted stock units, from time to time
(each an “Equity Award” and collectively the “Equity Awards”), which are reflected on Appendix A, each pursuant to a specific stock award agreement (collectively, the “Stock Agreements”); 

WHEREAS, Executive’s employment with the Company will terminate on or about April 15, 2011 (the “Separation Date”);

 WHEREAS, the Parties wish to resolve any and all disputes, claims, complaints, grievances, charges, actions, petitions, and
demands that the Executive may have against the Company and any of the Releasees as defined below, including, but not limited to, any and all claims arising out of or in any way related to Executive’s employment with or separation from the
Company; 
 NOW, THEREFORE, in consideration of the mutual promises made herein, the Company and Executive hereby agree as
follows: 
 COVENANTS 
 1. Consideration. Executive agrees that the consideration provided below in Section 1(b) constitute good and adequate consideration for the promises, covenants, restrictions and other terms
and conditions provided by this Agreement. 
 a. Accrued Payments. The Company agrees to pay Executive
(i) Executive’s accrued but unpaid salary and (ii) Executive’s accrued but unused vacation, in each case which has accrued through the Separation Date. The Company also agrees to pay Executive for any unreimbursed business
expenses required to be reimbursed to Executive pursuant to the Company’s normal and customary business expense reimbursement procedures. 

  
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 b. Severance Consideration. The consideration set forth in this Section 1(b) is
referred to collectively as the “Severance Consideration.” 
 (i) Severance Payment. The Company agrees to pay
Executive, in a single lump sum cash payment, an amount equal to one million five hundred and seventy-five thousand dollars ($1,575,000), less applicable withholding, on the Company’s first payroll date occurring after the Effective Date (as
defined below in Section 25) of this Agreement, which reflects eighteen (18) months of salary and target annual incentive bonus. 
 (ii) Pro-Rata Incentive Bonus. The Company agrees to pay Executive, in a single lump sum cash payment, an amount equal to one hundred and fifty-three thousand and one hundred and twenty-five
dollars ($153,125), less applicable withholding, on the Company’s first payroll date occurring after the Effective Date, which reflects the pro-rata portion of Executive’s annual incentive bonus for the year of the Separation Date.

 (iii) Cash Retention Award. The Company agrees to pay Executive, in a single lump cash payment, an amount equal to
two hundred and eight-three thousand dollars ($283,000), less applicable withholding, on the Company’s first payroll date occurring after the Effective Date, which reflects the unvested portion of the retention payment set forth in the
Retention Agreement. 
 (iv) Equity Awards. The Company agrees that, to the extent not already fully vested, the vesting
of each Equity Award listed on Appendix A shall be fully accelerated as of the Separation Date. The Company intends that Appendix A includes all of the outstanding stock options and restricted stock units granted to Executive. Each of
Executive’s stock option awards listed on Appendix A shall be amended, to the extent necessary, so as to provide Executive with a period equal to the lesser of (A) eighteen (18) months after the end of the consulting period described
below in Section 1(b)(vi), or (B) the remaining term of the stock option to exercise such stock options. For example, if such stock options had been granted with a ten (10) year maximum term, then Executive would have until the end of
such maximum term or eighteen (18) months from the end of the consulting period, whichever is less, to exercise such stock options. The Equity Awards shall in all other respects remain subject to all of the other terms and conditions of the
applicable Stock Agreements (as amended and/or modified by the terms of the Severance Agreement or Retention Agreement). 
 (v)
Benefits. The Company agrees to reimburse Executive for premiums incurred to continue group health benefits for Executive, his spouse and any children, provided the Executive makes the appropriate health continuation election pursuant to the
Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”), until the first to occur of (A) eighteen (18) months following the Separation Date, or (B) the date Executive obtains comparable coverage. The Company will
make the reimbursements described in the preceding sentence on a monthly basis. Notwithstanding anything to the contrary in this Section 1(b)(v), if the Company determines in its sole discretion that it cannot provide the COBRA benefits without
potentially violating applicable law (including, without limitation, Section 2716 of the Public Health Service Act), the Company will in lieu thereof provide to Executive a taxable monthly payment in an amount equal to the monthly COBRA premium
that Executive would be required to pay to continue his group health coverage in effect on the date of his termination of employment (which amount will be based on the premium for the first month of COBRA coverage), which payments will be made
regardless of whether Executive elects COBRA continuation coverage and will end on the earlier of (x) the date upon which Executive becomes covered under similar plans or (y) the last day of the eighteenth (18th) calendar month
following the month in which Executive terminations employment. 

  
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 (vi) Consulting Services. Executive shall serve as a consultant, as reasonably
requested by the Company to assist with an orderly transition of duties and responsibilities, for a period of three (3) months following the Separation Date. Executive will be compensated at a monthly rate equal to forty-three thousand and six
hundred and sixty-six dollars ($43,666) per month. The Company will also reimburse Executive for any related business expenses in accordance with standard Company policies. Executive will make himself reasonably available to provide the consulting
services, but notwithstanding anything to the contrary in this Agreement, Executive shall not be required to perform any services under the Consulting Agreement that would result in Executive providing services at a level greater than twenty percent
(20%) of the average level of services Executive performed for the Company during the thirty-six (36) month period immediately preceding the Separation Date. 
 c. Executive specifically acknowledges that Executive is not entitled to receive any additional severance, termination payments, wages, bonus or other form of compensation from the Company. 

2. Benefits. Executive’s health insurance benefits will cease on the last day of April 2011, subject to Executive’s
right to continue his health insurance under COBRA. Executive’s participation in all benefits and incidents of employment, including, but not limited to, the accrual of bonuses, vacation, and paid time off, ceased as of the Separation Date.

 3. Payment of Salary and Receipt of All Benefits. Executive acknowledges and represents that, other than the
consideration set forth in this Agreement, the Company has paid or provided all salary, wages, bonuses, accrued vacation/paid time off, premiums, leaves, housing allowances, relocation costs, interest, severance, outplacement costs, fees,
reimbursable expenses, commissions, stock, stock options, vesting, and any and all other benefits and compensation due to Executive. 
 4. Release of Claims. Executive agrees that the foregoing consideration represents settlement in full of all outstanding obligations owed to Executive by the Company and its current and former
officers, directors, employees, agents, investors, attorneys, shareholders, administrators, affiliates, benefit plans, plan administrators, insurers, trustees, divisions, and subsidiaries, and predecessor and successor corporations and assigns
(collectively, the “Releasees”). Executive, on his own behalf and on behalf of his respective heirs, family members, executors, agents, and assigns, hereby and forever releases the Releasees from, and agrees not to sue concerning, or in
any manner to institute, prosecute, or pursue, any claim, complaint, charge, duty, obligation, or cause of action relating to any matters of any kind, whether presently known or unknown, suspected or unsuspected, that Executive may possess against
any of the Releasees arising from any omissions, acts, facts, or damages that have occurred up until and including the date Executive signs this Agreement, including, without limitation: 

a. any and all claims relating to or arising from Executive’s employment relationship with the Company and the termination of that
relationship; 
 b. any and all claims relating to, or arising from, Executive’s right to purchase, or actual purchase of
shares of stock of the Company, including, without limitation, any claims for fraud, misrepresentation, breach of fiduciary duty, breach of duty under applicable state corporate law, and securities fraud under any state or federal law; 

c. any and all claims under the law of any jurisdiction including, but not limited to, wrongful discharge of employment; constructive
discharge from employment; termination in violation of public policy; discrimination; harassment; retaliation; breach of contract, both express and implied; breach of covenant of good faith and fair dealing, both express and implied; promissory
estoppel; negligent or intentional infliction of emotional distress; fraud; negligent or intentional misrepresentation; negligent or intentional interference with contract or prospective economic advantage; unfair business practices; defamation;
libel; slander; negligence; personal injury; assault; battery; invasion of privacy; false imprisonment; conversion; and disability benefits; 

  
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 d. any and all claims for violation of any federal, state, or municipal statute, including,
but not limited to, Title VII of the Civil Rights Act of 1964; the Civil Rights Act of 1991; the Rehabilitation Act of 1973; the Americans with Disabilities Act of 1990; the Equal Pay Act; the Fair Labor Standards Act, except as prohibited by law;
the Fair Credit Reporting Act; the Age Discrimination in Employment Act of 1967; the Older Workers Benefit Protection Act; the Employee Retirement Income Security Act of 1974; the Worker Adjustment and Retraining Notification Act; the Family and
Medical Leave Act, except as prohibited by law; the Sarbanes-Oxley Act of 2002; the Uniformed Services Employment and Reemployment Rights Act; Washington State Law Against Discrimination, as amended (Wash. Rev. Code §§ 49.60.010 et seq.);
Washington Equal Pay Law, as amended (Wash. Rev. Code § 49.12.175); Washington sex discrimination law (Wash. Rev. Code § 49.12.200); Washington age discrimination law (Wash. Rev. Code § 49.44.090); Washington whistleblower protection
law (Wash. Rev. Code §§ 49.60.210, 49.12.005, and 49.12.130); Washington genetic testing protection law (Wash. Rev. Code § 49.44.180); Washington Family Care Act (Wash. Rev. Code § 49.12.270); Washington Minimum Wage Act (Wash.
Rev. Code §§ 49.46.005 to 49.46.920); Washington wage, hour, and working conditions law (Wash. Rev. Code §§ 49.12.005 to 49.12.020, 49.12.041 to 49.12.050, 49.12.091, 49.12.101, 49.12.105, 49.12.110, 49.12.121, 49.12.130 to
49.12.150, 49.12.170, 49.12.175, 49.12.185, 49.12.187, 49.12.450); Washington wage payment law (Wash. Rev. Code §§ 49.48.010 to 49.48.190).; 
 e. any and all claims for violation of the federal or any state constitution; 
 f.
any and all claims arising out of any other laws and regulations relating to employment or employment discrimination; 
 g. any
claim for any loss, cost, damage or expense arising out of any dispute over Company withholding the incorrect amount from any of the proceeds received by Executive as a result of this Agreement; and 

h. any and all claims for attorneys’ fees and costs. 
 Executive agrees that the release set forth in this section shall be and remain in effect in all respects as a complete general release as to the matters released. This release does not extend to any
obligations incurred under this Agreement or to Executive’s vested rights in retirement or similar plans, programs or accounts. This release does not release claims that cannot be released as a matter of law, including, but not limited to,
Executive’s right to file a charge with or participate in a charge by the Equal Employment Opportunity Commission, or any other local, state, or federal administrative body or government agency that is authorized to enforce or administer laws
related to employment, against the Company (with the understanding that any such filing or participation does not give Executive the right to recover any monetary damages against the Company; Executive’s release of claims herein bars Executive
from recovering such monetary relief from the Company). 
 In addition, nothing in this release shall (i) operate to
release or waive Executive’s rights, if any, under contract, law, as an employee, officer or director of the Company, to be defended and indemnified by the Company against, any and all liability incurred with respect to any claim or proceeding
to which Executive is or is threatened to be made a party because of Executive’s service as an employee, officer or director, or Chairman of the Board of the Company, or (ii) operate to release or waive Executive’s rights, as an
employee, officer or director of the Company, to be named, protected by and have coverage rights under the Company’s insurance policies. 
 As a condition to receiving the Severance Consideration, within seven (7) days after the Separation Date, Executive agrees to sign and return to the Company the form of Release of Claims Agreement
attached hereto as Appendix B (the “Release Agreement”). If Executive revokes such Release Agreement he shall not be entitled to any Severance Consideration. 

  
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 5. Acknowledgment of Waiver of Claims under ADEA. Executive understands and
acknowledges that he is waiving and releasing any rights he may have under the Age Discrimination in Employment Act of 1967 (“ADEA”), and that this waiver and release is knowing and voluntary. Executive understands and agrees that this
waiver and release does not apply to any rights or claims that may arise under the ADEA after the Effective Date of this Agreement. Executive understands and acknowledges that the consideration given for this waiver and release is in addition to
anything of value to which Executive was already entitled. 
 Executive further understands and acknowledges that he has been
advised by this writing that: (a) he should consult with an attorney prior to executing this Agreement; (b) he has twenty-one (21) days within which to consider and sign this Agreement; (c) he has seven (7) days
following his execution of this Agreement to revoke this Agreement; (d) this Agreement shall not be effective until after the revocation period has expired; and (e) nothing in this Agreement prevents or precludes Executive from challenging
or seeking a determination in good faith of the validity of this waiver under the ADEA, nor does it impose any condition precedent, penalties, or costs for doing so, unless specifically authorized by federal law. In the event Executive signs this
Agreement and returns it to the Company in less than the 21-day period identified above, Executive hereby acknowledges that he has freely and voluntarily chosen to waive the time period allotted for considering this Agreement. Executive acknowledges
and understands that revocation must be accomplished by a written notification to the Company’s Corporate Secretary at 2601 Elliott Avenue, Seattle, Washington, 98121, that is received prior to the Effective Date. The Parties agree that changes
to this Agreement, whether material or immaterial, do not restart the running of the 21-day period. 
 6. Unknown Claims.
Executive acknowledges that he has been advised to consult with legal counsel and that he is familiar with the principle that a general release does not extend to claims that the releaser does not know or suspect to exist in his favor at the time of
executing the release, which, if known by him, must have materially affected his settlement with the released party. Executive being aware of said principle agrees to expressly waive any rights he may have to that effect, as well as under any other
statute or common law principles of similar effect. 
 7. No Pending or Future Lawsuits. Executive and the Company
represent that they have no lawsuits, claims, or actions pending in their respective names, or on behalf of any other person or entity, against each other, or in Executive’s case, against any of the Releasees. Executive also represents that he
does not intend to bring any claims on his own behalf or on behalf of any other person or entity against the Releasees. The Company represents that as of the Effective Date of this Agreement, the Company and its directors and executive officers do
not intend to bring against Executive, any claim, complaint, charge, duty, obligation, or cause of action of any kind or nature. If, within one year following the Separation Date, the Company commences any formal arbitration or other formal legal
proceeding in a court of law against Executive, Executive shall be relieved of any and all of the obligations under Sections 10(a) and 12 of this Agreement. 
 8. Confidentiality. Executive agrees to maintain in complete confidence the existence of this Agreement, the contents and terms of this Agreement, and the consideration for this Agreement
(hereinafter collectively referred to as “Separation Information”). Except as required by law or as provided below in this Section 8, Executive may disclose Separation Information only to his immediate family members, the Court in any
proceedings to enforce the terms of this Agreement, Executive’s undersigned counsel, and Executive’s accountant and any professional tax advisor to the extent that they need to know the Separation Information in order to provide advice on
tax treatment or to prepare tax returns, and must prevent disclosure of any Separation Information to all other third parties. Executive agrees that he will not publicize, directly or indirectly, any Separation Information. 

  
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 Executive acknowledges and agrees that the confidentiality of the Separation Information is
of the essence. The Parties agree that if the Company proves that Executive breached this Confidentiality provision, the Company shall be entitled to an award of its costs spent enforcing this provision, including all reasonable attorneys’ fees
associated with the enforcement action, without regard to whether the Company can establish actual damages from Executive’s breach, except to the extent that such breach constitutes a legal action by Executive that directly pertains to the
ADEA. Any such individual breach or disclosure shall not excuse Executive from his obligations hereunder, nor permit him to make additional disclosures. Executive warrants that he has not disclosed, orally or in writing, directly or indirectly, any
of the Separation Information to any unauthorized party. 
 Prior to the disclosure of this Agreement pursuant to any applicable
securities laws, the Company agrees to keep the Separation Information confidential except for legitimate business reasons on a need-to-know basis. Notwithstanding the foregoing, if the Company discloses Separation Information in any press release,
public securities filing or otherwise (except to Company employees, agents and advisors), then Executive may disclose or discuss any Separation Information that the Company has disclosed. 

9. Confidentiality Agreement. Executive agrees to abide by the terms of the Confidentiality Agreement, specifically including the
provisions therein regarding nondisclosure of the Company’s trade secrets and confidential and proprietary information. Executive’s signature below constitutes his acknowledgement and agreement that upon the Company’s request, he
shall promptly return all documents and other items provided to Executive by the Company, developed or obtained by Executive in connection with his employment with the Company, or otherwise belonging to the Company. 

10. No Cooperation With Third Parties. 
 a. Executive agrees that he will not counsel or assist any attorneys or their clients in the presentation or prosecution of any disputes, differences, grievances, claims, charges, or complaints by any
third party against the Company and/or any officer, director, employee, agent, representative, shareholder or attorney of the Company, unless under a subpoena, court order, or other legal obligation to do so. 

b. Executive agrees to immediately notify the General Counsel of the Company upon receipt of any court order, subpoena, or any legal
discovery device that seeks or might require the disclosure or production of the existence or terms of this Agreement, and to furnish, within three (3) business days of its receipt, a copy of such subpoena or legal discovery device to the
Company. The Company agrees to immediately notify Executive upon receipt of any court order, subpoena, or any legal discovery device that seeks or might require the disclosure or production of the existence or terms of this Agreement, and to
furnish, within three (3) business days of its receipt, a copy of such subpoena or legal discovery device to Executive. 

11. Cooperation with Company. Executive agrees that Executive shall reasonably cooperate with the Company in the resolution of any
matters in which Executive was involved in during the course of Executive’s employment, or about which Executive has knowledge, and in the defense or prosecution of any claims or actions now in existence or which may be brought or threatened in
the future against or on behalf of the Company, including any claims or actions against its officers, directors and employees. 

Executive’s cooperation in connection with such matters, actions and claims shall include, without limitation, being available to
consult with the Company regarding matters in which Executive has been involved or has knowledge; to assist the Company in preparing for any proceeding (including, without limitation, depositions, consultation, discovery or trial); to provide
affidavits reflecting truthful written testimony; to assist with any audit, inspection, proceeding or other inquiry; and to act as a witness to provide truthful testimony in connection with any litigation or other legal proceeding affecting the
Company. Executive agrees to keep the Company apprised of his current contact information, including telephone numbers, work address, home address, and email address(es), and to promptly respond to communications from the Company in connection with
this Section 11. Executive further 

  
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agrees that should Executive be contacted (directly or indirectly) by any person or entity adverse to the Company, or any representative of such person or entity, Executive shall promptly, and no
later than within 48 hours of such contact, notify the Chief Executive Officer and General Counsel of the Company (or in the absence of a Chief Executive Officer, notify the President of the Company, and in the absence of a General Counsel, notify
the Deputy General Counsel of the Company). 
 The Company agrees to compensate Executive for all reasonable time incurred
pursuant to this Section 11 at a rate of $550 per hour. Executive shall also be reimbursed for any documented and reasonable costs and expenses incurred in connection with providing such cooperation under this Section. 

12. Non-Disparagement, No-Hire, Non-Solicitation and Non-Competition. As a condition of receiving the Severance Consideration,
Executive agrees to remain subject to the Non-Disparagement, No-Hire and Non-Solicitation provisions of Section 4(b) of the Severance Agreement; provided, however, that the Non-Disparagement provision will not apply to any statements
that Executive makes in addressing any disparaging statements made by the Company, its officers and/or its directors regarding Executive or Executive’s performance as an employee of the Company so long as Executive’s statements are
truthful. The Company shall instruct its officers and directors to refrain from any disparaging statements about Executive for the same period for which Executive is subject to a Non-Disparagement requirement under this Section 12 and subject
to Section 7; provided, however, that the Non-Disparagement provision will not apply to any statements that Company or its officers and directors make in addressing any disparaging statements made by Executive regarding the Company or
its officers and directors so long as such statements are truthful. 
 As a further condition of receiving the Severance
Consideration, Executive agrees for a period of one year following the Separation Date, Executive will not, either directly or indirectly, (i) serve as an advisor, agent, consultant, director, employee, officer, partner, proprietor or otherwise
of, (ii) have any ownership interest in (except for passive ownership of one percent (1%) or less of any entity whose securities have been registered under the Securities Act of 1933, as amended, or Section 12 of the Securities
Exchange Act of 1934, as amended) or (iii) participate in the organization, financing, operation, management or control of, any business in competition with the Company’s business as conducted by the Company as of the Separation Date. The
foregoing covenant shall cover Executive’s activities in every part of the Territory. “Territory” shall mean (i) all counties in the State of Washington, (ii) all other states of the United States of America and
(iii) all other countries of the world. 
 The covenants contained in this Section 12 shall be construed as a series
of separate covenants, one for each city, county and state of any geographic area in the Territory. Except for geographic coverage, each such separate covenant shall be deemed identical in terms to the covenant contained in this Section 12. If,
in any judicial proceeding, a court refuses to enforce any of such separate covenants (or any part thereof), then such unenforceable covenant (or such part) shall be eliminated from this Agreement to the extent necessary to permit the remaining
separate covenants (or portions thereof) to be enforced. In the event the provisions this Section 12 are deemed to exceed the time, geographic or scope limitations permitted by applicable law, then such provisions shall be reformed to the
maximum time, geographic or scope limitations, as the case may be, then permitted by such law. 
 13. Breach. Executive
acknowledges and agrees that any material breach of this Agreement, unless such breach constitutes a legal action by Executive challenging or seeking a determination in good faith of the validity of the waiver herein under the ADEA, or of any
provision of the Confidentiality Agreement, shall entitle the Company immediately to recover and/or cease providing the Severance Consideration provided to Executive under this Agreement and to obtain damages, except as provided by law. 

  
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 14. No Admission of Liability. Executive understands and acknowledges that this
Agreement constitutes a compromise and settlement of any and all actual or potential disputed claims by Executive. No action taken by the Company hereto, either previously or in connection with this Agreement, shall be deemed or construed to be
(a) an admission of the truth or falsity of any actual or potential claims or (b) an acknowledgment or admission by the Company of any fault or liability whatsoever to Executive or to any third party. 

15. Costs. The Parties shall each bear their own costs, attorneys’ fees, and other fees incurred in connection with the
preparation of this Agreement. 
 16. Jurisdiction; Venue. The parties agree that any and all disputes arising out of the
terms of this Agreement, their interpretation and any matters governed by this Agreement, shall be resolved in a court of competent jurisdiction in King County, Washington. The parties irrevocably consent to personal and exclusive jurisdiction and
venue in the state and federal courts in King County, Washington. 
 17. Tax Consequences. The Company makes no
representations or warranties with respect to the tax consequences of the Severance Consideration and any other consideration provided to Executive or made on his behalf under the terms of this Agreement. Executive agrees and understands that he is
responsible for payment, if any, of local, state, and/or federal taxes on the payments and any other consideration provided hereunder by the Company and any penalties or assessments thereon. Executive further agrees to indemnify and hold the Company
harmless from any claims, demands, deficiencies, penalties, interest, assessments, executions, judgments, or recoveries by any government agency against the Company for any amounts claimed due on account of (a) Executive’s failure to pay
or the Company’s failure to properly withhold, or Executive’s delayed payment of, federal or state taxes, or (b) damages sustained by the Company by reason of any such claims, provided that the Company will not seek indemnification
from Executive until after Executive has been adjudicated by a court of competent jurisdiction to have failed to pay or improperly delayed payment of any taxes. 
 18. Authority. The Company represents and warrants that the undersigned has the authority to act on behalf of the Company and to bind the Company and all who may claim through it to the terms and
conditions of this Agreement. Executive represents and warrants that he has the capacity to act on his own behalf and on behalf of all who might claim through him to bind them to the terms and conditions of this Agreement. Executive warrants and
represents that there are no liens or claims of lien or assignments in law or equity or otherwise of or against any of the claims or causes of action released herein. 
 19. No Representations. Executive represents that he has had an opportunity to consult with an attorney, and has carefully read and understands the scope and effect of the provisions of this
Agreement. Executive has not relied upon any representations or statements made by the Company that are not specifically set forth in this Agreement. 
 20. Severability. In the event that any provision or any portion of any provision hereof or any surviving agreement made a part hereof becomes or is declared by a court of competent jurisdiction or
arbitrator to be illegal, unenforceable, or void, this Agreement shall continue in full force and effect without said provision or portion of provision. 
 21. Section 409A. Any amount paid under this Agreement that satisfies the requirements of the “short-term deferral” rule set forth in Section 1.409A-1(b)(4) of the final
treasury regulations issued under Section 409A of the Code (the “Treasury Regulations”) shall not constitute deferred compensation for purposes of Section 409A of the Code. Each payment and benefit payable under this Agreement is
intended to constitute separate payments for purposes of Section 1.409A-2(b)(2) of the Treasury Regulations. Any amount paid under this Agreement that qualifies as a payment made as a result of an involuntary separation from service pursuant to
Section 1.409A-1(b)(9)(iii) of the Treasury Regulations that does not exceed the Section 409A Limit (as defined below) shall not constitute deferred compensation subject to Section 409A of the Code. For purposes of this

  
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Section 21, “Section 409A Limit” will mean the lesser of two (2) times: (i) Executive’s annualized compensation based upon the annual rate of pay paid to Executive
during the Company’s taxable year preceding the Company’s taxable year of Executive’s termination of employment as determined under Treasury Regulation 1.409A-1(b)(9)(iii)(A)(1); or (ii) the maximum amount that may be taken into
account under a qualified plan pursuant to Section 401(a)(17) of the Code for the year in which the Separation Date occurs. With respect to reimbursements (whether such reimbursements are for business expenses or, to the extent permitted under
the Company’s policies, other expenses) and/or in-kind benefits, in each case, that constitute deferred compensation subject to Section 409A of the Code, each of the following shall apply: (1) no reimbursement of expenses incurred by
the Executive during any taxable year shall be made after the last day of the following taxable year of the Executive, (2) the amount of expenses eligible for reimbursement, or in-kind benefits provided, during a taxable year of the Executive
shall not affect the expenses eligible for reimbursement, or in-kind benefits to be provided, to the Executive in any other taxable year, and (3) the right to reimbursement of such expenses or in-kind benefits shall not be subject to
liquidation or exchange for another benefit. The Company and Executive agree that this Agreement and the rights granted to the Executive hereunder are intended to meet the requirements of paragraphs (2), (3) and (4) of
Section 409A(a)(1)(A) of the Code. Notwithstanding anything to the contrary in this Agreement, no severance payments will become payable under this Agreement until Employee has a “separation from service” within the meaning of
Section 409A of the Code. 
 This Section 21 is intended to comply with the requirements of Section 409A of the
Code so that none of the severance payments and benefits to be provided hereunder will be subject to either (1) the six (6) month delay which may otherwise be required with respect to payments of deferred compensation to “specified
employees” as defined in Section 409A, and (b) any additional tax imposed under Section 409A, and any ambiguities herein will be interpreted to so comply. The Company and Executive agree to work together in good faith to consider
amendments to this Agreement and to take such reasonable actions which are necessary, appropriate or desirable to avoid imposition of any additional tax or income recognition prior to actual payment to Executive under Section 409A. 

22. Entire Agreement. This Agreement represents the entire agreement and understanding between the Company and Executive
concerning the subject matter of this Agreement and Executive’s employment with and separation from the Company and the events leading thereto and associated therewith, and supersedes and replaces any and all prior agreements and understandings
concerning the subject matter of this Agreement and Executive’s relationship with the Company, including (but not by way of limitation) the Severance Agreement, Retention Agreement, and Confidentiality Agreement, but with the exception of the
Stock Agreements and Section 4(b) of the Severance Agreement, all of which shall survive this Agreement. 
 23. No Oral
Modification. This Agreement may only be amended in a writing signed by Executive and the Company’s then acting Chief Executive Officer or a specifically-authorized member of the Board. 

24. Governing Law. This Agreement shall be governed by the laws of the State of Washington, without regard for choice-of-law
provisions. Executive consents to personal and exclusive jurisdiction and venue in the State of Washington. 
 25. Effective
Date. 
 a. Executive has seven (7) days after the date that he signs this Agreement to revoke it. This Agreement will
become effective on the eighth (8th) day after Executive signed this Agreement, so long as it has been signed by the Parties and has not been revoked by Executive before that date. 

  
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 b. Executive has seven (7) days after the date that he signs the Release Agreement to
revoke it. The Release Agreement will become effective on the eighth (8th) day after Executive signed such Release Agreement, so long as it has been signed by the Parties and has not been revoked by Executive before that date (the
“Effective Date”). 
 26. Expiration of Agreement. This Agreement is executable during the period commencing on
March 26, 2011 and ending at 5:00 p.m. (PDT) on April 15, 2011. If Executive has not executed this Agreement and the Release Agreement by April 22, 2011, then this Agreement is null and void. 

27. Counterparts. This Agreement may be executed in counterparts and by facsimile, and each counterpart and facsimile shall have
the same force and effect as an original and shall constitute an effective, binding agreement on the part of each of the undersigned. 
 28. Voluntary Execution of Agreement. Executive understands and agrees that he executed this Agreement voluntarily, without any duress or undue influence on the part or behalf of the Company or any
third party, with the full intent of releasing all of his claims against the Company and any of the other Releasees. Executive acknowledges that: 
  

	 	(a)	He has read this Agreement; 

  

	 	(b)	He has been represented in the preparation, negotiation, and execution of this Agreement by legal counsel of his own choice or has elected not to retain legal counsel;

  

	 	(c)	He understands the terms and consequences of this Agreement and of the releases it contains; and 

 

	 	(d)	He is fully aware of the legal and binding effect of this Agreement. 

 [SIGNATURE PAGE FOLLOWS] 

  
 Page 10 of 15

 IN WITNESS WHEREOF, the Parties have executed this Agreement on the respective dates set
forth below. 
  

							
		 		 	Robert Kimball, an individual
			
	 Dated: 3/28/2011        
	 		 	 /s/ Robert Kimball

		 		 	Robert Kimball
			
		 		 	REALNETWORKS, INC.
				
	 Dated: 3/28/2011        
	 		 	By	 	 /s/ Janice Roberts

		 		 		 	  Janice Roberts, Compensation Committee Chair

  
 Page 11 of 15

 APPENDIX A 
 Kimball Restricted Stock Units 
  

															
	 Grant Date
	 	 No. Granted
	 	        Price        
	 	 	 Released
	 	 Vested
	 	 Unvested
	 	 Outstanding

	 2/22/2008
	 	22,500	 	$	0.0000	  	 	12,240	 	16,876	 	5,624	 	5,624
	 9/9/2010
	 	125,000	 	$	0.0000	  	 	10,836	 	15,625	 	109,375	 	109,375
		 	 	 				 	 	 	 	 	 	 	 
		 	147,000	 				 	23,076	 	32,501	 	114,999	 	114,999

 Kimball Non-Qualified Stock
Options 
  

													
	 Grant Date
	 	 No. Granted
	 	        Price        
	 	 	 Vested
	 	 Unvested
	 	 Outstanding

	 8/31/2001
	 	200,000	 	$	7.2200	  	 	200,000	 	0	 	200,000
	 8/31/2001
	 	15,000	 	$	7.2200	  	 	15,000	 	0	 	15,000
	 8/31/2001
	 	40,000	 	$	7.2200	  	 	40,000	 	0	 	40,000
	 10/12/2001
	 	61,450	 	$	5.9400	  	 	61,450	 	0	 	61,450
	 8/5/2002
	 	50,000	 	$	3.7600	  	 	50,000	 	0	 	10,000
	 1/27/2003
	 	100,000	 	$	3.2300	  	 	100,000	 	0	 	10,000
	 7/24/2003
	 	50,000	 	$	6.1200	  	 	50,000	 	0	 	50,000
	 1/18/2005
	 	50,000	 	$	5.8400	  	 	50,000	 	0	 	50,000
	 3/15/2006
	 	80,000	 	$	8.2700	  	 	80,000	 	0	 	80,000
	 11/9/2006
	 	70,000	 	$	11.3800	  	 	70,000	 	0	 	70,000
	 4/6/2007
	 	135,000	 	$	7.6900	  	 	118,125	 	16,875	 	135,000
	 9/18/2007
	 	75,000	 	$	6.4900	  	 	65,625	 	9,375	 	75,000
	 2/22/2008
	 	67,500	 	$	6.0100	  	 	50,626	 	16,874	 	67,500
	 2/14/2009
	 	130,000	 	$	2.7500	  	 	65,000	 	65,000	 	130,000
	 2/1/2010
	 	500,000	 	$	4.2700	  	 	125,000	 	375,000	 	500,000
	 2/17/2010
	 	60,000	 	$	4.4200	  	 	60,000	 	0	 	60,000
		 	 	 				 	 	 	 	 	 
		 	1,683,950	 				 	1,200,826	 	483,124	 	1,553,950

  
 Page 12 of 15

 APPENDIX B 

RELEASE AGREEMENT 
 Executive agrees that the Severance Consideration represents settlement in full of all outstanding obligations owed to Executive by the Company and its current and former officers, directors, employees,
agents, investors, attorneys, shareholders, administrators, affiliates, benefit plans, plan administrators, insurers, trustees, divisions, and subsidiaries, and predecessor and successor corporations and assigns (collectively, the
“Releasees”). Executive, on his own behalf and on behalf of his respective heirs, family members, executors, agents, and assigns, hereby and forever releases the Releasees from, and agrees not to sue concerning, or in any manner to
institute, prosecute, or pursue, any claim, complaint, charge, duty, obligation, or cause of action relating to any matters of any kind, whether presently known or unknown, suspected or unsuspected, that Executive may possess against any of the
Releasees arising from any omissions, acts, facts, or damages that have occurred up until and including the date Executive signs this Agreement, including, without limitation: 
 a. any and all claims relating to or arising from Executive’s employment relationship with the Company and the termination of that relationship; 

b. any and all claims relating to, or arising from, Executive’s right to purchase, or actual purchase of shares of stock of the
Company, including, without limitation, any claims for fraud, misrepresentation, breach of fiduciary duty, breach of duty under applicable state corporate law, and securities fraud under any state or federal law; 

c. any and all claims under the law of any jurisdiction including, but not limited to, wrongful discharge of employment; constructive
discharge from employment; termination in violation of public policy; discrimination; harassment; retaliation; breach of contract, both express and implied; breach of covenant of good faith and fair dealing, both express and implied; promissory
estoppel; negligent or intentional infliction of emotional distress; fraud; negligent or intentional misrepresentation; negligent or intentional interference with contract or prospective economic advantage; unfair business practices; defamation;
libel; slander; negligence; personal injury; assault; battery; invasion of privacy; false imprisonment; conversion; and disability benefits; 
 d. any and all claims for violation of any federal, state, or municipal statute, including, but not limited to, Title VII of the Civil Rights Act of 1964; the Civil Rights Act of 1991; the Rehabilitation
Act of 1973; the Americans with Disabilities Act of 1990; the Equal Pay Act; the Fair Labor Standards Act, except as prohibited by law; the Fair Credit Reporting Act; the Age Discrimination in Employment Act of 1967; the Older Workers Benefit
Protection Act; the Employee Retirement Income Security Act of 1974; the Worker Adjustment and Retraining Notification Act; the Family and Medical Leave Act, except as prohibited by law; the Sarbanes-Oxley Act of 2002; the Uniformed Services
Employment and Reemployment Rights Act; Washington State Law Against Discrimination, as amended (Wash. Rev. Code §§ 49.60.010 et seq.); Washington Equal Pay Law, as amended (Wash. Rev. Code § 49.12.175); Washington sex discrimination
law (Wash. Rev. Code § 49.12.200); Washington age discrimination law (Wash. Rev. Code § 49.44.090); Washington whistleblower protection law (Wash. Rev. Code §§ 49.60.210, 49.12.005, and 49.12.130); Washington genetic testing
protection law (Wash. Rev. Code § 49.44.180); Washington Family Care Act (Wash. Rev. Code § 49.12.270); Washington Minimum Wage Act (Wash. Rev. Code §§ 49.46.005 to 49.46.920); Washington wage, hour, and working conditions law
(Wash. Rev. Code §§ 49.12.005 to 49.12.020, 49.12.041 to 49.12.050, 49.12.091, 49.12.101, 49.12.105, 49.12.110, 49.12.121, 49.12.130 to 49.12.150, 49.12.170, 49.12.175, 49.12.185, 49.12.187, 49.12.450); Washington wage payment law (Wash.
Rev. Code §§ 49.48.010 to 49.48.190).; 

  
 Page 13 of 15

 e. any and all claims for violation of the federal or any state constitution; 

f. any and all claims arising out of any other laws and regulations relating to employment or employment discrimination; 

g. any claim for any loss, cost, damage or expense arising out of any dispute over Company withholding the incorrect amount from any of
the proceeds received by Executive as a result of this Agreement; and 
 h. any and all claims for attorneys’ fees and
costs. 
 Executive agrees that the release set forth in this section shall be and remain in effect in all respects as a
complete general release as to the matters released. This release does not extend to any obligations incurred under this Agreement or to Executive’s vested rights in retirement or similar plans, programs or accounts. This release does not
release claims that cannot be released as a matter of law, including, but not limited to, Executive’s right to file a charge with or participate in a charge by the Equal Employment Opportunity Commission, or any other local, state, or federal
administrative body or government agency that is authorized to enforce or administer laws related to employment, against the Company (with the understanding that any such filing or participation does not give Executive the right to recover any
monetary damages against the Company; Executive’s release of claims herein bars Executive from recovering such monetary relief from the Company). 
 In addition, nothing in this release shall (i) operate to release or waive Executive’s rights, if any, under contract, law, as an employee, officer or director of the Company, to be defended and
indemnified by the Company against, any and all liability incurred with respect to any claim or proceeding to which Executive is or is threatened to be made a party because of Executive’s service as an employee, officer or director, or Chairman
of the Board of the Company, or (ii) operate to release or waive Executive’s rights, as an employee, officer or director of the Company, to be named, protected by and have coverage rights under the Company’s insurance policies.

 Acknowledgment of Waiver of Claims under ADEA. Executive understands and acknowledges that he is waiving and releasing
any rights he may have under the Age Discrimination in Employment Act of 1967 (“ADEA”), and that this waiver and release is knowing and voluntary. Executive understands and agrees that this waiver and release does not apply to any rights
or claims that may arise under the ADEA after the Effective Date of this Agreement. Executive understands and acknowledges that the consideration given for this waiver and release is in addition to anything of value to which Executive was already
entitled. 
 Executive further understands and acknowledges that he has been advised by this writing that: (a) he should
consult with an attorney prior to executing this Release Agreement; (b) he has twenty-one (21) days within which to consider and sign this Release Agreement; (c) he has seven (7) days following his execution of this
Release Agreement to revoke this Release Agreement; (d) this Release Agreement shall not be effective until after the revocation period has expired; and (e) nothing in this Release Agreement prevents or precludes Executive from challenging
or seeking a determination in good faith of the validity of this waiver under the ADEA, nor does it impose any condition precedent, penalties, or costs for doing so, unless specifically authorized by federal law. In the event Executive signs this
Release Agreement and returns it to the Company in less than the 21-day period identified above, Executive hereby acknowledges that he has freely and voluntarily chosen to waive the time period allotted for considering this Release Agreement.
Executive acknowledges and understands that revocation must be accomplished by a written notification to the Company’s Corporate Secretary at 2601 Elliott Avenue, Seattle, Washington, 98121, that is received prior to the Effective Date. The
Parties agree that changes to this Agreement, whether material or immaterial, do not restart the running of the 21-day period. 

  
 Page 14 of 15

 Unknown Claims. Executive acknowledges that he has been advised to consult with legal
counsel and that he is familiar with the principle that a general release does not extend to claims that the releaser does not know or suspect to exist in his favor at the time of executing the release, which, if known by him, must have materially
affected his settlement with the released party. Executive being aware of said principle agrees to expressly waive any rights he may have to that effect, as well as under any other statute or common law principles of similar effect. 

IN WITNESS WHEREOF, the Parties have executed this Release Agreement on the respective dates set forth below (which shall be no earlier
than the Separation Date) 
  

							
		 		 	Robert Kimball, an individual
			
	 Dated:                     
	 		 	  

		 		 	Robert Kimball
			
		 		 	REALNETWORKS, INC.
				
	 Dated:                     
	 		 	By	 	  

		 		 		 	  Janice Roberts, Compensation Committee Chair

  
 Page 15 of 15Amended and Restated Stock Purchase Plan

 Exhibit 10.5 
 ORTHOFIX INTERNATIONAL N.V. 
 AMENDED AND RESTATED 

STOCK PURCHASE PLAN, AS AMENDED 
 (showing changes through Amendment No. 4) 
  

 
 The Orthofix
Inc. Employee Stock Purchase Plan is hereby amended, restated and renamed the “Orthofix International N.V. Amended and Restated Stock Purchase Plan,” and adopted by the Company, effective as of the Effective Date. 

1. Purpose 
 The purpose of the Plan is to encourage eligible employees and directors to become owners of common stock of Orthofix International N.V., thereby giving them a greater interest in the growth and success
of its business. 
 2. Definitions 
 The following definitions are used throughout the Plan: 
 (a) “Board
of Directors” means the Board of Directors of the Company. 
 (b) “Code” means the Internal
Revenue Code of 1986, as amended. 
 (c) “Committee” means the Compensation Committee of the Board of
Directors. If, at any time, there is no acting Compensation Committee of the Board of Directors, the term “Committee” shall mean the Board of Directors. 
 (d) “Company” means Orthofix International N.V., or any successor to substantially all of its business. 
 (e) “Director” means a member of the Board of Directors who is not also an employee of the Company or of a Subsidiary and is not an Employee for purposes of this Plan. 

(f) “Effective Date” means the date determined in accordance with Section 11. 

(g) “Employee” means a full-time or part-time employee of the Company or of a Subsidiary that has been designated
as a participating employer under the Plan. Notwithstanding the foregoing, unless otherwise prohibited by the laws of the local jurisdiction, “Employee” shall not mean a temporary employee. 

(h) “Fair Market Value” means, as of any date that requires the determination of the Fair Market Value of Orthofix
Stock under this Plan, the value of a share of Orthofix Stock on such date of determination, calculated as follows: 

(i) If shares of Orthofix Stock are then listed or admitted to trading on a Nasdaq market system or a stock exchange which reports
closing sale prices, the Fair Market Value shall be the closing sale price on such date on such Nasdaq market system or principal stock exchange on which the share is then listed or admitted to trading, or, if no closing sale price is quoted on such
day, then the Fair Market Value shall be the closing sale price of the share on such Nasdaq market system or such exchange on the next preceding day on which a closing sale price is reported; 

(ii) If shares of Orthofix Stock are not then listed or admitted to trading on a Nasdaq market system or a stock exchange which
reports closing sale prices, the Fair Market Value shall be the average of the closing bid and asked prices of the share in the over-the-counter market on such date, or, if no closing bid and asked prices are reported on such day, then the Fair
Market Value shall be the average of the closing bid and asked prices 

 
of the share in the over-the-counter market on the next preceding day on which closing bid and asked prices are reported; or 

(iii) If neither (i) nor (ii) is applicable as of such date, then the Fair Market Value shall be determined by the
Committee in good faith using any reasonable method of evaluation, which determination shall be conclusive and binding on all interested parties. 
 (i) “Orthofix Stock” means the Common Stock of the Company, $.10 par value. Unless the context indicates otherwise, the terms “share” or “shares” shall refer
to a share or shares of Orthofix Stock. 
 (j) “Participant” means an Employee or Director who elects to
participate in the Plan; provided, however, that no employee shall be allowed to be a Participant at any time if such employee, after exercising his or her rights to purchase shares under the Plan, would beneficially own shares of the Company’s
Common Stock (including shares that may be acquired under any outstanding options) representing five percent or more of the total combined voting power of all classes of stock of the Company. For purposes of the foregoing sentence, (i) an
individual shall be considered as beneficially owning the stock owned, directly or indirectly, by or for his brothers and sisters (whether by the whole or half blood), spouse, ancestors, and lineal descendants, and (ii) stock owned, directly or
indirectly, by or for a corporation, partnership, estate, or trust, shall be considered as being beneficially owned proportionately by or for its shareholders, partners, or beneficiaries. 

(k) “Plan” means the Orthofix International N.V. Amended and Restated Stock Purchase Plan, as further amended from time to
time. 
 (l) “Plan Year” means the 12-month period beginning on January 1 and ending on
December 31. 
 (m) “Subsidiary” means (i) a domestic or foreign corporation, limited liability
company, partnership or other entity with respect to which the Company, directly or indirectly, has the power, whether through the ownership of voting securities, by contract or otherwise, to elect at least a majority of the members of such
entity’s board of directors or analogous governing body or (ii) any other domestic or foreign corporation, limited liability company, partnership or other entity in which the Company, directly or indirectly, has an equity or similar
interest and which the Committee designates as a Subsidiary for purposes of the Plan. 
 3. Shares Subject to the Plan

 (a) The total number of shares of Orthofix Stock reserved and available for issuance pursuant to the Plan shall not
exceed 1,850,000 shares. The shares of Orthofix Stock purchasable pursuant to the Plan may be authorized but previously unissued shares of Orthofix Stock or shares of Orthofix Stock held in treasury or purchased in the open market or in
privately negotiated transactions. The Company shall bear all costs in connection with issuance or transfer of any shares and all commissions, fees and other charges incurred in purchasing shares for distribution pursuant to the Plan. 

(b) A Participant shall have no rights as a shareholder with respect to shares of Orthofix Stock purchasable pursuant to the Plan
until the date the Participant or his nominee becomes the holder of record of such shares. No adjustment shall be made for dividends or other rights for which the record date is prior to such date. 

(c) If the Committee determines that the total number of shares of Orthofix Stock to be purchased pursuant to the Plan on any
particular date exceeds the number of shares then available for issuance under the Plan, the Committee shall make a pro rata allocation of the available shares on a uniform and non-discriminatory basis, and the payroll and other deductions of each
Participant, to the extent in excess of the aggregate purchase price payable for the Orthofix Stock pro-rated to such individual, shall be refunded pursuant to Section 6. 
 4. Eligibility 
 Each Employee and Director (subject to Section 5(b)
hereof) shall be eligible to participate in the Plan on the first day of any Plan Year, provided that he or she is actively employed or is a Director of the Company on such day. 

 5. Participation 

(a) An eligible Employee shall become a Participant for any Plan Year by electing to contribute to the Plan, through payroll
deductions, either a fixed amount or a percentage of his or her compensation for the Plan Year; provided, however, that such fixed amount or percentage shall not be less than 1% nor more than 25% (or such other percentage as the Committee may
determine) of his or her compensation for the Plan Year. For purposes of the Plan, an Employee’s compensation shall mean (i) for non-commissioned employees, his or her regular salary or straight-time wages, overtime, bonuses, and all
other forms of compensation, excluding any car allowance or relocation expense reimbursements; and (ii) for commissioned employees, his or her commissions, guaranteed payments, overtime, bonuses, and all other forms of compensation, excluding
any car allowance or relocation expense reimbursements. An Employee’s election to participate in the Plan for any Plan Year shall be made prior to the beginning of such Plan Year on an authorized form and shall be made in accordance with
procedures established by the Committee from time to time. 
 (b) An eligible Director shall become a Participant for any
Plan Year by electing to contribute to the Plan, through a deduction of his or her annual director or other compensation paid in cash, either a fixed amount or a percentage of such director compensation for the Plan Year. A Director’s
election to participate in the Plan for any Plan Year shall be made prior to the beginning of such Plan Year or, if later, within 30 days after the date on which such individual first becomes an eligible Director, on an authorized form and shall be
made in accordance with procedures established by the Committee from time to time. Notwithstanding the foregoing, a Director’s election to participate in the Plan for the Plan Year in which he or she first becomes eligible to participate
may be made within 30 days after the date on which such individual first becomes eligible to participate; provided, however, such election shall apply only to an amount of his or her annual or other director compensation paid in cash for such Plan
Year equal to the total amount of the Director’s annual or other compensation paid in cash for such Plan Year multiplied by the ratio of the number of days remaining in the Plan Year after such election is made over the total number of days in
the Plan Year for which such Director receives annual director or other compensation. 
 (c) A Participant must complete a
new election with respect to each Plan Year in order to participate in the Plan for such Plan Year. 
 (d) Participant
contributions (i) in the case of Employees, shall be deposited as soon as practicable following each payday, and (ii) in the case of Directors, shall be deposited as soon as practicable following the Company’s deduction of all or a
portion of the Director’s annual or other compensation, each in one or more separate interest-bearing accounts at a bank or other financial institution. Each such account shall be maintained in the name of the Plan for the benefit of
Participants, and the balance of each such account shall remain the property of the Participants until transferred to the Company pursuant to Section 6. After the close of each Plan Year, the balance of the account will be transferred to
the Company to purchase Orthofix Stock for distribution to Participants and to pay cash in lieu of fractional shares as provided in Section 6. 
 (e) A Participant may elect to withdraw from the Plan by providing notice to the Committee before the last day of the Plan Year. Upon withdrawal from the Plan, all payroll and other deductions
under the Plan shall immediately cease, and a Participant shall receive, in lieu of any other benefits under the Plan, the following: (i) a refund of his or her contributions as soon as practicable following the date of withdrawal from the
Plan, and in any event no later than the date that is two and one-half months following the last day of the Plan Year in which such Participant withdrew from the Plan, and (ii) a refund of the interest accrued through the date of payment at the
rate in effect at the bank or other financial institution holding Participant contributions, which refund of accrued interest shall be paid immediately following the end of the Plan Year in which such Participant withdrew from the Plan, and in any
event no later than the date that is two and one-half months following the last day of such Plan Year. 
 (f) An
Employee’s participation in the Plan shall terminate upon his or her termination of employment. An Employee’s participation in the Plan shall, unless otherwise required by applicable law, terminate upon his or her leave of absence or
absence from active employment for any other reason only if such Employee does not continue to make contributions to the Plan during such leave in accordance with procedures established by the Committee. An Employee whose participation in the
Plan has terminated pursuant to this Section 5(f) shall be deemed to have withdrawn from the Plan for purposes of this Section 5. 

 (g) A Director’s participation in the Plan shall terminate if, during any Plan
Year, such Director ceases to be a member of the Board of Directors for any reason. A Director whose participation in the Plan has terminated pursuant to this Section 5(g) shall be deemed to have withdrawn from the Plan for purposes of
this Section 5. 
 (h) A Participant who withdraws his or her contributions or otherwise ceases participation before
the last day of the Plan Year may again participate in the Plan for any subsequent Plan Year, provided he or she satisfies the eligibility requirements of Section 4 and makes a timely election to contribute for such Plan Year. 

(i) If any law, rule, or regulation applicable to an eligible Employee or Director prohibits the use of payroll or other deductions
for purposes of the Plan, or if such deductions impair or hinder the operation of the Plan or affect the composition of the Board of Directors or any committee thereof, an alternative method of payment approved by the Committee may be substituted
for such eligible Employee or Director, as applicable; provided, however, that if any law, rule or regulation relating to a Director participating in the Plan, in the sole discretion of the Board of Directors, would affect the composition of the
Board of Directors or any committee thereof, the Board of Directors may terminate such Director’s participation in the Plan. 
 6. Distribution of Common Stock 
 (a) As soon as practicable following
the last day of each Plan Year, but in any event no later than the date that is two and one-half months following the last day of such Plan Year, the Committee shall distribute to each Employee and Director who was a Participant for the entire Plan
Year (or, in the event of the death of an Employee or Director prior to such distribution, to the Employee’s or Director’s beneficiary, as applicable) a certificate or certificates representing the number of whole shares of Orthofix Stock
determined by dividing (i) the amount of the Participant’s contributions for the Plan Year plus interest on such contributions through the end of the Plan Year by (ii) 85% of the Fair Market Value of the Orthofix Stock on the first
day of the Plan Year or, if lower, on the last day of the Plan Year. Cash in the amount of any fractional share shall be paid to the Participant by check as soon as practicable following the last day of each Plan Year, but in any event, no later
than the date that is two and one-half months following the last day of such Plan Year. 
 (b) The Committee may, in its
discretion, require a Participant to pay to the Company or its Subsidiary, as appropriate, prior to the distribution of the Orthofix Stock, the amount that the Committee deems necessary to satisfy the Company’s obligation to withhold applicable
taxes, at the minimum statutory rate, that the Participant incurs as a result of the Participant’s participation in the Plan. To satisfy the minimum statutory tax withholding requirements, a Participant may (i) deliver to the Company or
its Subsidiary, as appropriate, sufficient shares of Orthofix Stock (based upon the Fair Market Value of the Orthofix Stock at the date of withholding) to satisfy the Company’s tax withholding obligations, (ii) deliver sufficient cash to
the Company or its Subsidiary, as appropriate, to satisfy tax withholding obligations, or (iii) irrevocably elect for the Company or its Subsidiary, as appropriate, to withhold from the shares of Orthofix Stock to be distributed to the
Participant the number of shares necessary (based upon the Fair Market Value of the Orthofix Stock at the date of withholding) to satisfy the Company’s tax withholding obligations. In the event the Committee subsequently determines that
the aggregate Fair Market Value (on the date of withholding) of shares of Orthofix Stock withheld as payment of any tax withholding obligation is insufficient to discharge that tax withholding obligation, then the Participant shall pay to the
Company, or its Subsidiary, as appropriate, immediately upon the Committee’s request, the amount of that deficiency. The Company or its Subsidiary, as appropriate, shall also have the right to deduct from all cash payments made to a
Participant (whether or not such payment is made in connection with the Plan) any applicable taxes required to be withheld with respect to such payments. 
 7. Administration of the Plan 
 (a) The Committee shall administer the
Plan and shall keep a written record of its actions and proceedings regarding the Plan and all dates, records and documents relating to its administration of the Plan. The Committee is authorized to interpret the Plan, to make, amend and rescind
such rules as it deems necessary for the proper administration of the Plan, to make all other determinations necessary or advisable for the administration of the Plan and to correct any defect or supply any omission or reconcile any inconsistency in
the Plan in the manner 

 
and to the extent that the Committee deems desirable to carry the Plan into effect. The powers and duties of the Committee shall include, without limitation, the following: 

(i) Determining the amount of benefits payable to Participants and authorizing and directing the Company with respect to the payment
of benefits under the Plan; 
 (ii) Construing and interpreting the Plan in its sole discretion whenever necessary to carry
out its intention and purpose and making and publishing such rules for the regulation of the Plan as are not inconsistent with the terms of the Plan; 
 (iii) Compiling and maintaining all records it determines to be necessary, appropriate or convenient in connection with the administration of the Plan; and 

(iv) Administering the Plan as necessary to take account of tax, securities law and other regulatory requirements of foreign
jurisdictions. 
 (b) Any action taken or determination made by the Committee shall, except as otherwise provided in
Section 8 below, be conclusive on all parties. No member of the Committee shall vote on any matter relating specifically to such member. In the event that a majority of the members of the Committee would be specifically affected by any action
proposed to be taken (as opposed to being affected in the same manner as each other Participant in the Plan), such action shall be taken by the Board of Directors. 
 (c) The Committee may designate one or more of its members or the Chief Executive Officer or the Chief Financial Officer to carry out its responsibilities under such conditions or limitations as it
may set, except that the Committee may not delegate its authority with regard to participation in the Plan by eligible Directors or by eligible Employees who are officers for purposes of Section 16(b) of the Securities Exchange Act of 1934, as
amended. 
 (d) No member of the Board of Directors or the Committee, the Chief Executive Officer, the Chief Financial
Officer, or any other officer or employee of the Company or any of its Subsidiaries to whom any duties or responsibilities are delegated hereunder shall be liable for any action or determination made in connection with the operation, administration
or interpretation of the Plan, and the Company shall indemnify, defend and hold harmless each such person from any liability arising from or in connection with the Plan, except where such liability results directly from such person’s fraud,
willful misconduct or failure to act in good faith. In the performance of its responsibilities with respect to the Plan, the Committee shall be entitled to rely upon information and advice furnished by the Company’s officers, the Company’s
accountants, the Company’s counsel and any other person the Committee deems necessary, and no member of the Committee shall be liable for any action taken or not taken in reliance upon any such advice. 

(e) Anything in the Plan to the contrary notwithstanding, any authority or responsibility that, under the terms of the Plan, may be
exercised by the Committee may alternatively be exercised by the Board of Directors. 
 8. Claims Procedure 

(a) If a Participant does not receive the timely payment of the benefits which the Participant believes are due under the Plan, the
Participant may make a claim for benefits in the manner hereinafter provided. 
 All claims for benefits under the Plan shall be
made in writing and shall be signed by the Participant. Claims shall be submitted to the Committee, or to a representative designated by the Committee. If the Participant does not furnish sufficient information with the claim for the Committee to
determine the validity of the claim the Committee shall indicate to the Participant any additional information which is necessary for the Committee to determine the validity of the claim. 

Each claim hereunder shall be acted on and approved or disapproved by the Committee within 90 days following the receipt by the Committee
of the information necessary to process the claim. 

 In the event the Committee denies a claim for benefits in whole or in part, the Committee
shall notify the Participant in writing of the denial of the claim and notify the Participant of his or her right to a review of the Committee’s decision. Such notice by the Committee shall also set forth, in a manner calculated to be
understood by the Participant, the specific reason for such denial, the specific provisions of the Plan on which the denial is based and a description of any additional material or information necessary to perfect the claim with an explanation of
the Plan’s appeals procedure as set forth in this Section. 
 If no action is taken by the Committee on a
Participant’s claim within 90 days after receipt by the Committee, such claim shall be deemed to be denied for purposes of the following appeals procedure. 
 (b) Any Participant whose claim for benefits is denied in whole or in part may appeal for a review of the decision by the full Committee. Such appeal must be made within three months after the
Participant has received actual or constructive notice of the denial as provided above. An appeal must be submitted in writing within such period and must: 
 (i) request a review by the full Committee of the claim for benefits under the Plan; 
 (ii) set forth all of the grounds upon which the Participant’s request for review is based and any facts in support thereof; and 

(iii) set forth any issues or comments which the Participant deems pertinent to the appeal. 

The Committee shall regularly review appeals by Participants. The Committee shall act upon each appeal within 60 days after receipt
thereof unless special circumstances require an extension of the time for processing, in which case a decision shall be rendered by the Committee as soon as possible but not later than 120 days after the appeal is received by the Committee.

 The Committee shall make a full and fair review of each appeal and any written materials submitted by the Participant in
connection therewith. The Committee may require the Participant to submit such additional facts, documents or other evidence as the Committee in its discretion deems necessary or advisable in making its review. The Participant shall be given the
opportunity to review pertinent documents or materials upon submission of a written request to the Committee, provided the Committee finds the requested documents or materials are pertinent to the appeal. 

On the basis of its review, the Committee shall make an independent determination of the Participant’s eligibility for benefits
under the Plan. The decision of the Committee on any claim for benefits shall be final and conclusive upon all parties thereto. 
 In the event the Committee denies an appeal in whole or in part, the Committee shall give written notice of the decision to the Participant, which notice shall set forth, in a manner calculated to be
understood by the Participant, the specific reasons for such denial and which shall make specific reference to the pertinent provisions of the Plan on which the Committee’s decision is based. 

9. Amendment and Termination 
 (a) The Plan may be amended or terminated by the Board of Directors at any time, provided that no such action shall have the effect of decreasing a Participant’s accrued benefits as of the
effective date of such action. Upon termination of the Plan, each Participant shall receive a refund of his or her contributions for the Plan Year plus interest accrued through the date of termination. 

(b) Without shareholder consent and without regard to whether any Participant rights may be considered to have been
“decreased,” the Committee shall be entitled to establish the exchange ratio applicable to payroll and other deductions, in a currency other than United States Dollars, permit payroll and other deductions in excess of the amount designated
by a Participant in order to adjust for delays or mistakes in the Company’s processing of properly completed payroll and other deduction elections, establish reasonable waiting and adjustment periods and/or accounting and crediting procedures
to ensure that amounts applied toward the purchase of shares of 

 
Orthofix Stock for each Participant properly correspond with amounts deducted from the Participant’s compensation, and establish such other limitations or procedures as the Committee
determines in its sole discretion advisable which are consistent with the Plan. 
 10. Beneficiary Designation

 A Participant may file a written designation of a beneficiary who is to receive any Orthofix Stock or cash under the Plan in
the event of such Participant’s death prior to delivery to such Participant of such Orthofix Stock or cash. If a Participant is married and the designated beneficiary is not the spouse, spousal consent shall be required for such
designation to be effective to the extent required by applicable law. Such beneficiary designation may be changed by the Participant at any time by written notice to the Committee. All beneficiary designations shall be made in such form
and manner as the Committee may prescribe from time to time. 
 11. Effective Date 

The Plan, as amended and restated herein, shall become effective on the first day of the Plan Year following the date it is approved by
the shareholders of the Company; provided, however, that the shares available for issuance in Section 3(a) hereof shall be available for issuance on and after the date the Plan, as amended and restated herein, is approved by the shareholders of
the Company. Notwithstanding the foregoing, if the Plan is not approved by the shareholders upon submission to them for approval, the Plan shall be void ab initio and of no further force and effect. 

12. Participants in Non-U.S. Jurisdictions 
 (a) To the extent that Participants are domiciled or resident outside of the U.S. or are domiciled or resident in the U.S. but are subject to the tax laws of a jurisdiction outside of the U.S., the
Committee shall have the authority and discretion to adopt such modifications and procedures as it shall deem necessary or desirable to comply with the provisions of the laws of such non-U.S. jurisdictions in order to assure the viability of the
benefits paid to such Participants. The authority granted under the previous sentence shall include the discretion for the Committee to adopt, on behalf of the Company, one or more sub-plans applicable to separate classes of eligible Employees
and Directors who are subject to the laws of jurisdictions outside of the U.S. 
 (b) Notwithstanding any other provision of the
Plan to the contrary, to the extent the Company is required to comply with the EU Prospectus Directive in any jurisdiction with respect to awards made to eligible Employees or Directors in such jurisdiction, the Committee may suspend the right of
all eligible Employees and Directors in such jurisdiction to participate in the Plan. 
 13. Miscellaneous 

(a) Nothing in the Plan shall confer upon a Participant the right to continue in the employ or continue to be a Director of the Company
or a Subsidiary or shall limit or restrict the right of the Company or a Subsidiary to terminate the employment of a Participant at any time with or without cause. 
 (b) No right or benefit under the Plan shall be subject to anticipation, alienation, sale, assignment, pledge, encumbrance or charge, and any attempt to anticipate, alienate, sell, assign, pledge,
encumber or charge such right or benefit shall be void. No such right or benefit shall in any manner be liable for or subject to the debts, liabilities or torts of a Participant. 

(c) Neither the Company nor any Subsidiary shall be under any obligation to issue or deliver certificates for shares of Orthofix Stock
pursuant to the Plan if such issuance or delivery would, in the opinion of the Committee, cause the Company to violate any provision of applicable law. The Company and its subsidiaries will use their best efforts to comply with applicable laws
but will not be liable for any failure to comply. 
 (d) If any provision in the Plan is held by a court of competent
jurisdiction to be invalid, void, or unenforceable, the remaining provisions shall nevertheless continue in full force and effect without being impaired or invalidated in any way. 

 (e) The Plan shall be construed and governed in accordance with the law of the State of
New York and without giving effect to principles of conflicts of laws. 
 (f) All notices or other communications by a
Participant to the Committee, the Company, or any Subsidiary under or in connection with the Plan shall be deemed to have been duly given when received in the form specified by the Committee at the location, or by the person, designated by the
Committee for the receipt thereof. 
 (g) Notwithstanding anything to the contrary contained in the Plan, notices and other
elections under this Plan may be delivered or made electronically, in the discretion of the Committee. In addition, in the discretion of the Committee, shares otherwise deliverable under the Plan may be delivered or otherwise evidenced through book
entry or other electronic format without the need to deliver an actual share certificate; provided, however, an actual share certificate shall be delivered if requested by the Participant. 

(h) The Board of Directors or the Committee may extend or terminate the benefits of the Plan to any Subsidiary at any time without
the approval of the shareholders of the Company. 
 (i) The proceeds received by the Company from the sale of Orthofix
Stock pursuant to the Plan shall be used for general corporate purposes. 
 (j) No shares of Orthofix Stock may be issued
under this Plan unless the issuance of such shares has been registered under the Securities Act of 1933, as amended, and qualified under applicable state “blue sky” laws and any applicable non-U.S. securities laws, or the Company has
determined that an exemption from registration and from qualification under such state “blue sky” laws and applicable non-U.S. securities laws is available. The Committee may require each Participant purchasing shares under the Plan to
represent to and agree with the Company in writing that such eligible Employee or Director, as applicable, is acquiring the shares for investment purposes and not with a view to the distribution thereof. All certificates for shares delivered under
the Plan shall be subject to such stock-transfer orders and other restrictions as the Committee may deem advisable under the rules, regulations, and other requirements of the Securities and Exchange Commission, any exchange upon which the shares are
then listed, and any applicable securities law, and the Committee may cause a legend or legends to be put on any such certificates to make appropriate reference to such restrictions. 

14. Compliance with Code Section 409A 
 The Plan and any options granted hereunder are intended to meet the short term deferral exemption from Code Section 409A and shall be interpreted and construed consistent with this
intent. Notwithstanding any provision of the Plan to the contrary, in the event that the Board of Directors determines that the Plan or any option granted hereunder may be subject to Code Section 409A, the Board of Directors may, without
the consent of Participants, including the affected Participant, adopt such amendments to the Plan or adopt other policies and procedures (including amendments, policies and procedures with retroactive effect), or take any other actions, that the
Board of Directors determines are necessary or appropriate to (i) exempt the Plan or any option granted hereunder from Code Section 409A or (ii) comply with the requirements of Code Section 409A and Department of Treasury
regulations and other interpretive guidance issued thereunder. Notwithstanding the foregoing, the Company shall not be required to assume any increased economic burden in connection therewith.

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