Document:

1st Amend - Distribution and License Agreement

 Exhibit 10.24 
 CONFIDENTIAL TREATMENT REQUESTED BY REGENERATION TECHNOLOGIES, INC. FOR CERTAIN PORTIONS OF THIS AGREEMENT IN ACCORDANCE WITH RULE 24B-2 UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED 
 FIRST AMENDED EXCLUSIVE LICENSE AND DISTRIBUTION AGREEMENT 
 This First Amended Exclusive License and Distribution Agreement (“Agreement”) is made effective the 19th day of December, 2005, by and between Regeneration Technologies, Inc. (“RTI”) and Exactech, Inc. (“Exactech”). 
 WHEREAS, RTI and Exactech are parties to an Exclusive License Agreement effective July 1, 2002, wherein RTI granted Exactech an exclusive license to
distribute products developed from the Licensed Technology for all orthopaedic procedures outside of the human spine; 
 WHEREAS, RTI and
Medtronic Sofamor Danek, Inc. (“MSD”) are parties to a First Amended Exclusive Distribution and License Agreement effective April 15, 2004 , wherein RTI granted MSD an exclusive license to distribute Bone Paste products developed from
the Licensed Technology for use in the human spine; 
 WHEREAS, MSD and Exactech have each indicated a desire to allow the other and RTI to
distribute Bone Paste products into the exclusive licensed field and licensed territory of both MSD and Exactech; and 
 WHEREAS, RTI and
Exactech desire to enter into a new license and distribution agreement to replace and supersede the July 1, 2002 Exclusive License Agreement and to implement the desires of MSD and Exactech. 
 NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth below, the parties covenant and agree as follows: 
 I. Definitions. 
  

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 A. “Licensed Technology” shall refer to and mean (1) products containing a gelatin carrier
and an osteoinductive substance and/or (2) products containing a gelatin carrier and an osteoconductive substance, with or without an osteoinductive substance. 
 B. “Bone Paste Products” shall refer to and mean any and all products comprised of the Licensed Technology, regardless of shape, size, volume, composition, storage capacity or delivery method, including, but
not limited to, the products listed and described on Exhibit A and any products developed from the Licensed Technology subsequent to the execution of this Agreement. 
 C. “Flowable Bone Paste Products” shall refer to and mean Bone Paste Products comprised of an osteoinductive substance and a gelatin carrier.

 D. “Moldable Bone Paste Products” shall refer to and mean Bone Paste Products comprised of a gelatin carrier and cortical
cancellous chips, with or without an osteoinductive substance. 
 E. “Cortical cancellous chips” shall refer to and mean bone chips
consisting of cortical bone, cancellous bone, cortical cancellous bone or a mixture or combination of cortical bone, cancellous bone and/or cortical cancellous bone. 
 F. “Licensed Field” shall refer to and mean the field of human orthopaedic surgical procedures. 
 G. “Orthopaedic” shall refer to and mean the medical specialty concerned with the preservation, restoration, and development of form and function of the musculoskeletal system, extremities, spine, and associated structures by
medical, surgical, and physical methods. 
  

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 H. “Intellectual Property” shall refer to and mean any and all United States patent(s) and
trademark(s), patent and trademark applications, and/or any pertinent continuations, continuations-in-part, and/or divisional applications, as well as foreign counterparts thereof, trade secrets, and proprietary information relating to the Licensed
Technology and/or any Bone Paste Product, whether currently existing or obtained subsequent to the execution of this Agreement. 
 I.
“Licensed Territory” shall be throughout the world, except where distribution of Bone Paste Products is unlawful. 
 II. Grant.

 A. License. 
 RTI
hereby grants to Exactech a license to distribute throughout the Licensed Territory any and all Bone Paste Products (both Moldable and Flowable) for use in the Licensed Field. This license shall not operate to prohibit Medtronic Sofamor Danek, Inc.
(hereinafter “MSD”) from distributing Bone Paste in the Licensed Field so long as MSD shall grant Exactech permission to distribute Bone Paste for use in the human spine throughout the world and provided that this license shall not operate
to prohibit RTI from distributing Bone Paste products in the Licensed Field and Licensed Territory, exclusive of Spain and Portugal. Provided further, however, that neither MSD nor RTI shall use the trade names “Optefil”,
“Opteform”, “Regenafil”, or “Regenaform” with the distribution of any products. Exactech shall not use the trade names “Osteofil”, “Osteofil IC”, and “Osteofil ICM” with the distribution of
any products. 
 B. Oral-Dental Indications. 
 RTI further agrees to not directly distribute Bone Paste for oral-dental indications or applications, provided Exactech achieves the following minimum annual performance levels 

  

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based upon annual Transfer Distribution and License Service Fees (“TDLSF”) for Bone Paste Products for oral-dental indications and applications:

  

					
	 2006
	  	$	[	***]
	2007	  	$	[	***]
	2008	  	$	[	***]
	2009	  	$	[	***]
	2010	  	$	[	***]
	2011	  	$	[	***]
	2012	  	$	[	***]
	2013	  	$	[	***]
	2014	  	$	[	***]

 Such restriction, however, does not prohibit MSD from distributing Bone Paste Products for
oral-dental indications or applications in the Licensed Territory at all times during the term of this Agreement. 
 C. License of RTI
Marks. 
 During the term of this Agreement, RTI grants to Exactech a royalty-free, non-transferable license under the quality control of
RTI to use the marks “Regeneration Technologies, Inc.” and “RTI” in connection with the distribution of Bone Paste Products under this Agreement. RTI warrants that it has full right and title to license such marks, and to the
best of its knowledge, there are no pending or current lawsuits involving the use of the marks in the manufacture, processing or distribution of Bone Paste Products in the Licensed Territory. Exactech shall not use these marks in distribution,
promotion, advertising, or any other form of publicity or external communication without the prior written approval of RTI, which will not be unreasonably withheld. 
 RTI also grants to Exactech during the term of this Agreement a royalty-free, non-transferable license within the quality control of RTI to use the marks listed on Exhibit B and/or any future marks obtained in
connection with the development and/or distribution of Bone Paste 

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omitted portions. 

  

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Products within the Licensed Field and the Licensed Territory. Provided however, that RTI further grants Exactech a royalty-free nontransferable license
under the quality control of RTI to use any future marks obtained in the development and/or distribution of Bone Paste Products developed solely for Exactech for distribution/use in the spine. RTI warrants that it has full right and title to license
such marks, and to the best of its knowledge, there are no pending or current lawsuits involving the use of the marks in the manufacture, processing or distribution of Bone Paste Products within the Licensed Territory. Exactech shall not use any of
these marks in distribution, promotion, advertising, or any other form of publicity or external communication without the prior approval of RTI, which will not be unreasonably withheld. 
 III. Consideration. 
 A. Transfer Distribution and License Service Fee. 
 Exactech agrees to pay RTI a Transfer Distribution and License Service Fee (hereinafter “TDLSF”) for all Bone Paste Products shipped by RTI to
Exactech or shipped directly by RTI to any third party subject to this Agreement at the directive of Exactech. The TDLSF shall be equal to the amounts listed on Exhibit A attached hereto and as amended from time to time. In the event of a
material increase or decrease in either regulatory compliance costs or donor tissue processing costs, or any other circumstance that either party reasonably anticipates will have an immediate and material impact on the marketplace for Bone Paste
Products, the parties agree to meet within ten (10) business days of a written request by either party and confer in good faith to reach mutual agreement on any adjustments to any Bone Paste Product TDLSF charged by RTI. Notwithstanding, RTI
may increase the TDLSF for any and all Bone Paste Products on the first anniversary of this Agreement, and thereafter not more than once annually, upon sixty (60) days written notice to Exactech. 
  

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 B. [***] for Moldable Bone Paste Product Sales. 
 [***] 
 C. Accounting Payments.

 1. Amounts owing to RTI under Section III.A. shall be paid by Exactech within [***] days of invoice issuance by RTI. Any amounts which
remain unpaid after [***] days from the end of the month in which they were earned shall accrue interest from that date until paid at the rate of [***] percent ([***]%) per year. 
 2. Except as otherwise directed, all amounts owing to RTI or Exactech under this Agreement shall be paid in U.S. dollars at the addresses provided in
Section XVIII. herein. All amounts owing with respect to TDLSF and royalties stated in currencies other than U.S. dollars shall be converted at the rate shown in the Federal Reserve Noon Valuation – Value of Foreign Currencies on the day
preceding the payment. 
 3. A full accounting of all monthly distributions of Moldable Bone Paste Products in the Licensed Field, except for
those products distributed by Exactech, shall be submitted by RTI to Exactech by the [***]. Such accounting shall be on a per distribution agent and per Moldable Bone Paste Product basis, and shall be summarized in a format agreed upon by the
parties. [***], RTI shall provide Exactech with a written statement setting forth such fact. 
 IV. Product Supply and Distribution.

 A. Bone Paste Product Orders. 
  

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omitted portions. 

  

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 [***] 
  

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omitted portions. 

  

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 [***] 
 B. Bone Paste Product Production Forecast. 
 [***] 
 V. Product Promotion and Marketing. 
 A.
Exactech shall utilize best efforts to promote and market Bone Paste Products in the Licensed Field and in the Licensed Territory. Exactech agrees to provide educational services regarding Bone Paste Products to customers and potential customers,
including, but not limited to, surgeons, hospital personnel, customer support staff, and potential buying groups in the Licensed Field. Such services shall include education on Bone Paste Product design, ordering, delivery and stocking procedures.

 B. Exactech shall support the marketing and distribution of Bone Paste Products in the Licensed Field by providing, where necessary, and
upon reasonable notice, personnel or marketing agents to attend surgical cases at the clinical level. 
 C. RTI agrees that its independent
sales force shall not solicit, pursue, or target Exactech major customers. Exactech’s major customers shall be specified in writing by Exactech to RTI within thirty (30) days of this Agreement. The Exactech major customer list may be
amended from time to time by Exactech with proper written notice to RTI. 
 The parties also agree to meet either in person or telephonically
each quarter to cooperate on marketing efforts of Bone Paste Products. The parties shall, in good faith, seek to resolve any 
  

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 disputes concerning the soliciting or targeting of Bone Paste Product distribution opportunities or potential Bone Paste
Product customers. 
 D. RTI agrees to label all Bone Paste Products that are to be distributed by Exactech subject to this Agreement with
the unique Exactech name and include on all Bone Paste Product labels a statement that the product is “processed by Regeneration Technologies, Inc.” 
 E. Notwithstanding the above, RTI agrees to continue to provide ongoing marketing support to Exactech (as described in Section VI.D. above) to promote Bone Paste Products. 
 VI. Development and Distribution of New Products. 
 A. Subsequent to the execution of this Agreement, RTI agrees to work with Exactech to develop new Bone Paste Products for use within the Licensed Field and to rationalize the Bone Paste Product line so that Exactech can offer Bone Paste
Products within the Licensed Field that Exactech customers reasonably want and need. RTI shall support the parties’ co-development of new Bone Paste Product for distribution within the Licensed Field designs by producing, at Exactech’s
reasonable request, specific product prototypes for testing and clinical evaluation. Exactech agrees to reimburse RTI for its cost in producing such prototypes, with such cost mutually agreed upon between the parties at the time of Exactech’s
request. 
 B. Any new Bone Paste Product co-developed by Exactech and RTI for use within the Licensed Field subsequent to the execution of
this Agreement will be co-owned by Exactech and RTI. Any new Bone Paste Product developed independently by either party or by any other person in cooperation with either party for use within the Licensed Field will be owned by that party and any
other person with whom that party collaborates. In the event RTI, without any collaboration from another person, develops a new Bone Paste Product from the Licensed Technology independently of Exactech, RTI agrees to make that Bone Paste Product
available to 

  

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Exactech for distribution in the Licensed Field, subject to the evaluation process and criteria described in Section VI.C. below. In the event Exactech
develops a new Bone Paste Product from the Licensed Technology independently of RTI, Exactech agrees to license that Bone Paste Product to RTI for distribution subject to the terms of this Agreement and subject to the evaluation process and criteria
described in Section VI.C. below. 
 C. The parties agree to evaluate any proposed new Bone Paste Product prior to any distribution to
determine its market and economic feasibility. Evaluation criteria to be considered will include, but not be limited to, cost of product development, including any costs associated with intellectual property development, cost of processing,
distribution, storage and handling, potential customer demand, and pricing. The TDLSF to be paid by Exactech to RTI for any new Bone Paste Products distributed by Exactech shall be negotiated by the parties in good faith. 
 D. The parties agree to conduct meetings on a quarterly basis to facilitate the development of additional Bone Paste Products and/or the improvement of
Bone Paste Product design. 
 VII. Patents and Intellectual Property. 
 A. RTI represents and warrants that it has, in connection with the execution of this Agreement, provided Exactech with complete disclosure of all current
Intellectual Property associated with the Licensed Technology and Bone Paste Products. 
 B. Upon reasonable request, RTI shall allow
appropriate Exactech personnel and/or legal counsel to review any Intellectual Property associated with the Licensed Technology and all Bone Paste Products. Subject to the provisions and limitations of Section VIII. of this Agreement, RTI shall take
all reasonably necessary steps to prosecute and/or defend the 

  

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intellectual property position of any and all technology embodied in the Licensed Technology and/or any Bone Paste Product, including, but not limited to,
filing and prosecuting pertinent patent applications, and/or any pertinent continuations, continuations-in-part, and/or divisional applications in the United States, as well as foreign counterparts thereof, filing necessary appeals for any denial of
any pertinent patent application or patent claims, and prosecuting patent infringement actions under the terms and conditions set forth in Section VIII. below. RTI agrees to keep Exactech fully informed at all times concerning the status of
any patent applications and/or patent claims within the Licensed Field and which relate to the Licensed Technology and/or any Bone Paste Product. 
 C. All rights and title to any invention jointly invented by the parties shall be jointly owned by both parties. The parties agree to take any actions, including the execution of documents, to obtain patent protection for joint inventions.
In the event that RTI or the parties decide to file additional patent applications on joint inventions, the Licensed Technology, or any Bone Paste Product distributed or to be distributed by Exactech, the parties agree to share equally in the legal
fees, costs and expenses related to securing such patent(s), including any continuations, continuations in part, or divisional applications thereof in the United States, as well as foreign counterparts thereof. The parties agree to equally share any
maintenance fees associated with patents granted hereunder. 
 D. Exactech shall ensure that it applies patent markings, when notified by RTI
of applicability, that meet all requirements of 35 U.S.C. § 287, and with applicable international laws, rules and regulations with respect to all Bone Paste Products distributed by Exactech subject to this Agreement. 
  

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 E. All trademarks developed by either party or co-developed by the parties pursuant to this Agreement,
including, but not limited to, any Bone Paste Product name for Bone Paste Products within the Licensed Field, will be jointly owned by both parties. The parties agree to file promptly and prosecute trademark applications for such trademarks. The
party developing the trademark(s) shall be responsible for the filing process, and the parties will mutually agree to assign a responsible party to file trademarks co-developed by the parties. The parties agree to share equally in the costs
of such trademark prosecution, including, but not limited to, all filing and legal fees incurred. 
 F. The parties recognize that a party
may develop new Intellectual Property that would require the other party to be licensed under such Intellectual Property in order for the other party to exercise its rights or perform its obligations under this Agreement. In that case, the party who
develops such Intellectual Property grants the other party an exclusive license to the Intellectual Property in the Licensed Field for the above stated purpose, subject, however, to a reservation by the developing party to use such Intellectual
Property to exercise its rights or perform its obligations under this Agreement. 
 VIII. Infringement of Licensed Patent Rights by Third Parties.

 A. In the event that any infringement within the Licensed Field of a patent relating to the Licensed Technology or any Bone Paste
Product owned by RTI shall come to the attention of RTI or Exactech, then RTI and Exactech shall duly inform each other. RTI shall, in its sole discretion, determine whether or not it will prosecute patent infringement litigation. If RTI conducts
and pays the fees and expenses of the infringement action, then any amount recovered belongs to RTI. Exactech may pay part of the litigation fees and expenses and, if it does so, any recovery shall be divided between Exactech and RTI as follows:
(1) any lost profits, enhanced or 

  

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punitive damages, and/or attorneys’ fees recovery shall be divided between RTI and Exactech based on their proportionate share of the litigation fees
and expenses; and (2) any reasonable royalty recovery shall be belong to RTI. Any recovery obtained from settlement of the litigation shall be divided between RTI and Exactech based on their proportionate share of the litigation fees and
expenses. 
 B. If RTI determines and elects not to prosecute a litigation as described in Section VIII.A., then Exactech may bring or cause
legal proceedings against the alleged infringing party at its own initial expense, with partial reimbursement by RTI as defined herein, so long as Exactech shows that (i) there is substantial likelihood of infringement, (ii) there is
substantial competition by the infringer, and (iii) unless mutually agreed in writing by RTI and Exactech, no other infringement litigation is pending at the time. Where necessary, RTI agrees to allow itself to be included as a named plaintiff
in any patent infringement litigation brought by Exactech. Exactech may defray up to [***] percent ([***]%) of the fees and expenses of any such litigation by, upon written notification to RTI, withholding up to [***] percent ([***]%) of the TDLSF
due to RTI under Section III.A. herein. At no time shall the aggregate sum of the TDLSF payments so withheld from RTI exceed [***] percent ([***]%) of the total amount of actual, out-of-pocket costs and expenses paid by Exactech for the infringement
litigation. If Exactech recovers any amount via the infringement litigation (including settlement of such litigation), such amount will first be used to reimburse Exactech and RTI proportionally in accordance with their respective out-of-pocket
expenditures, including attorneys’ fees, and any TDLSF withheld from RTI by Exactech as a result of the litigation. Any amount remaining after the initial disbursement shall belong to Exactech, except that RTI shall receive an amount equivalent
to its TDLSF percentage set forth in Section III.A. on such amount remaining. 
  

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 C. In any patent infringement litigation involving RTI’s patent rights in the Licensed Field, RTI
shall be entitled to employ its own counsel and control the course of the litigation, at its own expense, if, RTI determines, in its sole discretion, that Exactech’s defense of its patent rights is insufficient, or if Exactech fails to carry on
vigorous prosecution of said patent rights. 
 D. In the event Exactech seeks, with justifiable cause, to prosecute more than one
infringement litigation at a time, RTI will not unreasonably withhold permission to do so. The disbursement of any recovery shall be divided between Exactech and RTI as provided in Section VIII.B., above. 
 IX. Technology Escrow. 
 Within ninety
(90) days after the execution of this Agreement, Exactech and RTI shall enter into an amended Technology Escrow Agreement, which will jointly establish a Technology Escrow Account. RTI agrees that it will deposit into the Technology Escrow
Account all necessary information and relevant documentation concerning the Licensed Technology and the procedures and methodology used to process and manufacture any and all Bone Paste Products (the “Escrow Materials”). The terms of the
Technology Escrow Agreement shall provide, among other things, that Exactech shall be given access to the Escrow Materials for the sole purpose of enabling Exactech to process, manufacture and/or continue to supply Bone Paste Products in the event
of RTI’s material breach of its obligations to provide Exactech with Bone Paste Products under the terms of this Agreement, including, without limitation, as a result of RTI’s bankruptcy or failure to continue in business. The parties
shall jointly designate an Escrow Agent to maintain the Technology Escrow Account. 
 X. Record Keeping. 
  

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 A. RTI shall keep books and records sufficient to verify the accuracy and completeness of RTI’s
accounting referred to in Section X.E., including, without limitation, inventory, order and invoice records relating to the Moldable Bone Paste Products used in human spine procedures and their distribution. Such books and records shall be preserved
for a period of not less than five years after they are created and regardless of the term of this Agreement. 
 B. RTI shall take all steps
necessary so that Exactech may, within [***] days of receipt of its request, review all relevant books and records [***] to verify the accuracy of RTI’s accounting. Such review may be performed by any designated employee, attorney and/or
accountant of Exactech, upon reasonable notice and during regular business hours. 
 C. If a payment deficiency is determined, RTI shall pay
such deficiency within [***] days of receiving written notice thereof, plus interest on outstanding amounts at the rate of [***] percent ([***]%) per year. 
 D. If a payment deficiency for a calendar year exceeds [***] percent ([***]%) of the amounts paid in Moldable Bone Paste Product royalties by RTI to Exactech for that year pursuant to Section III.B, above, then RTI
shall be responsible for paying Exactech’s out-of-pocket expenses incurred with respect to the books and records review described in Section X.B.2. herein. 
 E. Exactech shall keep books and records such that, upon reasonable request from RTI, Exactech shall provide RTI with supply distribution data (per state or region) so as to support RTI’s reporting obligations to
its donor organizations. Such supply distribution information may not be used by RTI to target or solicit Exactech customers. 
 XI. Representations
and Warranties. 
 A. By RTI. 
  

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 1. RTI represents and warrants that any information related to the sale and distribution of the Bone
Paste Products by Exactech, including but not limited to information included with or derived from Tissue Utilization Records, regulatory actions related to the Bone Paste Products, MedWatch or other regulatory reports made by Exactech related to
the Bone Paste Products, shall be considered proprietary and confidential information of Exactech, and RTI shall not utilize such confidential information for the purpose of sales and/or distribution of the Bone Paste Products. 
 2. RTI represents and warrants that each lot of Bone Paste Products will be tested by RTI for osteoinductivity prior to distribution by Exactech.

 3. RTI represents and warrants that it will comply with all applicable current federal, state, and/or local laws and/or regulations,
including, but not limited to, all applicable rules and regulations of the Food and Drug Administration and applicable standards of the American Association of Tissue Banks. 
 4. RTI represents and warrants that the Licensed Technology is currently the subject of the issued and pending U.S. and foreign patent applications
described in Exhibit D and that it owns all clear legal title and rights to all of its Intellectual Property that is the subject of this Agreement and the rights conveyed to Exactech pursuant to this Agreement. 
 5. RTI represents and warrants that it now maintains, and will continue to maintain, liability insurance coverage appropriate to the risk involved in
marketing the technology and products subject to this Agreement. Within [***] days after the execution of this Agreement and thereafter [***], RTI will present sufficient evidence to Exactech that the coverage is being maintained. In addition, RTI
shall provide 
  

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 Exactech with at least [***] days prior written notice of any change in or cancellation of the insurance coverage.

 6. The person signing this Agreement on behalf of RTI represents and warrants that he or she has authority to execute this Agreement on
behalf of RTI. 
 B. By Exactech. 
 1. Exactech represents and warrants that it will comply with all applicable current federal, state, and/or local laws and/or regulations, including, but not limited to, all applicable rules and regulations of the Food and Drug
Administration and applicable standards of the American Association of Tissue Banks. 
 2. Exactech represents and warrants that it owns all
clear legal title and rights to any of its intellectual property that is the subject of this Agreement. 
 3. Exactech represents and
warrants that it now maintains, and will continue to maintain, liability insurance coverage appropriate to the risk involved in marketing the technology and products subject to this Agreement. Within [***] days after the execution of this Agreement
and thereafter [***], Exactech will present sufficient evidence to RTI that the coverage is being maintained. In addition, Exactech shall provide RTI with at least [***] days prior written notice of any change in or cancellation of the insurance
coverage. 
 4. The person signing this Agreement on behalf of Exactech represents and warrants that he or she has authority to execute this
Agreement on behalf of Exactech. 
 XII. Products Liability. 
 A. Subject to RTI’s indemnification obligations pursuant to Section XII.B. hereof, Exactech shall indemnify and hold RTI harmless from any and all loss, damages, liabilities, costs 
  

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 and expenses, including, without limitation, reasonable attorneys fees and court costs, that may result from any demand,
claim, or litigation relating to, resulting from or arising out of Exactech’s marketing and/or distribution of Bone Paste Products or any action or inaction which is solely the fault of Exactech. 
 B. Subject to Exactech’s indemnification obligations pursuant to Section XII.A. hereof, RTI shall indemnify and hold Exactech harmless from any and
all loss, damages, liabilities, costs and expenses, including, without limitation, reasonable attorneys fees and court costs, that may result from any demand, claim, or litigation relating to, resulting from or arising out of RTI’s manufacture,
processing, marketing and/or distribution of Bone Paste Products or any action or inaction which is solely the fault of RTI. 
 XIII. Term and
Termination. 
 A. This Agreement shall have a term of nine (9) years. The Agreement may be renewed upon mutual agreement of the
parties. 
 B. This Agreement may be terminated prior to its expiration only in the event of (i) a material breach by either party as
determined by an arbitration panel in accordance with Section XVI.B. herein, and the non-breaching party demands termination and such material breach is not cured by the breaching party within [***] days of receipt of the termination demand;
or (ii) mutual agreement between the parties. 
 XIV. Termination of July 1, 2002 Exclusive License Agreement and Joint Research
Agreement. 
 As of the effective date of this Agreement, Exactech and RTI agree that the parties’ Exclusive License Agreement,
as amended, and Joint Research Agreement, dated July 1, 2002 and April 22, 1997 respectively, are hereby terminated and superseded by this Agreement. 
  

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 XV. Assignability. 
 Neither this Agreement nor any rights hereunder may be transferred or assigned by either party without the prior written consent of the other party, except as part of a transfer of all or substantially all of the
assets of a party or as part of a transfer to a wholly owned affiliate. This Agreement shall be binding on any successors to the parties hereto. 
 XVI.
Miscellaneous. 
 A. Governing Law. 
 This Agreement shall be construed and interpreted in accordance with the internal laws of the State of Florida without regard to principles of conflict of laws. If any provisions of this Agreement shall be deemed
unenforceable, those provisions shall be deemed automatically deleted if such deletion is allowed by applicable law, and the remaining terms and conditions of this Agreement shall remain in full force and effect. If such deletion is not so allowed
or if such deletion leaves remaining terms clearly illogical or inappropriate in effect, the parties agree to substitute new terms as similar in effect to the present terms of this Agreement as may be allowed under applicable laws and regulations.

 B. Dispute Resolution/Arbitration. 
 Any dispute between the parties arising out or of or relating to this Agreement or its breach that cannot be resolved within [***] days of written notice of the existence of a dispute will be resolved by binding
arbitration administered by the American Arbitration Association under its Commercial Arbitration Rules and Procedures for Large, Complex Commercial Disputes. Unless otherwise agreed to in writing by the parties, such arbitration will consist of a
three-person arbitration panel consisting of three neutral arbitrators who all have substantial experience in intellectual property and intellectual property licensing matters. Such 
  

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 arbitration shall be held in the State of Florida unless otherwise agreed to by the parties. Judgment upon any
arbitration award may be entered in any court of competent jurisdiction. 
 C. Entire Agreement. 
 This Agreement, together with the Exhibits hereto, constitutes the entire agreement between the parties hereto and supersedes any prior expression of
intent or agreement of the parties with respect thereto, including, but not limited to, the Exclusive License Agreement (as amended) dated July 1, 2002. 
 D. Amendment of Agreement. 
 This Agreement cannot be modified, altered or amended except by an
agreement in writing signed by the duly authorized representatives of each of the parties hereto. 
 E. Independent Contractors.

 The parties hereto are independent contractors and not joint ventures or partners. 
 F. Counterparts. 
 This Agreement may
be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 
 G. Headings. 
 The headings in the sections and subsections of this Agreement are inserted for
convenience only and shall not constitute a part hereof. 
 H. Construction. 
 The language of all parts of this Agreement shall in all cases be construed as a whole, according to its fair meaning, and not strictly for or against any
of the parties, it being agreed that all parties (by their respective attorneys) have participated in the preparation of all provisions of this Agreement. 
  

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 XVII. Notices. 
 Any required notice pursuant to the terms of this Agreement shall be in writing and given to the parties at their respective addresses specified below or at such changed address as the party shall have specified by
written notice, provided that any notice of change of address shall be effective only upon actual receipt. Notice shall be deemed to have been given at the earlier of the time when actually received as a consequence of any effective method of
delivery, including, but not limited to, hand delivery, transmission by telecopier, or by first class mail. to the party for whom intended at the address below 
  

			
	 Regeneration Technologies, Inc.
 Attn: Brian K.
Hutchison
         President and CEO
 11621 Research Circle
 Alachua, FL 32615
	 	 Exactech, Inc.
 Attn: William Petty,
M.D.
          Chairman and CEO
 2320 NW 66th Court
 Gainesville, FL 32653

		
	With a copy to:	 	
		
	 General Counsel
 Regeneration Technologies,
Inc.
 11621 Research Circle
 Alachua, FL 32615
 Facsimile: (386) 462-1836
	 	

 XVIII. Confidentiality. 
 Exactech and RTI agree that this Agreement and its terms (including any subsequent amendment) are to be kept confidential and, absent an enforceable court
order, shall not be disclosed to any third party without the prior written consent of the other party. If this Agreement or its terms must be disclosed to a third party pursuant to an enforceable court order, such disclosure shall be made only to
the legal counsel representing the third party, unless otherwise ordered by the court. 
  

 Page 21 of 28 

 IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement. 
  

							
	REGENERATION TECHNOLOGIES, INC.	 	EXACTECH, INC.
				
	By:	 	 /s/ Thomas F. Rose
	 	By:	 	 /s/ William Petty

	Name:	 	Thomas F. Rose	 	Name:	 	William Petty, M.D.
	Title:	 	Vice President and CFO	 	Title:	 	Chairman and CEO
	Date:	 	December 19, 2005	 	Date:	 	December 15, 2005

  

 Page 22 of 28 

 Exhibit A 
 Exactech Product Code List 
  

													
	Code	 	Customer
Code	 	Class	 	Subclass	 	Description	 	Preservation	 	Transfer Fee
	[***]	 	[***]	 	[***]	 	[***]	 	[***]	 	[***]	 	[***]

  

	[***]	Certain information on this page has been omitted and filed separately with the Securities and exchange Commission. Confidential treatment has been requested with respect to the
omitted portions. 

  

									
	Class	 	Subclass	 	Description	 	Preservation	 	Transfer Fee
	[***]	 	[***]	 	[***]	 	[***]	 	[***]

  

	[***]	Certain information on this page has been omitted and filed separately with the Securities and exchange Commission. Confidential treatment has been requested with respect to the
omitted portions. 

 Exhibit B 
 NO CHANGES EFFECTED BY THE FIRST AMENDMENT 

 Exhibit C 
 NO CHANGES EFFECTED BY THE FIRST AMENDMENT 

 Exhibit C continued 
 NO CHANGES EFFECTED BY THE FIRST AMENDMENT 

 Exhibit D 
 NO CHANGES EFFECTED BY THE FIRST AMENDMENT 

 Exhibit D continued 
 NO CHANGES EFFECTED BY THE FIRST AMENDMENTAmended and Restated Employment Agreement (Burton B. Staniar)

 Exhibit 10.5 
 EMPLOYMENT AGREEMENT 
 This amended and restated Employment Agreement amends and restates as
of January 1, 2006 the Employment Agreement dated as of February 29, 1996, as amended, between Knoll, Inc., a Delaware corporation (the “Company”), and Burton B. Staniar (“Executive”). 
 WHEREAS , Executive and the Company desire to embody in this Agreement the terms and conditions of Executive’s employment by the Company;

 NOW, THEREFORE, the parties hereby agree: 
 ARTICLE I 
 Employment, Duties and Responsibilities 
 1.01. Employment. The Company shall employ Executive as Chairman of the Company. Executive hereby accepts such employment. Executive agrees to
devote fifty percent (50%) of his business time and efforts to promote the interests of the Company. 
 1.02. Duties and
Responsibilities. Executive shall have such duties and responsibilities as are customarily associated with such position and as are assigned to the Executive from time to time by the Board of Directors of the Company (the “Board”).
Executive shall in any event perform such additional services, without the receipt of additional compensation, with respect to the Company’s subsidiaries as are assigned from time to time by the Board. 
 1.03. Member of the Board. During the Term (as defined below), prior to any stockholder meeting at which directors will be elected (or prior to
the circulation of any written consent in respect of the election of directors), the Company shall nominate Executive to be a member of the Board and of the Board of Directors of the Company’s principal United States operating subsidiary.

 ARTICLE II 
 Term

 2.01. Term. (a) The term of this Agreement (the “Term”) shall commence on January 1, 2006 and shall
continue for a period of one year from such date; provided, however, that the term of the Executive’s employment shall be automatically extended without further action of either party for successive additional periods of one year, unless
written notice of either party’s intention not to extend has been given to the other party at least sixty (60) days prior to the expiration of the then effective term. 
 (b) Executive represents and warrants to the Company that to the best of his knowledge, neither the execution and delivery of this
Agreement nor the performance of his duties hereunder violates or will violate the provisions of any other agreement to which he is a party or by which he is bound. 
 ARTICLE III 
 Compensation and Expenses 
 3.01. Salary, Bonuses and Benefits. As compensation and consideration for the performance by Executive of his obligations under this Agreement,
Executive shall be entitled to the 

 
following (subject, in each case, to the provisions of Article V hereof): 
 (a) The Company shall pay Executive a base salary (“Base Salary”) during the Term, payable in accordance with the normal payment
procedures of the Company and subject to such withholdings and other normal employee deductions as may be required by law, at the rate of $200,000 per annum. The Company agrees to review such compensation (for possible increases, not decreases) not
less frequently than annually during the Term. 
 (b) Executive shall participate during the Term in such pension, life
insurance, health, disability and major medical insurance plans, and in such other employee benefit plans and programs, for the benefit of the employees of the Company, as may be maintained from time to time during the Term, in each case to the
extent and in the manner available to other executive officers of the Company and subject to the terms and provisions of such plans or programs. Executive confirms that he is aware that the Company or one of its affiliates may seek to obtain for
their benefit “key man” insurance covering the Executive and Executive agrees to use his reasonable best efforts (without the incurrence of any unreimbursed out-of-pocket expenses) to cooperate in connection therewith. 
 (c) Executive shall be entitled to a paid vacation, in accordance with Company policy (but not necessarily consecutive vacation weeks)
during the Term. 
 (d) During and after the Term the Company agrees that if Executive is made a party, or compelled to
testify or otherwise participate in, any action, suit or proceeding, (a “Proceeding”), by reason of the fact that he is or was a director or officer of the Company or any of its subsidiaries, the Executive shall be indemnified by the
Company to the fullest extent permitted by Section 145 of the Delaware General Corporation Law or authorized by the Company’s certificate of incorporation or bylaws or resolutions of the Company’s Board against all cost, expense,
liability and loss reasonably incurred or suffered by the Executive in connection therewith, and such indemnification shall continue as to the Executive even if he has ceased to be a director or officer of the Company or subsidiary, for the period
of any applicable statute of limitations or, if longer, for the period in which any such Proceeding which commenced within the period of any such statute of limitations is pending. The Company shall advance to the Executive all reasonable costs and
expenses incurred by him in connection with a Proceeding within 20 days after receipt by the Company of a written request for such advance. Such request shall include an itemized list of the costs and expenses and an undertaking by the Executive to
repay the amount of such advance if it shall ultimately be determined that, pursuant to applicable law, he is not entitled to be indemnified against such costs and expenses. During the Term (and thereafter for the period of any applicable statute of
limitations), the Company agrees to purchase from a reputable insurance company, and maintain, a directors’ and officers’ liability insurance policy covering the Executive, in amounts reasonably determined by the Board to be appropriate
for directors and officers of the Company given the Company’s business, securities, operations and financial condition. 
 3.02.
Expenses. The Company will reimburse Executive for reasonable business-related expenses incurred by him in connection with the performance of his duties hereunder during the Term, subject, however, to the Company’s policies relating to
business-related expenses as in effect from time to time during the Term. 
 3.03. Parachute Gross-Up. The sole shareholder of the
Company has previously approved the making of all payments due under or pursuant to this Agreement after having received full disclosure of all material facts concerning such payments. As a result, the provisions of Section 280G of the Internal
Revenue Code of 1986, as amended (the “Code”) are expected to be inapplicable. Notwithstanding anything to the contrary in this Agreement and in addition to any other compensation or other amount payable by the Company to the Executive
pursuant to this Agreement or otherwise, if it shall be determined that, notwithstanding such shareholder approval, any payment or distribution by the 

  

 2 

 
Company to or for the benefit of the Executive, pursuant to the terms of this Agreement or otherwise or resulting from the accelerated vesting of shares of
common stock or options to acquire common stock of the Company (a “Payment”), are subject to the excise tax imposed by Section 4999 of the Code, or any interest or penalties 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”), 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 on the Gross-Up Payment, (including any interest or penalties imposed with respect to such taxes, and any 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. If the Excise Tax is determined to exceed the amount taken into account hereunder at the time of the termination of the Executive’s employment or otherwise (including by reason of any payment the existence
or amount of which cannot be determined at the time of the Gross-Up Payment), the Company shall make an additional Gross-Up Payment in respect of such excess (plus any interest, penalties or additions payable by the Executive with respect to such
excess) at the time that the amount of such excess is finally determined. The Executive and the Company shall each reasonably cooperate with the other in connection with any administrative or judicial proceedings concerning the existence or amount
of liability for Excise Tax with respect to the Payments. All determinations required to be made under this Section, including whether a Gross-Up Payment is required and the amount of such Gross-Up Payment, shall be made by the Company’s
independent accountants. If the Internal Revenue Service determines that Excise Tax is larger than the amount calculated by the Company’s accountants, and the Company does not contest such determination and prevail in such contest at its own
expense, the Gross-Up Payment due the Executive shall be recalculated and any additional amounts owed Executive shall be promptly paid to him. 
 ARTICLE IV 
 Exclusivity, Etc. 
 4.01. Exclusivity. Executive agrees to perform his duties, responsibilities and obligations hereunder efficiently and to the best of his ability. Executive agrees that he will devote fifty percent (50%) of
his working time, care and attention and best efforts to such duties, responsibilities and obligations throughout the Term. Executive also agrees that he will not engage in any other business activities, pursued for gain, profit or other pecuniary
advantage, that are competitive with the activities of the Company, except as permitted in Section 4.02 below. Executive agrees that all of his activities as an employee of the Company shall be in conformity with all policies, rules and
regulations and directions of the Company not inconsistent with this Agreement. 
 4.02. Other Business Ventures. Executive agrees
that, so long as he is employed by the Company, he will not own, directly or indirectly, any controlling or substantial stock or other beneficial interest in any business enterprise which is engaged in, or competitive with, any business engaged in
by the Company. Notwithstanding the foregoing, Executive may own, directly or indirectly, up to 1% of the outstanding capital stock of any business having a class of capital stock which is traded on any national stock exchange or in the
over-the-counter market. 
 4.03. Confidentiality; Non-competition. (a) Executive agrees that he will not, at any time during or
after the Term, make use of or divulge to any other person, firm or corporation any trade or business secret, any information pertaining to any business process, method or means, any customer lists, details of contracts with or requirements of
customers, any information pertaining to the Company’s financial records, computer systems and software, sales or marketing plans, or any other written information treated as confidential or as a trade secret by the Company, which he may have
learned or acquired in connection with his employment (collectively, “Confidential Information”). Executive’s obligation under this Section 4.03 (a) shall not apply to any information which (i) is known publicly;
(ii) is in the public domain or hereafter enters the public domain without the fault of Executive; (iii) is known 

  

 3 

 
to Executive prior to his receipt of such information from the Company or any predecessor of the Company with which he was employed, as evidenced by written
records of Executive or (iv) is hereafter disclosed to Executive by a third party which, to Executive’s knowledge, is not under an obligation of confidence to the Company. Executive agrees not to remove from the premises of the Company,
except as an employee of the Company in pursuit of the business of the Company or except as specifically permitted in writing by the Company, any notes, memoranda, papers, documents, correspondence or writing (which shall include information
recorded or stored in writing, on magnetic tape or disc, or otherwise stored for reproduction, whether by mechanical or electronic means and whether or not such reproduction will result in a permanent record being made) containing or reflecting any
Confidential Information (“Documents”). Executive recognizes that all such Documents, whether developed by him or by someone else, will be the sole and exclusive property of the Company. Upon termination of his employment hereunder,
Executive shall forthwith deliver to the Company all such Confidential Information, including without limitation all Documents, correspondence, and any other property held by him or under his control in relation to the business or affairs of the
Company, and no copy of any Confidential Information shall be retained by him. 
 (b) Upon any termination of
Executive’s employment with the Company, the Executive shall not, for a period of one year from the date of such termination, directly or indirectly, whether as an employee, consultant, independent contractor, partner, joint venture or
otherwise, (i) engage in any business activities which are competitive, to a material extent, with any substantial type or kind of business activities conducted by the Company at the time of such termination (provided that Executive may own,
directly or indirectly, up to 1% of the outstanding capital stock of any business having a class of capital stock which is traded on any national stock exchange or in the over-the-counter market); (ii) solicit or induce, or in any manner
attempt to solicit or induce, any person employed by, or as agent of, the Company to terminate such person’s contract of employment or agency, as the case may be, with the Company or (iii) divert, or attempt to divert, any person, concern,
or entity from doing business with the Company, nor will he attempt to induce any such person, concern or entity to cease being a customer or supplier of the Company. 
 (c) Executive agrees that, at any time and from time to time during and after the Term, he will execute any and all documents which the
Company may deem reasonably necessary or appropriate to effectuate the provisions of this Section 4.03. 
 4.04. Equitable
Relief. Executive and the Company agree that the restrictions, prohibitions and other provisions of Article IV of this Agreement are reasonable, fair, and equitable in scope, terms, and duration, are necessary to protect the legitimate business
interests of the Company and are a material inducement to the Company to enter into this Agreement. The Company and the Executive recognize that the services to be rendered under this Agreement by the Executive are special, unique and of
extraordinary character, and that in the event of the breach by the Executive of the terms and conditions of this Agreement or if the Executive, without the prior consent of the Board, shall leave his employment for any reason and take any action in
violation of this Article IV, the Company will be entitled to institute and prosecute proceedings in any court of competent jurisdiction referred to in Section 4.05 below, to enjoin the Executive from breaching the provisions of Article IV. In
such action, the Company will not be required to plead or prove irreparable harm or lack of an adequate remedy at law. Nothing contained in this Article IV shall be construed to prevent the Company from seeking such other remedy in arbitration in
case of any breach of this Agreement by the Executive, as the Company may elect. 
 4.05. Submission to Jurisdiction. Any proceeding
or action must be commenced in the federal courts, or in the absence of federal jurisdiction in state court, in either case in New York. The Executive and the Company irrevocably and unconditionally submit to the jurisdiction of such courts and
agree to take any and all future action necessary to submit to the jurisdiction of such courts. The 

  

 4 

 
Executive and the Company irrevocably waive any objection that they now have or hereafter may have to the laying of venue of any suit, action or proceeding
brought in any court and further irrevocably waive any claim that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum. Final judgment against the Executive or the Company in any such suit shall be
conclusive and may be enforced in other jurisdictions by suit on the judgment, a certified or true copy of which shall be conclusive evidence of the fact and the account of any liability of the Executive or the Company therein described, or by
appropriate proceedings under an applicable treaty or otherwise. 
 ARTICLE V 
 Termination 
 5.01. Termination by the Company. The Company shall have
the right to terminate Executive’s employment at any time, with or without “Cause”. For purposes of this Agreement, “Cause” shall mean (i) the substantial and continued failure of Executive to perform material duties
reasonably required of Executive by the Board (it being understood that a failure to attain performance objectives shall not be treated as a failure to perform material duties for purpose of this clause (i)) for a period of not less than 30
consecutive days, provided notice in writing from the Board is given to Executive specifying in reasonable detail the circumstances constituting such substantial and continued failure, (ii) conduct substantially disloyal to the Company which
conduct is identified in reasonable detail by notice in writing from the Board and which conduct, if susceptible of cure, is not remedied by Executive within 30 days of Executive’s receipt of such notice, (iii) any act of fraud,
embezzlement or misappropriation against the Company, or (iv) the conviction of Executive of a felony. 
 5.02. Death. In the
event Executive dies during the Term, his employment shall automatically terminate effective on the date of his death. 
 5.03.
Disability. In the event that Executive shall suffer a disability which shall have prevented him from performing satisfactorily his obligations hereunder for a period of at least 90 consecutive days, or 180 non-consecutive days within any 365
day period, the Company shall have the right to terminate Executive’s employment for “Disability,” such termination to be effective upon the giving of notice thereof to Executive in accordance with Section 5.03 hereof.

 5.04. Compensation upon Termination. (a) In the event of termination of Executive’s employment by the Company (other than
for Cause or Disability), or in the event of termination of Executive’s employment by the Company as a result of the Company’s failure to renew this Agreement, or in the event of a termination of Executive’s employment by Executive
following a breach of a material provision of this Agreement by the Company, provided that the Executive has given advance written notice to the Company, identifying the basis for the breach in reasonable detail and, except in the event of a failure
to pay Base Salary, giving the Company 30 days’ opportunity to cure, the Company shall pay Executive an amount equal to 100% of the Executive’s then current Base Salary in twelve equal monthly installments following the date of such
termination (“Termination Pay”); provided, however, that unless Executive is no longer a “Specified Employee”, as such term is defined in Internal Revenue Code Section 409A(2)(B)(i), or final regulations issued under such
section make clear that deferral is not required, then the payout of the Termination Pay shall be as follows: 
  

	 	i.	The first six monthly installments shall be paid to Executive on the six-month anniversary of the date of Executive’s termination of employment; and 

 

	 	ii.	The second six monthly installments shall be paid to Executive one installment each on the seventh, eighth, ninth, tenth, eleventh and twelve month anniversaries of the date of
Executive’s termination of employment. 

  

 5 

 (b) The Executive’s rights upon termination of employment with respect to restricted
stock, stock options or other incentive awards shall be governed by the terms and conditions of any stock restricted stock agreements, option agreements or as established by the Company with respect to such awards. 
 (c) Upon termination of Employment for any reason, Executive shall be entitled to continued coverage under the Company’s health,
disability and medical benefits for the greater of (i) the period provided under applicable law (but only to the extent the Executive takes whatever actions are required of him under applicable law to secure such continued coverage) or
(ii) 90 days from the date of termination; provided that nothing in this Section 5.04 shall affect Executive’s continuing entitlement under any disability insurance policy if Executive’s employment is terminated by the
Company for Disability. Notwithstanding the preceding sentence, if the Executive’s employment is terminated under the circumstances described in Section 5.04(a), such continued coverage shall be provided on the same basis as for active
employees for a period of one year from the date of termination. 
 (d) Except as provided in this Section 5.04,
Executive shall not be entitled to compensation as a result of any termination of his employment with the Company. 
 ARTICLE VI 

Miscellaneous 
 6.01.
Mitigation; Offset. Executive shall not be required to mitigate damages resulting from his termination of employment and, during such time, the amounts payable to Executive pursuant to Article V of this Agreement shall not be offset or
reduced by any other compensation earned by Executive. 
 6.02. Benefit of Agreement; Assignment; Beneficiary. (a) This Agreement
shall inure to the benefit of and be binding upon the Company and its successors and assigns, including, without limitation, any corporation or person which may acquire all or substantially all of the Company’s assets or business, or with or
into which the Company may be consolidated or merged. This Agreement shall also inure to the benefit of, and be enforceable by, the Executive and his personal or legal representatives, executors, administrators, successors, heirs, distributees,
devisees and legatees. If the Executive should die while any amount would still be payable to the Executive hereunder if he had continued to live, all such amounts shall be paid in accordance with the terms of this Agreement to the Executive’s
beneficiary, devisee, legatee or other designee, or if there is no such designee, to the Executive’s estate. 
 (b) The
Company shall require any successor (whether direct or indirect, by operation of law, 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 such succession had taken place. 
 6.03. Notices. Any notice required or permitted hereunder shall be in writing and shall be sufficiently given if personally delivered or if sent by telegram or telecopier or by registered or certified mail, postage prepaid, with
return receipt requested, addressed: (a) In the case of the Company to: Knoll, Inc., c/o Warburg, Pincus Ventures, L.P., 466 Lexington Avenue, New York, NY 10017, Attention: Jeffrey A. Harris, tel. (212) 878-0638; fax: (212) 878-9352;
cc: Office of General Counsel, Knoll, Inc., 1235 Water Street, East Greenville, PA 18041, tel. (215) 679-1335; fax: (215) 679-1013, or to such other address and/or to the attention of such other person as the Company shall designate by
written notice to Executive; and (b) in the case of Executive, to: Burton B. Staniar, c/o Knoll, Inc. 76 Ninth 

  

 6 

 
Avenue, 11th Floor, New
York, NY 10011; tel. (212) 343-4158; fax (212) 343-4171, or to such other address as Executive shall designate by written notice to the Company, with a copy to F. George Davitt, Goodwin Proctor LLP, Exchange Place, 53 State Street, Boston,
MA 02109, Tel: (617) 570-1111; fax: (617) 523-1231. Any notice given hereunder shall be deemed to have been given at the time of receipt thereof by the person to whom such notice is given. 
 6.04. Entire Agreement; Amendment. This Agreement contains the entire agreement of the parties hereto with respect to the terms and conditions of
Executive’s employment during the term and supersedes any and all prior agreements and understandings, whether written or oral, between the parties hereto with respect to compensation due for services rendered hereunder. This Agreement may not
be changed or modified except by an instrument in writing signed by both of the parties hereto. 
 6.05. Waiver. The waiver by either
party of a breach of any provision of this Agreement shall not operate or be construed as a continuing waiver or as a consent to or waiver of any subsequent breach hereof. 
 6.06. Headings. The Article and Section headings herein are for convenience of reference only, do not constitute a part of this Agreement and
shall not be deemed to limit or affect any of the provisions hereof. 
 6.07. Governing Law. This Agreement shall be governed by, and
construed and interpreted in accordance with, the internal laws of the State of New York without reference to the principles of conflict of laws. 
 6.08. Agreement to Take Actions. Each party hereto shall execute and deliver such documents, certificates, agreements and other instruments, and shall take such other actions, as may be reasonably necessary or desirable in order to
perform his or its obligations under this Agreement or to effectuate the purposes hereof. 
 6.09. Survivorship. The respective rights
and obligations or the parties hereunder shall survive any termination of this Agreement to the extent necessary to the intended preservation of such rights and obligations. 
 6.10. Validity. The invalidity or unenforceability of any provision or provisions of this Agreement shall not affect the validity or
enforceability of any other provision or provisions of this Agreement, which shall remain in full force and effect. 
 6.11.
Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original but all of which together will constitute one and the same instrument. 
 IN WITNESS WHEREOF, each of the parties hereto has duly executed this Agreement effective as of the date first above written. 
  

			
	KNOLL, INC.
		
	By:	 	/s/    Barry L. McCabe
		 	 Name: Barry L. McCabe
 Title:   Chief
Financial Officer

		
		 	/s/    Burton B. Staniar
		 	Burton B. Staniar

  

 7

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