Document:

Exhibit
10.1

[BIOMET INC. LOGO]

May 10, 2007

Mr. Daniel P. Florin

41 Keyes House

Shrewsbury, MA 01545

Dear Dan:

The following offer of
employment is presented for your formal acceptance:

1.                        Position
of Senior Vice President and Chief Financial Officer of Biomet, Inc. You will
report directly to Jeffrey R. Binder, President and CEO.

2.                        Annual
salary of $350,000 per year. Bi-weekly salary at commencement of employment
will be $13,461.53, to be reviewed in December 2007.

3.                        Inclusion
in the Biomet, Inc. Management Merit Bonus program with a target bonus of 100%
of base salary. The Biomet bonus program is based upon Biomet’s fiscal year
that ends on May 31. You will not be eligible for a bonus for FY ‘07 (ending on
May 31, 2007), but you will be eligible commencing in FY ‘08.

4.                        You will
receive a one-time signing bonus of $125,000.00 (“Signing Bonus”), payable
within 30 days of the first day of your employment with Biomet, subject to the
following: in the event that you terminate your employment with Biomet or you
are terminated for cause by Biomet within the first year of employment based
upon the commencement date, you will repay the signing bonus to the company in
its entirety. You will repay the Signing Bonus, if applicable, within 90 days
of termination of employment.

5.                        A car
allowance of $13,000.00 annually, which will be paid with bi-weekly payroll in
the amount of $500.00 per pay period.

6.                        Two (2)
weeks vacation in calendar year 2007.

7.                        Subject to
compliance with applicable state and federal securities laws, and subject to
closing of the Agreement and Plan of Merger among the Company, LVB Acquisition,
LLC and LVB Acquisition Merger Sub, Inc., dated December 18, 2006 (the
“Transaction Agreement”), you will be granted an equity interest in Biomet,
Inc. or one of its affiliates pursuant to an equity incentive plan, the terms
and conditions of which will be determined by the private equity firms that
have agreed to acquire Biomet, Inc. Your equity interest in the new Biomet
entity will be commensurate with your position with the Company.

8.                        If, and
only if, the Transaction Agreement is terminated in accordance with its terms
prior to the consummation of the transactions contemplated thereby (the
“Transactions”), the Executive shall be entitled to the benefits described in
this paragraph. During a period that is at least one (1) week and no more than
four (4) weeks after the termination of the Transaction Agreement, and at the
first meeting of the Board during each fiscal year commencing on or after October 31,
2007, if you are then employed by the Company on the applicable date of grant,
the Company shall grant equity awards to you having a nominal value on the date
of grant of no less than $1,000,000 (each an “Annual Equity Award”), which
shall vest in five equal installments on each of the first five anniversaries
of the effective date of the grants, if you are then employed by the Company.
The Compensation and Stock Option Committee of the Board shall determine the
form for the Annual Equity Award in its sole discretion, but it is expected
that 50% of the value will be awarded in the form of options and 50% of the
value will be awarded in the form of restricted stock or restricted stock
units, and all Annual Equity Awards shall have post-termination exercise
periods of no less than 90 days (unless you are terminated for Cause, in which
case post-termination exercise periods shall be no less than 30 days). Up to
four-sevenths (4/7) of each Annual Equity Award may be granted in the form of
restricted stock or restricted stock units the vesting of which will be
contingent on the achievement of performance goals mutually agreed upon in good
faith by the Compensation Committee and you. For purposes of this paragraph,
options or other similar awards shall be valued at the aggregate amount to be
recognized by the Company as an expense under FAS 123R and restricted stock,
restricted stock units or other similar awards shall have a value equal to the
aggregate fair market value (as determined reasonably and in good faith by the
Committee) on the date of grant of the shares of the Company’s common stock
subject to the award.

9.                        Inclusion
in the Executive Severance Plan and a Change in Control Agreement in accordance
with their terms. The Change of Control Agreement will be at 2x salary and
bonus, together with other benefits, but it will exclude the Transaction
Agreement described above.

10.                  Group medical
and life insurance coverage effective your actual date of hire, to also include
long-term disability coverage. Biomet is currently paying the full premium for
these plans.

11.                  Inclusion in the
Biomet 401(k) Savings and Retirement Plan, in accordance with the plan’s
provisions.

12.                  All other
benefits and programs offered by Biomet, Inc. to comparable employees in accordance
with the plan’s provisions.

13.                  Brad Tandy,
Biomet’s General Counsel, is in the process of preparing a Confidentiality,
Non-Disclosure and Non-Competition Agreement for your review and signature. You
will agree to sign Biomet’s Confidentiality, Non-Disclosure and Non-Competition
Agreement and abide by its terms.

14.                  Relocation
package to include:

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A.                   The Company
will purchase your current residence in Shrewsbury, Massachusetts at its
appraised value, as determined by the average of two independent appraisals,
one of which to be selected by the Company and the other to be selected by you
(the “Purchase Price”). In the event you recognize any income as the result of
the subsequent sale of your residence by the Company at a price less than the
Purchase Price (such amount “Imputed Income”), the Company shall make an
additional payment to you in an amount such that after payment of all
applicable taxes on such payment, you are left with an amount equal to the
aggregate taxes imposed on the Imputed Income.

B.                     Reimbursement
for your actual and reasonable relocation expenses for personal property from
Shrewsbury, Massachusetts, by a household mover acceptable to both yourself and
Biomet. We will require two (2) quotes and the coordination of movers will be
done by Darlene Whaley in the Human Resources Department of Biomet.

C.                     The Company
will reimburse reasonable costs for two (2) trips, of up to six (6) days
house-hunting in Warsaw. This includes reimbursement for mileage, meals,
lodging, and any other reasonable costs.

D.                    The Company
will reimburse the real estate agent’s commission to a maximum of 5% of the
sales price of your current home.

E.                      The Company
will pay your temporary housing expenses for a period of thirty (30) days in
connection with your relocation. Upon your request, this allowance can be
applied to either your monthly rent or existing house payment, whichever is
greater.

In the event that you
terminate your employment with Biomet or you are terminated for cause by Biomet
within the first three years of employment based upon your commencement date,
you will repay your relocation expenses, if applicable, within 90 days of
termination of employment as follows: (i) your first year of employment, you
will reimburse 100% of your actual relocation expenses, (ii) your second year
of employment, you will reimburse 66% of your actual relocation expenses and
(iii) your third year of employment, you will reimburse 33% of your actual
relocation expenses.

Your employment with
Biomet will be on an “at will” basis, meaning that you or Biomet may terminate
your employment for any or no reason. Your formal acceptance of this offer may
be accomplished by signing where indicated below, and returning the original to
my attention by Friday, May 17, 2007. If we do not receive your signed letter
by this date, the offer is void. Your actual date of hire will be mutually
agreed upon between you and Jeff Binder, although it is anticipated at the
present time that you will begin on June 5, 2007.

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All offers of employment
are contingent upon the negative results of a drug and alcohol screen which
must be completed before your actual date of hire. As we anticipate your prompt
reply, please feel free to contact Brad Tandy or myself with any questions.
Welcome to the Biomet Team!

	
  Sincerely,

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  /s/ DARLENE WHALEY

  	
   

  	
   

  
	
  Darlene Whaley

  	
   

  	
   

  
	
  SR VP Human
  Resources,

  	
   

  	
   

  
	
  Biomet, Inc.

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  ACKNOWLEDGED AND
  AGREED:

  	
   

  	
   

  
	
  /s/ Daniel P.
  Florin

  	
   

  	
  May 11, 2007

  	
   

  
	
   

  	
   

  	
   

  
	
  Daniel P. Florin

  	
   

  	
  Date

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  cc:

  	
  Bradley J. Tandy

  	
   

  	
   

  
	
   

  	
  Senior Vice
  President, General Counsel and Secretary

  	
   

  	
   

  
	
   

  	
  Biomet, Inc.

  	
   

  	
   

  

 

 4Exhibit
10.2

CHANGE IN CONTROL AGREEMENT

THIS AGREEMENT, dated as of
May 14, 2007, is made by and between Biomet, Inc., an Indiana corporation (the “Company”),
and Daniel P. Florin (the “Executive”).

Recitals

A.            The Company considers it essential
to the best interests of its shareholders to foster the continuous employment
of certain key management personnel, including the Executive who has accepted
the position of Senior Vice President and Chief Financial Officer effective
June 5, 2007.

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

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

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

AGREEMENT

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

ARTICLE I

Term of Agreement

Section 1.01   Term.

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

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

 1
 

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

ARTICLE II

Termination of Employment

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

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

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

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

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

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ARTICLE III

Obligations of the Company Upon Termination

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

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

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

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

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

(i)            For a 24-month
period after the Date of Termination, the Company will arrange to provide the
Executive with life insurance benefits and long-term disability benefits
substantially similar to those that the Executive was receiving from the
Company immediately prior to the Date of Termination (or the first date on
which a Change in Control occurs, if such date is earlier). Life insurance
benefits and long-term disability benefits otherwise receivable by the
Executive pursuant to the preceding sentence will be reduced to the extent
comparable benefits are actually received by or made available to the Executive
by any source other than the Company without greater cost to him than as 

 3
 

provided
by the Company during the 24-month period following the Executive’s termination
of employment (and the Executive will report to the Company any such benefits
actually received by or made available to the Executive). If, as of the Date of
Termination, the Company reasonably determines that the continued life
insurance coverage and/or long-term disability coverage required by this
Section 3.01(b) is not available from the Company’s group insurance carrier,
cannot be procured from another carrier, and cannot be provided on a
self-insured basis without adverse tax consequences to the Executive or his
death beneficiary, then, in lieu of continued life insurance coverage and/or
long-term disability coverage, the Company will pay the Executive a lump sum
payment, in cash, equal to 24 times the full monthly premium payable to the
Company’s group insurance carrier for comparable coverage for an executive
employee under the Company’s group life insurance plan or long-term disability
plan then in effect.

(ii)           The
Company will offer the Executive and any eligible family members the
opportunity to elect to continue medical and dental coverage pursuant to the
continuation coverage requirements of the Consolidated Omnibus Budget
Reconciliation Act of 1985, as amended (“COBRA”). The Executive will be
responsible for paying the required monthly premium for that coverage, but the
Company will pay the Executive a lump sum cash stipend equal to 24 times the
monthly premium then charged to qualified beneficiaries for full family COBRA
continuation coverage under the Company’s medical and dental plans, which the
Executive may choose to use for the payment of COBRA premiums. The Company will
pay the stipend to the Executive whether or not the Executive or anyone in his
family elects COBRA continuation coverage, whether or not the Executive
continues COBRA coverage for a full 24 months, and whether or not the Executive
receives health coverage from another employer while the Executive is receiving
COBRA continuation coverage.

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

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

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

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

Section 3.03           Disability.
If the Executive’s employment is terminated by reason of the Executive’s
Disability during the Term, this Agreement shall terminate without further
obligations to the Executive, other than for payment of Accrued Obligations and
the timely payment or provision of Other Benefits. Accrued Obligations shall be
paid to the Executive in a lump sum in cash on the twentieth (20th) Business
Day following the Date of Termination. The term “Other 

 4
 

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

Section 3.04           Termination
in Anticipation of a Change in Control.

(a)           An “Anticipatory Termination” occurs if either

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

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

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

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

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

 5
 

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

Section 3.06           Certain
Additional Payments by the Company.

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

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

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

 6
 

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

ARTICLE IV

No Mitigation

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

ARTICLE V

The Executive’s Covenants

Section 5.01   Confidentiality
and Non-Compete Agreement.  In
consideration for this Agreement, the Executive will execute, concurrent with
the execution of this Agreement, a confidentiality and non-compete agreement in
the form attached to this Agreement as Exhibit A. In the event of
termination of this Agreement as provided in Section 1.01, the Confidentiality
and Non-Compete Agreement shall survive termination.

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

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

 7
 

ARTICLE VI

Successors; Binding
Agreement

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

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

ARTICLE VII

Notices

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

	
  

  	
  To the Company:

  	
  To the Executive:

  
	
   

  	
  Biomet, Inc. 

  56 E. Bell Drive 

  P. O. Box 587 

  Warsaw, Indiana 46581-0587 

  Bradley J. Tandy, Senior Vice President, 

  General Counsel and Secretary 

  Facsimile Number: (574) 372-1960

  	
  Daniel P. Florin

  

ARTICLE VIII

Miscellaneous; At-Will

Section 8.01   Miscellaneous.  No provision of this Agreement may be
modified, waived, or discharged unless the waiver, modification, or discharge
is agreed to in writing and signed by the Executive and an officer of the
Company specifically designated by the Board. No waiver by either party at any
time of any breach by the other party of, or compliance with, any condition or
provision of this Agreement to be performed by the other party will be deemed a
waiver of similar or dissimilar provisions or conditions at the same or at any
other time. Neither party has made any agreements or representations, oral or
otherwise, express or implied, with respect to the subject matter of this
Agreement that are not expressly set forth in this Agreement. The validity,
interpretation, construction, and performance of this Agreement will be
governed by the laws of the State of Indiana. All references to sections of the

 8
 

Exchange Act or the Code will be deemed also to refer to any successor
provisions to those sections. Any payments provided for under this Agreement
will be paid net of any applicable withholding required under federal, state,
or local law and any additional withholding to which the Executive has agreed.
The obligations of the Company and the Executive under Articles III, IV, and VI
will survive the expiration of this Agreement, if applicable.

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

ARTICLE IX

Validity

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

ARTICLE X

Counterparts

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

ARTICLE XI

Settlement of Disputes; Arbitration

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

ARTICLE XII

Definitions

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

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

 9
 

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

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

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

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

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

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

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

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

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

(a)           Individuals who, as
of May 14, 2007, constitute the Board (the “Incumbent Directors”) cease
for any reason to constitute at least a majority of such Board, provided that
any person becoming a director after May 14, 2007 and whose election or
nomination for election was approved by a vote of at least a majority of the
Incumbent Directors then on the Board shall be deemed an Incumbent Director; provided,
however, that no individual initially elected or nominated as a director
of the Company as a result of an actual or threatened election contest with
respect to the election or removal of directors (“Election Contest”) or
other actual or threatened solicitation of proxies or consents by or on behalf
of any Person other than the Board (“Proxy Contest”), including by
reason of any agreement intended to avoid or settle any Election Contest or
Proxy Contest, shall be deemed an Incumbent Director; or

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

 10
 

acquisition
by any employee benefit plan (or related trust) sponsored or maintained by the
Company or any subsidiary of the Company; or

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

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

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

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

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

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

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

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

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

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

 11
 

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

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

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

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

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

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

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

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

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

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

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

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

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

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

(iv)          The
Company’s failure, without the Executive’s consent, to pay to the Executive any
portion of the Executive’s current compensation (which means, for purposes of
this 

 12
 

paragraph (4), the Executive’s annual base salary as in effect on the
date of this Agreement, or as it may be increased from time to time, and any
installment of the annual target bonus earned by the Executive) or to pay to
the Executive any portion of an installment of deferred compensation under any
deferred compensation program of the Company, within seven days of the date the
compensation is due;

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

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

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

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

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

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

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

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

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

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

 13
 

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

*    *    *

	
  EXECUTIVE

  	
   

  	
  BIOMET, INC.

  
	
   

  	
   

  	
   

  
	
  /s/ Daniel P.
  Florin

  	
   

  	
   

  
	
  Daniel P. Florin

  	
  By:  

  	
  /s/ Bradley J. Tandy

  
	
   

  	
  Name:

  	
  Bradley J. Tandy

  
	
   

  	
  Its:

  	
  Senior Vice President, General Counsel and Secretary

  
								

 

 14

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