Document:

EX-10.21

 Exhibit 10.21 

AMENDMENT AND TERMINATION 

OF THE 
 BIOVENTUS LLC

 AMENDED AND RESTATED 

PHANTOM PROFITS INTERESTS PLAN 

July [    ], 2016 

Bioventus LLC, a Delaware limited liability company (the “Company”), has previously adopted the Bioventus LLC
Phantom Profits Interests Plan, as amended and restated (and as may be amended from time to time, the “Plan”). Section 10 of the Plan allows the Board to amend the Plan in certain respects from time to time. 

The Board of Managers of the Company has determined that it is appropriate to amend and terminate the Plan effective as of the
day immediately prior to the date of consummation of the initial public offering of Bioventus, Inc. Class A Common Stock (the “IPO”), subject to the consummation of the IPO. In the event that the IPO is not consummated on or
prior to December 31, 2016, this amendment and termination shall be void ab initio. 
 The Plan, as revised by
this amendment and termination, constitutes the entire Plan as amended to date. Capitalized terms not defined herein shall have the meanings assigned to them under the Plan. Notwithstanding any other provision in the Plan: 

1. Section 1(h) of the Plan is hereby amended and restated in its entirety to read as follows: 

““Payment Amount” means the amount payable with respect to each vested Phantom
Profits Interest Unit upon the applicable Payment Event; provided, however, that, notwithstanding the foregoing, if the Payment Event is due to a Plan Termination, the Payment Amount with respect to each Grantee shall mean an amount equal to the
value of the Grantee’s Phantom Profits Interest Units as of the date of the Plan Termination, subject to adjustment for any earnings (or loss) with respect to such amount during the period beginning on the Plan Termination and ending on the
Plan Termination Distribution Date (as defined in Section 5(b)(iv), below); and provided, further, that if the Payment Event is due to a Plan Termination, any vested Phantom Profits Interest Unit granted with a benchmark amount of $367,264,090
or $472,003,000 shall have such benchmark amount reduced to $190,242,799 and $244,497,554, respectively.” 
 2.
Section 1(i) of the Plan is hereby amended and restated in its entirety to read as follows: 

““Phantom Profits Interest Unit” means the right to receive a payment from the
Company in cash or securities of the Company or one of its affiliates or such other form of payment as the Committee may determine in its sole discretion) in an amount equal to the Payment Amount upon the Payment Event as set forth in the applicable
Award Agreement.” 

  
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 3. Section 2(b) of the Plan is hereby amended and restated in its entirety
to read as follows: 
 “(b) Administrator Authority. The Administrator shall determine (i) the
Grantees to receive Awards, (ii) the size and terms of the Awards, (iii) the time when the Awards will be made, (iv) the applicable Payment Event, (v) the duration of any applicable vesting period, provided that such vesting
period shall not be less than four years and that the Award shall vest ratably over the vesting period, and (vi) the Benchmark Amount with respect to any Award.” 

4. Section 5(a) of the Plan is hereby amended to add a final sentence that reads as follows: 

“In addition, notwithstanding any other provision of the Plan, a Plan Termination (as defined in Section 16, below)
shall constitute a Payment Event.” 
 5. Section 5(b) of the Plan is hereby amended to add the following new
subsection (iv): 
 “(iv) Notwithstanding any other provision of the Plan (including, without limitation Sections
5(b)(i)-(iii), above), if the Payment Event is due to a Plan Termination, the Payment Amount shall be distributed with respect to (a) all Phantom Profits Interest Units that vested as of the date of the Plan Termination, (b) all Phantom
Profits Interest Units that vest between the date of the Plan Termination and the 12-month anniversary of the Plan Termination, subject to the Grantee’s continued employment through the applicable vesting date, and (c) all Phantom Profits
Interest Units that vest after the 12-month anniversary of the Plan Termination, subject to the Grantee’s continued employment through the 12-month anniversary of the Plan Termination. Such Payment Amount shall be distributed to the Grantee on
the first business day following the 12-month anniversary of the Plan Termination (the “Plan Termination Distribution Date”); provided that no such distribution shall be made if the Plan Termination Distribution Date and associated
distributions are determined by the Administrator to be proximate to a downturn in the Company’s financial health (within the meaning of Treasury Regulation Section 1.409A-3(j)(4)(ix)(C)) if such distribution would result in additional
taxes or penalties to the Grantee under Section 409A of the Code, and in such event the distribution shall be made as soon thereafter as permissible without penalty under Section 409A of the Code.” 

6. The following new Section 16 shall be added to the Plan: 

“16. Plan Termination 

The Plan shall be terminated (the “Plan Termination”) effective as of the day immediately
prior to the date of consummation of the initial public offering of Bioventus, Inc. Class A Common Stock (the “IPO”), subject to the consummation of the IPO, and in connection with the Plan Termination distributions shall be
made to all eligible Grantees in accordance with Section 5(b)(iv), above. The Plan Termination is intended to comply with Treasury Regulation Section 1.409A-3(j)(4)(ix)(C) and this amendment and

  
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termination shall be interpreted accordingly. Notwithstanding the foregoing, no provision of this amendment and termination shall be interpreted or construed to transfer any liability for failure
to comply with the requirements of Section 409A of the Code from any Grantee or any other individual to the Company or any of its affiliates, employees or agents.” 

7. The Plan, and all of the rights, privileges, title, interests, liabilities and obligations of Bioventus LLC under the
Phantom Plan, will be assumed by Bioventus, Inc. pursuant to that certain Assignment and Assumption Agreement, entered into by and between the Company and Bioventus, Inc., effective as of the date set forth therein. Following such assumption
(a) “Company” shall mean Bioventus, Inc., (b) “Board” shall mean the Board of Directors of Bioventus, Inc., and (c) “Administrator” shall mean the Board of Directors of Bioventus,
Inc., and the Plan shall be interpreted accordingly. In the event that the IPO is not consummated on or prior to December 31, 2016, this amendment and termination shall be void ab initio. 

8. The form of payment to be made to the Grantee shall be determined by the Administrator in its sole discretion. 

9. This amendment and termination shall be governed in all respects, including as to validity, interpretation and effect, by
the internal laws of the State of Delaware, without giving effect to the choice of law principles thereof. Except as set forth in this amendment and termination, the terms and conditions of the Plan shall remain in full force and effect. In
accordance with its authority under Section 2 of the Plan, the Administrator has determined that this amendment and termination does not adversely impact the rights of any Grantee under any Award granted to such Grantee under the Plan. 

* * * * * * * * 

  
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 Executed as of the first date set forth above. 

 

			
	BIOVENTUS LLC
	
	  

	Name:	 	  

	Title:	 	  

 Signature Page to Amendment to the Bioventus LLC 

Phantom Profits Interest PlanEX-10.22

 Exhibit 10.22 

BIOVENTUS INC. 

DIRECTOR STOCK OWNERSHIP POLICY 

Purpose 
 This Non-Employee Director Stock
Ownership Policy (the “Policy”) of Bioventus Inc. (the “Company”), together with the equity awards granted to certain members of the board of directors of the Company (the “Board”) pursuant to the
Company’s Non-Employee Director Compensation Policy, as may be amended from time to time (the “Non-Employee Director Compensation Policy”), is designed to align the interests of members of the Board with the interests of the
Company’s Class A common stockholders. This Policy shall become effective upon the consummation of an initial public offering of the Company’s common stock and if such an initial public offering does not occur on or prior to December 31,
2016 this policy shall be void ab initio. 
 Eligibility 

This Policy shall apply to all members of the Board that are not employees of the Company or its subsidiaries (each, a “Non-Employee
Director”). 
 Share Retention Policy 

Each Non-Employee Director is encouraged to hold shares of the Company’s Class A common stock (“Common Stock”) and/or membership
interests in Bioventus LLC (“LLC Interests”) and at all times make good faith progress towards holding Qualifying Shareholdings (as defined herein) equal to or in excess of the Non-Employee Director’s ownership threshold, as
described under “Ownership Threshold” below, as such threshold may be amended by the Company’s Nominating and Corporate Governance Committee (the “Committee”) from time to time. 

Ownership Threshold 
 Each Non-Employee
Director’s ownership threshold is an amount equal to three times his or her annual base retainer fee. 
 The Company uses the closing price per share
of the Common Stock on the applicable measurement date to determine the number of Qualifying Shareholdings required to meet the ownership threshold. 

Qualifying Shareholdings 
 Securities that qualify
in determining whether a Non-Employee Director has satisfied the shareholding requirements of this Policy (“Qualifying Shareholdings”) include: (i) issued and outstanding shares of Common Stock held beneficially or of record by the
Non-Employee Director that are not subject to transfer or other restrictions; (ii) issued and outstanding LLC Interests held beneficially or of record by the Non-Employee Director; 

 
(iii) issued and outstanding shares of Common Stock or LLC Interests held by a Qualifying Trust (as defined below); (iv) issued and outstanding shares of Common Stock or LLC Interests held by a
401(k) or other qualified pension or profit-sharing plan for the benefit of the Non-Employee Director (whether denominated in shares or units); and (v) shares of Common Stock underlying vested Company time-based stock options and restricted
stock units; provided that the number of shares of Common Stock underlying stock options or restricted stock units constituting Qualifying Shareholdings shall equal the number of shares of Common Stock that would be deliverable upon exercise or
settlement in full of the respective awards, less (A) a number of shares of Common Stock with a value equal to any applicable income and employment taxes, utilizing an assumed tax rate equal to 40% (the “Tax Amount”), and (B) in the
case of stock options, a number of shares of Common Stock with a value equal to the exercise price thereof. The Company uses the closing price per share of Common Stock on the applicable measurement date to determine the number of shares needed to
satisfy the Tax Amount and the exercise price. 
 For purposes of the foregoing paragraph, “beneficial ownership” shall mean the ownership
or sharing, directly or indirectly, through any contract, arrangement, understanding, relationship, or otherwise, of (i) voting power which includes the power to vote, or to direct the voting of, such security; and/or (ii) investment power
which includes the power to dispose, or to direct the disposition, of such security. “Qualifying Trust” means a trust created for the benefit of the Non-Employee Director, the Non-Employee Director’s spouse, or members of the
Non-Employee Director’s immediate family. 
 Qualifying Shareholdings Reporting 

Each Non-Employee Director shall report in such Non-Employee Director’s annual Director and Officer Questionnaire (“D&O
Questionnaire”) his or her Qualifying Shareholdings as of the date the D&O Questionnaire is completed and, in the case of newly appointed Non-Employee Directors, such information shall also be reported in such Non-Employee
Director’s initial D&O Questionnaire. 
 Remedies for Non-Compliance 

The Committee has the authority to review each Non-Employee Director’s compliance (or progress towards compliance) with this Policy from time to time and,
in its sole discretion, to impose such conditions, restrictions or limitations on any Non-Employee Director as the Committee determines to be necessary or appropriate in order to achieve the purposes of this Policy. For example, the Committee may
mandate that a Non-Employee Director retain (and not transfer) all or a portion of any shares delivered to the Non-Employee Director through the Company’s equity plans or otherwise restrict the Non-Employee Director’s transfer of
previously owned shares. 
 Undue Hardship 

There may be instances in which this Policy would place a severe hardship on a Non-Employee Director or prevent the Non-Employee Director from complying with a
court order, such as a divorce settlement, or other legal requirement. In these instances, the Non-Employee Director must submit a request in writing to the Committee or its designee that summarizes the circumstances and describes the extent to
which an exemption is being requested. The Committee or its designee will make the final decision as to whether an exemption will be granted. If such a request is granted in whole or part, the Committee or its designee will work with the
Non-Employee Director to develop an alternative stock ownership plan that reflects both the intention of this Policy and the Non-Employee Director’s individual circumstances. 

  
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 Administration 

This Policy is administered and interpreted by the Committee. The Committee retains the authority to make exceptions to or waivers of the Policy based upon
changes in circumstances or to otherwise amend or alter the Policy as it may determine appropriate. The Committee will review each Non-Employee Director’s compliance efforts with respect to this Policy no less than annually and will review this
Policy from time to time as the Committee deems necessary or appropriate. 

  
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