Document:

Pledge and Security Agreement (ABL), dated as of September 25, 2007

 Exhibit 10.9 
 Execution Copy 
  
  

 
 PLEDGE AND SECURITY AGREEMENT 
 (ABL) 
 dated as of 
 September 25, 2007 
 among 
 BIOMET, INC., 
 as the Parent Borrower

 LVB ACQUISITION, INC., 
 as
Holdings 
 CERTAIN SUBSIDIARIES OF BIOMET, INC. 
 IDENTIFIED HEREIN, as Subsidiary Borrowers 
 and 
 BANK OF AMERICA, N.A., 
 as Administrative Agent 
  
  
  

					
			
	 	  	ARTICLE I	  	 
		  	DEFINITIONS	  	
	 Section1.01.
	  	 Credit Agreement
	  	1
	 Section1.02.
	  	 Other Defined Terms
	  	1
			
		  	ARTICLE II	  	
		  	SECURITY INTERESTS IN PERSONAL PROPERTY	  	
	 Section 2.01.
	  	 Security Interest
	  	3
	 Section 2.02.
	  	 Representations and Warranties
	  	4
	 Section 2.03.
	  	 Covenants
	  	5
			
		  	ARTICLE III	  	
		  	REMEDIES	  	
	 Section 3.01.
	  	 Remedies upon Default
	  	7
	 Section 3.02.
	  	 Certain Matters Relating to Accounts
	  	8
	 Section 3.03.
	  	 Application of Proceeds
	  	9
			
		  	ARTICLE IV	  	
		  	INDEMNITY, SUBROGATION AND SUBORDINATION	  	
	 Section 4.01.
	  	 Indemnity
	  	10
	 Section 4.02.
	  	 Contribution and Subrogation
	  	10
	 Section 4.03.
	  	 Subordination
	  	10
			
		  	ARTICLE V	  	
		  	MISCELLANEOUS	  	
	 Section 5.01.
	  	 Notices
	  	10
	 Section 5.02.
	  	 Waivers; Amendment
	  	10
	 Section 5.03.
	  	 Administrative Agent’s Fees and Expenses
	  	11
	 Section 5.04.
	  	 Successors and Assigns
	  	11
	 Section 5.05.
	  	 Survival of Agreement
	  	11
	 Section 5.06.
	  	 Counterparts; Effectiveness; Successors and Assigns; Several Agreement
	  	12
	 Section 5.07.
	  	 Severability
	  	12
	 Section 5.08.
	  	 Right of Set-Off
	  	12
	 Section 5.09.
	  	 Governing Law; Jurisdiction; Venue; Waiver of Jury Trial; Consent to Service of Process
	  	13
	 Section 5.10.
	  	 Headings
	  	13
	 Section 5.11.
	  	 Security Interest Absolute
	  	13
	 Section 5.12.
	  	 Intercreditor Agreement Governs
	  	13

  

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	Section 5.13.	  	 Termination or Release
	  	13
	Section 5.14.	  	 Additional Restricted Subsidiaries
	  	14
	Section 5.15.	  	 Administrative Agent Appointed Attorney-in-Fact
	  	14
	Section 5.16.	  	 General Authority of the Administrative Agent
	  	15
	Section 5.17.	  	 Reinstatement
	  	15

  

			
	 ANNEX A
	  	List of Subsidiary Borrowers

  

			
	 Exhibits
	  	
	  
 EXHIBIT I
	  	Form of Security Agreement Supplement
	 EXHIBIT II
	  	Form of Perfection Certificate

  

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 PLEDGE AND SECURITY AGREEMENT dated as of September 25, 2007 among LVB ACQUISITION, INC., a Delaware
corporation (“Holdings”), BIOMET, INC., an Indiana corporation (the “Parent Borrower”), certain Subsidiaries of the Parent Borrower from time to time party hereto (the “Subsidiary Borrowers” and,
together with the Parent Borrower, each a “Borrower” and collectively, the “Borrowers”) and BANK OF AMERICA, N.A., as collateral agent for the Secured Parties (as defined below). 
 Reference is made to the Credit Agreement dated as of September 25, 2007 (as amended, supplemented or otherwise modified from time to time, the
“Credit Agreement”), among the Borrowers, Holdings, BANK OF AMERICA, N.A., as Administrative Agent, Swing Line Lender and L/C Issuer, and each lender from time to time party thereto (collectively, the “Lenders” and
individually, a “Lender”). The Lenders have agreed to extend credit to the Borrowers subject to the terms and conditions set forth in the Credit Agreement. The obligations of the Lenders to extend such credit are conditioned upon,
among other things, the execution and delivery of this Agreement. Each of Holdings and each Subsidiary Borrower party hereto is an affiliate of the Parent Borrower and will derive substantial benefits from the extension of credit to the Borrowers
pursuant to the Credit Agreement and is willing to execute and deliver this Agreement in order to induce the Lenders to extend such credit. Accordingly, the parties hereto agree as follows: 
 ARTICLE I 
 Definitions 
 SECTION 1.01. Credit Agreement. (a) Capitalized terms used in this Agreement and not otherwise defined herein have the meanings specified in
the Credit Agreement. All terms defined in the New York UCC (as defined herein) and not defined in this Agreement have the meanings specified therein. 
 (b) The rules of construction specified in Article I of the Credit Agreement also apply to this Agreement. 
 SECTION 1.02. Other Defined Terms. As used in this Agreement, the following terms have the meanings specified below: 
 “Account Debtor” means any Person who is or who may become obligated to any Grantor under, with respect to or on account of an Account. 
 “Administrative Agent” means Bank of America, N.A., the Administrative Agent under the Credit Agreement, or any successor Administrative Agent thereof, acting in the capacity of collateral agent
hereunder. 
 “Accounts” has the meaning specified in Article 9 of the New York UCC. 
 “Agreement” means this Pledge and Security Agreement. 
 “Claiming Party” has the meaning assigned to such term in Section 4.02. 
 “Collateral” has the meaning assigned to such term in Section 2.01(a). 
 “Contributing
Party” has the meaning assigned to such term in Section 4.02. 
  

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 “Credit Agreement” has the meaning assigned to such term in the preliminary statement of
this Agreement. 
 “Excluded Assets” means: 
 (a) any assets or properties that are acquired pursuant to a Permitted Acquisition (or that are owned by a Subsidiary acquired pursuant to
a Permitted Acquisition), so long as such assets or properties are subject to a Lien permitted by Section 7.01(p) of the Credit Agreement and solely to the extent that the terms of the agreements relating to such Lien prohibit the Security
Interest from attaching to such assets or properties, which secured Indebtedness is incurred or assumed in connection with such Permitted Acquisition; 
 (b) any rights of a Grantor arising under any contract, lease, instrument, license or other document if but only to the extent that and so long as the grant of a security interest therein would (x) constitute a
violation or abandonment of, or render unenforceable, a valid and enforceable restriction in respect of such rights in favor of a third party or under any law, regulation, permit, order or decree of any Governmental Authority (for the avoidance of
doubt, the restrictions described herein shall not include negative pledges or similar undertakings in favor of a lender or other financial counterparty), or (y) expressly give any other party in respect of any such contract, lease, instrument,
license or other document, the right to terminate its obligations thereunder, provided, however, that the limitation set forth in this clause (b) shall not affect, limit, restrict or impair the grant by a Grantor of a security
interest pursuant to this Agreement in any such Collateral to the extent that an otherwise applicable prohibition or restriction on such grant is rendered ineffective pursuant to Section 9-406, 9-407, 9-408 or 9-409 of the Uniform Commercial
Code of any relevant jurisdiction or any other applicable law or principles of equity and provided, further, that, at such time as the condition causing the conditions in subclauses (x) and (y) of this clause (b) shall be
remedied, whether by contract, change of law or otherwise, the contract, lease, instrument, license or other documents shall immediately cease to be an Excluded Asset, and any security interest that would otherwise be granted herein shall attach
immediately to such contract, lease, instrument, license or other document, or to the extent severable, to any portion thereof that does not result in any of the conditions in (x) or (y) above; 
 (c) any assets to the extent and for so long as the pledge of which is prohibited by law not overridden by the Uniform Commercial Code or
other applicable law; and 
 (d) any asset with respect to which the Administrative Agent and the Parent Borrower have
reasonably determined in writing that the costs of providing a security interest in such asset or perfection thereof is excessive in view of the benefits to be obtained by the Lenders. 
 “General Intangibles” has the meaning specified in Article 9 of the New York UCC and includes for the avoidance of doubt corporate or
other business records, indemnification claims, contract rights (including rights under leases, whether entered into as lessor or lessee, Swap Contracts and other agreements), goodwill, registrations, franchises, tax refund claims and any letter of
credit, guarantee, claim, security interest or other security held by or granted to any Grantor, as the case may be, to secure payment by an Account Debtor of any of the Accounts. 
 “Grantor” means each of Holdings and each Borrower. 
 “Loan Documents” means (a) each Loan Document as defined under the Credit Agreement, (b) each Secured Hedge Agreement entered into with a Hedge Bank, and (c) each agreement governing
Cash Management Services entered into with a Cash Management Bank. 
  

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 “New York UCC” means the Uniform Commercial Code as from time to time in effect in the
State of New York. 
 “Perfection Certificate” means a certificate substantially in the form of Exhibit II, completed and
supplemented with the schedules and attachments contemplated thereby, and as amended, updated, modified or supplemented from time to time, and duly executed as of the Closing Date, and as of any subsequent delivery date as required pursuant to the
Loan Documents, by a Responsible Officer of the Parent Borrower. 
 “Secured Parties” means, collectively, the
Administrative Agent, the Lenders, each Hedge Bank, each Cash Management Bank and each co-agent or sub-agent appointed by the Administrative Agent from time to time pursuant to Section 9.02 of the Credit Agreement. 
 “Security Agreement Supplement” means an instrument in the form of Exhibit I hereto. 
 “Security Interest” has the meaning assigned to such term in Section 2.01(a). 
 “Term Loan Priority Collateral” means any and all of the following, whether now existing or hereafter created or acquired, in which any
Loan Party has any right, title or interest: (i) Equity Interests in other Persons held by any Loan Party; (ii) debt other than debt included in Collateral owed to any Loan Party; (iii) equipment; (iv) any interest (fee,
leasehold or otherwise) of any Loan Party in any real property and fixtures; (v) investment property other than any securities accounts, amounts and investments therein that constitute Proceeds of Collateral described in Section 2.01(i),
(ii), (iii), (iv) or (v); (vi) commercial tort claims; (vii) intellectual property that is not directly attached to Accounts or Inventory; (viii) proceeds of insurance (solely to the extent constituting proceeds of other Term
Loan Priority Collateral); (ix) other general intangibles (including contract rights) to the extent relating to any of the foregoing; (x) all letter of credit rights, instruments, documents or chattel paper (including electronic chattel
paper) to the extent evidencing any of the foregoing; (xi) all supporting obligations relating to any of the foregoing; and (xii) all books, records, ledger cards and disks at any time evidencing or containing information relating to any
of the foregoing and any right to use data processing software to the extent relating to any of the foregoing. 
 ARTICLE II

 Security Interests in Personal Property 
 SECTION 2.01. Security Interest. (a) As security for the payment or performance, as the case may be, in full of the Obligations, including the Guaranty, each Grantor hereby grants to the Administrative
Agent, its successors and assigns, for the benefit of the Secured Parties, a security interest (the “Security Interest”) in all right, title or interest in or to any and all of the following assets and properties now owned or at any
time hereafter acquired by such Grantor or in which such Grantor now has or at any time in the future may acquire any right, title or interest (collectively, the “Collateral”): 
 (i) all Accounts; 
 (ii) all Deposit Accounts; 
 (iii) all Inventory; 
 (iv) to the extent evidencing, governing, securing or otherwise related to the items referred to in the foregoing, General Intangibles,
Chattel Paper and Instruments; 
  

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 (v) all books and records pertaining to the Collateral (whether in printed form or stored
electronically); and 
 (vi) to the extent not otherwise included, all Proceeds and products of any and all of the foregoing
and all supporting obligations, collateral security and guarantees given by any Person with respect to any of the foregoing; 
 provided
that notwithstanding anything to the contrary in this Agreement, this Agreement shall not constitute a grant of a security interest in, and Collateral shall not include, any Excluded Asset or Term Loan Priority Collateral. 
 (b) Each Grantor hereby irrevocably authorizes the Administrative Agent for the benefit of the Secured Parties at any time and from time
to time to file in any relevant jurisdiction any initial financing statements with respect to the Collateral or any part thereof and amendments thereto that (i) indicate the Collateral of such Grantor as described herein or words of similar
effect as being of an equal or lesser scope or with greater detail, and (ii) contain the information required by Article 9 of the Uniform Commercial Code or the analogous legislation of each applicable jurisdiction for the filing of any
financing statement or amendment, including whether such Grantor is an organization, the type of organization and, if required, any organizational identification number issued to such Grantor. Each Grantor agrees to provide such information to the
Administrative Agent promptly upon any reasonable request. 
 (c) The Security Interest is granted as security only and shall
not subject the Administrative Agent or any other Secured Party to, or in any way alter or modify, any obligation or liability of any Grantor with respect to or arising out of the Collateral. 
 (d) With respect to any Deposit Accounts that are Blocked Accounts pursuant to Section 6.15(b) of the Credit Agreement, each Grantor
that is an account party for a Blocked Account shall execute and deliver Blocked Account Agreements in accordance with Section 6.15 of the Credit Agreement. The Agent hereby agrees that it shall not deliver any notifications to any account bank
under any Blocked Account Agreement until such time as a Cash Dominion Event has occurred and is continuing. 
 SECTION 2.02.
Representations and Warranties. Holdings and each of the Borrowers jointly and severally represent and warrant, as to themselves and the other Grantors, to the Administrative Agent and the Secured Parties that: 
 (a) Each Grantor has good and valid rights in and title to the Collateral with respect to which it has purported to grant a Security
Interest hereunder and has full power and authority to grant to the Administrative Agent the Security Interest in such Collateral pursuant hereto and to execute, deliver and perform its obligations in accordance with the terms of this Agreement,
without the consent or approval of any other Person other than any consent or approval that has been obtained. 
 (b) The
information set forth in the Perfection Certificate, including the legal name of each Grantor, is correct and complete in all material respects as of the Closing Date. The Uniform Commercial Code financing statements or other appropriate filings,
recordings or registrations prepared by the Administrative Agent based upon the information provided to the Administrative Agent in the Perfection Certificate for filing in each governmental, municipal or other office specified in Schedule 6 to the
Perfection Certificate (or specified by notice from the Parent Borrower to the Administrative Agent after the Closing Date in the case of filings, 

  

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recordings or registrations, are all the filings, recordings and registrations that are necessary to establish a legal, valid and perfected security interest
in favor of the Administrative Agent (for the benefit of the Secured Parties) in respect of all Collateral in which the Security Interest may be perfected by filing, recording or registration in the United States (or any political subdivision
thereof) and its territories and possessions, and no further or subsequent filing, refiling, recording, rerecording, registration or reregistration is necessary in any such jurisdiction, except as provided under applicable law with respect to the
filing of continuation statements. 
 (c) The Security Interest constitutes (i) a legal and valid security interest in
all the Collateral securing the payment and performance of the Obligations; and (ii) subject to the filings described in Section 2.02(b), a perfected security interest in all Collateral in which a security interest may be perfected by
filing, recording or registering a financing statement or analogous document in the United States (or any political subdivision thereof) and its territories and possessions pursuant to the Uniform Commercial Code in the relevant jurisdiction. The
Security Interest is and shall be prior to any other Lien on any of the Collateral, other than (1) any nonconsensual Lien that is expressly permitted pursuant to Section 7.01 of the Credit Agreement and has priority as a matter of law and
(2) Liens expressly permitted to attach to the Collateral pursuant to Section 7.01 of the Credit Agreement. 
 (d)
The Collateral is owned by the Grantors free and clear of any Lien, except for Liens expressly permitted pursuant to Section 7.01 of the Credit Agreement. None of the Grantors has filed or consented to the filing of (i) any financing
statement or analogous document under the New York UCC or any other applicable United States laws covering any Collateral or (ii) any assignment in which any Grantor assigns any Collateral or any security agreement or similar instrument
covering any Collateral with any foreign governmental, municipal or other office, which financing statement or analogous document, assignment, security agreement or similar instrument is still in effect, except, in each case, for Liens expressly
permitted to attach to the Collateral pursuant to Section 7.01 of the Credit Agreement. 
 SECTION 2.03. Covenants. 

The Borrowers agree promptly (and in any event within 45 days of such change) to notify the Administrative Agent in writing of any change in
(i) legal name of any Grantor, (ii) the identity or type of organization or corporate structure of any Grantor, (iii) the jurisdiction of organization of any Grantor, or (iv) the chief executive office of any Grantor. 

(a) Each year, at the time of delivery of annual financial statements with respect to the preceding fiscal year pursuant to
Section 6.01 of the Credit Agreement, the Borrowers shall deliver to the Administrative Agent an updated Perfection Certificate executed by the chief financial officer or the chief legal officer of the Parent Borrower, setting forth any
information required therein that has changed or confirming that there has been no change in such information since the date of such certificate or the date of the most recent certificate delivered pursuant to this Section 2.03(a) and
certifying that all UCC financing statements and other appropriate filings, recordings or registrations have been filed of record in each governmental, municipal or other appropriate office in each jurisdiction necessary to protect and perfect the
Security Interests and Liens in the United States under this Agreement. 
 (b) Each of the Borrowers agree, on its own behalf
and on behalf of each other Grantor, at its own expense, to execute, acknowledge, deliver and cause to be duly filed all such further instruments and documents and take all such actions as the Administrative Agent may from time to time reasonably
request to better assure, preserve, protect and perfect the Security 

  

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Interest and the rights and remedies created hereby, including the payment of any fees and taxes required in connection with the execution and delivery of
this Agreement, the granting of the Security Interest and the filing of any financing statements or other documents in connection herewith or therewith. 
 (c) At its option, the Administrative Agent may discharge past due taxes, assessments, charges, fees, Liens, security interests or other encumbrances at any time levied or placed on the Collateral and not permitted to
attach to the Collateral pursuant to Section 7.01 of the Credit Agreement, and may pay for the maintenance and preservation of the Collateral to the extent any Grantor fails to do so as required by the Credit Agreement or this Agreement and
within a reasonable period of time after the Administrative Agent has requested that it do so, and each Grantor jointly and severally agrees to reimburse the Administrative Agent within 10 Business Days after demand for any payment made or any
reasonable expense incurred by the Administrative Agent pursuant to the foregoing authorization. Nothing in this paragraph shall be interpreted as excusing any Grantor from the performance of, or imposing any obligation on the Administrative Agent
or any Secured Party to cure or perform, any covenants or other promises of any Grantor with respect to taxes, assessments, charges, fees, Liens, security interests or other encumbrances and maintenance as set forth herein, in the other Loan
Documents. 
 (d) If at any time any Grantor shall take a security interest in any property of an Account Debtor or any other
Person, the value of which is in excess of $10,000,000, to secure payment and performance of an Account, such Grantor shall promptly assign such security interest to the Administrative Agent for the benefit of the Secured Parties. Such assignment
need not be filed of public record unless necessary to continue the perfected status of the security interest against creditors of and transferees from the Account Debtor or other Person granting the security interest. 
 (e) If any Grantor shall at any time hold or acquire any Instruments or Chattel Paper constituting Collateral, excluding checks, and
evidencing an amount in excess of $10,000,000, such Grantor shall forthwith endorse, assign and deliver the same to the Administrative Agent for the benefit of the Secured Parties, accompanied by such instruments of transfer or assignment duly
executed in blank as the Administrative Agent may from time to time reasonably request. 
 (f) With respect to the Inventory,
(i) each of the Borrowers shall at all times maintain inventory records reasonably satisfactory to Administrative Agent, keeping correct and accurate records itemizing and describing the kind, type, quality and quantity of Inventory, such
Borrower’s cost thereof and daily withdrawals therefrom and additions thereto to the extent consistent with past practice; (ii) each of the Borrowers shall conduct a physical count of the Inventory at least once each year and any time or
times as Administrative Agent may reasonably request following the occurrence and during the continuation of an Event of Default, and promptly following such physical inventory shall supply Administrative Agent with a report in the form and with
such specificity as may be reasonably satisfactory to Administrative Agent concerning such physical count; (iii) Borrowers shall not remove any Inventory from the locations set forth or permitted herein, without the prior written consent of
Administrative Agent, such consent not unreasonably withheld, except for sales of Inventory in the ordinary course of its business and except to move Inventory directly from one location set forth in the Perfection Certificate or permitted herein to
another such location and except for Inventory shipped from the manufacturer to a Borrower which is in transit to the locations set forth in the Perfection Certificate or permitted herein; and (iv) each of the Borrowers shall produce, use,
store and maintain the Inventory with all reasonable care and caution consistent with past practice and in accordance with applicable standards of any insurance and conformity with applicable laws (including the requirements of the Federal Fair
Labor Standards Act of 1938, as amended and all rules, regulations and orders related thereto). 
  

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 ARTICLE III 
 Remedies 
 SECTION 3.01. Remedies upon Default. Upon the occurrence and during the continuance of an
Event of Default, it is agreed that the Administrative Agent shall have the right to exercise any and all rights afforded to a secured party with respect to the Obligations under the Uniform Commercial Code or other applicable law and also may
(i) require each Grantor to, and each Grantor agrees that it will at its expense and upon request of the Administrative Agent forthwith, assemble all or part of the Collateral as directed by the Administrative Agent and make it available to the
Administrative Agent at a place and time to be designated by the Administrative Agent that is reasonably convenient to both parties; (ii occupy any premises owned or, to the extent lawful and permitted, leased by any of the Grantors where the
Collateral or any part thereof is assembled or located for a reasonable period in order to effectuate its rights and remedies hereunder or under law, without obligation to such Grantor in respect of such occupation; provided that the
Administrative Agent shall provide the applicable Grantor with notice thereof prior to such occupancy; (iii) exercise any and all rights and remedies of any of the Grantors under or in connection with the Collateral, or otherwise in respect of
the Collateral; provided that the Administrative Agent shall provide the applicable Grantor with notice thereof prior to such exercise; and (iv) subject to the mandatory requirements of applicable law and the notice requirements
described below, sell or otherwise dispose of all or any part of the Collateral securing the Obligations at a public or private sale or at any broker’s board or on any securities exchange, for cash, upon credit or for future delivery as the
Administrative Agent shall deem appropriate. Each such purchaser at any sale of Collateral shall hold the property sold absolutely, free from any claim or right on the part of any Grantor, and each Grantor hereby waives (to the extent permitted by
law) all rights of redemption, stay and appraisal which such Grantor now has or may at any time in the future have under any rule of law or statute now existing or hereafter enacted. 
 The Administrative Agent shall give the applicable Grantors 10 days written notice (which each Grantor agrees is reasonable notice within the meaning of
Section 9-611 of the New York UCC or its equivalent in other jurisdictions) of the Administrative Agent’s intention to make any sale of Collateral. Such notice, in the case of a public sale, shall state the time and place for such sale.
Any such public sale shall be held at such time or times within ordinary business hours and at such place or places as the Administrative Agent may fix and state in the notice (if any) of such sale. At any such sale, the Collateral, or portion
thereof, to be sold may be sold in one lot as an entirety or in separate parcels, as the Administrative Agent may (in its sole and absolute discretion) determine. The Administrative Agent shall not be obligated to make any sale of any Collateral if
it shall determine not to do so, regardless of the fact that notice of sale of such Collateral shall have been given. The Administrative Agent may, without notice or publication, adjourn any public or private sale or cause the same to be adjourned
from time to time by announcement at the time and place fixed for sale, and such sale may, without further notice, be made at the time and place to which the same was so adjourned. In case any sale of all or any part of the Collateral is made on
credit or for future delivery, the Collateral so sold may be retained by the Administrative Agent until the sale price is paid by the purchaser or purchasers thereof, but the Administrative Agent shall not incur any liability in case any such
purchaser or purchasers shall fail to take up and pay for the Collateral so sold and, in case of any such failure, such Collateral may be sold again upon like notice. At any public (or, to the extent permitted by law, private) sale made pursuant to
this Agreement, any Secured Party may bid for or purchase, free (to the extent permitted by law) from any right of redemption, stay, valuation or appraisal on the part of any Grantor (all said rights being also hereby waived and released to the
extent permitted by law), the Collateral or any part thereof offered for 

  

 7 

 
sale and may make payment on account thereof by using any claim then due and payable to such Secured Party from any Grantor as a credit against the purchase
price, and such Secured Party may, upon compliance with the terms of sale, hold, retain and dispose of such property without further accountability to any Grantor therefor. For purposes hereof, a written agreement to purchase the Collateral or any
portion thereof shall be treated as a sale thereof; the Administrative Agent shall be free to carry out such sale pursuant to such agreement and no Grantor shall be entitled to the return of the Collateral or any portion thereof subject thereto,
notwithstanding the fact that after the Administrative Agent shall have entered into such an agreement all Events of Default shall have been remedied and the Obligations paid in full. As an alternative to exercising the power of sale herein
conferred upon it, the Administrative Agent may proceed by a suit or suits at law or in equity to foreclose this Agreement and to sell the Collateral or any portion thereof pursuant to a judgment or decree of a court or courts having competent
jurisdiction or pursuant to a proceeding by a court appointed receiver. Any sale pursuant to the provisions of this Section 3.01 shall be deemed to conform to the commercially reasonable standards as provided in Section 9-610(b) of the New
York UCC or its equivalent in other jurisdictions. 
 SECTION 3.02. Certain Matters Relating to Accounts. 
 (a) At any time after the occurrence and during the continuance of an Event of Default and after giving reasonable notice to the Parent
Borrower and any other relevant Grantor, the Administrative Agent shall have the right, but not the obligation, to instruct the Administrative Agent to (and upon such instruction, the Administrative Agent shall) make test verifications of the
Accounts in any manner and through any medium that the Administrative Agent reasonably considers advisable, and each Grantor shall furnish such assistance and information as such Agent may reasonably require in connection with such test
verifications. Such Agent shall have the absolute right to share any information it gains from such inspection or verification with any Secured Party. 
 (b) At the Administrative Agent’s request at any time after the occurrence and during the continuance of an Event of Default, each Grantor shall deliver to the Administrative Agent all original and other
documents evidencing, and relating to, the agreements and transactions which gave rise to the Accounts, including all original invoices. 
 (c) Upon the occurrence and during the continuance of an Event of Default, a Grantor shall not, without prior consent from the Administrative Agent, grant any extension of the time of payment of any of the Accounts;
compromise, compound or settle the same for less than the full amount thereof; release, wholly or partly, any Person liable for the payment thereof; or allow any credit or discount whatsoever thereon if the Administrative Agent shall have instructed
the Grantors not to grant or make any such extension, credit, discount, compromise or settlement under any circumstances during the continuance of such Event of Default. 
 (d) Unless expressly prohibited by the licensor thereof or by any provision of applicable law, each Grantor hereby grants to the
Administrative Agent an non-exclusive license to use, without charge: 
 (i) each Grantor’s computer programs, software,
printouts and other computer materials, technical knowledge or processes, databases, materials and licenses thereto, and 
 (ii) each Grantor’s owned or licensed trademarks, registered trademarks, trademark applications, service marks, registered service marks, service mark applications, patents, patent applications, trade names, rights of use of any name,
labels 

  

 8 

 
fictitious names, registrations, copyrights, copyright applications, permits, franchises, customer lists, credit files, correspondence, and advertising
materials or any property of a similar nature, 
 in each case, solely to the extent necessary to administer the Accounts or any rights to the
foregoing, in the advertising for sale, and selling any of the Collateral, or exercising any other remedies hereto. Each Grantor agrees that its rights under all licenses and franchise agreements shall inure to the Administrative Agent’s
benefit. To the extent the grant of the aforesaid license described is prohibited by the licensor thereof, upon the occurrence of an Event of Default under Section 8.01(a) or 8.01(f) of the Credit Agreement, the applicable Grantor shall
exercise commercially reasonable efforts to obtain the consent of such licensor to its grant to the Administrative Agent of such license solely to the extent necessary to administer the Accounts or any rights to the foregoing, in the advertising for
sale, and selling any of the Collateral, or exercising any other remedies hereto. Notwithstanding the foregoing, nothing in this Section 3.02 shall require Grantors to grant any license that is prohibited by any rule of law, statute or
regulation, or is prohibited by, or constitutes a breach or default under or results in the termination of any contract, license, agreement, instrument or other document evidencing, giving rise to or theretofore granted, to the extent permitted by
the Credit Agreement, with respect to such property (after giving effect to the Uniform Commercial Code or principles of equity). For the avoidance of doubt, the use of such license by the Administrative Agent may be exercised, at the option of the
Administrative Agent only during the continuation of an Event of Default and only upon prior notice to the applicable Grantor. 
 (e) Each Grantor shall, at the reasonable request of the Administrative Agent following the occurrence and during the continuance of an Event of Default, legend the Accounts and the other books, records and documents of such Grantor
evidencing or pertaining to Accounts with an appropriate reference to the fact that the Accounts have been assigned to the Administrative Agent for the benefit of the Secured Parties and that the Administrative Agent has a security interest therein.

 SECTION 3.03. Application of Proceeds. (a) The Administrative Agent shall apply the proceeds of any collection or sale of
Collateral, including any Collateral consisting of cash, in accordance with Section 8.03 of the Credit Agreement. 
 (b)
The Administrative Agent shall have absolute discretion as to the time of application of any such proceeds, moneys or balances in accordance with this Agreement and the Credit Agreement. Upon any sale of Collateral by the Administrative Agent
(including pursuant to a power of sale granted by statute or under a judicial proceeding), the receipt of the Administrative Agent or of the officer making the sale shall be a sufficient discharge to the purchaser or purchasers of the Collateral so
sold and such purchaser or purchasers shall not be obligated to see to the application of any part of the purchase money paid over to the Administrative Agent or such officer or be answerable in any way for the misapplication thereof. 
 (c) In making the determinations and allocations required by this Section 3.02, the Administrative Agent may conclusively rely upon
information supplied by the Administrative Agent as to the amounts of unpaid principal and interest and other amounts outstanding with respect to the Obligations, and the Administrative Agent shall have no liability to any of the Secured Parties for
actions taken in reliance on such information, provided that nothing in this sentence shall prevent any Grantor from contesting any amounts claimed by any Secured Party in any information so supplied. All distributions made by the
Administrative Agent pursuant to this Section 3.02 shall be (subject to any decree of any court of competent jurisdiction) final (absent manifest error), and the Administrative Agent shall have no duty to inquire as to the application by the
Administrative Agent of any amounts distributed to it. 
  

 9 

 ARTICLE IV 
 Indemnity, Subrogation and Subordination 
 SECTION 4.01. Indemnity. In addition to all such rights of
indemnity and subrogation as the Grantors may have under applicable law (but subject to Section 4.03), each of the Borrowers agrees that, in the event any assets of any Grantor shall be sold pursuant to this Agreement or any other Collateral
Document to satisfy in whole or in part an Obligation owed to any Secured Party, such Borrower shall indemnify such Grantor in an amount equal to the greater of the book value or the fair market value of the assets so sold. 
 SECTION 4.02. Contribution and Subrogation. Each Grantor (a “Contributing Party”) agrees (subject to Section 4.03) that, in
the event assets of any other Grantor shall be sold pursuant to any Collateral Document to satisfy any Obligation owed to any Secured Party, and such other Grantor (the “Claiming Party”) shall not have been fully indemnified by the
Borrowers as provided in Section 4.01, the Contributing Party shall indemnify the Claiming Party in an amount equal to the greater of the book value or the fair market value of such assets, in each case multiplied by a fraction of which the
numerator shall be the net worth of the Contributing Party on the date hereof and the denominator shall be the aggregate net worth of all the Contributing Parties together with the net worth of the Claiming Party on the date hereof (or, in the case
of any Grantor becoming a party hereto pursuant to Section 5.14, the date of the Security Agreement Supplement hereto executed and delivered by such Grantor). Any Contributing Party making any payment to a Claiming Party pursuant to this
Section 4.02 shall be subrogated to the rights of such Claiming Party to the extent of such payment. 
 SECTION 4.03.
Subordination. Notwithstanding any provision of this Agreement to the contrary, all rights of the Grantors under Sections 4.01 and 4.02 and all other rights of indemnity, contribution or subrogation under applicable law or otherwise shall be
fully subordinated to the indefeasible payment in full in cash of the Obligations. No failure on the part of any of the Borrowers or any Grantor to make the payments required by Sections 4.01 and 4.02 (or any other payments required under applicable
law or otherwise) shall in any respect limit the obligations and liabilities of any Grantor with respect to its obligations hereunder, and each Grantor shall remain liable for the full amount of the obligations of such Grantor hereunder. 

ARTICLE V 
 Miscellaneous

 SECTION 5.01. Notices. All communications and notices hereunder shall (except as otherwise expressly permitted herein) be in
writing and given as provided in Section 10.02 of the Credit Agreement. All communications and notices hereunder to any Grantor shall be given to it in care of the Borrowers as provided in Section 10.02 of the Agreement. 
 SECTION 5.02. Waivers; Amendment. (a) No failure or delay by the Administrative Agent, any L/C Issuer or any Lender in exercising any right
or power hereunder or under any other Loan Document, shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a right or power, preclude any
other or further exercise thereof or the exercise of any other right or power. The rights and remedies of the Administrative Agent, the L/C Issuers and the Lenders hereunder and under the other Loan 

  

 10 

 
Documents are cumulative and are not exclusive of any rights or remedies that they would otherwise have. No waiver of any provision of this Agreement or
consent to any departure by any Grantor therefrom shall in any event be effective unless the same shall be permitted by paragraph (b) of this Section 5.02, and then such waiver or consent shall be effective only in the specific instance
and for the purpose for which given. Without limiting the generality of the foregoing, the making of a Loan or issuance of a Letter of Credit shall not be construed as a waiver of any Default, regardless of whether the Administrative Agent, any
Lender or any L/C Issuer may have had notice or knowledge of such Default at the time. No notice or demand on any Grantor in any case shall entitle any Grantor to any other or further notice or demand in similar or other circumstances. 

(b) Neither this Agreement nor any provision hereof may be waived, amended or modified except pursuant to an agreement or agreements in
writing entered into by the Administrative Agent and the Grantor or Grantors with respect to which such waiver, amendment or modification is to apply, subject to any consent required in accordance with Section 10.01 of the Credit Agreement.

 SECTION 5.03. Administrative Agent’s Fees and Expenses. (a) The parties hereto agree that the Administrative Agent shall
be entitled to reimbursement of its expenses incurred hereunder as provided in Section 10.04 of the Credit Agreement. 
 (b) Without limitation of its indemnification obligations under the other Loan Documents, each of the Borrowers agrees to indemnify the Administrative Agent and the other Indemnitees (as defined in Section 10.05 of the Credit
Agreement) against, and hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities and related expenses, including the reasonable fees, charges and disbursements of any counsel for any Indemnitee, incurred by or asserted
against any Indemnitee arising out of, in connection with, or as a result of, the execution, delivery or performance of this Agreement or any claim, litigation, investigation or proceeding relating to any of the foregoing agreements or instruments
contemplated hereby, whether or not any Indemnitee is a party thereto; provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses are determined
by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of such Indemnitee or of any Affiliate, director, officer, employee or agent of such Indemnitee. 
 (c) Any such amounts payable as provided hereunder shall be additional Obligations secured hereby and by the other Collateral Documents.
The provisions of this Section 5.03 shall remain operative and in full force and effect regardless of the termination of this Agreement or any other Loan Document, the consummation of the transactions contemplated hereby, the repayment of any
of the Obligations, the invalidity or unenforceability of any term or provision of this Agreement or any other Loan Document, or any investigation made by or on behalf of the Administrative Agent or any other Secured Party. All amounts due under
this Section 5.03 shall be payable within 10 days of written demand therefor. 
 SECTION 5.04. Successors and Assigns. Whenever
in this Agreement any of the parties hereto is referred to, such reference shall be deemed to include the permitted successors and assigns of such party; and all covenants, promises and agreements by or on behalf of any Grantor or the Administrative
Agent that are contained in this Agreement shall bind and inure to the benefit of their respective successors and assigns, to the extent permitted under Section 10.07 of the Credit Agreement. 
 SECTION 5.05. Survival of Agreement. All representations and warranties made hereunder and in any other Loan Document or other document delivered
pursuant hereto or thereto or in connection herewith or therewith shall survive the execution and delivery hereof and thereof and shall continue in full force and effect as long as any Loan or any other Obligation hereunder shall remain unpaid or
unsatisfied or any Letter of Credit shall remain outstanding. 
  

 11 

 SECTION 5.06. Counterparts; Effectiveness; Successors and Assigns; Several Agreement. This
Agreement and each other Loan Document 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. Delivery by telecopier of an executed counterpart
of a signature page to this Agreement and each other Loan Document shall be effective as delivery of an original executed counterpart of this Agreement and such other Loan Document. The Agents may also require that any such documents and signatures
delivered by telecopier be confirmed by a manually signed original thereof; provided that the failure to request or deliver the same shall not limit the effectiveness of any document or signature delivered by telecopier. This Agreement shall
become effective as to any Grantor when a counterpart hereof executed on behalf of such Grantor shall have been delivered to the Administrative Agent and a counterpart hereof shall have been executed on behalf of the Administrative Agent, and
thereafter shall be binding upon such Grantor and the Administrative Agent and their respective successors and assigns permitted thereby, and shall inure to the benefit of such Grantor, the Administrative Agent and the other Secured Parties and
their respective successors and assigns permitted thereby, except that no Grantor shall have the right to assign or transfer its rights or obligations hereunder or any interest herein or in the Collateral (and any such assignment or transfer shall
be void) except as expressly contemplated by this Agreement or the other Loan Documents. This Agreement shall be construed as a separate agreement with respect to each Grantor and may be amended, modified, supplemented, waived or released with
respect to any Grantor without the approval of any other Grantor and without affecting the obligations of any other Grantor hereunder. 
 SECTION 5.07. Severability. If any provision of this Agreement or the other Loan Documents is held to be illegal, invalid or unenforceable, the legality, validity and enforceability of the remaining provisions of this Agreement and
the other Loan Documents shall not be affected or impaired thereby. The invalidity of a provision in a particular jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 
 SECTION 5.08. Right of Set-Off. In addition to any rights and remedies of the Lenders provided by Law, upon the occurrence and during the
continuance of any Event of Default, each Lender and its Affiliates and each L/C Issuer and its Affiliates is authorized at any time and from time to time, without prior notice to any Grantor, any such notice being waived by each Grantor (on its own
behalf and on behalf of its Subsidiaries) to the fullest extent permitted by applicable Law, to set off and apply any and all deposits (general or special, time or demand, provisional or final) at any time held by, and other Indebtedness at any time
owing by, such Lender and its Affiliates or such L/C Issuer and its Affiliates, as the case may be, to or for the credit or the account of the respective Loan Parties and their Subsidiaries against any and all Obligations owing to such Lender and
its Affiliates or such L/C Issuer and its Affiliates hereunder or under any other Loan Document, now or hereafter existing, irrespective of whether or not such Agent or such Lender or Affiliate shall have made demand under this Agreement or any
other Loan Document and although such Obligations may be contingent or unmatured or denominated in a currency different from that of the applicable deposit or Indebtedness. Notwithstanding anything to the contrary contained herein, no Lender or its
Affiliates and no L/C Issuer or its Affiliates shall have a right to set off and apply any deposits held or other Indebtedness owing by such Lender or its Affiliates or such L/C Issuer or its Affiliates, as the case may be, to or for the credit or
the account of any Subsidiary of a Loan Party that is not a “United States person” within the meaning of Section 7701(a)(30) of the Code unless such Subsidiary is not a direct or indirect subsidiary of Holdings. Each Lender and L/C
Issuer agrees promptly to notify the Borrowers and the Administrative Agent after any such set off and application made by such Lender or L/C Issuer, as the case may be; provided, that the failure to give such notice shall not affect the
validity of such setoff and application. The rights of the Administrative 

  

 12 

 
Agent, the Administrative Agent, each Lender and each L/C Issuer under this Section 5.08 are in addition to other rights and remedies (including other
rights of setoff) that the Administrative Agent, such Lender and such L/C Issuer may have. 
 SECTION 5.09. Governing Law; Jurisdiction;
Venue; Waiver of Jury Trial; Consent to Service of Process. (a) The terms of Sections 10.15 and 10.16 of the Credit Agreement with respect to governing law, submission of jurisdiction, venue and waiver of jury trial are incorporated herein
by reference, mutatis mutandis, and the parties hereto agree to such terms. 
 (b) Each party to this Agreement
irrevocably consents to service of process in the manner provided for notices in Section 5.01. Nothing in this Agreement will affect the right of any party to this Agreement to serve process in any other manner permitted by law. 
 SECTION 5.10. Headings. Article and Section headings and the Table of Contents used herein are for convenience of reference only, are not part of
this Agreement and are not to affect the construction of, or to be taken into consideration in interpreting, this Agreement. 
 SECTION 5.11.
Security Interest Absolute. All rights of the Administrative Agent hereunder, the Security Interest and all obligations of each Grantor hereunder shall be absolute and unconditional irrespective of (a) any lack of validity or
enforceability of the Credit Agreement, any other Loan Document, any agreement with respect to any of the Obligations or any other agreement or instrument relating to any of the foregoing, (b) any change in the time, manner or place of payment
of, or in any other term of, all or any of the Obligations, or any other amendment or waiver of or any consent to any departure from the Credit Agreement, any other Loan Document or any other agreement or instrument, (c) any exchange, release
or non-perfection of any Lien on other collateral, or any release or amendment or waiver of or consent under or departure from any guarantee, securing or guaranteeing all or any of the Obligations or (d) any other circumstance that might
otherwise constitute a defense available to, or a discharge of, any Grantor in respect of the Obligations or this Agreement. 
 SECTION 5.12.
Intercreditor Agreement Governs. Notwithstanding anything herein to the contrary, the lien and security interest granted to the Administrative Agent, for the benefit of the Secured Parties, pursuant to this Agreement and the exercise of any
right or remedy by the Administrative Agent and the other Secured Parties hereunder are subject to the provisions of the Intercreditor Agreement. In the event of any conflict or inconsistency between a provision of the Intercreditor Agreement and
this Agreement that relates solely to the rights or obligations of, or relationships between, the First Lien Secured Parties and the Second Lien Secured Parties (as each such term is defined in the Intercreditor Agreement), the provisions of the
Intercreditor Agreement shall control. 
 SECTION 5.13. Termination or Release. (a) This Agreement, the Security Interest and all
other security interests granted hereby shall terminate with respect to all Obligations and any Liens arising therefrom shall be automatically released when all the outstanding Obligations (in each case other than (x) obligations under Secured
Hedge Agreements not yet due and payable, (y) Cash Management Obligations not yet due and payable and (z) contingent indemnification obligations not yet accrued and payable) have been indefeasibly paid in full and the Lenders have no
further commitment to lend under the Credit Agreement, the Outstanding Amount of L/C Obligations has been reduced to zero and the L/C Issuers have no further obligations to issue Letters of Credit under the Credit Agreement. 
 (b) A Grantor (other than Holdings and the Borrower) shall automatically be released from its obligations hereunder as provided in
Section 9.11 of the Credit Agreement; provided that the Lenders shall have consented to such transaction (to the extent required by the Credit Agreement) and the terms of such consent did not provide otherwise. 
  

 13 

 (c) Upon any sale or other transfer by any Grantor of any Collateral that is permitted
under the Credit Agreement (other than a sale to another Grantor), or upon the effectiveness of any written consent to the release of the security interest granted hereby in any Collateral pursuant to Section 9.11 of the Credit Agreement, the
security interest of such Grantor in such Collateral shall be automatically released. 
 (d) In connection with any
termination or release pursuant to paragraph (a), (b) or (c) of this Section 5.13, the Administrative Agent shall execute and deliver to any Grantor, at such Grantor’s expense, all documents that such Grantor shall reasonably
request to evidence such termination or release, in each case in accordance with the terms of Section 9.11 of the Credit Agreement. Any execution and delivery of documents pursuant to this Section 5.13 shall be without recourse to or
warranty by the Administrative Agent. 
 (e) Notwithstanding anything to the contrary set forth in this Agreement, each Cash
Management Bank and each Hedge Bank by the acceptance of the benefits under this Agreement hereby acknowledge and agree that (i) the obligations of the Borrowers or any Subsidiary under any Secured Hedge Agreement and the Cash Management
Obligations shall be secured pursuant to this Agreement only to the extent that, and for so long as, the other Obligations are so secured and (ii) any release of Collateral effected in the manner permitted by this Agreement shall not require
the consent of any Hedge Bank or Cash Management Bank. 
 SECTION 5.14. Additional Restricted Subsidiaries. Pursuant to
Section 6.11 of the Credit Agreement, certain Restricted Subsidiaries of Parent Borrower that were not in existence, were not Restricted Subsidiaries or were Excluded Subsidiaries on the date of the Credit Agreement are required to enter in
this Agreement as Grantors upon becoming Restricted Subsidiaries or upon ceasing to be Excluded Subsidiaries by execution and delivery of a Security Agreement Supplement in the form of Exhibit I hereto by the Administrative Agent and such Restricted
Subsidiary. Upon such execution and delivery, such Restricted Subsidiary shall become a Grantor hereunder with the same force and effect as if originally named as a Grantor herein. The execution and delivery of any such instrument shall not require
the consent of any other Grantor hereunder. The rights and obligations of each Grantor hereunder shall remain in full force and effect notwithstanding the addition of any new Grantor as a party to this Agreement. 
 SECTION 5.15. Administrative Agent Appointed Attorney-in-Fact. Each Grantor hereby appoints the Administrative Agent the attorney-in-fact of such
Grantor for the purpose of carrying out the provisions of this Agreement and taking any action and executing any instrument that the Administrative Agent may deem necessary or advisable to accomplish the purposes hereof at any time after and during
the continuance of an Event of Default, which appointment is irrevocable (until termination of the Credit Agreement) and coupled with an interest. Without limiting the generality of the foregoing, the Administrative Agent shall have the right, upon
the occurrence and during the continuance of an Event of Default and notice by the Administrative Agent to the Borrowers of its intent to exercise such rights, with full power of substitution either in the Administrative Agent’s name or in the
name of such Grantor (a) to receive, endorse, assign and/or deliver any and all notes, acceptances, checks, drafts, money orders or other evidences of payment relating to the Collateral or any part thereof; (b) to demand, collect, receive
payment of, give receipt for and give discharges and releases of all or any of the Collateral; (c) to sign the name of any Grantor on any invoice or bill of lading relating to any of the Collateral; (d) to send verifications of Accounts to
any Account Debtor; (e) to commence and prosecute any and all suits, actions or proceedings at law or in equity in any court of competent jurisdiction to collect or otherwise realize on all or any of the Collateral or to enforce any rights in
respect of any Collateral; (f) to settle, compromise, compound, adjust or defend any actions, suits or proceedings relating to all or any of the Collateral; (g) to notify, or to require any Grantor to notify, Account Debtors to make

  

 14 

 
payment directly to the Administrative Agent; (h) to make, settle and adjust claims in respect of Collateral under policies of insurance, including
endorsing the name of any Grantor on any check, draft, instrument or other item of payment for the proceeds of such policies of insurance, making all determinations and decisions with respect thereto and obtaining or maintaining the policies of
insurance required by Section 6.07 of the Credit Agreement or paying any premium in whole or in part relating thereto; and (i) to use, sell, assign, transfer, pledge, make any agreement with respect to or otherwise deal with all or any of
the Collateral, and to do all other acts and things necessary to carry out the purposes of this Agreement, as fully and completely as though the Administrative Agent were the absolute owner of the Collateral for all purposes; provided that
nothing herein contained shall be construed as requiring or obligating the Administrative Agent to make any commitment or to make any inquiry as to the nature or sufficiency of any payment received by the Administrative Agent, or to present or file
any claim or notice, or to take any action with respect to the Collateral or any part thereof or the moneys due or to become due in respect thereof or any property covered thereby. The Administrative Agent and the other Secured Parties shall be
accountable only for amounts actually received as a result of the exercise of the powers granted to them herein, and neither they nor their officers, directors, employees or agents shall be responsible to any Grantor for any act or failure to act
hereunder, except for their own gross negligence or willful misconduct or that of any of their Affiliates, directors, officers, employees, counsel, agents or attorneys-in-fact. All sums disbursed by the Administrative Agent in connection with this
paragraph, including reasonable attorneys’ fees, court costs, expenses and other charges relating thereto, shall be payable, within 10 days of demand, by the Grantors to the Administrative Agent and shall be additional Obligations secured
hereby. 
 SECTION 5.16. General Authority of the Administrative Agent. By acceptance of the benefits of this Agreement and any other
Collateral Documents, each Secured Party (whether or not a signatory hereto) shall be deemed irrevocably (a) to consent to the appointment of the Administrative Agent as its agent hereunder and under such other Collateral Documents, (b) to
confirm that the Administrative Agent shall have the authority to act as the exclusive agent of such Secured Party for the enforcement of any provisions of this Agreement and such other Collateral Documents against any Grantor, the exercise of
remedies hereunder or thereunder and the giving or withholding of any consent or approval hereunder or thereunder relating to any Collateral or any Grantor’s obligations with respect thereto, (c) to agree that it shall not take any action
to enforce any provisions of this Agreement or any other Collateral Document against any Grantor, to exercise any remedy hereunder or thereunder or to give any consents or approvals hereunder or thereunder except as expressly provided in this
Agreement or any other Collateral Document and (d) to agree to be bound by the terms of this Agreement and any other Collateral Documents. 
 SECTION 5.17. Reinstatement. Each Grantor further agrees that, if any payment made by any Loan Party or other Person and applied to the Obligations is at any time annulled, avoided, set aside, rescinded, invalidated, declared to be
fraudulent or preferential or otherwise required to be refunded or repaid, or the proceeds of Collateral are required to be returned by any Secured Party to such Loan Party, its estate, trustee, receiver or any other party, including any Grantor,
under any bankruptcy law, state or federal law, common law or equitable cause, then, to the extent of such payment or repayment, any Lien or other Collateral securing such liability shall be and remain in full force and effect, as fully as if such
payment had never been made or, if prior thereto the Lien granted hereby or other Collateral securing such liability hereunder shall have been released or terminated by virtue of such cancellation or surrender), such Lien or other Collateral shall
be reinstated in full force and effect, and such prior cancellation or surrender shall not diminish, release, discharge, impair or otherwise affect any Lien or other Collateral securing the obligations of any Grantor in respect of the amount of such
payment. 
 [Signatures on following page] 
  

 15 

 IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the day and year first
above written. 
  

					
	 LVB ACQUISITION, INC.,
        as Holdings

			
		 	By:	 	/s/ Stephen Ko
		 		 	 Name: Stephen Ko
 Title:
Co-President

	
	 BIOMET, INC., 
        as the Parent Borrower,

			
		 	By:	 	/s/ Daniel P. Florin
		 		 	 Name: Daniel P. Florin
 Title: Chief Financial Officer

	
	EACH OF THE SUBSIDIARY BORROWERS LISTED ON ANNEX A HERETO,
			
		 	By:	 	/s/ J. Pat Richardson
		 		 	 Name: J. Pat Richardson
 Title:
Treasurer

 Signature Page for 
 Pledge and Security Agreement (ABL) 

					
	 BANK OF AMERICA, N.A., 
        as Collateral Agent

			
		 	By:	 	/s/ Michael Lemiszko
		 		 	 Name: Michael Lemiszko
 Title: Senior Vice President

 Signature Page for 
 Pledge and Security Agreement (ABL) 

 Annex A 
 List of Subsidiary Borrowers 
  

	
	1.      American OsteoMedix Corporatio
	
	2.      Biolectron, Inc.
	
	 3.      Biomet 3i, Inc.

	
	 4.      Biomet Biologics, Inc.

	
	 5.      Biomet Europe Ltd.

	
	 6.      Biomet Fair Lawn L.P.

	
	 7.      Biomet Holdings Ltd.

	
	 8.      Biomet International Ltd.

	
	 9.      Biomet Investment Corp.

	
	 10.    Biomet Leasing, Inc.

	
	 11.    Biomet Manufacturing Corporation

	
	 12.    Biomet Microfixation, Inc.

	
	 13.    Biomet Orthopedics, Inc.

	
	 14.    Biomet Sports Medicine, Inc.

	
	 15.    Biomet Travel, Inc.

	
	 16.    Blue Moon Diagnostics, Inc.

	
	 17.    Cross Medical Products, Inc.

	
	 18.    EBI Holdings, Inc.

	
	 19.    EBI, L.P.

	
	 20.    EBI Medical Systems, Inc.

	
	 21.    Electro-Biology, Inc.

	
	 22.    Florida Services Corporation

	
	 23.    Implant Innovations Holding Corporation

	
	 24.    Interpore Cross International, Inc.

	
	 25.    Interpore Orthopaedics, Inc.

	
	 26.    Interpore Spine Ltd.

	
	 27.    Kirschner Medical Corporation

	
	 28.    Meridew Medical, Inc.

	
	 29.    Thoramet, Inc.

  

 A -1LVB Acquisition, Inc. 2007 Management Equity Incentive Plan.

 Exhibit 10.21 
 LVB ACQUISITION, INC. 
 MANAGEMENT EQUITY INCENTIVE PLAN 
 Adopted November 16, 2007 (the “Effective Date”) 
  

	1.	Purpose of the Plan 

 The purpose of LVB
Acquisition, Inc. Management Equity Incentive Plan (the “Plan”) is to promote the interests of the Company and its Affiliates and stockholders by providing the key employees, directors, service providers and consultants of the
Company and its Affiliates with an appropriate incentive to encourage them to continue in the employ of the Company or an Affiliate and to improve the growth and profitability of the Company. 
  

	2.	Definitions 

 As used in this Plan, the
following capitalized terms shall have the following meanings: 
 (a) “Accreting Exercise Price” shall mean, with respect to
a Hurdle Option, an Exercise Price that increases at a 10.00% compound rate on each anniversary of the Grant Date of such Option, or such other dates as may be specified in the applicable Stock Option Grant Agreement, until the earliest to occur of
(i) Exercise of such Option, (ii) the fifth anniversary of the Grant Date of such Option, or such other date as may be specified in the applicable Stock Option Grant Agreement, or (iii) the occurrence of a Change of Control;
provided, however, that the Exercise Price shall cease to increase as provided herein on a pro rata portion of each outstanding Hurdle Option following any sale by the Majority Stockholder of shares of Common Stock as follows: the
number of shares of Common Stock underlying each outstanding Hurdle Option with respect to which the Exercise Price shall cease to increase shall be the number of shares that bears the same ratio to the total number of shares underlying such Hurdle
Option on the Grant Date as the total number of shares of Common Stock directly or indirectly sold by the Majority Stockholder bears to the total number of shares of Common Stock owned by the Majority Stockholder immediately after the Closing
(reduced by any shares transferred by a Majority Stockholder to executives, employees, consultants directors and other service providers prior to the first anniversary of the Closing and excluding for this purpose shares transferred by a Majority
Stockholder to an Affiliate of such Majority Stockholder). 
 (a) “Affiliate” shall mean, with respect to any entity, any
other corporation, organization, association, partnership, sole proprietorship or other type of entity, whether incorporated or unincorporated, directly or indirectly controlling or controlled by or under direct or indirect common control with such
entity. 
 (b) “Agreement Termination Date” shall have the meaning given to such term in the Management Stockholders’
Agreement. 
 (c) “Board” shall mean the Board of Directors of the Company or any committee appointed by the Board to
administer the Plan pursuant to Section 3. 
 (d) “Cause”, when used in connection with the termination of a
Participant’s Employment, shall have the meaning set forth in any effective employment agreement or, if 

 
none, shall mean, unless otherwise provided in the applicable Stock Option Grant Agreement, the termination of the Participant’s Employment with the
Company and all Affiliates on account of (i) a failure of the Participant to substantially perform his or her duties (other than as a result of physical or mental illness or injury) that has continued after Biomet, Inc. or the Company has
provided written notice of such failure and the Participant has not cured such failure within 30 days of the date of such written notice, provided that a failure to meet financial performance expectations shall not, by itself, constitute a failure
by the Participant to substantially perform his or her duties; (ii) the Participant’s willful misconduct or gross negligence; (iii) a willful or grossly negligent breach by a Participant of the Participant’s fiduciary duty or
duty of loyalty to the Company or its affiliates; (iv) the commission by the Participant of any felony or other serious crime involving moral turpitude; (v) a material breach of the Participant’s obligations under any agreement
entered into between the Participant and the Company or any of its Affiliates, which, if such breach is reasonably susceptible to cure, has continued after Biomet, Inc. or the Company has provided written notice of such breach and the Participant
has not cured such failure within 30 days of the date of such written notice; or (vii) a material breach of the Company’s written policies or procedures that have been communicated to the Participant and that causes material harm to the
Company or its business reputation. 
 (e) “Change of Control” shall mean the occurrence of any of the following events
after the Effective Date: (i) any sale, lease, exchange or other transfer (in one transaction or a series of related transactions) of all or substantially all of the assets of the Company on a consolidated basis to any Person or group of
related persons for purposes of Section 13(d) of the Exchange Act (a “Group”), together with any Affiliates thereof other than to a Majority Stockholder; (ii) the approval by the holders of the outstanding voting power of
the Company of any plan or proposal for the liquidation or dissolution of the Company; (iii) (A) any Person or Group (other than the Majority Stockholder) shall become the beneficial owner (within the meaning of Section 13(d) of the
Exchange Act), directly or indirectly, of Common Stock or common stock of Biomet Inc. (or any intermediary entity between Biomet Inc. and the Company) representing more than 40% of the aggregate outstanding voting power of the Company, Biomet Inc.
or such intermediary entity, as applicable, and such Person or Group actually has the power to vote such common stock in any such election and (B) the Majority Stockholder beneficially owns (within the meaning of Section 13(d) of the
Exchange Act), directly or indirectly, in the aggregate a lesser percentage of the voting power of the Company or Biomet Inc. (or any intermediary entity between Biomet Inc. and the Company), as applicable, than such other Person or Group;
(iv) the replacement of a majority of the Board over a two-year period from the directors who constituted the Board at the beginning of such period, and such replacement shall not have been approved by a vote of at least a majority of the Board
then still in office who either were members of such Board at the beginning of such period or whose election as a member of such Board was previously so approved or who were nominated by, or designees of, a Majority Stockholder;
(v) consummation of a merger or consolidation of the Company with another entity in which holders of the Common Stock of the Company immediately prior to the consummation of the transaction hold, directly or indirectly, immediately following
the consummation of the transaction, less than 50% of the common equity interest in the surviving corporation in such transaction and the Majority Stockholder does not hold a sufficient amount of voting power (or similar securities) to elect a
majority of the surviving entity’s board of directors or (vi) a merger, recapitalization or other direct or indirect sale by the Majority Stockholder (including through a public offering) of Common Stock that 

  

 2 

 
results in more than 80% of the Common Stock of the Company (or any resulting company after a merger) owned, directly or indirectly, by the Majority
Stockholder immediately following the Closing, no longer being so owned by the Majority Stockholder. 
 (f) “Closing” shall
mean the closing of transactions contemplated by the Agreement and Plan of Merger, dated as of December 18, 2006 (as amended and restated as of June 7, 2007), by and among Biomet, Inc., LVB Acquisition LLC and LVB Acquisition Merger Sub,
Inc. 
 (g) “Code” shall mean the Internal Revenue Code of 1986, as amended. 
 (h) “Commission” shall mean the U.S. Securities and Exchange Commission. 
 (i) “Committee” shall mean a Board Committee approved by the Board of Directors to administer the Plan. 
 (j) “Common Stock” shall mean the common stock of the Company, par value US $0.01 per share. 
 (k) “Company” shall mean LVB Acquisition, Inc. 
 (l) “Disability” shall mean, unless otherwise provided in any applicable Stock Option Grant Agreement, effective employment agreement or other written agreement, a permanent disability as defined in
the Company’s or an Affiliate’s disability plans, or as defined from time to time by the Company, in its discretion. 
 (m)
“EBITDA” shall mean earnings before interest, taxes, depreciation, amortization, minority interest expense, gains or losses on sales of facilities, gains or losses on extinguishment of debt, restructuring and other project specific
charges (including employee severance and retention costs, external consulting fees, internal project specific costs that are temporary in nature, costs to shut-down, move or set-up and validate production equipment, asset write-downs in the sending
facility, or other related expenses) attributable to the implementation of cost savings initiatives, non-cash management equity incentive expenses and any other significant extraordinary items, as determined in good faith by the Board in
consultation with the Chief Executive Officer. EBITDA shall be calculated without giving effect to purchase accounting and shall further exclude transaction, management and/or similar fees paid to the Majority Stockholders and/or their Affiliates,
other fees or expenses related to the acquisition of the Company by the Majority Stockholders, expenses relating to distributor payments in fiscal year 2008 (other than commissions paid in the ordinary course of business), non-cash expenses
attributable to distributor equity incentives granted at or prior to Closing, legal, accounting or employee compensation expenses relating to the Option Accounting Issues, and expenses incurred in connection with defending the ongoing investigation
by the U.S. Department of Justice as of the Effective Date of this Plan, including any fines or penalties paid in connection with the settlement of such investigation. For purposes of this definition, “Option Accounting Issues”
shall mean the failure by Biomet, Inc., prior to the Effective Date, to (i) properly document the measurement date for any stock option grant, (ii) record stock option expense (or other items relating thereto) in accordance with GAAP or
(iii) issue stock options in accordance with the terms of any applicable Stock Plan. 
  

 3 

 EBITDA targets (and cumulative EBITDA targets) for Performance Based Options will be appropriately
adjusted by the Board in consultation with the Chief Executive Officer for any acquisitions or divestitures not contemplated in this Plan, as well as for any change in accounting treatment of equity compensation or other changes in GAAP promulgated
by accounting standard setters. 
 (n) “Eligible Employee” shall mean any Employee, director, service provider or consultant
who, in the judgment of the Board, should be eligible to participate in the Plan due to the services they perform on behalf of the Company or an Affiliate. 
 (o) “Employment” shall mean employment with the Company or any Affiliate and shall include the provision of services as a director or consultant for the Company or any Affiliate.
“Employee” and “Employed” shall have correlative meanings. 
 (p) “Exchange Act” shall
mean the Securities Exchange Act of 1934, as amended. 
 (q) “Exercise Date” shall have the meaning set forth in
Section 4.10 herein. 
 (r) “Exercise Notice” shall have the meaning set forth in Section 4.10 herein. 

(s) “Exercise Price” shall mean the price that the Participant must pay under the Option for each share of Common Stock as determined
by the Board for each Grant and initially specified in the Stock Option Grant Agreement, subject to any increase or other adjustment that may be made following the Grant Date. 
 (t) “Fair Market Value” shall mean, as of any date: 
 a. prior to the occurrence of an Initial Public Offering, the value per share of Common Stock determined pursuant to a valuation made in good faith by the Board and based upon a reasonable valuation method; or

 b. following the occurrence of an Initial Public Offering, (i) the closing price on such day of a share of Common Stock as reported
on the principal securities exchange on which shares of Common Stock are then listed or admitted to trading or (ii) if not so reported, the average of the closing bid and ask prices on such day as reported on the National Association of
Securities Dealers Automated Quotation System or (iii) if not so reported, as furnished by any member of the National Association of Securities Dealers, Inc. (“NASD”) selected by the Board. The Fair Market Value of a share of
Common Stock as of any such date on which the applicable exchange or inter-dealer quotation system through which trading in the Common Stock regularly occurs is closed shall be the Fair Market Value determined pursuant to the preceding sentence as
of the immediately preceding date on which the Common Stock is traded, a bid and ask price is reported or a trading price is reported by any member of NASD selected by the Board. In the event that the price of a share of Common Stock shall not be so
reported or furnished, the Fair Market Value shall be determined by the Board in good faith to reflect the fair market value of a share of Common Stock. 
  

 4 

 (u) “Good Reason” shall have the meaning set forth in any effective employment agreement
or, if none, shall mean, unless otherwise provided in the applicable Stock Option Grant Agreement, the occurrence of the following without the Participant’s consent (i) a material diminution in a Participant’s duties and
responsibilities as of the Grant Date of the Options, other than a change in such Participant’s duties and responsibilities that results from becoming part of a larger organization following a Change of Control, (ii) a decrease in a
Participant’s base salary or bonus opportunity as of the Grant Date of the Options, other than a decrease in base salary or bonus opportunity that applies to a similarly situated class of employees of the Company or its Affiliates or
(iii) a relocation of a Participant’s primary work location more than 50 miles from the Participant’s work location on the Grant Date of the Option, without the Participant’s prior written consent; provided that, within 30 days
following the occurrence of any of the events set forth herein, the Participant shall have delivered written notice to the Company of his or her intention to terminate his or her Employment for Good Reason, which notice specifies in reasonable
detail the circumstances claimed to give rise to the Participant’s right to terminate Employment for Good Reason, and the Company shall not have cured such circumstances within 30 days following the Company’s receipt of such notice.

 (v) “Grant” shall mean a grant of an Option under the Plan evidenced by a Stock Option Grant Agreement. 
 (w) “Grant Date” shall mean the Grant Date as defined in Section 4.3 herein. 
 (x) A “Hurdle Option” shall mean an Option with an Accreting Exercise Price which vests ratably on each of the first through fifth
anniversaries of the Grant Date, or such other dates as may be set forth in the applicable Stock Option Grant Agreement, subject to the Participant’s continued Employment through each such vesting date. 
 (y) “Initial Majority Stockholder Shares” shall mean the shares of the Company’s common stock issued to the Majority Stockholders
on or before the Closing, and shall include any stock, securities or other property or interests received by the Majority Stockholders in respect of such shares in connection with any stock dividend or other similar distribution, stock split or
combination of shares, recapitalization, conversion, reorganization, consolidation, split-up, spin-off, combination, repurchase, merger, exchange of stock or other transaction or event that affects the Company’s capital stock occurring after
the date of issuance. Initial Majority Stockholder Shares sold by the Majority Stockholder to Plan participants within the first six months following the Closing shall not be counted for purposes of determining whether a Liquidity Event has occurred
nor whether the required performance target for Performance Based Options has been achieved, and, once sold, shall not be deemed Initial Majority Stockholder Shares for purposes of the Plan. 
 (z) An “Initial Public Offering” shall be deemed to occur on the effective date of the first registration statement (other than
(i) a registration relating solely to an employee benefit plan or employee stock plan, a dividend reinvestment plan, or a merger or a 

  

 5 

 
consolidation, (ii) a registration incidental to an issuance of securities under Rule 144A, (iii) a registration on Form S-4 or any successor form,
or (iv) a registration on Form S-8 or any successor form) filed to register at least 20% of the total then-outstanding equity interests in the Company or Biomet Inc. (or any intermediary entity between Biomet Inc. and the Company) under the
Securities Act. 
 (aa) “Liquidity Event” shall mean any transaction or series of transactions that results, directly or
indirectly, in the sale, transfer or other disposition of (A) Initial Majority Stockholder Shares for cash, (B) assets of the Company in which the Majority Stockholders receive distributions of cash or (C) securities that the Majority
Stockholders had previously received in exchange for Initial Majority Stockholder Shares or assets of the Company in which the Majority Stockholders receive distributions of cash. Initial Majority Stockholder Shares sold by the Majority Stockholder
to Plan participants within the first six months following the Closing shall not be counted for purposes of determining whether a Liquidity Event has occurred and, once sold, shall not be deemed Initial Majority Stockholder Shares for purposes of
the Plan. 
 (bb) “Majority Stockholder” shall mean, collectively or individually as the context requires, Blackstone Group,
L.P., The Goldman Sachs Group, Inc., Kohlberg Kravis Roberts & Co., TPG Capital, L.P. and their respective affiliates. 
 (cc)
“Management Stockholders’ Agreement” shall mean the LVB Acquisition, Inc. Management Stockholders’ Agreement, as such may be amended from time to time, or such other stockholders’ agreement as may be entered into
between the Company and any Participant. 
 (dd) “MoM” shall mean a number, determined on each Liquidity Event, equal to the
quotient of (i) all cash and, only for purposes of Section 4.4(c) in the event of a Change of Control, the market value of all marketable securities, received directly or indirectly by the Majority Stockholders in connection with the
Liquidity Event, including all cash dividends and other distributions directly or indirectly to the Majority Stockholders in respect of the Initial Majority Stockholder Shares on or prior to the date on which the Liquidity Event occurs, divided
by (ii) the aggregate purchase price paid by the Majority Stockholders for the Initial Majority Stockholder Shares. Initial Majority Stockholder Shares sold by the Majority Stockholder to Plan participants within the first six months
following the Closing shall not be counted for purposes of determining whether the required performance target for Performance Based Options has been achieved, and, once sold, shall not be deemed Initial Majority Stockholder Shares for purposes of
the Plan. 
 (ee) “Non-Qualified Stock Option” shall mean an Option that is not intended to qualify as an “incentive
stock option” within the meaning of Section 422 of the Code. 
 (ff) “Option” shall mean an option to purchase
Common Stock granted to any Participant under the Plan. Each Option granted under the Plan shall be a Non-Qualified Stock Option. Any references in the Plan to an “Option” will be deemed to include “Time Based Options,”
“Hurdle Options” and “Performance Options” unless specifically noted to the contrary. 
  

 6 

 (gg) “Participant” shall mean an Eligible Employee to whom a Grant of an Option under
the Plan has been made, and, where applicable, shall include Permitted Transferees. 
 (hh) “Performance Based Option” shall
mean an Option with a fixed Exercise Price equal to the Fair Market Value of the underlying Common Stock on the Grant Date which vests based on the achievement of EBITDA targets to be established by the Board in consultation with the Chief Executive
Officer of Biomet, Inc. and set forth in the applicable Stock Option Grant Agreement; provided that (i) if any Performance Based Option does not vest during a fiscal year, such Option shall remain outstanding until terminated in
accordance with its terms and shall be subject to the achievement of cumulative performance targets (which will include the performance targets established for the following fiscal years) during the term of the Option, as determined by the Board and
set forth in the applicable Stock Option Grant Agreement; and (ii) if: 
 (A) the Company achieves 97% of its EBITDA
target for any fiscal year (any such fiscal year, a “97% Target Year”); and 
 (B) either: 
 (I) a Liquidity Event subsequently occurs in which the Majority Stockholder realizes an MoM that is (x) at least 2.0 if the Liquidity
Event occurs on or prior to the fourth anniversary of the Closing or (y) at least 2.5 if the Liquidity Event occurs after the fourth anniversary of the Closing; or 
 (II) (1) an Initial Public Offering has occurred, (2) the Majority Stockholder has sold directly or indirectly, in one or more
Liquidity Event(s), 80% or more of the Initial Majority Stockholder Shares (determined based on the number of the Initial Majority Stockholder Shares as of the Closing date) and (3) the Majority Stockholder has realized directly or indirectly
in such Liquidity Event(s) an MoM that is at least 2.5, provided that MoM for this purpose shall be determined by multiplying clause (ii) of Section 2(dd) by a fraction, the numerator of which is the number of Initial Majority Stockholder
Shares disposed of in all such Liquidity Events and the denominator or which is equal to the number of the Initial Majority Stockholder Shares as of the Closing date; 
 then any Performance Based Options which initially became eligible to vest in a 97% Target Year and which remain unvested as of the date on which the Liquidity Event occurs (or, in the case of clause II above, the
later of the date on which the Liquidity Event occurs or the fifth anniversary of the Closing), shall immediately vest upon the occurrence of the Liquidity Event (or, in the case of clause II above, the later of the date on which the Liquidity Event
occurs or the fifth anniversary of the Closing), provided the Participant is Employed on such vesting date. 
 (ii) “Permitted
Transferee” shall have the meaning set forth in Section 4.6. 
  

 7 

 (jj) “Person” means an individual, partnership, corporation, limited liability company,
unincorporated organization, trust or joint venture, or a governmental agency or political subdivision thereof. 
 (kk) “Securities
Act” shall mean the Securities Act of 1933, as amended. 
 (ll) “Sponsor Price” shall mean $10 per share of Common
Stock. 
 (mm) “Stock Option Grant Agreement” shall mean an agreement, substantially in the form which is attached hereto as
Appendix A, entered into by each Participant and the Company evidencing the Grant of each Option pursuant to the Plan. 
 (nn) “Time
Based Option” shall mean an Option with a fixed Exercise Price equal to the Fair Market Value of the underlying Common Stock on the Grant Date which vests ratably on each of the first through fifth anniversaries of the Grant Date, or such
other dates as may be set forth in the applicable Stock Option Grant Agreement, subject to the Participant’s continuous Employment through each such vesting date. 
 (oo) “Transfer” shall mean any transfer, sale, assignment, gift, testamentary transfer, pledge, hypothecation or other disposition of any interest. “Transferee” and
“Transferor” shall have correlative meanings. 
 (pp) “Vesting Date” shall mean the date an Option becomes
exercisable as defined in Section 4.4 herein. 
  

	3.	Administration of the Plan 

 The Board shall
administer the Plan, provided that the Board may appoint a committee to administer the Plan. In the event the Board appoints such a committee, such committee shall have the rights and duties of the Board in respect of the Plan. No member of the
Board shall participate in any decision that specifically affects such member’s interest in the Plan unless such decision also affects the Options of other Participants in the same manner. 
 3.1 Powers of the Board. In addition to the other powers granted to the Board under the Plan, the Board shall have the power: (a) to
determine, after consulting with the Company’s Chief Executive Officer, the Eligible Employees to whom Grants shall be made; (b) to determine the time or times when Grants shall be made and to determine, after consulting with the
Company’s Chief Executive Officer, the number of shares of Common Stock subject to each such Grant; (c) to prescribe the form of and terms and conditions of any instrument evidencing a Grant; (d) to adopt, amend and rescind such rules
and regulations as, in its opinion, may be advisable for the administration of the Plan; (e) to construe and interpret the Plan, such rules and regulations and the instruments evidencing Grants; and (f) to make all other determinations
necessary or advisable for the administration of the Plan. 
 3.2 Determinations of the Board. Any Grant, determination,
prescription or other act of the Board shall be final and conclusively binding upon all Persons. 
  

 8 

 3.3 Indemnification of the Board. No member of the Board shall be liable for any action or
determination made in good faith with respect to the Plan or any Grant. To the full extent permitted by law, the Company shall indemnify and hold harmless each Person made or threatened to be made a party to any civil or criminal action or
proceeding by reason of the fact that such Person, or such Person’s testator or intestate, is or was a member of the Board to the extent such criminal or civil action or proceeding relates to the Plan. 
 3.4 Compliance with Applicable Law; Securities Matters; Effectiveness of Option Exercise. Except as otherwise expressly provided in the
Management Stockholders’ Agreement, the Company shall be under no obligation to effect the registration pursuant to the Securities Act of any shares of Common Stock to be issued hereunder or to effect similar compliance under any state laws.
Notwithstanding anything herein to the contrary, the Company shall not be required to issue or deliver any certificates evidencing shares of Common Stock pursuant to the exercise of any Options, unless and until the Board has determined, with advice
of counsel, that the issuance and delivery of such certificates is in compliance with all applicable laws, regulations of governmental authorities and, if applicable, the requirements of any exchange on which the shares of Common Stock are listed or
traded. In addition to the terms and conditions provided herein, the Board may require that a Participant make such reasonable covenants, agreements and representations as the Board, in its discretion, deems advisable in order to comply with any
such laws, regulations or requirements. 
 The Company may, in its discretion, defer the effectiveness of an exercise of an Option hereunder
or the issuance or transfer of Common Stock pursuant to any Grant to ensure compliance under federal or state securities laws, provided that the Company shall take any commercially reasonable steps to reduce or eliminate any restrictions
requiring such a period of deferral (it being understood that this proviso shall in no event obligate the Company or its Affiliates to file a registration statement). The Company shall inform the Participant in writing of its decision to defer the
effectiveness of the exercise of an Option or the issuance or transfer of Common Stock pursuant to any Grant. During the period that the effectiveness of the exercise of an Option has been deferred, the Participant may, by written notice, withdraw
such exercise and obtain the refund of any amount paid with respect thereto. 
 3.6 Plan Term. The Board shall not Grant any
Options under this Plan on or after November 16, 2017. All Options which remain outstanding after such date shall continue to be governed by the Plan. 
  

	4.	Options 

 Subject to adjustment as provided
in Section 4.13 hereof, the Board may grant to Participants Options to purchase shares of Common Stock of the Company that, in the aggregate, do not exceed 37,520,000 shares of Common Stock for all Plan Participants. With respect to each Grant
made to a Participant under the Plan, unless otherwise specified in the Stock Option Grant Agreement evidencing such Grant, fifty percent (50%) of the Option that is part of such Grant will be a Time Based Option, twenty-five percent
(25%) of the Option that is part of such Grant will be a Hurdle Option and twenty-five percent (25%) of the Option that is part of such Grant will be a Performance Based Option. To the extent that any Option granted under the Plan
terminates, expires or is canceled without having been exercised, the shares of Common Stock covered by such Option shall again be available for Grant under the Plan. 
  

 9 

 4.1 Identification of Options. The Options granted under the Plan shall be clearly
identified in the Stock Option Grant Agreement as Non-Qualified Stock Options. 
 4.2 Exercise Price. The Exercise Price of any
Option granted under the Plan shall be such price as the Board shall determine (provided that such Exercise Price must be at least equal to the Fair Market Value of a share of Common Stock on the Grant Date and not less than the minimum price
required by law) and which shall be specified in the Stock Option Grant Agreement. The initial Exercise Price of each Option which is granted as of the Effective Date will be equal to the Sponsor Price, which the Board has determined represents the
Fair Market Value of the shares as of the Grant Date of such Options. 
 4.3 Grant Date. The Grant Date of the Options shall be
the date designated by the Board and specified in the Stock Option Grant Agreement as of the date the Option is granted. 
 4.4 Vesting
Date of Options. 
 (a) Vesting Schedule. Each Stock Option Grant Agreement shall indicate the date(s) and/or condition(s)
under which the Option(s) granted therein shall become exercisable, subject in all cases to the Participant’s continuous Employment through the applicable Vesting Date. Unless the Committee provides otherwise, the vesting of an Option granted
under this Plan may be suspended during any leave of absence as may be set forth by Company policy, if any. 
 (b) Accelerated Vesting on
a Qualifying Termination. In the event that a Participant’s Employment is terminated by the Company without Cause or by the Participant for Good Reason during the two (2)-year period following a Change of Control of the Company, all of the
Participant’s outstanding Time Based Options, Hurdle Options and Options that have been converted into time-based vesting Options in accordance with Section 4.4(c) below, if any, shall immediately vest as of the date of such termination of
Employment. 
 (c) Accelerated Vesting on a Change of Control. In the event that, prior to the fifth anniversary of the Closing, a
Change of Control of the Company occurs which results in the Majority Stockholder realizing directly or indirectly an amount in cash equal to the greater of (i) an MoM of at least 2.0 or (ii) an internal rate of return (including all cash
and the market value of all marketable securities received in connection with such Change of Control and all cash dividends and other distributions to the Majority Stockholders in respect of the Initial Majority Stockholder Shares prior to the
Change of Control) of at least 20%, then all outstanding Performance Based Options held by the Participant which, as of the date of the Change of Control, have not yet become eligible to vest by virtue of the annual EBITDA targets, shall be
automatically converted into time-based vesting Options and shall vest (based solely on the passage of time and without regard to any EBITDA targets) on the date on which such Options would have vested if (x) no Change of Control had occurred
and (y) the Company had achieved the annual EBITDA targets applicable to such Options. 
  

 10 

 4.5 Expiration of Options. All Options, whether vested or not, shall expire on the tenth
anniversary of their Grant Date unless such Options expire earlier as provided below. With respect to each Participant, such Participant’s Option(s), or portion thereof, which have not become exercisable shall expire on the date such
Participant’s Employment is terminated for any reason unless otherwise specified herein or in the Stock Option Grant Agreement. With respect to each Participant, each Participant’s Option(s), or any portion thereof, which have become
exercisable on or before the date such Participant’s Employment is terminated shall, unless otherwise provided in the Participant’s Stock Option Grant Agreement, expire on the earliest to occur of (i) the commencement of business on
the date the Participant’s Employment is terminated for Cause; (ii) 30 days following the date the Participant resigns from Employment without Good Reason, (iii) 90 days after the date the Participant’s Employment is terminated
by the Company for any reason other than Cause, death, Disability or the Participant’s resignation from Employment with Good Reason; (iv) one year after the date the Participant’s Employment is terminated by reason of death or
Disability; or (iv) the tenth anniversary of the Grant Date of such Option(s). For the avoidance of doubt, any Option, or portion thereof, that has become exercisable by a Permitted Transferee on account of the death of a Participant shall
expire one year after the date such deceased Participant’s Employment terminated by reason of death, unless otherwise provided in the Participant’s Stock Option Grant Agreement, and any Option or portion thereof that has been transferred
to a Permitted Transferee during the lifetime of a Participant shall expire in connection with the Participant’s termination of Employment at the time set forth under this Section 4.5 as if the Option were held directly by the Participant,
unless otherwise provided in the Participant’s Stock Option Grant Agreement. Notwithstanding the foregoing, the Board may specify in the Stock Option Grant Agreement a different expiration date or period for any Option granted hereunder, and
such expiration date or period shall supersede the foregoing expiration period (provided that in no event shall any Option expire more than ten years following the Grant Date of such Option). 
 4.6 Limitation on Transfer. Each Option granted to a Participant shall be exercisable only by such Participant, except that a Participant
may assign or transfer his or her rights with respect to any or all of the Options held by such Participant to: (i) such Participant’s beneficiaries or estate upon the death of the Participant and (ii) subject to the prior written
approval by the Board (unless otherwise provided in the applicable Stock Option Grant Agreement), and subject to compliance with all applicable tax, securities and other laws, any trust or custodianship created by the Participant, the beneficiaries
of which may include only the Participant, the Participant’s spouse or the Participant’s lineal descendants (by blood or adoption), (each of (i) and (ii), a “Permitted Transferee”). 
 4.7 Condition Precedent to Transfer of Any Option. It shall be a condition precedent to any Transfer of any Option by any Participant that
the Transferee, if not already a Participant in the Plan, shall agree prior to the Transfer in writing with the Company to be bound by the terms of the Plan, the Stock Option Grant Agreement and the Management Stockholder’s Agreement as if he
or she had been an original signatory thereto, except that any provisions of the Plan based on the Employment (or termination thereof) of the original Participant shall continue to be based on the Employment (or termination thereof) of the original
Participant. 
  

 11 

 4.8 Effect of Void Transfers. In the event of any purported Transfer of any Option in
violation of the provisions of the Plan, such purported Transfer shall, to the extent permitted by applicable law, be void and of no effect. 
 4.9 Exercise of Options. A Participant may exercise any or all of his or her vested Options by serving an Exercise Notice on the Company as provided in Section 4.10 herein. 
 4.10 Method of Exercise. The Option shall be exercised by delivery of written notice to the Company’s principal office (the
“Exercise Notice”), to the attention of its Secretary, no less than two business days in advance of the effective date of the proposed exercise (the “Exercise Date”). Such notice shall (a) specify the number of
shares of Common Stock with respect to which the Option is being exercised, the Grant Date of such Option and the Exercise Date, (b) be signed by the Participant, (c) prior to the Agreement Termination Date, indicate in writing that the
Participant agrees to be bound by the Management Stockholders’ Agreement, and (d) if the Option is being exercised by the Participant’s Permitted Transferee(s), such Permitted Transferee(s) shall indicate in writing that they agree to
and shall be bound by the Plan and Stock Option Grant Agreement as if they had been original signatories thereto (as provided in Section 4.7 hereof) and, prior to the Agreement Termination Date, by the Management Stockholders’ Agreement.
The Exercise Notice shall include payment in cash for an amount equal to the Exercise Price multiplied by the number of shares of Common Stock specified in such Exercise Notice or any method otherwise approved by the Board. In addition, the
Participant shall be responsible for the payment of applicable withholding and other taxes in cash (or shares of Common Stock, if approved by the Board, in an amount not to exceed the Company’s minimum statutory withholding obligations) that
may become due as a result of the exercise of such Option. The Board may, in its discretion, permit Participants to make the above-described payments in forms other than cash. In addition, in the event that a Participant’s Employment terminates
due to death or Disability or is terminated by the Company without Cause or by the Participant for Good Reason or as otherwise provided in a Stock Option Grant Agreement, the Company will permit such Participant to exercise all or any portion of his
or her then-exercisable Option through net-physical settlement (to satisfy both the exercise price and applicable withholding taxes (at the minimum statutory withholding rate)); provided that the Company’s Chief Financial Officer makes a
good faith determination at such time and after reasonable efforts to consult with the Company’s independent auditors that net physical settlement of any such Options would not produce materially less favorable accounting consequences for the
Company than if the exercise price for any such Options were paid in cash. The partial exercise of the Option, alone, shall not cause the expiration, termination or cancellation of the remaining Options. 
 4.11 Certificates of Shares. Subject to Section 3.4 herein, upon the exercise of the Options in accordance with Section 4.10 and,
prior to the occurrence of the Agreement Termination Date, upon execution of the Management Stockholders’ Agreement, in the Board’s discretion, certificates of shares of Common Stock shall be issued in the name of the Participant 

  

 12 

 
and delivered to such Participant or the ownership of such shares shall be otherwise recorded in a book-entry or similar system utilized by the Company as
soon as practicable following the Exercise Date. Prior to the Agreement Termination Date, no shares of Common Stock shall be issued to or recorded in the name of any Participant until such Participant agrees to be bound by and executes the
Management Stockholders’ Agreement. 
 4.12 Amendment of Terms of Options. The Board may, in its discretion, amend
the Plan or terms of any Option, provided, however, that any such amendment shall not impair or adversely affect the Participants’ rights under the Plan or such Option without such Participant’s written consent. 

4.13 Adjustment Upon Changes in Company Stock. 
 (a) Increase or Decrease in Issued Shares Without Consideration. Subject to any required action by the stockholders of the Company, in the event of any increase or decrease in the number of issued shares of
Common Stock resulting from a subdivision or consolidation of shares of Common Stock or the payment of a stock dividend (but only on the shares of Common Stock), or any other increase or decrease in the number of such shares effected without receipt
of consideration by the Company, the Board shall make such equitable adjustments as the Board considers appropriate to prevent the enlargement or dilution of rights with respect to the number of shares of Common Stock subject to grant under this
Plan, the number of shares of Common Stock subject to the Options and/or the Exercise Price per share of Common Stock. 
 (b) Certain
Mergers. Subject to any required action by the stockholders of the Company, in the event that the Company shall be the surviving corporation in any merger or consolidation (except a merger or consolidation as a result of which the holders of
shares of Common Stock receive securities of another corporation), the Options outstanding on the date of such merger or consolidation shall pertain to and apply to the securities that a holder of the number of shares of Common Stock subject to any
such Option would have received in such merger or consolidation (it being understood that if, in connection with such transaction, the stockholders of the Company retain their shares of Common Stock and are not entitled to any additional or other
consideration, the Options shall not be affected by such transaction). 
 (c) Certain Other Transactions. In the event of (i) a
dissolution or liquidation of the Company, (ii) a sale of all or substantially all of the consolidated Company’s assets, (iii) a merger or consolidation involving the Company that constitutes a Change of Control in which the Company
is not the surviving corporation or (iv) a merger or consolidation involving the Company that constitutes a Change of Control in which the Company is the surviving corporation but the holders of shares of Common Stock receive securities of
another corporation and/or other property, including cash, the Board shall either (A) provide for the exchange of each Option outstanding immediately prior to such event (whether or not then exercisable) for an option on some or all of the
property for which the shares of stock underlying such Options are exchanged and, incident thereto, make an equitable adjustment, as determined by the Board, in the exercise price of the options, or the number or kind of securities or amount of
property subject to the options and/or (B) cancel, effective immediately prior to such event, any outstanding Option (whether or not exercisable or vested) and in full consideration of such 

  

 13 

 
cancellation pay to the Participant an amount in cash, with respect to each underlying share of Common Stock, equal to the excess of (1) the value, as
determined by the Board in its discretion, of securities and/or property (including cash) received by the holders of shares of Common Stock as a result of such event over (2) the Exercise Price, as the Board may consider equitable to prevent
dilution or enlargement of rights. 
 (d) Extraordinary Dividends. In the event the Company declares and pays an extraordinary cash
dividend, with respect to Options then outstanding on the date such extraordinary cash dividend is paid, the Board shall adjust the per-share Exercise Price of each such Option and/or provide for a payment in cash to the holder of each such Option
(which payment may be made upon vesting of such Options or portions thereof) as the Board may consider equitable to prevent dilution or enlargement of rights. 
 (e) Other Changes. In the event of any change in the capitalization of the Company or a corporate change other than those specifically referred to in Sections 4.13(a), (b), (c) or (d) hereof, the
Board shall, in its discretion, make such equitable adjustments in the number and kind of shares or securities subject to Options outstanding on the date on which such change occurs and in the per-share Exercise Price of each such Option as the
Board may consider appropriate to prevent dilution or enlargement of rights. 
 (f) No Other Rights. Except as expressly provided in
the Plan or the Stock Option Grant Agreements evidencing the Options, the Participants shall not have any rights by reason of (i) any subdivision or consolidation of shares of Common Stock or shares of stock of any class, (ii) the payment
of any dividend, any increase or decrease in the number of shares of Common Stock, or (iii) any dissolution, liquidation, merger or consolidation of the Company or any other corporation. Except as expressly provided in the Plan or the Stock
Option Grant Agreements evidencing the Options, no issuance by the Company of shares of Common Stock or shares of stock of any class, or securities convertible into shares of Common Stock or shares of stock of any class, shall affect, and no
adjustment by reason thereof shall be made with respect to, the number of shares of Common Stock subject to the Options or the Exercise Price of such Options. 
 (g) Savings Clause. No provision of this Section 4.13 shall be given effect to the extent that such provision would cause any tax to become due under Section 409A of the Code; provided that the
Company shall use commercially reasonable efforts to put the Participants in the same position in which they would have been but for the application of this Paragraph (g). 
 (h) Notice of Tag Along Event. The Company will notify each Participant of any transaction pursuant to which the Participant, if he or she held
the Common Stock underlying his or her Option, would be permitted to exercise tag-along rights or transfer rights pursuant Section 4(b) of the Management Stockholders’ Agreement in sufficient time to allow the Participant to exercise his
Option and participate in such transaction. 
  

 14 

	5.	Restrictive Covenants 

 5.1
Confidentiality and Trade Secrets. By accepting an award under the Plan, Participants agree to hold in strict confidence any proprietary or Confidential Information related to the Company and its Affiliates.
For purposes of the Plan, the term “Confidential Information” shall mean all information of the Company or any of its Affiliates (in whatever form) which is not generally known to the public, including without limitation any
inventions, processes, methods of distribution, customer lists, customers’ secrets or Trade Secrets. For purposes of the Plan, “Trade Secrets” shall mean all Confidential Information, including, without limitation, formulae,
patterns, compilations, programs, devices, methods, techniques, or processes, from which the Company or any of its Affiliates derives independent economic value, actual or potential, because such information is not generally known to, or readily
ascertainable by proper means by, other persons who can obtain economic value from its disclosure or use and which the Company and its Affiliates make reasonable efforts to maintain secret. 
 5.2 Non-Competition. Participants agree that the Company would likely suffer significant and irreparable harm from
Participants’ competing with the Company or any of its Subsidiaries during the Participants’ Employment and for some period of time thereafter. Accordingly, by accepting an award under the Plan, Participants agree that they will not,
during their Employment and for the period following termination of their Employment specified in any applicable Stock Option Grant Agreement or, if no such period is specified, for a period of twelve (12) months following termination of their
Employment, directly or indirectly perform Competitive Services (as defined below) for any person, firm, partnership, corporation, or other entity which develops, manufactures, markets, distributes, or sells products materially similar to or
competitive with those products developed, manufactured, marketed, distributed, or sold by the Company or any of its Subsidiaries or included in the business plans of the Company or any of its Subsidiaries during the term of Participant’s
Employment (any such person, firm, partnership, corporation, or other entity, a “Competitor”). For purposes of the Plan, “Competitive Services” means services provided to a Competitor: (A) which are
substantially similar to those provided by Participant to the Company or any of its Subsidiaries during his or her employment with the Company or any of its Subsidiaries; (B) where Participant’s direct or indirect use or disclosure of the
Company’s or any of its Affiliates’ Confidential Information or Trade Secrets to or on behalf of the Competitor would provide the Competitor with a competitive advantage; (C) where it is likely that as part of Participant’s
capacity he or she would inevitably use or disclose any of the Company’s or any of its Affiliates’ Confidential Information or Trade Secrets; (D) where Participant solicits, attempts to solicit, or engages in discussions or other
communications with any past, present or potential customer of the Company or any of its Subsidiaries with whom Participant communicated or had any interaction during the preceding eighteen (18) months with the purpose or intent of promoting,
marketing, selling, or obtaining orders for any Competing Product; or (E) where Participant interferes adversely with any past, present, or prospective business relationships between the Company or any of its Subsidiaries and any of their
respective customers, potential customers, suppliers, distributors, agents, sales representatives, employees, independent contractors, or other persons or entities with which the Company or any of its Subsidiaries conducts business. For purposes of
the Plan, “Competing Product” means any orthopedic product sold or intended to be sold by the Company or any of its Subsidiaries and with which the Participant worked or was otherwise involved during the last two (2) years of
Participant’s Employment. 
  

 15 

 5.3 Non-Solicitation. Participants agree that the Company would likely suffer
significant and irreparable harm from Participants’ solicitation of employees, distributors, distributors’ sales representatives, sales representatives, customers, suppliers or vendors of the Company or any of its Subsidiaries during the
Participants’ Employment and for some period of time thereafter. Accordingly, by accepting an award under the Plan, Participants agree that they will not, during their Employment and for the period following termination of their Employment
specified in any applicable Stock Option Grant Agreement or, if no such period is specified, for a period of twelve (12) months following termination of their Employment, whether on their own behalf or on behalf of any other Person, either
directly or indirectly (i) hire, solicit, induce, persuade, or entice, or endeavor to solicit, induce, persuade, or entice any person who is then employed by or otherwise engaged to perform services for the Company or any of its Subsidiaries to
leave that employment or cease performing those services, (ii) solicit, induce, persuade, or entice, or endeavor to solicit, induce, persuade, or entice any Person who is a past or current customer, supplier, or vendor of the Company or any of
its Subsidiaries to cease being a customer, supplier, or vendor of the Company or any of its Subsidiaries or to divert all or any part of such Person’s business from the Company or any of its Subsidiaries or (iii) solicit, induce,
persuade, or entice, or endeavor to solicit, induce, persuade, or entice any distributor, sales representative or associate of the Company or any of its Subsidiaries to terminate their relationship or association with the Company or any of its
Subsidiaries or distributors, or do any act which may result in the impairment of the relationship between the Company or any of its Subsidiaries and their respective agents, employees, consultants, representatives or distributors. 
 5.4 Company’s Remedies for Violation of Non-Competition or Non-Solicitation Covenant. In the event that either the Participant’s
Employment with the Company is terminated for Cause or the Participant violates any of the restrictive covenants set forth in Section 5.1, Section 5.2 or Section 5.3: 
 (a) all Options held by such Participant, whether vested or unvested, shall be immediately canceled as of the commencement of business on the date on
which the Participant’s Employment is terminated for Cause or the first date on which such violation occurs; 
 (b) in either case prior
to the Agreement Termination Date, the Company (or its designated assignee) shall have (i) the call rights, with respect to shares of Common Stock held by the Participant (including shares acquired through the exercise of Options under the
Plan), that are set forth in Section 3(b)(ii)(A) of the Management Stockholders’ Agreement and (ii) the right to receive from the Participant the payments described in Section 3(b)(v) of the Management Stockholders’
Agreement (if any); and 
 (c) in either case, following the Agreement Termination Date, the Participant shall be obligated to pay to the
Company as liquidated damages, in addition to all other rights and remedies the Company may have, an amount equal to the amount which the Participant will be required to recognize in income for U.S. federal income tax purposes as a result of such
Participant’s exercise of Options at any time following, or within one year prior to, the date of termination of his or her Employment. 
  

 16 

 5.5 Remedies. Except as provided in Section 5.6, the Company’s sole recourse
under the Plan against the Participant for any violation by the Participant of any of the restrictive covenants set forth in Section 5.2 or Section 5.3 shall be the rights and remedies described in Section 5.4. The Company’s
rights under Section 5.4 shall be in addition to, and shall not in any way prejudice the Company with respect to, any other rights and remedies the Company may have in the event of any violation by the Participant of the restrictive covenants
set forth in Section 5.1. 
 5.6 Payment for Compliance with Non-Competition and Non-Solicitation Covenants. 

(a) The Participant hereby agrees that, if he or she resigns from or otherwise terminates his or her Employment with the Company without Good Reason or
his or her Employment is terminated for Cause, (i) the Company shall have the right (which it may exercise or not exercise in its sole discretion in accordance with Section 5.6(b) hereof) to (A) continue paying the Participant his or
her base salary (as in effect on the date of termination of the Participant’s Employment), in accordance with the Company’s normal payroll practices, for a period not to exceed twelve (12) months following the date of termination of
the Participant’s Employment (the “Salary Continuation Period”) and (B) pay the Participant an amount equal to the product of (x) the lesser of the annual bonus the Participant received for the year immediately
preceding the year in which the Participant’s employment is terminated (if any) or the Participant’s target annual bonus for the year in which the Participant’s employment is terminated (if any) and (y) a fraction, the numerator
of which is the number of whole calendar months in the Salary Continuation Period and the denominator of which is twelve (12), which amount shall be paid in installments over the course of the Salary Continuation Period in accordance with the
Company’s normal payroll practices (such salary and bonus payments, the Participant’s “Non-Compete Compensation”) and (ii) during the Salary Continuation Period (if any), the Participant shall be bound by, and shall
comply with the provisions of, Section 5.2 and Section 5.3 hereof. The Company’s rights under this Section 5.6 shall be in addition to, and shall not in any way prejudice the Company with respect to, its rights under
Section 5.4 hereof. For the avoidance of doubt, the Participant shall remain bound by the provisions of Section 5.1 hereof regardless of whether or not the Company exercises its rights under this Section 5.6. 
 (b) In the event that a Participant’s Employment is terminated by the Participant or the Company as described in Section 5.6(a) hereof, the
Company automatically shall be deemed to exercise its rights under this Section 5.6 and the Salary Continuation Period for such Participant shall be deemed to be twelve (12) months following the date of termination of the
Participant’s Employment, unless the Company notifies the Participant, within thirty (30) business days following the effective date of termination of the Participant’s Employment, either that it will not exercise its rights under
this Section 5.6 or that the length of the Salary Continuation Period for such Participant shall be less than twelve (12) months. 
 (c) The Company in its sole discretion may elect, at any time during the Salary Continuation Period, to discontinue the Salary Continuation Period by notifying the Participant in writing at least thirty (30) business days prior to the
date on which the Salary Continuation Period will terminate. If the Company elects to discontinue the Salary Continuation Period as described in the preceding sentence, then the Participant shall cease to be bound by the provisions of
Section 5.2 and Section 5.3 hereof as of the date on which the Salary Continuation Period terminates. 
  

 17 

 (d) Notwithstanding anything in this Plan to the contrary, in the event that the Participant violates any
provision of Section 5.2 or Section 5.3 during the Salary Continuation Period, (i) the Company shall immediately cease paying the Participant the Non-Compete Compensation and (ii) the Participant shall nonetheless remain bound by
the provisions of Section 5.2 and Section 5.3 hereof for the remainder of the period during which he or she would have been bound by such obligations if no such violation had occurred. 
 5.7 The restrictive covenants set forth in Sections 5.1, 5.2 and 5.3 hereof shall be in addition to, and nothing in this Section 5 (including,
without limitation, the Company’s rights under Section 5.6 hereof and any election by the Company to exercise or not exercise such rights) shall in any way prejudice the Company’s rights with respect to, any restrictive covenants and
confidentiality obligations (or similar restrictions and obligations) in favor of the Company which are applicable to the Participant by law, in equity, or under any other plan, program, agreement or arrangement with the Company (including, without
limitation, the Participant’s common law obligations with respect to the Company’s confidential information). 
 5.8 The
Participant recognizes that a breach or threatened breach of the restrictive covenants set forth in Sections 5.1, 5.2 and 5.3 hereof may give rise to irreparable injury to the Company, inadequately compensable in damages. Accordingly, the
Participant agrees that in the event of a breach or threatened breach of the restrictive covenants set forth in Section 5.1 hereof or, during the Salary Continuation Period (if any), Section 5.2 or Section 5.3 hereof, the Company may
seek and obtain injunctive relief, temporary, preliminary or permanent, against such breach or threatened breach, in addition to recovering any monetary damages from the Participant. The Participant further agrees and acknowledges that greater
injury would likely result by refusing the Company or its successors or assigns injunctive relief than by granting such injunctive relief. The Participant hereby waives any right to require the Company to obtain a bond in connection with any such
injunctive proceedings. The Company shall also be entitled to recover from the Participant its reasonable attorneys’ fees and costs of any action that it successfully brings against the Participant for any breach or threatened breach described
in this Section 5.8. 
 5.9 The restrictive covenants set forth in this Section 5 shall be binding upon, and shall inure to the
benefit of, the Company, its Affiliates and their respective successors and assigns. By accepting an award under the Plan, the Participant agrees that the Company shall have the right to assign any or all of its rights hereunder to any successor in
interest, whether by merger, consolidation, sale of assets, public offering, or otherwise. 
 5.10 Notwithstanding anything to the contrary
in this Plan, the construction, enforceability and interpretation of this Section 5 shall be governed by the laws of the state in which the Participant’s employer operates its principal place of business. Except as expressly provided
herein, the failure of the Company to insist upon performance of any of the provisions of this Section 5 or to pursue its rights hereunder shall not be construed as a waiver of any such provisions or the relinquishment of any such rights. The
Participant further agrees that any legal action relating to this Section 5 shall be commenced and maintained exclusively before any 

  

 18 

 
appropriate venue located in the local, county or federal court in which the Participant’s employer operates its principal place of business.
Participants hereby submit to the jurisdiction of such courts and waive any right to challenge or otherwise object to personal jurisdiction or venue, in any action commenced or maintained in such courts. 
  

	6.	Miscellaneous 

 6.1 Rights as
Stockholders. The Participants shall not have any rights as stockholders with respect to any shares of Common Stock covered by or relating to the Options granted pursuant to the Plan until the date the Participants become the registered
owners of such shares. Except as otherwise expressly provided in Sections 4.12 and 4.13 hereof, no adjustment to the Options shall be made for dividends or other rights for which the record date occurs prior to the date such stock certificate is
issued. 
 6.2 No Special Employment Rights. Nothing contained in the Plan shall confer upon the Participants any right with
respect to the continuation of their Employment or interfere in any way with the right of the Company or an Affiliate, subject to the terms of any separate Employment agreements to the contrary, at any time to terminate such Employment or to
increase or decrease the compensation of the Participants from the rate in existence at the time of the grant of any Option. 
 6.3 No
Obligation to Exercise. The Grant to the Participants of the Options shall impose no obligation upon the Participants to exercise such Options. 
 6.4 Restrictions on Common Stock. The rights and obligations of the Participants with respect to Common Stock obtained through the exercise of any Option provided in the Plan shall be governed by the
terms and conditions of the Management Stockholders’ Agreement. 
 6.5 Notices. Each notice and other communication
hereunder shall be in writing and shall be given and shall be deemed to have been duly given on the date it is delivered in person, on the next business day if delivered by overnight mail or other reputable overnight courier, or on the third
business day if sent by registered mail, return receipt requested, to the parties as follows: 
 If to the Participant: 
 To the most recent address shown on records of the Company or its Affiliate. 
 If to the Company, to: 
 LVB
Acquisition, Inc. 
 c/o Biomet, Inc. 
 P.O. Box 587 
 Warsaw, Indiana 46581-0587, U.S.A. 
 Attention: General Counsel 
  

 19 

 or to such other address as any party may have furnished to the other in writing in accordance herewith. 
 6.6 Descriptive Headings. The headings in the Plan are for convenience of reference only and shall not limit or otherwise affect the
meaning of the terms contained herein. 
 6.7 Severability. In the event that any one or more of the provisions, subdivisions,
words, clauses, phrases or sentences contained herein, or the application thereof in any circumstances, is held invalid, illegal or unenforceable in any respect for any reason, the validity, legality and enforceability of any such provision,
subdivision, word, clause, phrase or sentence in every other respect and of the remaining provisions, subdivisions, words, clauses, phrases or sentences hereof shall not in any way be impaired, it being intended that all rights, powers and
privileges of the Company and Participants shall be enforceable to the fullest extent permitted by law. 
 6.8 Governing Law.
Except as expressly provided in Section 5.10 hereof, the Plan shall be governed by, and construed and enforced in accordance with, the laws of the State of Delaware, without regard to the provisions governing conflict of laws. 
  

 20 

 APPENDIX A 
 FORM OF STOCK OPTION GRANT AGREEMENT 
 (Non-Qualified Stock Options) 
 THIS AGREEMENT, made as of this [    ] day of
[                        ], 2007 between LVB Acquisition, Inc. (the “Company”) and
[                                        ]
(the “Participant”). 
 WHEREAS, the Company has adopted and maintains the LVB Acquisition, Inc. Management Equity Incentive
Plan (the “Plan”) to promote the interests of the Company and its Affiliates and stockholders by providing the Company’s key employees and others with an appropriate incentive to encourage them to continue in the employ of and
provide services for the Company or its Affiliates and to improve the growth and profitability of the Company; 
 WHEREAS, the Plan provides
for the Grant to Participants in the Plan of Non-Qualified Stock Options to purchase shares of Common Stock of the Company. 
 NOW,
THEREFORE, in consideration of the premises and the mutual covenants hereinafter set forth, the parties hereto hereby agree as follows: 
 1.
Grant of Options. Pursuant to, and subject to, the terms and conditions set forth herein and in the Plan, the Company hereby grants to the Participant a NON-QUALIFIED STOCK OPTION (the “Option”) with respect to
             shares of Common Stock of the Company. Fifty percent (50%) of the Option (representing an Option to purchase
[            ] shares) will be a Time Based Option, twenty-five percent (25%) of the Option (representing an Option to purchase
[            ] shares) will be a Hurdle Option and twenty-five percent (25%) of the Option (representing an Option to purchase
[            ] shares) will be a Performance Based Option. 
 2. Grant
Date. The Grant Date of the Option hereby granted is                         . 
 3. Incorporation of Plan. All terms, conditions and restrictions of the Plan are incorporated herein and made part hereof as if stated herein. All
capitalized terms used and not defined herein shall have the meaning given to such terms in the Plan. 
 4. Exercise Price. The
exercise price of each share of Common Stock underlying the Option hereby granted is $10.00. The portion of the Option that is a Hurdle Option will have an Accreting Exercise Price in accordance with the Plan. 
 5. Vesting Date. The Option shall become exercisable as follows: 
 a. With respect to the portion of the Option that is a Time Based Option, twenty percent (20%) of such Time Based Option shall vest on
[            ] in each of calendar years [            ],
[            ], [            ], [            ]
and [            ]; 

 b. With respect to the portion of the Option that is a Hurdle Option, twenty percent (20%) of such
Hurdle Option shall vest, and the Accreting Exercise Price shall increase, on [            ] in each of calendar years
[            ], [            ], [            ],
[            ] and [            ]; and 
 c. With respect to the portion of the Option that is a Performance Based Option, [insert applicable vesting schedule and performance
targets]; 
 subject in each case to the Participant’s continued Employment on each such Vesting Date. 
 6. Expiration Date. Subject to the provisions of the Plan, with respect to the Option or any portion thereof which has not become exercisable, the
Option shall expire on the date the Participant’s Employment is terminated for any reason, and with respect to any Option or any portion thereof which has become exercisable, the Option shall expire on the earliest to occur of (i) the
commencement of business on the date the Participant’s Employment is terminated for Cause; (ii) 30 days following the date the Participant resigns from Employment without Good Reason, (iii) 90 days after the date the
Participant’s Employment is terminated by the Company for any reason other than Cause, death, Disability or the Participant’s resignation from Employment with Good Reason; (iv) one year after the date the Participant’s Employment
is terminated by reason of death or Disability; or (iv) the tenth anniversary of the Grant Date. For the avoidance of doubt, the Option, or portion thereof, that has become exercisable by a Permitted Transferee on account of the death of a
Participant shall expire one year after the date such deceased Participant’s Employment terminated by reason of death, and the Option or portion thereof that has been transferred to a Permitted Transferee during the lifetime of a Participant
shall expire in connection with the Participant’s termination of Employment at the time set forth under this Section 6 as if the Option were held directly by the Participant. Notwithstanding the foregoing, in the event that (a) the
Participant is employed on the Vesting Date applicable to any portion of his or her Performance Based Option, (b) the Participant’s Employment is terminated prior to the time at which the Board determines whether the EBITDA target
applicable to such portion of Participant’s Performance Based Option (and/or the cumulative EBITDA target applicable to any additional portion(s) of Participant’s Performance Based Option) was met and (c) the Board subsequently
determines that such EBITDA target and/or cumulative EBITDA target was met, then the time period set forth in clause (ii), (iii) or (iv) of the first sentence of this Section 6 (as applicable) shall begin to run with respect to such
portion or portions of Participant’s Performance Based Option as of the date on which the Participant is notified that the Board determined that the relevant EBITDA target and/or cumulative EBITDA target was met rather than as of the date of
termination of Participant’s Employment. In no event shall the Option remain outstanding for more than ten years following the Grant Date. 
 7. Construction of Agreement. Any provision of this Agreement (or portion thereof) which is deemed invalid, illegal or unenforceable in any jurisdiction shall, as to that jurisdiction and subject to this section, be ineffective to
the extent of such invalidity, illegality or unenforceability, without affecting in any way the remaining provisions thereof in such jurisdiction or rendering that or any other provisions of this Agreement invalid, illegal, or unenforceable in any
other jurisdiction. If any covenant should be deemed invalid, illegal or unenforceable because its scope is considered excessive, such covenant shall be modified so that the scope of the covenant is reduced only to the minimum extent necessary to
render the 

  

 2 

 
modified covenant valid, legal and enforceable. No waiver of any provision or violation of this Agreement by the Company shall be implied by the
Company’s forbearance or failure to take action. No provision of this Agreement shall be given effect to the extent that such provision would cause any tax to become due under Section 409A of the Code; provided that the Company
shall use commercially reasonable efforts to put the Participants in the same position in which they would have been but for the application of this Paragraph 7. 
 8. Delays or Omissions. No delay or omission to exercise any right, power or remedy accruing to any party hereto upon any breach or default of any party under this Agreement, shall impair any such right, power
or remedy of such party nor shall it be construed to be a waiver of any such breach or default, or an acquiescence therein, or of or in any similar breach or default thereafter occurring nor shall any waiver of any single breach or default be deemed
a waiver of any other breach or default theretofore or thereafter occurring. Any waiver, permit, consent or approval of any kind or character on the part of any party of any breach or default under this Agreement, or any waiver on the part of any
party or any provisions or conditions of this Agreement, shall be in writing and shall be effective only to the extent specifically set forth in such writing. 
 9. Limitation on Transfer. The Option shall be exercisable only by the Participant or the Participant’s Permitted Transferee(s), as determined in accordance with the terms of the Plan (including without
limitation the requirement that the Participant obtain the prior written approval by the Board of any proposed Transfer to a Permitted Transferee during the lifetime of the Participant). Each Permitted Transferee shall be subject to all the
restrictions, obligations, and responsibilities as apply to the Participant under the Plan and this Stock Option Grant Agreement and shall be entitled to all the rights of the Participant under the Plan, provided that in respect of any
Permitted Transferee which is a trust or custodianship, the Option shall become exercisable and/or expire based on the Employment and termination of Employment of the Participant. All shares of Common Stock obtained pursuant to the Option granted
herein shall not be transferred except as provided in the Management Stockholders’ Agreement. 
 10. Restrictive Covenants.

 a. Confidentiality and Trade Secrets. By accepting an award under the Plan, Participant agrees to hold in strict confidence any
proprietary or Confidential Information related to the Company and its Affiliates. For purposes of this Agreement, the term “Confidential Information” shall mean all information of the Company or any of its Affiliates (in whatever
form) which is not generally known to the public, including without limitation any inventions, processes, methods of distribution, customer lists, customers’ secrets or Trade Secrets. For purposes of this Agreement, “Trade
Secrets” shall mean all Confidential Information, including, without limitation, formulae, patterns, compilations, programs, devices, methods, techniques, or processes, from which the Company or any of its Affiliates derives independent
economic value, actual or potential, because such information is not generally known to, or readily ascertainable by proper means by, other persons who can obtain economic value from its disclosure or use and which the Company and its Affiliates
make reasonable efforts to maintain secret. 
 b. Non-Competition. Participant agrees that the Company would likely suffer significant
and irreparable harm from Participant’s competing with the Company or any of 

  

 3 

 
its Subsidiaries during the Participant’s Employment and for some period of time thereafter. Accordingly, by accepting an award under the Plan,
Participant agrees that he or she will not, during Participant’s Employment and for a period of [insert applicable period] following termination of his or her Employment, directly or indirectly perform Competitive
Services (as defined below) for any person, firm, partnership, corporation, or other entity which develops, manufactures, markets, distributes, or sells products materially similar to or competitive with those products developed, manufactured,
marketed, distributed, or sold by the Company or any of its Subsidiaries or included in the business plans of the Company or any of its Subsidiaries during the term of Participant’s Employment (any such person, firm, partnership, corporation,
or other entity, a “Competitor”). For purposes of this Agreement, “Competitive Services” means services provided to a Competitor: (A) which are substantially similar to those provided by Participant to the
Company or any of its Subsidiaries during his or her employment with the Company or any of its Subsidiaries; (B) where Participant’s direct or indirect use or disclosure of the Company’s or any of its Affiliates’ Confidential
Information or Trade Secrets to or on behalf of the Competitor would provide the Competitor with a competitive advantage; (C) where it is likely that as part of Participant’s capacity he or she would inevitably use or disclose any of the
Company’s or any of its Affiliates’ Confidential Information or Trade Secrets; (D) where Participant solicits, attempts to solicit, or engages in discussions or other communications with any past, present or potential customer of the
Company or any of its Subsidiaries with whom Participant communicated or had any interaction during the preceding eighteen (18) months with the purpose or intent of promoting, marketing, selling, or obtaining orders for any Competing Product;
or (E) where Participant interferes adversely with any past, present, or prospective business relationships between the Company or any of its Subsidiaries and any of their respective customers, potential customers, suppliers, distributors,
agents, sales representatives, employees, independent contractors, or other persons or entities with which the Company or any of its Subsidiaries conducts business. For purposes of this Agreement, “Competing Product” means any
orthopedic product sold or intended to be sold by the Company or any of its Subsidiaries and with which the Participant worked or was otherwise involved during the last two (2) years of Participant’s Employment. 
 c. Non-Solicitation. Participant agrees that the Company would likely suffer significant and irreparable harm from Participant’s
solicitation of employees, distributors, distributors’ sales representatives, sales representatives, customers, suppliers or vendors of the Company or any of its Subsidiaries during the Participants’ Employment and for some period of time
thereafter. Accordingly, by accepting an award under the Plan, Participant agrees that he or she will not, during Participant’s Employment and for a period of [insert applicable period] following termination of his
or her Employment, whether on his or her own behalf or on behalf of any other Person, either directly or indirectly (i) hire, solicit, induce, persuade, or entice, or endeavor to solicit, induce, persuade, or entice any person who is then
employed by or otherwise engaged to perform services for the Company or any of its Subsidiaries to leave that employment or cease performing those services, (ii) solicit, induce, persuade, or entice, or endeavor to solicit, induce, persuade, or
entice any Person who is a past or current customer, supplier, or vendor of the Company or any of its Subsidiaries to cease being a customer, supplier, or vendor of the Company or any of its Subsidiaries or to divert all or any part of such
Person’s business from the Company or any of its Subsidiaries or (iii) solicit, induce, persuade, or entice, or endeavor to solicit, induce, persuade, or entice any distributor, sales representative or associate of the Company or any of
its Subsidiaries to terminate their relationship or association with the 

  

 4 

 
Company or any of its Subsidiaries or distributors, or do any act which may result in the impairment of the relationship between the Company or any of its
Subsidiaries and their respective agents, employees, consultants, representatives or distributors. 
 d. Company’s Remedies for
Violation of Non-Competition or Non-Solicitation Covenant. In the event that either the Participant’s Employment with the Company is terminated for Cause or the Participant violates any of the restrictive covenants set forth in
Section 10(a), Section 10(b) or Section 10(c): 
 (i) all Options held by such Participant, whether vested or unvested, shall
be immediately canceled as of the commencement of business on the date on which the Participant’s Employment is terminated for Cause or the first date on which such violation occurs; 
 (ii) in either case prior to the Agreement Termination Date, the Company (or its designated assignee) shall have (i) the call rights, with respect
to shares of Common Stock held by the Participant (including shares acquired through the exercise of Options under the Plan), that are set forth in Section 3(b)(ii)(A) of the Management Stockholders’ Agreement and (ii) the right to
receive from the Participant the payments described in Section 3(b)(v) of the Management Stockholders’ Agreement (if any); and 
 (iii) in either case, following the Agreement Termination Date, the Participant shall be obligated to pay to the Company as liquidated damages, in addition to all other rights and remedies the Company may have, an amount equal to the amount
which the Participant will be required to recognize in income for U.S. federal income tax purposes as a result of such Participant’s exercise of Options at any time following, or within one year prior to, the date of termination of his or her
Employment. 
 e. Remedies. Except as provided in Section 10(f), the Company’s sole recourse under the Plan against the
Participant for any violation by the Participant of any of the restrictive covenants set forth in Section 10(b) or Section 10(c) shall be the rights and remedies described in Section 10(d). The Company’s rights under
Section 10(d) shall be in addition to, and shall not in any way prejudice the Company with respect to, any other rights and remedies the Company may have in the event of any violation by the Participant of the restrictive covenants set forth in
Section 10(a). 
 f. Payment for Compliance with Non-Competition and Non-Solicitation Covenants. 
 (i) The Participant hereby agrees that, if he or she resigns from or otherwise terminates his or her Employment with the Company without Good Reason or
his or her Employment is terminated for Cause, (i) the Company shall have the right (which it may exercise or not exercise in its sole discretion in accordance with Section 10(f)(ii) hereof) to (A) continue paying the Participant his
or her base salary (as in effect on the date of termination of the Participant’s Employment), in accordance with the Company’s normal payroll practices, for a period not to exceed twelve (12) months following the date of termination
of the Participant’s Employment (the “Salary Continuation Period”) and (B) pay the Participant an amount equal to 

  

 5 

 
the product of (x) the lesser of the annual bonus the Participant received for the year immediately preceding the year in which the Participant’s
employment is terminated (if any) or the Participant’s target annual bonus for the year in which the Participant’s employment is terminated (if any) and (y) a fraction, the numerator of which is the number of whole calendar months in
the Salary Continuation Period and the denominator of which is twelve (12), which amount shall be paid in installments over the course of the Salary Continuation Period in accordance with the Company’s normal payroll practices (such salary and
bonus payments, the Participant’s “Non-Compete Compensation”) and (ii) during the Salary Continuation Period (if any), the Participant shall be bound by, and shall comply with the provisions of, Section 10(b) and
Section 10(c) hereof. The Company’s rights under this Section 10(f) shall be in addition to, and shall not in any way prejudice the Company with respect to, its rights under Section 10(d) hereof. For the avoidance of doubt, the
Participant shall remain bound by the provisions of Section 10(a) hereof regardless of whether or not the Company exercises its rights under this Section 10(f). 
 (ii) In the event that a Participant’s Employment is terminated by the Participant or the Company as described in Section 10(f)(i) hereof, the Company automatically shall be deemed to exercise its rights
under this Section 10(f) and the Salary Continuation Period for such Participant shall be deemed to be twelve (12) months following the date of termination of the Participant’s Employment, unless the Company notifies the Participant,
within thirty (30) business days following the effective date of termination of the Participant’s Employment, either that it will not exercise its rights under this Section 10(f) or that the length of the Salary Continuation Period
for such Participant shall be less than twelve (12) months. 
 (iii) The Company in its sole discretion may elect, at any time during
the Salary Continuation Period, to discontinue the Salary Continuation Period by notifying the Participant in writing at least thirty (30) business days prior to the date on which the Salary Continuation Period will terminate. If the Company
elects to discontinue the Salary Continuation Period as described in the preceding sentence, then the Participant shall cease to be bound by the provisions of Section 10(b) and Section 10(c) hereof as of the date on which the Salary
Continuation Period terminates. 
 (iv) Notwithstanding anything in this Plan to the contrary, in the event that the Participant violates any
provision of Section 10(b) or Section 10(c) during the Salary Continuation Period, (i) the Company shall immediately cease paying the Participant the Non-Compete Compensation and (ii) the Participant shall nonetheless remain
bound by the provisions of Section 10(b) and Section 10(c) hereof for the remainder of the period during which he or she would have been bound by such obligations if no such violation had occurred. 
 g. The restrictive covenants set forth in Sections 10(a), 10(b) and 10(c) hereof shall be in addition to, and nothing in this Section 10 (including,
without limitation, the Company’s rights under Section 10(f) hereof and any election by the Company to exercise or not exercise such rights) shall in any way prejudice the Company’s rights with respect to, any restrictive covenants
and confidentiality obligations (or similar restrictions and obligations) in favor of the Company which are applicable to the Participant by law, in equity, or under any other plan, program, agreement or arrangement with the Company (including,
without limitation, the Participant’s common law obligations with respect to the Company’s confidential information). 
  

 6 

 h. The Participant recognizes that a breach or threatened breach of the restrictive covenants set forth
in Sections 10(a), 10(b) and 10(c) hereof may give rise to irreparable injury to the Company, inadequately compensable in damages. Accordingly, the Participant agrees that in the event of a breach or threatened breach of the restrictive covenants
set forth in Section 10(a) hereof or, during the Salary Continuation Period (if any), Section 10(b) or Section 10(c) hereof, the Company may seek and obtain injunctive relief, temporary, preliminary or permanent, against such breach
or threatened breach, in addition to recovering any monetary damages from the Participant. The Participant further agrees and acknowledges that greater injury would likely result by refusing the Company or its successors or assigns injunctive relief
than by granting such injunctive relief. The Participant hereby waives any right to require the Company to obtain a bond in connection with any such injunctive proceedings. The Company shall also be entitled to recover from the Participant its
reasonable attorneys’ fees and costs of any action that it successfully brings against the Participant for any breach or threatened breach described in this Section 10(h). 
 i. The restrictive covenants set forth in this Section 10 shall be binding upon, and shall inure to the benefit of, the Company, its Affiliates and
their respective successors and assigns. By accepting an award under the Plan, the Participant agrees that the Company shall have the right to assign any or all of its rights hereunder to any successor in interest, whether by merger, consolidation,
sale of assets, public offering, or otherwise. 
 j. Notwithstanding anything to the contrary in this Plan, the construction, enforceability
and interpretation of this Section 10 shall be governed by the laws of the state in which the Participant’s employer operates its principal place of business. Except as expressly provided herein, the failure of the Company to insist upon
performance of any of the provisions of this Section 10 or to pursue its rights hereunder shall not be construed as a waiver of any such provisions or the relinquishment of any such rights. The Participant further agrees that any legal action
relating to this Section 10 shall be commenced and maintained exclusively before any appropriate venue located in the local, county or federal court in which the Participant’s employer operates its principal place of business. Participants
hereby submit to the jurisdiction of such courts and waive any right to challenge or otherwise object to personal jurisdiction or venue, in any action commenced or maintained in such courts. 
 11. Integration. This Agreement, and the other documents referred to herein or delivered pursuant hereto which form a part hereof contain the
entire understanding of the parties with respect to its subject matter. There are no restrictions, agreements, promises, representations, warranties, covenants or undertakings with respect to the subject matter hereof other than those expressly set
forth herein and in the Plan. The Participant hereby acknowledges that this Agreement, the Plan and the Management Stockholders’ Agreement supersede all prior agreements and understandings between the parties with respect to the subject
matter of this Agreement, including without limitation, any provision in such prior agreement or understanding, including without limitation any change of control agreement, that provides for the acceleration or waiver of any time periods,
conditions or contingencies relating to the exercise or realization of, or lapse of restrictions under, any outstanding equity award held by the Participant. 
  

 7 

 12. [Change in Control Agreement. The Participant hereby agrees that the Term (as that term is
defined in the change in control agreement entered into between the Participant and Biomet, Inc. as of September 20, 2006 (the “Change in Control Agreement”)) of the Change in Control Agreement shall terminate on July 11,
2009, that the Change in Control Agreement shall cease to have any force and effect with respect to any termination of Employment that occurs on or after July 11, 2009, and that such Term shall not be affected by any change in control that may
occur after the date hereof and prior to July 11, 2009. The Participant further agrees that, effective as of the date hereof, the Change in Control Agreement shall be amended as follows: (a) the definition of “Post-CIC Good
Reason” therein shall be stricken therefrom and shall be replaced with the definition of “Good Reason” set forth in the Plan and (b) all references therein to the term “Post-CIC Good Reason” shall be stricken therefrom
and shall be replaced with the term “Good Reason,” provided that, solely for purposes for the Change in Control Agreement, a termination of Participant’s Employment by reason of the Participant’s death shall constitute Good
Reason. For the avoidance of doubt, except as modified by this Section 12 and Section 11 above, the Change in Control Agreement shall remain in full force and effect in accordance with its terms.]1 
 13. Counterparts. This Agreement may be executed in two or more
counterparts, each of which shall be deemed an original, but all of which shall constitute one and the same instrument. 
 14. Governing
Law. Except as expressly provided in Section 10(j) hereof, this Agreement shall be governed by and construed and enforced in accordance with the laws of the State of Delaware without regard to the provisions governing conflict of laws.

 15. Participant Acknowledgment. The Participant hereby acknowledges receipt of a copy of the Plan. The Participant hereby
acknowledges that all decisions, determinations and interpretations of the Board in respect of the Plan, this Agreement and the Option shall be final and conclusive. The Participant further acknowledges that, prior to the Agreement Termination Date,
no exercise of the Option or any portion thereof shall be effective unless and until the Participant has executed the Management Stockholders’ Agreement and the Participant hereby agrees to be bound thereby. [Notwithstanding the forgoing, any
determination made by the Board relating to the characterization of the Participant’s termination of Employment shall be subject to a de novo standard of review.]2 
 [Signature page follows] 
  

	1	To be included for individuals who are currently party to an effective change in control agreement. 

	2	To be included for the eight individuals with whom, as of the date hereof, the Company intends to enter into employment agreements. 

  

 8 

 IN WITNESS WHEREOF, the Company has caused this Agreement to be duly executed by its duly authorized
officer and said Participant has hereunto signed this Agreement on his own behalf, thereby representing that he has carefully read and understands, and agrees to be bound by, this Agreement, the Plan and the Management Stockholders’ Agreement
as of the day and year first written above. 
  

					
	LVB Acquisition, Inc.	 		 	Participant
			
	  
	 		 	  

	By:	 		 	Name:
	Title:	 		 	Date:

  

 9

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