Document:

Exhibit 10.3

 

REGISTRATION RIGHTS AGREEMENT

 

July 31, 2015

 

Leerink Partners LLC

One Federal Street, 37th Floor

Boston, Massachusetts
02110

 

OrbiMed Royalty
Opportunities II, LP

c/o OrbiMed
Advisors LLC

601 Lexington
Ave., 54 th Floor

New York,
NY 10022

 

ROS Acquisition
Offshore LP

c/o OrbiMed
Advisors LLC

601 Lexington
Ave., 54 th Floor

New York,
NY 10022

 

Ladies and Gentlemen:

 

Bacterin International Holdings, Inc., a Delaware
corporation (the “Company”), proposes to issue and sell to Leerink Partners LLC, OrbiMed Royalty Opportunities
II, LP and ROS Acquisition Offshore LP (the “Initial Purchasers”) its 6.00% Convertible Senior Notes due 2021
(the “Notes”), upon the terms set forth in the Purchase Agreement between the Company and Leerink Partners
LLC, dated July 27, 2015, and the Securities Purchase Agreement among the Company, OrbiMed Royalty Opportunities II, LP and ROS
Acquisition Offshore LP, dated July 27, 2015 (such purchase agreement and securities purchase agreement, the “Purchase
Agreements”). Upon a conversion of Notes at the option of the holder thereof, the Company will be required to deliver
shares of common stock of the Company, $0.000001 par value per share (the “Common Stock”). To induce the Initial
Purchasers to enter into the Purchase Agreements and to satisfy the Company’s obligations thereunder, the holders of the
Notes will have the benefit of this registration rights agreement (this “Agreement”) pursuant to which the
Company agrees with the Initial Purchasers for the benefit of the Initial Purchasers and for the benefit of the holders (the “Holders”)
from time to time of the Registrable Securities (as defined below), as follows:

 

1.          Definitions.
As used in this Agreement, the following capitalized defined terms shall have the following meanings:

 

“Additional Interest”
has the meaning set forth in Section 7 hereof.

 

“Affiliate”
has the meaning set forth in Rule 405 under the Securities Act.

 

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“Broker-Dealer”
means any broker or dealer registered as such under the Exchange Act.

 

“Business Day”
has the meaning set forth in the Indenture.

 

“Close of Business”
has the meaning set forth in the Indenture.

 

“Closing Date”
means the date hereof.

 

“Company”
has the meaning set forth in the preamble hereto.

 

“Commission”
means the Securities and Exchange Commission.

 

“Common Stock”
has the meaning set forth in the preamble hereto.

 

“Control”
has the meaning set forth in Rule 405 under the Securities Act, and the terms “controlling” and “controlled”
shall have meanings correlative thereto.

 

“Conversion Date”
has the meaning set forth in the Indenture.

 

“Deferral Period”
has the meaning indicated in Section 3(i) hereof.

 

“Depositary”
has the meaning set forth in the Indenture.

 

“Exchange Act”
means the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission promulgated thereunder.

 

“Final Memorandum”
means the offering memorandum, dated July 27, 2015, relating to the Notes, including any and all annexes thereto and any information
incorporated by reference therein as of such date.

 

“FINRA Rules”
means the Conduct Rules and the By-Laws of the Financial Industry Regulatory Authority, Inc.

 

“Holder”
has the meaning set forth in the preamble hereto.

 

“Indenture”
means the Indenture relating to the Notes, dated as of July 31, 2015, between the Company and Wilmington Trust, National Association,
as trustee, as the same may be amended from time to time in accordance with the terms thereof.

 

“Initial Purchasers”
has the meaning set forth in the preamble hereto.

 

“Losses”
has the meaning set forth in Section 5(d) hereof.

 

“Majority Holders”
means, on any date, Holders of Registrable Securities that represent a majority of the shares of Common Stock that underlie (or
were issued upon conversion of) the Notes and whose offer and sale is registered under the Shelf Registration Statement.

 

“Managing Underwriters”
means the investment bank(s) and manager(s) that administer an underwritten offering, if any, conducted pursuant to Section 6 hereof.

 

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“Maturity Date”
has the meaning set forth in the Indenture.

 

“Notes”
has the meaning set forth in the preamble hereto.

 

“Notice and Questionnaire”
means a written notice delivered to the Company substantially in the form attached as Annex A to the Final Memorandum.

 

“Notice Holder”
means, on any date, any Holder that has delivered a completed Notice and Questionnaire to the Company on or before such date.

 

“Prospectus”
means a prospectus included in the Shelf Registration Statement (including, without limitation, a prospectus that discloses information
previously omitted from a prospectus filed as part of an effective registration statement in reliance upon Rule 430A or Rule 430B
under the Securities Act), as amended or supplemented by any prospectus supplement, with respect to the terms of the offering of
any portion of the Notes and the shares of Common Stock covered by the Shelf Registration Statement, and all amendments and supplements
thereto, including any and all exhibits thereto and any information incorporated by reference therein.

 

“Purchase Agreement”
has the meaning set forth in the preamble hereto.

 

“Registrable Securities”
means the Notes initially sold to the Initial Purchasers pursuant to the Purchase Agreements and the shares of Common Stock issuable
upon conversion of such Notes, and any securities into or for which such Notes or shares have been converted or exchanged, and
any security issued with respect thereto upon any stock dividend, split or similar event; provided, however, that
each such security will cease to constitute Registrable Securities upon the earliest to occur of (i) such security being sold pursuant
to a registration statement that is effective under the Securities Act; and (ii) such security ceasing to be outstanding.

 

“Registration
Default” has the meaning set forth in Section 7 hereof.

 

“Securities Act”
means the Securities Act of 1933, as amended, and the rules and regulations of the Commission promulgated thereunder.

 

“Shelf Registration
Period” has the meaning set forth in Section 2(b) hereof.

 

“Shelf Registration
Statement” means a “shelf” registration statement of the Company prepared pursuant to Section 2 hereof that
covers the resale, from time to time pursuant to Rule 415 under the Securities Act (or any successor thereto), of some or all of
the Registrable Securities on an appropriate form under the Securities Act, including all post-effective and other amendments and
supplements to such registration statement, the related Prospectus, all exhibits thereto and all material incorporated by reference
therein.

 

“Trading Day”
has the meaning set forth in the Indenture.

 

“Underwriter”
means any underwriter of Registrable Securities for an offering thereof under the Shelf Registration Statement.

 

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2.          Shelf
Registration. (a) The Company will file with the Commission a Shelf Registration Statement (which, initially, will be on Form
S-1 and, as soon as the Company is eligible, will be on Form S-3) providing for the registration of the offer and sale, from time
to time on a continuous or delayed basis, of the Registrable Securities by the Holders in accordance with the methods of distribution
elected by such Holders, pursuant to Rule 415 under the Securities Act (or any successor thereto) and will use its best efforts
to cause such Shelf Registration Statement to become effective under the Securities Act no later than the one hundred and eightieth
(180th) day after the Closing Date.

 

(b)          The
Company will use its best efforts to keep the Shelf Registration Statement continuously effective, supplemented and amended as
required by the Securities Act, in order to permit the related Prospectus to be usable by Holders for a period (the “Shelf
Registration Period”) from the date the Shelf Registration Statement becomes effective to, and including, the earlier
of (i) the sixtieth (60th) Trading Day immediately following the Maturity Date (subject to extension for any suspension of the
effectiveness of the Shelf Registration Statement during such sixty (60) Trading Days immediately following the Maturity Date);
and (ii) the date upon which no Registrable Securities are outstanding and constitute “restricted securities” (as defined
in Rule 144 under the Securities Act).

 

(c)          The
Company will cause the Shelf Registration Statement and the related Prospectus and any amendment or supplement thereto, as of the
effective date of the Shelf Registration Statement or such amendment or supplement, (i) to comply in all material respects with
the applicable requirements of the Securities Act; and (ii) not to contain any untrue statement of a material fact or omit to state
a material fact required to be stated therein or necessary in order to make the statements therein (in the case of the Prospectus,
in the light of the circumstances under which they were made) not misleading.

 

(d)          Subject
to applicable law, the Company will provide written notice to the Holders of the anticipated effective date of the Shelf Registration
Statement at least ten (10) Business Days before such anticipated effective date. Each Holder, in order to be named in the Shelf
Registration Statement at the time of its initial effectiveness, will be required to deliver a Notice and Questionnaire and such
other information as the Company may reasonably request in writing, if any, to the Company on or before the fifth (5th) day before
the anticipated effective date of the Shelf Registration Statement as provided in the notice. Subject to Section 3(i), from and
after the effective date of the Shelf Registration Statement, the Company will, as promptly as is practicable after the date a
Holder’s Notice and Questionnaire is delivered, but in no event after the tenth (10th) day after such date, (i) file with
the Commission an amendment to the Shelf Registration Statement or prepare and, if permitted or required by applicable law, file
a supplement to the Prospectus or an amendment or supplement to any document incorporated therein by reference or file any other
required document so that such Holder delivering such Notice and Questionnaire is named as a selling securityholder in the Shelf
Registration Statement and the related Prospectus, and so that such Holder is permitted to deliver such Prospectus to purchasers
of Registrable Securities in accordance with applicable law (except that the Company will not be required to file more than one
supplement or post-effective amendment in any thirty (30) day period in accordance with this Section 2(d)(i)) and, in the case
of a post-effective amendment to the Shelf Registration Statement, the Company will use its best efforts to cause such post-effective
amendment to become effective under the Securities Act as promptly as is practicable; (ii) provide such Holder, upon request, copies
of any documents filed pursuant to Section 2(d)(i) hereof; and (iii) notify such Holder as promptly as practicable after the effectiveness
under the Securities Act of any post-effective amendment filed pursuant to Section 2(d)(i) hereof; provided, however,
that if such Notice and Questionnaire is delivered during a Deferral Period, then the Company will so inform the Holder delivering
such Notice and Questionnaire and will take the actions set forth in clauses (i), (ii) and (iii) above upon expiration of the Deferral
Period in accordance with Section 3(i) hereof. Notwithstanding anything to the contrary herein, the Company need not name any Holder
that is not a Notice Holder as a selling securityholder in the Shelf Registration Statement or Prospectus; provided, however,
that any Holder that becomes a Notice Holder pursuant to this Section 2(d) (whether or not such Holder was a Notice Holder at the
effective date of the Shelf Registration Statement) will be named as a selling securityholder in the Shelf Registration Statement
or Prospectus in accordance with this Section 2(d).

 

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3.          Registration
Procedures. The following provisions will apply in connection with the Shelf Registration Statement.

 

(a)          The
Company will:

 

        (i)          furnish
to the Initial Purchasers and to counsel for the Notice Holders, not less than five (5) Business Days before the filing thereof
with the Commission, a copy of the Shelf Registration Statement and each amendment thereto and each amendment or supplement, if
any, to the Prospectus (other than amendments and supplements that do nothing more than name Notice Holders and provide information
with respect thereto and other than filings by the Company under the Exchange Act) and will use its best efforts to reflect in
each such document, when so filed with the Commission, such comments as the Initial Purchasers reasonably propose within three
(3) Business Days of the delivery of such copies to the Initial Purchasers; and

 

       (ii)         include
information regarding the Notice Holders and the methods of distribution they have elected for their Registrable Securities provided
to the Company in Notices and Questionnaires as necessary to permit such distribution by the methods specified therein.

 

(b)          The
Company will ensure that:

 

       (i)          the
Shelf Registration Statement and any amendment thereto, and any Prospectus and any amendment or supplement thereto, comply in all
material respects with the Securities Act; and

 

       (ii)         the
Shelf Registration Statement and any amendment thereto do not, when each becomes effective, contain an untrue statement of a material
fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading.

 

(c)          The
Company will advise the Initial Purchasers, the Notice Holders and any Underwriter that has provided in writing to the Company
a telephone or email or other address for notices, and confirm such advice in writing, if requested (which notice pursuant to clauses
(ii) to (v), inclusive, below will be accompanied by an instruction to suspend the use of the Prospectus until the Company has
remedied the basis for such suspension):

 

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(i)          when
the Shelf Registration Statement and any amendment thereto have been filed with the Commission and when the Shelf Registration
Statement or any post-effective amendment thereto has become effective;

 

(ii)         of
any request by the Commission for any amendment or supplement to the Shelf Registration Statement or the Prospectus or for additional
information;

 

(iii)        of
the issuance by the Commission of any stop order suspending the effectiveness of the Shelf Registration Statement or the institution
or threatening of any proceeding for that purpose;

 

(iv)        of
the receipt by the Company of any notification with respect to the suspension of the qualification of the Common Stock included
therein for sale in any jurisdiction or the institution or threatening of any proceeding for such purpose; and

 

(v)         of
the happening of any event that requires any change in the Shelf Registration Statement or the Prospectus so that they do not contain
any untrue statement of a material fact and do not omit to state a material fact required to be stated therein or necessary to
make the statements therein (in the case of the Prospectus, in the light of the circumstances under which they were made) not misleading.

 

(d)          The
Company will use its best efforts to prevent the issuance of any order suspending the effectiveness of the Shelf Registration Statement
or the qualification of the securities therein for sale in any jurisdiction and, if issued, to obtain as soon as practicable the
withdrawal thereof.

 

(e)          Upon
request, the Company will furnish, in electronic or physical form, to each Notice Holder, without charge, one copy of the Shelf
Registration Statement and any post-effective amendment thereto, including all material incorporated therein by reference, and,
if a Notice Holder so requests in writing, all exhibits thereto (including exhibits incorporated by reference therein).

 

(f)          During
the Shelf Registration Period, the Company will promptly deliver to each Initial Purchaser, each Notice Holder, and any sales or
placement agents or underwriters acting on their behalf, without charge, as many copies of the Prospectus (including the preliminary
Prospectus, if any) relating to the Shelf Registration Statement and any amendment or supplement thereto as such person may reasonably
request. Subject to the restrictions set forth in this Agreement, the Company consents to the use of the Prospectus or any amendment
or supplement thereto by each of the foregoing in connection with the offering and sale of the Registrable Securities.

 

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(g)          Before
any offering of Registrable Securities pursuant to the Shelf Registration Statement, the Company will arrange for the qualification
of the Registrable Securities for sale under the laws of such U.S. jurisdictions as any Notice reasonably requests and will maintain
such qualification in effect so long as required; provided, however, that in no event will the Company be obligated
by this Agreement to qualify to do business or as a dealer of securities in any jurisdiction where it is not then so qualified
or to take any action that would subject it to taxation or service of process in suits in any jurisdiction where it is not then
so subject. If, at any time during the Shelf Registration Period, the Registrable Securities are not “covered securities”
within the meaning of Section 18 of the Securities Act, then the Company will arrange for such qualification (subject to the proviso
of the immediately preceding paragraph) in each U.S. jurisdiction of residence of each Notice Holder.

 

(h)          Upon
the occurrence of any event contemplated by subsections (c)(ii) to (v), inclusive, above, the Company will promptly (or within
the time period provided for by Section 3(i) hereof, if applicable) prepare a post-effective amendment to the Shelf Registration
Statement or an amendment or supplement to the Prospectus or file any other required document so that the Shelf Registration Statement
and the Prospectus will not include an untrue statement of a material fact or omit to state any material fact required to be stated
therein or necessary to make the statements therein (in the case of the Prospectus, in the light of the circumstances under which
they were made) not misleading.

 

(i)          Upon
the occurrence or existence of any pending corporate development, public filings with the Commission or any other material event
that, in the reasonable judgment of the Company, makes it appropriate to suspend the availability of the Shelf Registration Statement
and the Prospectus, the Company will give notice (without notice of the nature or details of such events) to the Notice Holders
that the availability of the Shelf Registration Statement is suspended and, upon receipt of any such notice, each Notice Holder
agrees: (i) not to sell any Registrable Securities pursuant to the Shelf Registration Statement until such Notice Holder receives
copies of the supplemented or amended Prospectus provided for in Section 3(i) hereof, or until it is advised in writing by the
Company that the Prospectus may be used; and (ii) to hold such notice in confidence. Except in the case of a suspension of the
availability of the Shelf Registration Statement and the Prospectus solely as the result of filing a post-effective amendment or
supplement to the Prospectus to add additional selling securityholders therein, the period during which the availability of the
Shelf Registration Statement and any Prospectus is suspended (the “Deferral Period”) will not exceed an aggregate
of (A) thirty (30) days (or, if the Shelf Registration Statement is on Form S-1 (or any successor thereto), sixty (60) days) in
any calendar quarter; or (B) sixty (60) days (or, if the shelf registration statement is on Form S-1 (or any successor thereto),
ninety (90) days) in any calendar year.

 

(j)          The
Company will comply with all applicable rules and regulations of the Commission and will make generally available to its securityholders
an earnings statement (which need not be audited) satisfying the provisions of Section 11(a) of the Securities Act as soon as practicable
after the effective date of the Shelf Registration Statement and in any event no later than forty five (45) days after the end
of the twelve (12) month period (or ninety (90) days, if such period is a fiscal year) beginning with the first month of the Company’s
first fiscal quarter commencing after the effective date of the Shelf Registration Statement.

 

(k)          The
Company may require each Holder of Registrable Securities to be sold pursuant to the Shelf Registration Statement to furnish to
the Company such information regarding the Holder and the distribution of such Registrable Securities as the Company may from time
to time reasonably require for inclusion in the Shelf Registration Statement in order to comply with the Securities Act. The Company
may exclude from the Shelf Registration Statement the Registrable Securities of any Holder that unreasonably fails to furnish such
information within a reasonable time after receiving a request from the Company for such information.

 

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(l)          Subject
to Section 6 hereof, the Company will enter into customary agreements (including, if requested by the Majority Holders, an underwriting
agreement in customary form that, for the avoidance of doubt, will provide for customary representations and warranties, legal
opinions, comfort letters and other documents and certifications) and take all other necessary actions in order to expedite or
facilitate the registration or the disposition of the Registrable Securities, and in connection therewith, if an underwriting agreement
is entered into, cause the same to contain customary indemnification provisions and procedures.

 

(m)          Subject
to Section 6 hereof, for persons who are or may be “underwriters” with respect to the Registrable Securities within
the meaning of the Securities Act and who make appropriate requests for information to be used solely for the purpose of taking
reasonable steps to establish a due diligence or similar defense in connection with the proposed sale of such Registrable Securities
pursuant to the Shelf Registration, the Company will:

 

(i)          make
reasonably available during business hours for inspection by the Holders, any Underwriter participating in any disposition pursuant
to the Shelf Registration Statement and any attorney, accountant or other agent retained by the Holders or any such Underwriter
all relevant financial and other records and pertinent corporate documents of the Company and its subsidiaries; and

 

(ii)         cause
the Company’s officers, directors, employees, accountants and auditors to supply all relevant information reasonably requested
by the Holders or any such Underwriter, attorney, accountant or agent in connection with the Shelf Registration Statement as is
customary for similar due diligence examinations.

 

(n)          In
the event that any Broker-Dealer underwrites any Registrable Securities or participates as a member of an underwriting syndicate
or selling group or “participates in an offering” (within the meaning of the FINRA Rules) thereof, whether as a Holder
or as an underwriter, placement, sales agent or broker or dealer in respect thereof, or otherwise, the Company will, upon the reasonable
request of such Broker-Dealer, comply with any reasonable request of such Broker-Dealer in complying with the FINRA Rules.

 

(o)          The
Company will use its best efforts to take all other steps necessary to effect the registration of the offer and sale of the Registrable
Securities covered by the Shelf Registration Statement.

 

4.          Registration
Expenses. The Company will bear all expenses incurred in connection with the performance of its obligations under Sections
2 and 3 hereof. The Company will reimburse the Initial Purchasers and the Holders for the reasonable fees and disbursements of
one firm or counsel (which will initially be Latham & Watkins LLP, but that may be another nationally recognized law firm experienced
in securities matters designated by the Majority Holders) to act as counsel for the Holders in connection therewith, which fees
and disbursements will not exceed $15,000 in the aggregate.

 

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5.          Indemnification
and Contribution. (a) The Company agrees to indemnify and hold harmless each Holder, the directors, officers, employees, Affiliates
and agents of each Holder and each person who controls any Holder within the meaning of the Securities Act or the Exchange Act
against any and all losses, claims, damages or liabilities, joint or several, to which they or any of them may become subject under
the Securities Act, the Exchange Act or other federal or state statutory law or regulation, at common law or otherwise, insofar
as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon any untrue statement
or alleged untrue statement of a material fact contained in the Shelf Registration Statement as originally filed or in any amendment
thereof, or in any preliminary Prospectus or the Prospectus, or in any amendment thereof or supplement thereto, or caused by the
omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements
therein (in the case of any preliminary Prospectus or the Prospectus, in the light of the circumstances under which they were made)
not misleading, and agrees to reimburse each such indemnified party, as incurred, for any legal or other expenses reasonably incurred
by it in connection with investigating or defending any such loss, claim, damage, liability or action; provided, however,
that the Company will not be liable in any such case to the extent that any such loss, claim, damage or liability arises out of
or is based upon any such untrue statement or alleged untrue statement or omission or alleged omission made therein in reliance
upon and in conformity with written information furnished to the Company by or on behalf of the party claiming indemnification
specifically for inclusion therein.

 

The Company also agrees
to provide customary indemnities to, and to contribute as provided in Section 5(d) hereof to Losses of, any underwriters of the
Registrable Securities, their officers, directors and employees and each Person who controls such underwriters (within the meaning
of the Securities Act or the Exchange Act) to the same extent as provided herein with respect to the Holders.

 

(b)          Each
Holder of securities covered by the Shelf Registration Statement (including each Initial Purchaser that is a Holder, in such capacity)
severally and not jointly agrees to indemnify and hold harmless the Company, each of the Company’s directors, each of the
Company’s officers who sign the Shelf Registration Statement and each person who controls the Company within the meaning
of the Securities Act or the Exchange Act, to the same extent as the foregoing indemnity from the Company to each such Holder,
but only with reference to written information relating to such Holder furnished to the Company by or on behalf of such Holder
specifically for inclusion in the documents referred to in the foregoing indemnity. This indemnity agreement will be acknowledged
by each Notice Holder that is not an Initial Purchaser in such Notice Holder’s Notice and Questionnaire and will be in addition
to any liability that any such Notice Holder may otherwise have.

 

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(c)          Promptly
after receipt by an indemnified party under this Section 5 or notice of the commencement of any action, such indemnified party
will, if a claim in respect thereof is to be made against the indemnifying party under this Section 5, notify the indemnifying
party in writing of the commencement thereof, but the failure so to notify the indemnifying party (i) will not relieve it from
liability under paragraph (a) or (b), as applicable, above unless and to the extent it has been materially prejudiced through the
forfeiture by the indemnifying party of substantial rights and defenses; and (ii) will not, in any event, relieve the indemnifying
party from any obligations to any indemnified party other than the indemnification obligation provided in paragraph (a) or (b),
as applicable, above. If any action is brought against an indemnified party and it has notified the indemnifying party thereof,
the indemnifying party will be entitled to appoint counsel (including local counsel) of the indemnifying party’s choice at
the indemnifying party’s expense to represent the indemnified party in any action for which indemnification is sought (in
which case, the indemnifying party will not thereafter be responsible for the fees and expenses of any separate counsel, other
than local counsel if not appointed by the indemnifying party, retained by the indemnified party or parties, except as set forth
below); provided, however, that such counsel will be reasonably satisfactory to the indemnified party. Notwithstanding
the indemnifying party’s election to appoint counsel (including local counsel) to represent the indemnified party in an action,
the indemnified party will have the right to employ separate counsel (including local counsel), and the indemnifying party will
bear the reasonable fees, costs and expenses of such separate counsel if (i) the use of counsel chosen by the indemnifying party
to represent the indemnified party would present such counsel with a conflict of interest; (ii) the actual or potential defendants
in, or targets of, any such action include both the indemnified party and the indemnifying party and the indemnified party has
reasonably concluded that there may be legal defenses available to it and/or other indemnified parties that are different from
or additional to those available to the indemnifying party; (iii) the indemnifying party has not employed counsel reasonably satisfactory
to the indemnified party to represent the indemnified party within a reasonable time after notice of the institution of such action;
or (iv) the indemnifying party has authorized the indemnified party to employ separate counsel at the expense of the indemnifying
party. The indemnifying party will not, in connection with any proceeding or related proceeding in the same jurisdiction, be liable
for the fees and expenses of more than one (1) separate law firm (in addition to any local counsel) for all indemnified persons.
An indemnifying party will not, without the prior written consent of the indemnified parties, settle or compromise or consent to
the entry of any judgment with respect to any pending or threatened claim, action, suit or proceeding in respect of which indemnification
or contribution may be sought hereunder (whether or not the indemnified parties are actual or potential parties to such claim or
action) unless such settlement, compromise or consent includes an unconditional release of each indemnified party from all liability
arising out of such claim, action, suit or proceeding and does not include an admission of fault, culpability or a failure to act,
by or on behalf of any such indemnified party.

 

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(d)          In
the event that the indemnity provided in paragraph (a) or (b) of this Section 5 is unavailable to or insufficient to hold harmless
an indemnified party for any reason, then each applicable indemnifying party will have a several, and not joint, obligation to
contribute to the aggregate losses, claims, damages and liabilities (including legal or other expenses reasonably incurred in connection
with investigating or defending such losses, claims, damages, liabilities or actions) (collectively “Losses”)
to which such indemnified party may be subject in such proportion as is appropriate to reflect the relative benefits received by
such indemnifying party, on the one hand, and such indemnified party, on the other hand, from the offering of the Registrable Securities
and the Shelf Registration Statement that resulted in such Losses; provided, however, that in no case will Leerink
Partners LLC be responsible, in the aggregate, for any amount in excess of the purchase discount or commission applicable to the
Notes that it purchased from the Company, as set forth in the applicable Purchase Agreement, nor will any underwriter be responsible
for any amount in excess of the underwriting discount or commission applicable to the securities purchased by such underwriter
under the Shelf Registration Statement that resulted in such Losses. If the allocation provided by the immediately preceding sentence
is unavailable for any reason, then the indemnifying party and the indemnified party will contribute in such proportion as is appropriate
to reflect not only such relative benefits but also the relative fault of such indemnifying party, on the one hand, and such indemnified
party, on the other hand, in connection with the statements or omissions, or alleged statements or omissions, that resulted in
such Losses as well as any other relevant equitable considerations. Benefits received by the Company will be deemed to be equal
to the total net proceeds from the offering of the Notes (before deducting expenses) as set forth in the Final Memorandum. Benefits
received by Leerink Partners LLC will be deemed to be equal to the total purchase discounts or commissions applicable to the Notes
that it purchased from the Company, as set forth in the applicable Purchase Agreement, and benefits received by any other Holder
will be deemed to be equal to the value of having the offer and sale of such Holder’s Registrable Securities registered under
the Securities Act pursuant to the Shelf Registration Statement and hereunder. Benefits received by any underwriter will be deemed
to be equal to the total underwriting discounts and commissions, as set forth on the cover page of the Prospectus relating to the
Shelf Registration Statement that resulted in such Losses. Relative fault will be determined by reference to, among other things,
whether any untrue or any alleged untrue statement of a material fact or omission or alleged omission to state a material fact
relates to information provided by the indemnifying party, on the one hand, or by the indemnified party, on the other hand, the
intent of the parties and their relative knowledge, access to information and opportunity to correct or prevent such untrue statement
or omission or alleged untrue statement or omission. The parties agree that it would not be just and equitable if contribution
were determined by pro rata allocation (even if the Holders were treated as one entity for such purpose) or any other method of
allocation which does not take account of the equitable considerations referred to above. Notwithstanding anything to the contrary
in this Section 5(d), no person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act)
will be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. For purposes of this
Section 5, each person who controls a Holder within the meaning of the Securities Act or the Exchange Act and each director, officer,
employee, Affiliate and agent of such Holder will have the same rights to contribution as such Holder, and each person who controls
the Company within the meaning of the Securities Act or the Exchange Act, each officer of the Company who signed the Shelf Registration
Statement and each director of the Company will have the same rights to contribution as the Company, subject in each case to the
applicable terms and conditions of this Section 5(d).

 

(e)          The
provisions of this Section 5 will remain in full force and effect, regardless of any investigation made by or on behalf of any
Initial Purchaser or Holder or the Company or any of the indemnified persons referred to in this Section 5, and will survive the
sale by a Holder of securities covered by the Shelf Registration Statement.

 

6.          Underwritten
Registrations. (a) Notwithstanding anything to the contrary herein, in no event will the method of distribution of Registrable
Securities take the form of an underwritten offering without the prior written consent of the Company. Consent may be conditioned
on waivers of any of the obligations in Section 3, 4 or 5 hereof.

 

    	- 11 -

    	 	 	 

    

 

(b)          If
any Registrable Securities are to be sold in an underwritten offering, the Managing Underwriters will be selected by the Company,
subject to the prior written consent of the Majority Holders, which consent will not be unreasonably withheld.

 

(c)          No
person may participate in any underwritten offering pursuant to the Shelf Registration Statement unless such person: (i) agrees
to sell such person’s Registrable Securities on the basis reasonably provided in any underwriting arrangements approved by
the persons entitled hereunder to approve such arrangements; and (ii) completes and executes all questionnaires, powers of attorney,
indemnities, underwriting agreements and other documents reasonably required under the terms of such underwriting arrangements.

 

7.          Registration
Defaults. If any of the following events shall occur (each, a “Registration Default”), then the Company
will pay additional interest on the Notes (“Additional Interest”) as follows:

 

(a)          if
the Shelf Registration Statement has not been filed with the Commission and has not become effective on or before the one hundred
and eightieth (180th) day after the Closing Date, then, commencing on the one hundred and eighty first (181st) day after the Closing
Date, Additional Interest will accrue on the aggregate outstanding principal amount of the Notes at a rate of 0.25% per annum for
the first 90 days beginning on, and including, such one hundred and eighty first (181st) day and 0.50% per annum thereafter;

 

(b)          if
the Shelf Registration Statement has become effective but ceases to be effective or usable for the offer and sale of the Registrable
Securities (other than in connection with (i) a Deferral Period; or (ii) as a result filing a post-effective amendment solely to
add additional selling securityholders) at any time during the Shelf Registration Period and the Company does not cure the lapse
of effectiveness or usability within ten (10) Business Days (or, if a Deferral Period is then in effect, within ten (10) Business
Days after the expiration of such Deferral Period) (or, in the case of filing a post-effective amendment solely to add additional
selling securityholders, within ten (10) Business Days after the expiration of the ten (10) day period referred to in Section 2(d),
subject to the proviso therein), then Additional Interest will accrue on the aggregate outstanding principal amount of the Notes
at a rate of 0.25% per annum for the first ninety (90) days beginning on, and including, the day following such tenth (10th) Business
Day and 0.50% per annum thereafter;

 

(c)          if
the Company, through its omission, fails to name as a selling securityholder any Holder that had complied timely with its obligations
hereunder in a manner to entitle such Holder to be so named in (i) the Shelf Registration Statement at the time it first became
effective; or (ii) any Prospectus at the time it is filed with the Commission (or, if later, the effective date of the Shelf Registration
Statement), then Additional Interest will accrue on the aggregate outstanding principal amount of the Notes held by such Holder
at a rate of 0.25% per annum for the first ninety (90) days beginning on, and including, the day following the effective date of
such Shelf Registration Statement or the filing of such Prospectus, as applicable, and 0.50% per annum thereafter; and

 

    	- 12 -

    	 	 	 

    

 

(d)          if
the aggregate duration of Deferral Periods in any period exceeds the number of days permitted in respect of such period pursuant
to Section 3(i) hereof, then, commencing on the day the aggregate duration of Deferral Periods in such period exceeds the number
of days permitted in respect of such period, Additional Interest will accrue on the aggregate outstanding principal amount of the
Notes at a rate of 0.25% per annum for the first ninety (90) days beginning on, and including, and including such date, and 0.50%
per annum thereafter;

 

provided, however, that (1) upon
the filing and effectiveness of the Shelf Registration Statement (in the case of paragraph (a) above), (2) upon such time as the
applicable Shelf Registration Statement becomes effective and usable for resales (in the case of paragraph (b) above), (3) upon
such time as such Holder is permitted to sell its Registrable Securities pursuant to any Shelf Registration Statement and Prospectus
in accordance with applicable law (in the case of paragraph (c) above), (4) upon the termination of the applicable Deferral Period
(in the case of paragraph (d) above), or (5) in any case, upon the expiration of the Shelf Registration Period, Additional Interest
will cease to accrue on account of the applicable Registration Default (it being understood that nothing in this sentence will
prevent Additional Interest from accruing as a result of any other Registration Default during the Shelf Registration Period).

 

Any Additional Interest
due pursuant to this Section 7 will be payable in cash in the same manner and on the same dates as the stated interest payable
on the Notes. If any Note ceases to be outstanding during any period for which Additional Interest is accruing, the Company will
prorate the Additional Interest payable with respect to such Note.

 

Additional Interest will
not accrue on the Notes at a rate that exceeds 0.50% per annum in the aggregate and will not be payable under more than one clause
above for any given period of time, except that if Additional Interest would be payable because of more than one Registration Default,
but at a rate of 0.25% per annum under one Registration Default and at a rate of 0.50% per annum under the other, then the Additional
Interest rate will be the higher rate of 0.50% per annum.

 

Notwithstanding anything
to the contrary in this Agreement, in no event will Additional Interest accrue on the shares of Common Stock issued upon conversion
of Notes. However, if there exists a Registration Default with respect to the Registrable Securities on the Maturity Date, then,
in addition to any Additional Interest otherwise payable, the Company will make a cash payment to each “Holder” (as
defined in the Indenture) of any outstanding Note as of the Close of Business on the Business Day immediately before the Maturity
Date in an amount equal to five percent (5%) of the principal amount of such Note. For purposes of the preceding sentence, Notes
that have been converted with a Conversion Date that is on or after January 15, 2021 and on or before the second (2nd) Business
Day immediately preceding the Maturity Date will be considered to be outstanding. Accordingly, and for the avoidance of doubt,
if a Registration Default exists on the Maturity Date, the payment described in the preceding two sentences will be payable on
all Notes outstanding as of the Close of Business on the Business Day immediately preceding the Maturity Date and on all Notes
converted with a conversion date that is on or after January 15, 2021 and on or before the second (2nd) Business Day immediately
preceding the Maturity Date.

 

8.          No
Inconsistent Agreements. The Company has not entered into, and agrees not to enter into, any agreement with respect to its
securities that is inconsistent with the registration rights granted to the Holders herein.

 

    	- 13 -

    	 	 	 

    

 

9.          Rule
144A and Rule 144. So long as any Registrable Securities remain outstanding, the Company will file the reports required to
be filed by it under Rule 144A(d)(4) under the Securities Act and the reports required to be filed by it under the Exchange Act
in a timely manner and, if at any time the Company is not required to file such reports, it will, upon the written request of any
Holder of Registrable Securities, make publicly available other information so long as necessary to permit sales of such Holder’s
Registrable Securities pursuant to Rules 144 and 144A of the Securities Act. The Company covenants that it will take such further
action as any Holder of Registrable Securities may reasonably request, all to the extent required from time to time to enable such
Holder to sell Registrable Securities without registration under the Securities Act pursuant to Rule 144 or Rule 144A (including,
without limitation, satisfying the requirements of Rule 144A(d)(4)). Upon the written request of any Holder of Registrable Securities,
the Company will deliver to such Holder a written statement as to whether it has complied with such requirements. Notwithstanding
anything to the contrary in this Section 9, nothing in this Section 9 will be deemed to require the Company to register any of
its securities pursuant to the Exchange Act.

 

10.         Amendments
and Waivers. The provisions of this Agreement may not be amended, qualified, modified or supplemented, and waivers or consents
to departures from the provisions hereof may not be given, unless the Company has obtained the written consent of the Holders of
a majority of the Registrable Securities (determined on an as-converted basis); provided, however, that, with respect
to any matter that directly or indirectly affects the rights of Leerink Partners LLC hereunder, the Company will obtain the written
consent of Leerink Partners LLC with respect to such amendment, qualification, modification, supplement, waiver or consent; provided,
further, that no amendment, qualification, modification, supplement, waiver or consent with respect to Section 7 hereof
will be effective as against any Holder unless consented to in writing by such Holder; provided, further, that this
Section 10 may not be amended, qualified, modified or supplemented, and waivers of or consents to departures from Section 10 may
not be given, unless the Company has obtained the written consent of each Initial Purchaser and each Holder.

 

11.         Notices.
All notices and other communications provided for or permitted hereunder will be made in writing by hand-delivery, first-class
mail, telex, telecopier, email or air courier guaranteeing overnight delivery:

 

(a)          if
to a Holder, at the most current address given by such holder to the Company in accordance with the provisions of the Notice and
Questionnaire; provided, however, that notices and other communications to Holders of Notes held in global form may
be provided through the applicable procedures of the Depositary.

 

(b)          if
to any Initial Purchaser, initially at the address thereof set forth above; and

 

(c)          if
to the Company, initially at its address set forth in the Purchase Agreements.

 

All such notices and communications
shall be deemed to have been duly given when received.

 

    	- 14 -

    	 	 	 

    

 

The Initial Purchasers
or the Company, by notice to the other parties, may designate additional or different addresses for subsequent notices or communications.

 

Notwithstanding the foregoing,
notices given to Holders holding Notes in book-entry form may be given through the facilities of the Depositary.

 

12.         Remedies.
Each Holder, in addition to being entitled to exercise all rights provided to it herein or in the applicable Purchase Agreement
or granted by law, including recovery of liquidated or other damages, will be entitled to specific performance of its rights under
this Agreement. The Company agrees that monetary damages would not be adequate compensation for any loss incurred by reason of
a breach by it of the provisions of this Agreement and hereby agrees to waive in any action for specific performance the defense
that a remedy at law would be adequate.

 

13.         Successors.
This Agreement will inure to the benefit of and be binding upon the parties hereto, their respective successors and assigns, including,
without the need for an express assignment or any consent by the Company thereto, subsequent Holders, and the indemnified persons
referred to in Section 5 hereof. The Company hereby agrees to extend the benefits of this Agreement to any Holder, and any such
Holder may specifically enforce the provisions of this Agreement as if an original party hereto.

 

14.         Counterparts.
This Agreement may be signed in one or more counterparts, each of which shall constitute an original and all of which together
shall constitute one and the same agreement.

 

15.         Headings.
The section headings used herein are for convenience only and shall not affect the construction or interpretation hereof.

 

16.         Applicable
Law. THIS AGREEMENT WILL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. EACH OF THE PARTIES
HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY
LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT THE TRANSACTION CONTEMPLATED HEREBY.

 

17.         Severability.
In the event that any one or more of the provisions 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
in every other respect and of the remaining provisions hereof will not be in any way impaired or affected thereby, it being intended
that all of the rights and privileges of the parties will be enforceable to the fullest extent permitted by law.

 

18.         Common
Stock Held by the Company, Etc. Whenever the consent or approval of Holders of a specified percentage of securities is required
hereunder, securities held by the Company or its Affiliates (other than subsequent Holders thereof if such subsequent Holders are
deemed to be Affiliates solely by reason of their holdings of such securities) will not be counted in determining whether such
consent or approval was given by the Holders of such required percentage.

 

    	- 15 -

    	 	 	 

    

 

	 	Very truly yours,
	 	 
	 	Bacterin International Holdings, Inc.
	 	 	 
	 	By:	/s/ John P. Gandolfo
	 	 	Name: John P. Gandolfo
	 	 	Title:   CFO

 

[Signature Page to Registration Rights Agreement]

 

    	 

    	 

    

 

The foregoing Agreement
is hereby confirmed and accepted as of the date first above written.

 

	Leerink Partners LLC	 
	 	 	 
	By:	/s/ John I. Fitzgerald, Esq.	 
	 	Name: John I. Fitzgerald	 
	 	Title:  Managing Director	 

 

[Signature Page to Registration Rights Agreement]

 

    	 

    	 

    

 

	OrbiMed Royalty Opportunities II, LP	 
	 	 	 
	By:	/s/ Samuel Isaly	 
	 	Name: Samuel Isaly	 
	 	Title:  Managing Member of Orbimed Advisors LLC, its
    investment manager	 

 

[Signature Page to Registration Rights Agreement]

 

    	 

    	 

    

 

	ROS Acquisition Offshore LP	 
	 	 	 
	By:	/s/ Samuel Isaly	 
	 	Name: Samuel Isaly	 
	 	Title:  Managing Member of Orbimed Advisors LLC, its
    investment manager	 

 

[Signature Page to Registration Rights Agreement]Exhibit 10.4

 

EMPLOYMENT AGREEMENT

 

This Employment Agreement
(“Agreement”) is effective as of July 31, 2015 (“Effective Date”), by and between X-spine Systems, Inc.
and/or successor thereof, an Ohio corporation (the “Company”), and David Kirschman, an Individual
(“Employee”).

 

In consideration of the mutual promises,
covenants and agreements contained in this Agreement, and other good and valuable consideration, the receipt and sufficiency of
which is hereby acknowledged, the parties agree as follows:

 

1.               EMPLOYMENT
AND DUTIES.

 

A.           Job
Title and Responsibilities. The Company hereby employs Employee, and Employee hereby agrees to be employed, as Executive VP
and Chief Scientific Officer of Bacterin International, Inc., and President of the Company, reporting to the Chief Executive Officer
of Bacterin International, Inc. Employee’s title and responsibilities may change during the course of Employee's employment
with the Company, but the terms of this Agreement shall remain in full force and effect regardless of any change in Employee's
title or responsibilities.

 

B.           Full-Time
Best Efforts. Employee agrees to devote all necessary professional time and attention to the business of the Company (and its
subsidiaries, affiliates, or related entities) required to fulfill the performance of Employee’s obligations under this Agreement,
and will at all times faithfully, industriously and to the best of Employee’s ability, experience and talent, perform all
of Employee’s obligations hereunder. Employee shall not, at any time during Employee’s employment by the Company, directly
or indirectly, act as a partner, officer, director, consultant, employee, or provide services in any other capacity to any other
business enterprise that conflicts with the Company’s business or Employee’s duty of loyalty to the Company. Without
limiting the generality of the foregoing, Employee has disclosed that he currently serves on the board of directors of Aerobiotix,
Inc. Employee shall seek the written consent of the Company prior to accepting any further outside board positions or prior to
materially expanding his role on the current boards on which he serves. Employee will be limited to no more than two external Board
positions, inclusive of Aerobiotix, Inc.

 

C.           Duty
of Loyalty. Employee acknowledges that during Employee’s employment with the Company, Employee has participated in and
will participate in relationships with existing and prospective clients, customers, partners, suppliers, service providers and
vendors of the Company that are essential elements of the Company’s goodwill. The parties acknowledge that Employee owes
the Company a fiduciary duty to conduct all affairs of the Company in accordance with all applicable laws and the highest standards
of good faith, trust, confidence and candor, and to endeavor, to the best of Employee’s ability, to promote the best interests
of the Company.

 

D.           Conflict
of Interest. Employee agrees that while employed by the Company, and except with the advance written consent of a duly authorized
officer of the Company, Employee will not enter into, on behalf of the Company, or cause the Company or any of its affiliates to
enter into, directly or indirectly, any transactions with any business organization in which Employee or any member of Employee’s
immediate family may be interested as a shareholder, partner, member, trustee, director, officer, employee, consultant, lender
or guarantor or otherwise; provided, however, that nothing in this Agreement shall restrict transactions between the Company and
any company whose stock is listed on a national securities exchange or actively traded in the over-the-counter market and over
which Employee does not have the ability to control or significantly influence policy decisions.

 

	Confidential:	Please initial each page: 	 

 

    	Page 1

    	 

    

 

2.               COMPENSATION.

 

A.           Base
Pay. The Company agrees to pay Employee gross annual compensation of $500,000, less usual and customary withholdings, which
shall be payable in arrears in accordance with the Company’s customary payroll practices.

 

B.           Bonus
and Incentive Compensation. Employee shall also be eligible for bonus and incentive based compensation approved by the Compensation
Committee of the Board of Directors of Bacterin International Holdings, Inc. (“BONE”), from time to time. The target
bonus compensation will be 50% of base pay. Such bonus and incentive compensation shall be paid in accordance with the bonus and
incentive compensation plan documents adopted by the Company, or in the absence of such plan documents, no later than 2-1/2 months
following the year in which the bonus or incentive compensation vests.

 

C.           Stock
Award. Subject to the approval of the Compensation Committee of BONE’s Board of Directors, the Company will cause BONE
to grant Employee 40,000 shares of restricted BONE common stock (the “Grant”). The Grant will vest as follows: (i)
20%, or 8,000 underlying shares, will vest on the first anniversary of the date of the Grant, and (ii) the remaining 80% will vest
in 35 equal monthly installments of 914 underlying shares, beginning one month after the first anniversary of the date of the Grant.
Employee must remain employed by the Company for vesting to occur. Upon a Change in Control as defined in BONE’s Amended
and Restated Equity Incentive Plan, the entire Grant shall immediately be 100% vested.

 

D.           Benefits.
During Employee’s employment, Employee will be eligible to participate in the Company’s benefit programs, as summarized
and as governed by any plan documents concerning such benefits. Employee will be eligible for four weeks of paid vacation per year,
subject to the Company’s carryover policy.

 

3.               PROPRIETARY
INFORMATION.

 

A.           Employee
understands that during Employee’s employment relationship with the Company, the Company intends to provide Employee with
information, including Proprietary Information (as defined herein), without which Employee would not be able to perform Employee’s
duties to the Company. Employee agrees, at all times during the term of Employee’s employment relationship and thereafter,
to hold in strictest confidence, and not to use or disclose, except for the benefit of the Company to the extent necessary to perform
Employee’s obligations to the Company, any Proprietary Information that Employee obtains, accesses or creates during the
term of the relationship, whether or not during working hours, until such Proprietary Information becomes publicly and widely known
and made generally available through no wrongful act of Employee or of others under confidentiality obligations as to the information
involved. Employee understands that “Proprietary Information” means information and physical material not generally
known or available outside the Company and information and physical material entrusted to the Company by third parties under an
obligation of non-disclosure or non-use or both. “Proprietary Information” includes, without limitation, inventions,
technical data, trade secrets, marketing ideas or plans, research, product or service ideas or plans, business strategies, investments,
investment opportunities, potential investments, market studies, industry studies, historical financial data, financial information
and results, budgets, identity of customers, forecasts (financial or otherwise), possible or pending transactions, customer lists
and domain names, price lists, and pricing methodologies.

 

	Confidential:	Please initial each page: 	 

 

    	Page 2

    	 

    

 

B.           At
all times, both during Employee’s employment and after its termination, Employee will keep and hold all such Proprietary
Information in strict confidence and trust. Employee will not use or disclose any Proprietary Information without the prior written
consent of the Company, except as may be necessary to perform Employee’s duties as an employee of the Company for the benefit
of the Company. Employee may disclose information that Employee is required to disclose by valid order of a government agency or
court of competent jurisdiction, provided that Employee will:

 

		(i)	notify the Company in writing immediately upon learning
that such an order may be sought or issued,

		(ii)	cooperate with the Company as reasonably requested if
the Company seeks to contest such order or to place protective restrictions on the disclosure pursuant to such order, and

		(iii)	comply with any protective restrictions in such order,
and disclose only the information specified in the order.

 

C.           Upon
termination of employment with the Company, Employee will promptly deliver to the Company all documents and materials of any nature
pertaining to Employee’s work with the Company.

 

D.           Employee
agrees not to infringe the copyright of the Company, its customers or third parties (including, without limitation, Employee’s
previous employer, customers, etc.) by unauthorized or unlawful copying, modifying or distributing of copyrighted material, including
plans, drawings, reports, financial analyses, market studies, computer software and the like.

 

4.               COVENANT
NOT TO COMPETE.

 

A.           Noncompetition
Covenant. Employee agrees that during the Restricted Period (as defined below), without the prior written consent of the Company,
Employee shall not, directly or indirectly within the Territory (as defined below): (i) personally, by agency, as an employee,
independent contractor, consultant, officer, director, manager, agent, associate, investor (other than as a passive investor holding
less than five percent of the outstanding equity of an entity), or by any other artifice or device, engage in any Competitive Business
(as defined below), (ii) assist others, including but not limited to employees of the Company, to engage in any Competitive Business,
or (iii) own, purchase, finance, organize or take preparatory steps to own, purchase, finance, or organize a Competitive Business.

 

B.           Definitions.

 

1.          “Competitive
Business” means (i) any person, entity or organization which is engaged in or about to become engaged in research on, consulting
regarding, or development, production, marketing or selling of any product, process, technology, device, invention or service which
resembles, competes with or is intended to resemble or compete with a product, process, technology, device, invention or service
of the Company; or (ii) any other line of business that was conducted by the Company or that Employee knows or reasonably should
know the Company or any affiliate, successor or related entity, at any time during the term of Employee’s employment with
the Company, is actively preparing to pursue.  

 

	Confidential:	Please initial each page: 	 

 

    	Page 3

    	 

    

 

2.          “Territory”
means all regions where the Company conducts business or is contemplating doing so.

 

3.          “Restricted
Period” means the period of Employee’s employment with the Company and for a period of six months following the termination
of Employee’s employment; provided that if such termination is of a type that results in severance under Paragraph 12B (or
would result in severance if Employee had been employed for 12 full months), the Restricted Period after termination shall be the
period of severance, if any, following such termination.

 

4. In order for
the Noncompetition Covenant under Paragraph 4(b) to be valid and enforceable, Company must pay Employee 75% of base pay under Paragraph
2(a) for the duration of the Restricted Period. The Company, at its sole discretion and upon notice to Employee, may elect to waive
all or a portion of the Restricted Period and thereby reduce base pay due on a pro rata basis.

 

5.               NON-SOLICITATION
AND NON-INTERFERENCE COVENANTS.

 

A.           Nonsolicitation
of Employees and Others. During the Restricted Period, (a) Employee shall not, directly or indirectly, solicit, recruit, or
induce, or attempt to solicit, recruit or induce any employee, consultant, independent contractor, vendor, supplier, or agent to
terminate or otherwise adversely affect his or her employment or other business relationship (or prospective employment or business
relationship) with the Company, and (b) Employee shall not, directly or indirectly, solicit, recruit, or induce, or attempt to
solicit, recruit or induce any employee to work for Employee or any other person or entity, other than the Company or its affiliates
or related entities.

 

B.           Nonsolicitation
of Customers. During the Restricted Period, Employee shall not, directly or indirectly, solicit, recruit, or induce any Customer
(as defined below) for the purpose of (i) providing any goods or services related to a Competitive Business, or (ii) interfering
with or otherwise adversely affecting the contracts or relationships, or prospective contracts or relationships, between the Company
(including any related or affiliated entities) and such Customers. “Customer” means a person or entity with which Employee
had contact or about whom Employee gained information while an Employee of the Company, and to which the Company was selling or
providing products or services, was in active negotiations for the sale of its products or services, or was otherwise doing business
as of the date of the cessation of Employee’s employment with the Company or for whom the Company had otherwise done business
within the 12 month period immediately preceding the cessation of Employee’s employment with the Company.

 

6.               ACKNOWLEDGEMENTS.
Employee acknowledges and agrees that:

 

A.           The
geographic and duration restrictions contained in Paragraphs 4 and 5 of this Agreement are fair, reasonable, and necessary to protect
the Company’s legitimate business interests and trade secrets, given the geographic scope of the Company’s business
operations, the competitive nature of the Company’s business, and the nature of Employee’s position with the Company;

 

B.           Employee’s
employment creates a relationship of confidence and trust between Employee and the Company with respect to the Proprietary Information,
and Employee will have access to Proprietary Information (including but not limited to trade secrets) that would be valuable or
useful to the Company’s competitors;

 

	Confidential:	Please initial each page: 	 

 

    	Page 4

    	 

    

 

C.           The
Company’s Proprietary Information is a valuable asset of the Company, and any violation of the restrictions set forth in
this Agreement would cause substantial injury to the Company;

 

D.           The
restrictions contained in this Agreement will not unreasonably impair or infringe upon Employee’s right to work or earn a
living after Employee’s employment with the Company ends; and

 

E.           This
Agreement is a contract for the protection of trade secrets under applicable law and is intended to protect the Proprietary Information
(including trade secrets) identified above.

 

7.               “BLUE
PENCIL” AND SEVERABILITY PROVISION. If a court of competent jurisdiction declares any provision of this Agreement invalid,
void, voidable, or unenforceable, the court shall reform such provision(s) to render the provision(s) enforceable, but only to
the extent absolutely necessary to render the provision(s) enforceable and only in view of the parties’ express desire that
the Company be protected to the greatest possible extent under applicable law from improper competition and the misuse or disclosure
of trade secrets and Proprietary Information. To the extent such a provision (or portion thereof) may not be reformed so as to
make it enforceable, it may be severed and the remaining provisions shall remain fully enforceable.

 

8.               INVENTIONS.

 

A.           Inventions
Retained and Licensed. Attached as Exhibit A is a list describing all inventions and information created, discovered or developed
by Employee, whether or not patentable or registrable under patent, copyright or similar statutes, made or conceived or reduced
to practice or learned by Employee, either alone or with others before Employee’s employment with the Company (“Prior
Inventions”), which belong in whole or in part to Employee, and which are not being assigned by Employee to the Company.
Employee represents that Exhibit A is complete and contains no confidential or proprietary information belonging to a person or
entity other than Employee. Employee acknowledges and agrees that Employee has no rights in any Inventions (as that term is defined
below) other than the Prior Inventions listed on Exhibit A. If there is nothing identified on Exhibit A, Employee represents that
there are no Prior Inventions as of the time of signing this Agreement. Employee shall not incorporate, or permit to be incorporated,
any Prior Invention owned by Employee or in which he/she has an interest in a Company product, process or machine without the Company’s
prior written consent. Notwithstanding the foregoing, if, in the course of Employee’s employment with the Company, Employee
directly or indirectly incorporates into a Company product, process or machine a Prior Invention owned by Employee or in which
Employee has an interest, the Company is hereby granted and shall have a non-exclusive, royalty-free, irrevocable, perpetual, world-wide
license to make, have made, modify, use, create derivative works from and sell such Prior Invention as part of or in connection
with such product, process or machine.

 

	Confidential:	Please initial each page: 	 

 

    	Page 5

    	 

    

 

B.           Assignment
Of Inventions. Employee shall promptly make full, written disclosure to the Company, will hold in trust for the sole right
and benefit of the Company, and hereby irrevocably transfers and assigns, and agrees to transfer and assign, to the Company, or
its designee, all his/her right, title and interest in and to any and all inventions, original works of authorship, developments,
concepts, improvements, designs, discoveries, ideas, trademarks (and all associated goodwill), mask works, or trade secrets, whether
or not they may be patented or registered under copyright or similar laws, which Employee may solely or jointly conceive or develop
or reduce to practice, or cause to be conceived or developed or reduced to practice, during Employee’s employment by the
Company (the “Inventions”). Employee further acknowledges that all original works of authorship which are made by Employee
(solely or jointly with others) within the scope of and during the period of his/her employment with the Company and which may
be protected by copyright are “Works Made For Hire” as that term is defined by the United States Copyright Act. Employee
understands and agrees that the decision whether to commercialize or market any Invention developed by Employee solely or jointly
with others is within the Company’s sole discretion and the Company’s sole benefit and that no royalty will be due
to Employee as a result of the Company’s efforts to commercialize or market any such invention.

 

Employee recognizes
that Inventions relating to his or her activities while working for the Company and conceived or made by Employee, whether alone
or with others, within one year after cessation of Employee’s employment, may have been conceived in significant part while
employed by the Company. Accordingly, Employee acknowledges and agrees that such Inventions shall be presumed to have been conceived
during Employee’s employment with the Company and are to be, and hereby are, assigned to the Company unless and until Employee
has established the contrary.

 

C.           Maintenance
of Records. Employee agrees to keep and maintain adequate and current written records of all Inventions made by Employee (solely
or jointly with others) during his/her employment with the Company. The records will be in the form of notes, sketches, drawings
and any other format that may be specified by the Company. The records will be available to and remain the sole property of the
Company at all times.

 

D.           Patent,
Trademark and Copyright Registrations. Employee agrees to assist the Company, or its designee, at the Company’s expense,
in every proper way to secure the Company’s rights in the Inventions and any copyrights, patents, trademarks, service marks,
mask works, or any other intellectual property rights in any and all countries relating thereto, including, but not limited to,
the disclosure to the Company of all pertinent information and data with respect thereto, the execution of all applications, specifications,
oaths, assignments and all other instruments the Company reasonably deems necessary in order to apply for and obtain such rights
and in order to assign and convey to the Company, its successors, assigns, and nominees the sole and exclusive rights, title, and
interest in and to such inventions, and any copyrights, patents, trademarks, service marks, mask works, or any other intellectual
property rights relating thereto. Employee further agrees that his/her obligation to execute or cause to be executed, when it is
in his/her power to do so, any such instrument or paper shall continue after termination or expiration of this Agreement or the
cessation of his/her employment with the Company. If the Company is unable because of Employee’s mental or physical incapacity
or for any other reason, after reasonably diligent efforts, to secure Employee’s signature to apply for or to pursue any
application for any United States or foreign patents, trademarks or copyright registrations covering inventions or original works
of authorship assigned to the Company as above, then Employee hereby irrevocably designates and appoints the Company and its duly
authorized officers and agents as Employee’s agent and attorney-in-fact to act for and in his/her behalf and stead to execute
and file any such applications and to do all other lawfully permitted acts to further the prosecution and issuance of letters patent,
trademarks or copyright registrations thereon with the same legal force and effect as if executed by Employee; this power of attorney
shall be a durable power of attorney which shall come into existence upon Employee’s mental or physical incapacity.

 

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9.              SURVIVAL
AND REMEDIES. Employee’s obligations of nondisclosure, nonsolicitation, noninterference, and noncompetition under this
Agreement shall survive the cessation of Employee’s employment with the Company and shall remain enforceable. In addition,
Employee acknowledges that upon a breach or threatened breach of any obligation of nondisclosure, nonsolicitation, noninterference,
or noncompetition of this Agreement, the Company may suffer irreparable harm and damage for which money alone cannot fully compensate
the Company. Employee therefore agrees that upon such breach or threat of imminent breach of any such obligation, the Company shall
be entitled to seek a temporary restraining order, preliminary injunction, permanent injunction or other injunctive relief, without
posting any bond or other security, barring Employee from violating any such provision. This Paragraph shall not be construed as
an election of any remedy, or as a waiver of any right available to the Company under this Agreement or the law, including the
right to seek damages from Employee for a breach of any provision of this Agreement and the right to require Employee to account
for and pay over to the Company all profits or other benefits derived or received by Employee as the result of such a breach, nor
shall this Paragraph be construed to limit the rights or remedies available under state law for any violation of any provision
of this Agreement.

 

10.             RETURN
OF COMPANY PROPERTY. All devices, records, reports, data, notes, compilations, lists, proposals, correspondence, specifications,
equipment, drawings, blueprints, manuals, DayTimers, planners, calendars, schedules, discs, data tapes, financial plans and information,
or other recorded matter, whether in hard copy, magnetic media or otherwise (including all copies or reproductions made or maintained,
whether on the Company’s premises or otherwise), pertaining to Employee’s work for the Company, or relating to the
Company or the Company’s Proprietary Information, whether created or developed by Employee alone or jointly during his/her
employment with the Company, are the exclusive property of the Company. Employee shall surrender the same (as well as any other
property of the Company) to the Company upon its request or promptly upon the cessation of employment. Upon cessation of Employee’s
employment, Employee agrees to sign and deliver the “Termination Certificate” attached as Exhibit B, which shall detail
all Company property that is surrendered upon cessation of employment.

 

11.            NO
CONFLICTING AGREEMENTS OR IMPROPER USE OF THIRD-PARTY INFORMATION. During her/his employment with the Company, Employee shall
not improperly use or disclose any proprietary information or trade secrets of any former employer or other person or entity, and
Employee shall not bring on to the premises of the Company any unpublished document or proprietary information belonging to any
such former employer, person or entity, unless consented to in writing by the former employer, person or entity. Employee represents
that he/she has not improperly used or disclosed any proprietary information or trade secrets of any other person or entity during
the application process or while employed or affiliated with the Company. Employee also acknowledges and agrees that he/she is
not subject to any contract, agreement, or understanding that would prevent Employee from performing his/her duties for the Company
or otherwise complying with this Agreement. To the extent Employee violates this provision, or his/her employment with the Company
constitutes a breach or threatened breach of any contract, agreement, or obligation to any third party, Employee shall indemnify
and hold the Company harmless from all damages, expenses, costs (including reasonable attorneys’ fees) and liabilities incurred
in connection with, or resulting from, any such violation or threatened violation.

 

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12.             TERMINATION.

 

A.           By
Either Party. Either party may terminate this Agreement at any time with or without notice, and with or without cause.
Except as provided in this Paragraph 12, upon termination of employment, Employee shall only be entitled to Employee’s accrued
but unpaid base salary and other benefits earned under any Company-provided plans, policies and arrangements for the period preceding
the effective date of the termination of employment.

 

B.           Termination
Without Cause or Resignation for Good Reason. If the Company terminates Employee’s employment without Cause (defined
below) or Employee resigns for Good Reason (defined below), Employee shall be entitled to receive continuing bi-weekly payments
of severance pay at a rate equal to Employee’s Base Salary, as then in effect, for six months from the date of termination
of employment, less all required tax withholdings and other applicable deductions, payable in accordance with the Company’s
standard payroll procedures, commencing on the effective date of a separation agreement with a complete release of claims against
the Company; provided that (1) the first payment shall include any amounts that would have been paid to Employee if payment had
commenced on the date of separation from service; (2) Employee shall not be required to execute a release of any claims arising
from the Company’s failure to comply with its obligations under Paragraph 12A above; and (3) notwithstanding the preceding
provisions of this Paragraph 12B, no severance shall be due or payable unless and until Employee has been employed with the Company
for at least 12 full months. Notwithstanding the foregoing, any payments due under this Paragraph 12B shall commence within 60
days of Employee's termination of employment, provided that if such 60-day period spans two calendar years, payments shall commence
in the latter calendar year.

 

C.           Termination
Upon a Change of Control. If the Company or any successor in interest to the Company terminates Employee’s employment
in connection with or within 12 months after a Change of Control (defined below), Employee shall be entitled to receive continuing
bi-weekly payments of severance pay at a rate equal to Employee’s Base Salary, as then in effect, for twelve months from
the date of termination of employment, less all required tax withholdings and other applicable deductions, payable in accordance
with the Company’s standard payroll procedures, commencing on the effective date of a separation agreement with a complete
release of claims against the Company; provided that the first payment shall include any amounts that would have been paid to Employee
if payment had commenced on the date of separation from service; and further provided that Employee shall not be required to execute
a release of any claims arising from the Company’s failure to comply with its obligations under Paragraph 12A above. The
payments described in this Paragraph 12C are in lieu of, and not in addition to, the payments described in paragraph 12B, it being
understood by Employee that he shall be paid only one severance. Notwithstanding the previous provisions of this Paragraph 12C,
any payments due under this Paragraph 12C shall commence within 60 days of Employee's termination of employment, provided that
if such 60-day period spans two calendar years, payments shall commence in the latter calendar year.

 

D.           Termination
for Cause, Death or Disability, or Resignation Without Good Reason. If Employee’s employment with the Company terminates
voluntarily by Employee without Good Reason, for Cause by the Company or due to Employee’s death or disability, then payments
of compensation by the Company to Employee hereunder will terminate immediately (except as to amounts already earned).

 

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E.            Definitions.

 

(1)      “Cause.”
For all purposes under this Agreement, “Cause” is defined as (i) gross negligence or willful misconduct in the performance
of Employee’s duties and responsibilities to the Company; (ii) commission of any act of fraud, theft, embezzlement, financial
dishonesty or any other willful misconduct that has caused or is reasonably expected to result in injury to the Company; (iii)
conviction of, or pleading guilty or nolo contendere to, any felony or a lesser crime involving dishonesty or moral turpitude;
or (iv) material breach by Employee of any of obligations under any written agreement or covenant with the Company, including the
policies adopted from time to time by the Company applicable to all employees.

 

(2)      “Good
Reason.” For all purposes under this Agreement, “Good Reason” is defined as Employee’s resignation
within 30 days following the expiration of any Company cure period (discussed below) following the occurrence of one or more of
the following, without Employee’s express written consent: (i) a material reduction of Employee’s duties, authority
or responsibilities, relative to Employee’s duties, authority or responsibilities in effect immediately prior to such reduction;
(ii) a material reduction in Employee’s base compensation; or (iii) a material breach by the Company under any written agreement
or covenant with Employee. Employee will not resign for Good Reason without first providing the Company with written notice within
30 days of the event that Employee believes constitutes “Good Reason” specifically identifying the acts or omissions
constituting the grounds for Good Reason and a reasonable cure period of not less than 30 days following the date of such notice
during which such condition shall not have been cured.

 

(3)      “Change
of Control.” For all purposes under this Agreement, “Change of Control” of the Company is defined as:

 

(a)          a
sale, transfer or disposition of all or substantially all of the Company’s assets other than to (i) a corporation or other
entity of which at least a majority of its combined voting power is owned directly or indirectly by the Company, (ii) a corporation
or other entity owned directly or indirectly by the holders of capital stock of the Company in substantially the same proportions
as their ownership of Company common stock.

 

(b) any merger,
consolidation or other business combination transaction of the Company with or into another corporation, entity or person, other
than a transaction with or into an Excluded Entity, being another corporation, entity or person in which the holders of at least
a majority of the shares of voting capital stock of the Company outstanding immediately prior to such transaction continue to hold
(either by such shares remaining outstanding in the continuing entity or by their being converted into shares of voting capital
stock of the surviving entity) a majority of the total voting power represented by the shares of voting capital stock of the Company
(or the surviving entity) outstanding immediately after such transaction; or

 

(c)          any
acquisition of at least a majority of the shares of voting capital stock of the Company by any corporation, entity or person or
group of corporations, entities or persons acting in concert, other than an Excluded Entity.

 

For the avoidance of
doubt, a liquidation, dissolution or winding up of the Company or change in the state of the Company’s incorporation shall
not constitute a Change of Control event for purposes of this Agreement.

 

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F.            Exclusive
Remedy. In the event of a termination of Employee’s employment with the Company, the provisions of this Paragraph 12
are intended to be and are exclusive and in lieu of any other rights or remedies to which Employee or the Company may otherwise
be entitled.

 

13.            GENERAL
PROVISIONS.

 

A.           Governing
Law; Consent To Personal Jurisdiction. The laws of the State of Colorado govern this Agreement without regard to conflict of
laws principles. Employee and the Company each hereby consents to the personal jurisdiction of the state courts located in the
City and County of Dayton, Montgomery, State of Ohio, and the federal district court sitting in the City and County of Cincinnati,
Hamilton, State of Ohio, if that court otherwise possesses jurisdiction over the matter, for any legal proceeding concerning Employee’s
employment or termination of employment, or arising from or related to this Agreement or any other agreement executed between Employee
and the Company. Should an action be brought to enforce the terms of this Agreement, the prevailing party shall be entitled to
recover reasonable attorneys’ fees and costs incurred in prosecuting the action.

 

B.            Entire
Agreement. This Agreement sets forth this entire Agreement between the Company (and any of its related or affiliated entities,
officers, agents, owners or representatives) and Employee relating to the subject matter herein, and supersedes any and all prior
discussions and agreements, whether written or oral, on the subject matter hereof. To the extent that this Agreement may conflict
with the terms of another written agreement between Employee and the Company, the terms of this Agreement will control.

 

C.            Modification.
No modification of or amendment to this Agreement will be effective unless in writing and signed by Employee and an authorized
representative of the Company.

 

D.            Waiver.
The Company’s failure to enforce any provision of this Agreement shall not act as a waiver of its ability to enforce that
provision or any other provision. The Company’s failure to enforce any breach of this Agreement shall not act as a waiver
of that breach or any future breach. No waiver of any of the Company’s rights under this Agreement will be effective unless
in writing. Any such written waiver shall not be deemed a continuing waiver unless specifically stated, and shall operate only
as to the specific term or condition waived and shall not constitute a waiver of such term or condition for the future or as to
any act other than that specifically waived.

 

E.            Successors
and Assigns. This Agreement shall be assignable to, and shall inure to the benefit of, the Company’s successors and assigns.
Employee shall not have the right to assign his/her rights or obligations under this Agreement.

 

F.            Construction.
The language used in this Agreement will be deemed to be language chosen by Employee and the Company to express their mutual intent,
and no rules of strict construction will be applied against either party.

 

G.            Counterparts.
This Agreement may be executed in any number of counterparts, each of which shall be enforceable, and all of which together shall
constitute one agreement. Signatures of the parties that are transmitted in person or by facsimile or e-mail shall be accepted
as originals.

 

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H.           Further
Assurances. Employee agrees to execute any proper oath or verify any document required to carry out the terms of this Agreement.

 

I.            Title
and Headings. The titles, captions and headings of this Agreement are included for ease of reference only and will be disregarded
in interpreting or construing this Agreement.

 

J.            Notices.
All notices and communications that are required or permitted to be given under this Agreement shall be in writing and shall be
sufficient in all respects if given and delivered in person, by electronic mail, by facsimile, by overnight courier, or by certified
mail, postage prepaid, return receipt requested, to the receiving party at such party’s address shown in the signature blocks
below or to such other address as such party may have given to the other by notice pursuant to this Paragraph. Notice shall be
deemed given (i) on the date of delivery in the case of personal delivery, electronic mail or facsimile, or (ii) on the delivery
or refusal date as specified on the return receipt in the case of certified mail or on the tracking report in the case of overnight
courier.

 

K.           409A.
The amounts payable under this Agreement are intended to be exempt from the requirements of Section 409A of the Internal Revenue
Code of 1986, as amended ("Section 409A"). To the extent that any such payments are determined to be subject to Section
409A, (i) the terms of this Agreement shall be interpreted to avoid incurring any penalties under Section 409A, (ii) any payments
due upon a termination of employment shall only be payable if the termination constitutes a "separation from service"
within the meaning of Section 409A, (iii) any right to a series of installment payments is to be treated as a right to a series
of separate payments, and (iv) any payments due to a "specified employee" of a publicly-traded company upon a separation
from service shall be delayed until the first day of the seventh month following such separation from service. Notwithstanding
the foregoing, in no event shall the Company be responsible for any taxes or penalties due under Section 409A.

 

14.            EMPLOYEE’S
ACKNOWLEDGMENTS. Employee acknowledges that he/she is executing this Agreement voluntarily and without duress or undue influence
by the Company or anyone else and that Employee has carefully read this Agreement and fully understands the terms, consequences,
and binding effect of this Agreement.

 

[Signature Page Follows]

 

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IN WITNESS WHEREOF,
and intending to be legally bound, the parties have executed this Agreement as of the date first written above.

 

	EMPLOYEE	 	X-SPINE SYSTEMS, INC.
	 	 	 	 	 
	Print Name:	David Kirschman 	 	Print Name:	Daniel Goldberger

 

	Signature:	/s/ David Kirschman 	 	Signature:	/s/ Daniel Goldberger

 

	Address:	5101 Garden Spa Ct.	 	Title:	CEO 

 

	Phone:	937-416-9626	 	 	 

 

	Email:	DK@X-Spine.com 	 	 	 

 

[Signature Page to Employment Agreement]

 

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EXHIBIT A

LIST OF PRIOR INVENTIONS AND ORIGINAL
WORKS OF AUTHORSHIP

 

IS A LIST ATTACHED? (PLEASE CHECK): _____YES
_____NO

 

NOTE: The following is a list of
all Prior Inventions made, conceived, developed or reduced to practice by Employee prior to his/her employment with the Company.
IF NO SUCH LIST IS ATTACHED, THAT MEANS EMPLOYEE IS NOT ASSERTING THE EXISTENCE OF ANY PRIOR INVENTIONS.

 

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EXHIBIT B

 

TERMINATION CERTIFICATE

 

I hereby represent and certify that I have
in all material respects complied with my obligations to the Company under the Employment Agreement between the Company and me
to which the form of this Certificate is attached as Exhibit B.

 

I also represent that on or before my last day, I have specifically
returned the following items:

 

		 ̈	Computer/laptop

 

		 ̈	Keys/access cards

 

		 ̈	Company credit card

 

		 ̈	Other equipment (please list)__________________________________________________________________

____________________________________________________________________________________________

 

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    	Page 14

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