Document:

EX-10.38

 Exhibit 10.38 

 

					
	 

	 	 Bioventus LLC

4721 Emperor Blvd., Suite 100
 Durham, NC 27703

USA
	  	 1-919-474-6700

1-800-396-4325

www.BioventusGlobal.com

 April 13, 2020 
 John
Nosenzo 
 Dear John, 
 In recognition of your current and
future contributions to Bioventus, I would like to provide you with the retention plan (“Plan”) outlined below. I recognize the next twenty-four months will have challenges and your continued focus on building and retaining a successful
commercial organization is critical to Bioventus. 
 Retention Plan: 
  

	 	•	 	 Two payments equal, in the aggregate, to $520,000, less applicable taxes, such amount to be paid as follows:

  

	 	•	 	 $260,000, paid in a single, lump sum payment, less applicable taxes, on May 4, 2021 

 

	 	•	 	 You must be actively employed on the payment date in order to receive payment; otherwise, the amount is
forfeited. 

  

	 	•	 	 Notwithstanding the prior sentence, if your position with Bioventus is terminated prior to the May 4, 2021
payment date for a reason that would qualify you for Severance Benefits under your offer letter signed on November 22, 2016 (the “Offer Letter”), you will receive the $260,000, paid in a single, lump sum payment, less applicable
taxes, within sixty (60) days following your termination of employment with Bioventus. This payment shall be in addition to your Severance Benefits as defined in your Offer Letter. 

 

	 	•	 	 $260,000, paid in a single, lump sum payment, less applicable taxes, on May 4, 2022 

 

	 	•	 	 You must be actively employed on the payment date in order to receive payment; otherwise, the amount is
forfeited. 

  

	 	•	 	 Notwithstanding the prior sentence, if your position with Bioventus is terminated after the May 4, 2021
payment date, but before the May 4, 2022 payment date for a reason that would qualify you for Severance Benefits under the Offer Letter, you will receive the $260,000, paid in a single, lump sum payment, less applicable taxes, within sixty
(60) days following your termination of employment with Bioventus. This payment shall be in addition to your Severance Benefits under your Offer Letter. 

Your ongoing support of our business is critical and I hope this retention plan demonstrates your value to the Bioventus Board of Managers. We look forward to
working with you as you help to drive the success of Bioventus. If you have any questions about the plan, please let me know. 
  

	
	Best regards,
	
	 /s/ William Hawkins

	William Hawkins
	Chair of the Bioventus Board
	
	 /s/ John Nosenzo
                    4/18/2020

 John Nosenzo 
 Accepted and
UnderstoodEX-10.41

 Exhibit 10.41 

 

					
	

	  		  	

 October 3, 2018 
 Susan
Stalnecker 
 Dear Susan: 
 On behalf of the
Board of Managers of Bioventus LLC (“Bioventus”), I am pleased to confirm our offer for you to join our Board, effective with our next meeting, November 28-29, 2018 in New York City. I look forward
to working closely with you to continue building a market leading company in orthobiologics. This letter outlines the terms and conditions of your appointment. 

As a Member of the Board of Managers, you will be expected to attend Board meetings and will have such other duties and responsibilities as
are customarily imposed on directors and as described in the Amended and Restated Limited Liability Company Agreement of Bioventus, as it may be further amended from time to time (the “LLC Agreement”). You will continue to serve on the
Board until such time that your appointment is terminated either by you by the delivery of a signed notice of resignation to Bioventus or by the Board of Managers in accordance with the terms and conditions of the LLC Agreement. 

In consideration of your services as a Member of the Board, Bioventus will (a) pay you an annual retainer fee of $50,000 as a Member, as
well as an additional sum of $10,000 for your participation on the Audit Committee, all payable in quarterly installments in arrears and pro-rated for any partial period of service, and (b) grant you
50,000 phantom profits interest units under the Bioventus Phantom Profits Interests Plan (the terms and conditions of which shall be set forth in a separate award agreement). In addition, Bioventus will reimburse you in accordance with the
applicable company policy for reasonable travel and other out-of-pocket expenses incurred in connection with your service on the Board. 

As a Member of the Board, you will be entitled to coverage under the directors’ and officers’ liability insurance policy maintained
by Bioventus and you will be subject to and comply with all Board policies as may be adopted from time to time, including without limitation, our Code of Conduct. You agree that all information acquired during your appointment is confidential to
Bioventus and should not be used for your own benefit or disclosed to third parties either during your appointment or following its termination without the prior written consent of Bioventus except as required by law to discharge your duties. 

 During your tenure as a Member of the Board, you will at all times and for all purposes be
acting as an independent contractor and not as an employee of Bioventus. Accordingly, you will not be eligible to participate in employee benefit plans provided by Bioventus to its employees and Bioventus will not, on your account, (i) pay any
unemployment tax or other taxes required under the law to be paid with respect to employees or (ii) withhold any monies from any compensation paid to you for income or employment tax purposes. Board-member compensation is established by the
Board and, notwithstanding this letter, it may be revised at any time and from time to time. 
 Please confirm that the foregoing reflects
your understanding by signing and returning to us the enclosed duplicate of this letter at your earliest convenience. 
 Susan, I am very
excited about our future with you as a Member of our Board of Managers. Please feel free to contact me should you wish to discuss any aspect of this opportunity or of your service on the Board. 

 

	
	Sincerely,
	
	 /s/ Williams A. Hawkins, III

	William A. Hawkins, III
	Chairman, Bioventus Board of Managers

  

	
	Accepted and Agreed
	
	 /s/ Susan Stalnecker

	 Susan Stalnecker
  

	10/14/2018
	DateEX-10.43

 Exhibit 10.43 

 
 

 
 April 24, 2020 
 Ken
Reali 
 Re: Amendment to Employment Agreement 
 Dear
Ken: 
 This letter will serve to amend your employment agreement with Bioventus LLC dated as of March 14, 2020 (the “Agreement”) as follows:

  

	 	1.	 The effective date of the Agreement is hereby amended to be April 13, 2020 to coincide with the
commencement date of your employment. 

  

	 	2.	 The grant of 417,804 Phantom Profits Interest Units shall be awarded to you on or before July 1, 2020, and
will be subject to all of the terms of the plan, a copy of which will be made available for your review upon request. The vesting period for this award will commence on April 13, 2020 and the value of the Units will be determined based on the
most recent valuation completed on April 30, 2020. 

  

	 	3.	 All other terms of the Agreement remain in full force and effect and are hereby ratified and confirmed in all
respects. 

 If the foregoing is acceptable to you, please so indicate by signing and dating a copy of this letter where indicated below.

 Sincerely, 
  

	
	 /s/ Williams A. Hawkins, III

	 William A. Hawkins, III

	 Chairman, Bioventus Board of Managers

  

					
	 Understood and Agreed:
  

	 /s/ Ken Reali
	 	            	 	 5/13/2020

	Ken Reali	 		 	DateEX-10.44

 Exhibit 10.44 

 
 

 
 June 12, 2020 
 Anthony
P. Bihl, III 
 Dear Tony: 
 This will letter will set forth
the understanding between you and Bioventus LLC (the “Company”) in connection with your exercise of the put rights and the Company’s repurchase of the 333,330 Profit Interest Units granted to you under the Management Incentive Plan
(the “MIP”) as set forth in that certain Management Incentive Plan Award Agreement dated as of December 2, 2013 (the “MIP Agreement’) and the payment due to you under the Bioventus Phantom Profits Interest Plan (the
“Phantom Plan”) for the Phantom Profits Interest Units granted to you under that certain Phantom Profit Interest Plan Award Agreement dated April 21, 2016 (the “PPI Agreement”), as a result of your retirement from the
Company. 
 In consideration of the foregoing, you and the Company hereby agree as follows: 

 

	1.	 The Company will pay you the sum of $918,953.00, less applicable tax withholdings, on or before June 16,
2020, in full settlement of the Phantom Profits Interest Units granted to you under the Phantom Plan. 

  

	2.	 The Company will pay you the sum of $6,328,629.00, less applicable tax withholdings, on or before June 16,
2020, in exchange for the redemption of 150,252 of the Profit Interest Units held by you under the MIP. You hereby agree to sell and transfer to the Company your entire rights and interest to such units on such date. 

 

	3.	 In exchange for the redemption of remaining 183,078 of the Profit Interest Units held by you, the Company
agrees to pay you, on or before June 16, 2021, the greater of (x) $7,711,231.00 and (y) the fair market value of such 183,078 Profit Interest Units, less applicable tax withholdings, as determined utilizing the 409A valuation of the
Company then in effect on the date of payment for purposes of the Phantom Plan; provided that the Company may, at its option and upon notice to you, accelerate the repurchase of units under this Section 3 by paying the amount due for
such units at any time. You hereby agree to sell and transfer to the Company your entire rights and interest to such units on such date. Until such time as they are repurchased by the Company, your status as a partner of the Company shall continue
and the units described in this Section 3 shall remain subject to the terms and conditions of the MIP and the MIP Agreement, except as expressly modified by this letter. 

 Anthony B. Bihl, III 

June 12, 2020 
 Page 2 

 

	4.	 In addition to the foregoing sums, the Company agrees to pay you, less applicable tax withholdings, the
following sums: (i) $2,006,796.00 on or before June 16, 2020; and (ii) $1,543,147.00 on or before June 16, 2021 or such other date that payment is made to you under Section 3 above. 

 

	5.	 The parties agree that the payments described in this letter shall satisfy the Company’s obligations to
you with respect to the amounts due to you under the MIP for the repurchase of the Profits Interest Units held by you under the MIP Agreement and the amounts due to you under the Phantom Plan. 

 

	6.	 The rights and obligations of the parties hereunder, and the interpretation of this Agreement, will be governed
by the laws of the State of Delaware, without giving effect to the conflicts of laws provisions thereof. 

 If this continues to be
acceptable to you, please so indicate by signing and dating where indicated below. 
  

					
	Very truly yours,	  	
		
	William A. Hawkins	  	
	Chairman of the Bioventus Board of Managers
	
	ACKNOWLEDGED AND AGREED:
			
	 /s/ Anthony P. Bihl, III    
	  	6/12/20	  	
	Anthony P. Bihl, III	  	Date

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