Document:

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                                                                    Exhibit 10.2

Confidential Treatment. The portions of this exhibit that have been replaced
with "[*****]" have been filed separately with the Securities and Exchange
Commission and are the subject of an application for confidential treatment.

                            TISSUE RECOVERY AGREEMENT

      THIS TISSUE RECOVERY AGREEMENT (this "Agreement"), effective on this 15th
day of April, 1999, is by and between Regeneration Technologies, Inc., a Florida
corporation having its principal place of business at 1 Innovation Drive,
Alachua, Florida ("RTI"), and the University of Florida Tissue Bank, Inc., a
Florida not-for-profit corporation having its principal place of business at 2
Innovation Drive, Alachua, Florida ("UFTB").

                                   WITNESSETH

      WHEREAS, RTI and UFTB are parties to that certain agreement entitled, the
"Tissue Recovery, Processing and Distribution Agreement" made and entered into
by the parties on the 23rd of January, 1998, and the "Revised Agreement on
Intercompany Service Billing and Inventory Ownership" made and entered into the
11th of January, 1999 (the "Previous Agreements") attached hereto as Composite
Exhibit "A"; and

      WHEREAS, on the effective date of this Agreement the parties are also
entering into the "Programs Transfer Agreement"; and

      WHEREAS, the parties wish to replace the Previous Agreements with both
this Agreement and the Programs Transfer Agreement; and

      WHEREAS, the parties wish to have all other written agreements between the
parties remain in full force and effect; and

      WHEREAS, RTI recovers and processes human donor tissue and distributes the
resulting allograft tissue for implant surgeries throughout the world; and

      WHEREAS, RTI owns valuable proprietary and intellectual property rights
and substantial technical expertise which it uses to produce allograft tissue;
and

      WHEREAS, UFTB desires to recover and provide human tissue to RTI for
producing allograft tissue and for conducting research, and both parties desire
to cooperate to increase the amount of human tissue available for the production
and

[CONFIDENTIAL]
                                       1
<PAGE>

distribution of allograft tissue by RTI internationally, nationally, and in
UFTB's service area of Florida and Georgia.

      NOW, THEREFORE, in view of the representations made above and in
consideration of the terms and conditions set forth below, the parties agree as
follows:

                         ARTICLE I - General Obligations

      1.1 Upon the effective date of this Agreement and upon the simultaneous
execution of the Programs Transfer Agreements, the Previous Agreements shall
terminate.

      1.2 As consideration for RTI entering into this Agreement, for the term of
this Agreement UFTB shall:

            a. supply the "Exclusive Tissues" set forth on Exhibit "B" attached
hereto, solely to RTI;

            b. diligently endeavor to provide human donor tissues to RTI which
meet or exceed RTI's requirements for quality control, quality assurance, and
other specifications set forth in RTI's specifications schedule and standard
operating procedures (the SOPs) as are currently in effect; RTI may modify the
specifications schedule and SOPs only after ninety (90) days written notice to
UFTB;

            c. supply the "Non-Exclusive Tissue" set forth on Exhibit B to RTI
upon the following terms:.

                  (1) RTI shall have a right of first refusal on all
Non-Exclusive Tissue.

                  (2) UFTB shall make such Non-Exclusive Tissue available to RTI
under the best fee and payment terms that UFTB would offer to any third party.
UFTB shall provide such terms and conditions in writing to RTI upon request by
RTI. In the event that RTI requests any Non-Exclusive Tissue, RTI shall have
fifteen (15) days from its receipt of such written fee and payment terms from
UFTB to accept or reject such fee and payment terms.

                                       2
<PAGE>

                  (3) In the event that RTI rejects the offer of any tissue from
UFTB by giving notice of such rejection in writing to UFTB, UFTB shall have the
right to offer such tissue to a third party.

      1.3 On or about the effective date herein, UFTB shall provide RTI with a
copy of UFTB's Donor related recovery and screening forms and the parties will
work together to make form related changes as required by RTI.

      1.4 As consideration for UFTB entering into this Agreement with RTI, RTI
shall:

            a. diligently endeavor to provide allograft tissue to hospitals in
Florida and Georgia at levels of service and tissue safety, reasonably the same
as that provided by UFTB as of the date of this Agreement. Such services shall
include the hiring of sales/distribution staff and local distributors;

            b. not distribute or otherwise transfer any Exclusive Tissue
received from UFTB, to any third party whose sole purpose is to distribute such
transferred Exclusive Tissue or the allograft tissue resulting from such
transferred Exclusive Tissue, without UFTB's express prior written approval; and

            c. for the ten (10) year term of this Agreement, accept and make
payment for all Exclusive Tissue provided by UFTB, under the terms and
conditions set forth hereunder.

            d. For the ten (10) year term of this Agreement, as additional
consideration for UFTB's grant to RTI of a right of first refusal on all
Non-Exclusive Tissue, RTI agrees that any and all wholly-owned subsidiaries of
RTI, whether or not such subsidiary exists today or is to be formed or acquired
in the future, shall guarantee the payment obligations of RTI as set forth in
Article 1.4(c) herein, and RTI shall cause such subsidiaries to execute any and
all documents necessary to effect the intent of such agreement to guarantee such
payment obligation; provided however, such guarantee by such subsidiary shall
continue only during the time period that such subsidiary is wholly owned
directly or indirectly by RTI, and nothing in this Agreement shall require such
subsidiary to continue to provide such guarantee in the event that RTI no longer
owns a

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majority of the stock in such subsidiary, or if such subsidiary is sold, or if
the shares in such subsidiary are sold to the public through a public offering.

      1.5 In the event that RTI desires to receive any tissues which are not an
Exclusive Tissue from UFTB, RTI shall use its best efforts to provide UFTB with
thirty (30) days advance notice of such tissue need. Absent other arrangements
made in advance by the parties, in the event that RTI desires to no longer
receive any tissue previously accepted by RTI (other than the Exclusive Tissue),
RTI shall provide UFTB with ninety (90) days advance written notice of RTI's
intention to no longer receive such tissue.

      1.6 RTI shall assume custodianship from UFTB of the "Consignment
Allograft" -- Exhibit 1.6 attached hereto, on a consignment basis. Within
fifteen (15) days from the end of any calendar month in which any Consignment
Allograft was distributed by RTI, RTI shall provide UFTB with a written
accounting of such distributed Consignment Allograft indicating the amount
invoiced to the customer for such distributed Consignment Allograft and the
calculation for amount due to UFTB, along with a check for such amount due.
The amount due UFTB by RTI shall be equal to the dollar amount invoiced to
the customer by RTI, for the Consignment Allograft itself, less a [*****]
commission to be retained by RTI. In the event that UFTB distributes any of
the Consignment Allograft, as a commission to RTI, UFTB shall remit to RTI
[*****] of the dollar amount UFTB has invoiced to any customer, for the
Consignment Allograft itself. UFTB shall provide RTI with a written
accounting of such distributed Consignment Allograft indicating the amount
invoiced to the customer for such distributed Consignment Allograft and the
calculation for amount due to RTI, along with a check for such amount due,
within fifteen (15) days from the end of any calendar month in which any
Consignment Allograft was distributed by UFTB.

      1.7 No later than ninety (90) days from the first anniversary of the
effective date of this Agreement, and every anniversary thereafter for the term
of this Agreement, the parties shall convene to discuss, in good faith,
adjustments to the "Reimbursement Schedule" set forth on Exhibit B.

[CONFIDENTIAL]
                                       4
<PAGE>

                ARTICLE II - Acceptance and Rejection of Tissues

      2.1 RTI shall accept tissue from UFTB if such tissues meet or exceed the
requirements set forth on the specifications schedule and the SOPs, and in the
event that any tissues provided or expected to be provided to RTI by UFTB do not
meet such requirements, as determined by RTI, UFTB shall have the right to make
such tissues available to any third party.

      2.2 Exclusive Tissues shall be regularly provided to RTI as recovered by
UFTB under this Agreement.

      2.3 Within thirty (30) days of RTI's rejection of any tissue supplied by
UFTB due to a failure to meet the requirements set forth on the specifications
schedule or the SOPs, RTI shall notify UFTB in writing of such rejection(s), and
state the reason(s) for such rejection(s). RTI shall be responsible for the
proper storage, tracking, handling, and disposition of any rejected tissues and
the associated costs of such activities thereof

                         ARTICLE III - Fees and Payments

      3.1 Payment by RTI to UFTB for amounts due under this Agreement for
recovery services shall be based upon the fees set forth in the Reimbursement
Schedule, and such payment shall be made in accordance with this Article 3.1.

            a. For the period from April 16, l999 through July 3l, 1999, an
accounting shall be provided to UFTB by RTI of all donors and donor tissue
received from UFTB during the semi-monthly periods ending on the 15th day and
the 1st day of each month. Such accounting shall list the recovery fee due to
UFTB for the donors received (in total, the "Donor Fees"), computed as if all
donors and donor tissue received from UFTB during the period had passed medical
release. The accounting shall also list each donor or donor tissue which, during
the same semi-monthly period, was medically rejected and, for each such
medically rejected donor, the computed difference between the recovery fee for
that donor as if medically accepted and the fee as medically rejected (in total,
the "Rejection Credits"). Within ten (10) business days of the end of each of

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those semi-monthly periods, RTI shall pay UFTB the net amount of the Donor Fees
less the Rejection Credits.

            b. For the period from August 1, 1999 through October 31, 1999, an
accounting shall be provided to UFTB by RTI of all donors and donor tissue
received from UFTB during the monthly periods ending on the last day of each
month. Such accounting shall list the recovery fee due to UFTB for the donors
received (in total, the "Donor Fees"), computed as if all donors and donor
tissue received from UFTB during the period had passed medical release. The
accounting shall also list each donor or donor tissue which, during the same
monthly period, was medically rejected and, for each such medically rejected
donor, the computed difference between the recovery fee for that donor as if
medically accepted and the fee as medically rejected (in total, the "Rejection
Credits"). By the 20th day following each of the three (3) monthly periods, RTI
shall pay UFTB the net amount of the Donor Fees less the Rejection Credits.

            c. For each monthly period beginning November 1, 1999, an accounting
shall be provided to UFTB by RTI, by the l5th day of the following month, of all
donors and donor tissue received from UFTB during the preceding month, and of
all donors and donor tissue passing medical release during that preceding month.
Such accounting shall list the recovery fee due to UFTB for the donors medically
released during the month (in total, the "Donor Fees"). Such accounting shall
also list each donor or donor tissue which, during the monthly period, was
medically rejected and which had been received by RTI prior to November 1, 1999,
and for which RTI had already reimbursed a full recovery fee as if medically
released. For each of these pre-November 1 donors which were subsequently
medically rejected, the accounting shall list the computed difference between
the recovery fee for that donor as if medically accepted and the fee as
medically rejected (in total, the "Rejection Credits"). Within thirty (30) days
of the end of each monthly period, RTI shall pay UFTB the net amount of the
Donor Fees less the Rejection Credits.

            d. UFTB shall be responsible for and shall pay all shipping casts
associated with providing donors or donor tissue to RTI under this Agreement.

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<PAGE>

            e. UFTB shall provide all documentation to RTI necessary to perform
the master donor chart review, medical director sign-off. Both RTI and UFTB
shall use their best efforts to obtain medical releases promptly.

            f. Payments due to either party under this Article III which are
more than thirty (30) days past due shall bear interest at a rate equal to RTI's
then current commercial lending rate.

      3.2. RTI shall pay a royalty to UFTB, for UFTB's remission to the
University of Florida Department of Orthopedics (UFDO), pursuant to the
agreement entitled, "Agreement Between University of Florida and University of
Florida Orthopedic Tissue Bank, Inc.", made effective by and between UFTB and
UFDO on the 22nd day of October 1996. RTI shall calculate such royalty payment
to UFTB by multiplying the "Royalty Rate" by the "Qualifying Revenue". The
Royalty Rate is derived from Table 3.2 below and the Qualifying Revenue is
defined as "A" divided by "B" multiplied by "C" where:

            a. "A" equals the number of donors received by RTI from the
"Existing Agencies" - Exhibit 3.2(a)-1 attached hereto, which RTI utilizes to
produce the "Conventional Allograft" - Exhibit 3.2(a)-2 attached hereto;

            b. "B" equals the number of all donors utilized by RTI to produce
Conventional Allograft;

            c. "C" equals the revenue (net of returns, allowances, discounts,
shipping costs, and sales taxes) resulting from RTI's distribution of
Conventional Allograft derived from all RTI donors; and

            d. the number of donors and the revenue amount used to calculate A,
B, and C are derived from the calendar month for which such royalty is due.

            e. RTI shall keep for at least two years after the expiration or
termination of this Agreement full and accurate books of accounts and records
covering all distribution of the Conventional Allograft and the calculation of
royalties paid to UFTB. RTI also shall permit UFTB or its authorized
representative, upon reasonable notice during regular business hours, to conduct
reasonable audits of RTI's books, records and inventories to verify the accuracy
of royalties paid under this Article 3.2. If any such

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audit of RTI's books and records indicates a royalty underpayment to UFTB of at
least five percent (5%) and $5,000, when compared to payments made and reports
previously furnished to UFTB for the respective time period, RTI shall bear
UFTB's direct cost of such audit. RTI shall pay UFTB any such unpaid amounts due
UFTB, as disclosed by the audit, plus interest (at RTI's current commercial
lending rate) and, if applicable, such direct audit costs, within ten (10) days
of UFTB's written demand.

                                    Table 3.2

          Annual Qualifying Revenue Range*        Royalty Rate
          Up to $5,000,000                           [*****]
          $5,000,001-$6,000,000                      [*****]
          $6,000,001-$7,000,000                      [*****]
          $7,000,001 -$9,000,000                     [*****]
          Over $9,000,000                            [*****]

          * Each annual period being July 1 to June 30

            e. No later than fifteen (15) business days from the end of each
calendar month for the term of this Agreement, RTI shall provide UFTB with an
accounting of such royalties including a breakdown of Qualifying Revenue by each
Existing Agency for such month along with a check for the appropriate dollar
amount made payable to UFTB, or upon written request from UFTB, RTI will remit
such royalty check and a copy of the accounting directly to the UFDO.

               ARTICLE IV - Technical and Professional Assistance

      4.1 The parties acknowledge that they each have certain technical
knowledge and expertise and each party agrees to offer the other party
reasonable technical and professional assistance which may be needed from time
to time to enhance the quality and increase the quantity of tissues made
available to RTI.

[CONFIDENTIAL]
                                       8
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      4.2 UFTB offers its staff for projects as requested by RTI on a
case-by-case basis, based on the hourly rate of the gross salary and benefits,
plus thirty (30%) percent, of the specific UFTB employee's wage assigned to the
project, plus reasonable non-salaried expenses.

      4.3 In the event that an RTI "trainee" accompanies a UFTB employee, or
other UFTB appointed person, on an Exclusive Tissue recovery for the purpose of
Exclusive Tissue recovery training, RTI shall pay UFTB a fee of Two Hundred
Fifty Dollars ($250) for each such recovery training occurrence within thirty
(30) days of receipt of invoice from UFTB.

                        ARTICLE V - Term and Termination

      5.1 The term of this Agreement shall be for a period of ten (10) years
commencing with the effective date set forth above.

      5.2 This Agreement may be terminated early:

            a. by either party due to a material breach by the other party of
any of its obligations or covenants herein, if the breaching party fails to
remedy said breach within thirty (30) calendar days of receiving written notice
from the non-breaching party of such breach; or

            b. by either party upon an adjudication of the other party as
bankrupt or insolvent, or the admission in writing by such party of its
inability to pay its debts as they mature; or an assignment by such other party
for the benefit of its creditors; or such other party applying for or consenting
to the appointment of a receiver, trustee or similar officer for its assets; or
the appointment of such receiver, trustee or similar officer for such other
party's assets without the application or consent of such party, if such
appointment shall continue undischarged for a period of ninety (90) days.

                                       9
<PAGE>

            ARTICLE VI- Warranty. Indemnity and Other Representations

      6.1 Both parties represent and warrant that the rights granted herein do
not violate any rights previously granted by either party to any third party.

      6.2 RTI warrants that:

            a. it is a corporation duly organized, validly existing and in good
standing under the laws of Florida and has all corporate power and authority to
execute and deliver this Agreement and to perform its obligations hereunder;

            b. the execution, delivery and performance by RTI of this Agreement
and the consummation of the transactions contemplated hereby has been duly and
validly authorized by all requisite corporate action, and no other corporate act
or proceeding on the part of RTI is necessary to authorize the execution and
delivery and performance of this Agreement and the consummation of the
transactions contemplated hereby;

            c. it is not subject to nor obligated under its Articles of
Incorporation or bylaws, any applicable law, rule or regulation of any
governmental authority , or any agreement, instrument, license or permit or
subject to any order, writ, injunction or degree, which would be breached or
violated by its execution, delivery or performance of this agreement;

            d. its execution and delivery of this Agreement and the performance
of its obligations hereunder, including the obligations of any payments
hereunder, do not and will not conflict with, violate, or result in any default
under any agreement, instrument or other contract to which RTI is a party or by
which it is bound; and

            e. there are no claims, actions, suits or other proceedings pending,
or to the knowledge of RTI threatened which, if adversely determined, would
adversely affect the ability of RTI to consummate the transactions contemplated
by this Agreement or perform its obligations hereunder.

      6.3 UFTB warrants that:

            a. it is a corporation duly organized, validly existing and in good
standing under the laws of Florida and has all corporate power and authority to
execute and deliver this Agreement and to perform its obligations hereunder;

                                       10
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            b. the execution, delivery and performance by UFTB of this Agreement
and the consummation of the transactions contemplated hereby has been duly and
validly authorized by all requisite corporate action, and no other corporate act
or proceeding on the part of UFTB is necessary to authorize the execution and
delivery and performance of this Agreement and the consummation of the
transactions contemplated hereby;

            c. it is not subject to nor obligated under its Articles of
Incorporation or bylaws, any applicable law, rule or regulation of any
governmental authority, or any agreement, instrument, license or permit or
subject to any order, writ, injunction or degree, which would be breached or
violated by its execution, delivery or performance of this agreement;

            d. its execution and delivery of this Agreement and the performance
of its obligations hereunder, including the obligations of any payments
hereunder, do not and will not conflict with, violate, or result in any default
under any agreement, instrument or other contract to which UFTB is a party or by
which it is bound; and

            e. there are no claims, actions, suits or other proceedings pending,
or to the knowledge of UFTB threatened which, if adversely determined, would
adversely affect the ability of UFTB to consummate the transactions contemplated
by this Agreement or perform its obligations hereunder.

      6.4 Apart from any warranty expressly made in this Agreement, neither
party hereto makes any representations and extends no warranties of any kind,
either express or implied. Nothing in this Agreement shall be construed as an
obligation to furnish any other information, except as specifically provided
herein, or a warranty or representation by RTI that it will not procure any
tissues from other sources.

      6.5 UFTB warrants to RTI that all tissues are screened according to local,
state, federal regulations in force at the time of recovery.

      6.6 UFTB shall at all times during the term of this Agreement and
thereafter, indemnify, defend and hold RTI, RTI Affiliates (as hereinafter
defined), or any of its assigns, harmless against all claims and expenses,
including legal expenses and reasonable attorney fees, arising out of any other
claims, proceeding, demand, expense,

                                       11
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loss, and liability of any kind whatsoever including any breach of its
obligations hereunder (collectively, "RTI Losses") resulting from the activities
of UFTB under this Agreement, except where such RTI Losses result solely from
RTI's negligence or willful misconduct. As used in this Agreement, "RTI
Affiliates" shall mean RTI's directors, officers, agents and employees.
Notwithstanding the above, RTI, at all times, reserves the right to retain
counsel of its own, at its own expense, to defend RTI's interests. This Article
6.6 shall survive the termination of this Agreement.

      6.7 RTI shall at all times during the term of this Agreement and
thereafter, indemnify, defend and hold UFTB, UFTB Affiliates (as hereinafter
defined), or any of its assigns, harmless against all claims and expenses,
including legal expenses and reasonable attorney fees, arising out of any other
claims, proceeding, demand, expense, loss, and liability of any kind whatsoever
including any breach of its obligations hereunder (collectively, "UFTB Losses")
resulting from the activities of RTI under this Agreement, except where such
UFTB Losses result from solely UFTB's negligence or willful misconduct. As used
in this Agreement, "UFTB Affiliates" shall mean UFTB's directors, officers,
agents and employees. Notwithstanding the above, UFTB at all times reserves the
right to retain counsel of its own, at its own expense, to defend UFTB's
interests. This Article 6.7 shall survive the termination of this Agreement.

      6.8 Each party warrants that it now maintains and will continue to
maintain liability insurance coverage in an amount of two million dollars
($2,000,000) for UFTB, and five million dollars ($5,000,000) for RTI, per
occurrence and that such insurance coverage lists the other party as an
additional insured. Each party shall provide the other party with at least
thirty (30) days written notice of any change or cancellation of such insurance
coverage.

                             ARTICLE VII- Assignment

      7.1 This Agreement has been entered into by RTI and UFTB in reliance upon
the particular qualifications of each party and is personal to each party.

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            a. Neither this Agreement, nor any rights or obligations hereunder,
may be assigned, pledged or encumbered by UFTB or RTI without the express prior
written approval of the other party; provided however, RTI may assign this
Agreement, upon the prior written consent of UFTB, to a third party provided
that (i) such third party provides reasonably satisfactory evidence that the
third party is of equal or better financial condition than RTI and (ii) such
third party agrees to provide such assurances and agrees to execute such
agreements to meet the obligations of RTI under this Agreement. UFTB shall not
unreasonably withhold its consent to any such assignment.

            b. In the event that RTI desires to assign this Agreement, UFTB
shall provide RTI with written notice of its intention to accept or reject such
assignment within fifteen (15) business days of UFTB's receipt from RTI of such
submitted evidence regarding the third party. In the event that RTI does not
receive such written notice of intention from UFTB within such fifteen (15) day
time period, UFTB shall be deemed to have consented to such assignment. In the
event that UFTB withholds consent to such assignment, UFTB shall within such
fifteen (15) day time period, provide RTI, in writing, with the reasonable
reasons for withholding of such consent.

            c. For purposes of this Agreement any change in control of RTI shall
be deemed an assignment of this contract by RTI. Change in control shall mean
the change in ownership of a majority of the outstanding shares of common stock.

                          ARTICLE VIII - Miscellaneous

      8.1 A waiver of any specific breach of any provision of this Agreement
shall not be construed as a continuing waiver of other breaches of the same or
other provisions of this Agreement.

      8.2 The right of either party to terminate under the provisions of this
Agreement shall not be an exclusive remedy, and either party shall be entitled,
if the circumstances warrant, alternatively or cumulatively, to damages for
breach of this Agreement, to an order requiring performance of the obligations
of this Agreement.

                                       13
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      8.3 Nothing herein shall be deemed to create an agency, joint venture or
partnership relationship between the parties hereto.

      8.4 This Agreement constitutes the entire agreement and understanding of
the parties with regard to the subject matter hereof, and supercedes the
Previous Agreements and all prior discussions, negotiations, understandings and
agreements between the parties concerning the subject matter hereof. Neither
party shall be bound by any definition, condition, warranty, right, duty or
covenant other than as expressly stated in this Agreement or as subsequently set
forth in a written document signed by both parties. Each party expressly waives
any implied right or obligation regarding the subject matter hereof. All other
written agreements between the parties shall remain in full force and effect.

      8.5 This Agreement shall be interpreted and construed in accordance with
the laws of the State of Florida and the parties agree that: (a) they are
subject to the jurisdiction of the state and Federal courts located within the
state of Florida; (b) the exclusive venue for actions related to this Agreement
shall be the Circuit Court for Alachua County, Florida or the United States
District Court having jurisdiction over Alachua County, Florida; and (c) in any
action brought to enforce or interpret the rights or obligations relating to
this Agreement, the prevailing party in such action shall be entitled to an
award of it's reasonable attorneys' fees and costs, including pre-suit and
appellate attorneys' fees and costs, from the non-prevailing party.

      8.6 This Agreement may be amended only by a written document signed by
authorized representatives of both parties.

      8.7 Each party hereto agrees to execute, acknowledge and deliver all such
further instruments as may be necessary or appropriate to carry out the intent
and purposes of this Agreement. This Agreement shall be binding upon and inure
to the benefit of the respective parties hereto, their heirs, legal
representatives, successors and permitted assigns.

      8.8 The headings contained in this Agreement are for reference purposes
only and shall not affect in any way the meaning or interpretation of this
Agreement.

                                       14
<PAGE>

      8.9 Should any part or provision of this Agreement be held unenforceable
or in conflict with the law of any jurisdiction, the validity of the remaining
parts or provisions shall not be affected by such holding. In the event a part
or provision of this Agreement is held unenforceable or in conflict with the law
affecting consideration to either party, the parties agree to negotiate in good
faith amendment of such part or provision in a manner consistent with the
intention of the parties as expressed in this Agreement.

      8.10 Neither party shall be responsible or liable to the other party for
nonperformance or delay in performance of any terms or conditions of this
Agreement due to acts or occurrences beyond the control of the non-performing or
delayed party including, but not limited to, acts of God, acts of government,
year 2000 related occurrences, wars, riots, strikes or other labor disputes,
shortages of labor or materials, fires and floods, provided the non-performing
or delayed party provides to the other party written notice of the existence and
the reason for such nonperformance or delay. The nonperformance or delay by
either party in excess of one hundred eighty (180) days shall constitute cause
for termination of this Agreement with such notice given in writing by one party
to the other.

      8.11 Any and all notices or other communications required or permitted by
this Agreement or by law to be served on or given to either party by the other
party shall be in writing and delivered or sent to:

      RTI:                     Jamie M. Grooms, Chief Executive Officer
                               Regeneration Technologies, Inc.
                               1 Innovation Drive
                               Alachua, FL 32615

      UFTB:                    Nancy R. Holland, Chief Executive Officer
                               University of Florida Tissue Bank, Inc.
                               1 Innovation Drive
                               Alachua, FL 32615
                               With copy to: Susan Collingwood
                               Office of General Counsel
                               University of Florida

                                       15
<PAGE>

      8.12 Each party may change its address for purposes of this Agreement
written notice to the other party. All notices or other communications shall
be deemed duly served and given on the date when personally delivered to the
party to whom it is directed, when sent by FedEx or other reasonably similar
courier, or when deposited in the United States mail, first class, postage
prepaid, and addressed to the party at the address in Article 8.11 herein.

       8.13 Absent express, prior written permission by the disclosing party
to the receiving party, the parties to this Agreement, their officers,
directors, employees and agents, shall strictly maintain the confidentiality
of, and shall not disclose to any third party, the personal data of donors,
any processes, patent applications, technical, financial and business
information, general or otherwise, and any other information normally treated
as confidential by the disclosing party. The parties to this Agreement shall
use their best efforts to assure that all of their employees and agents
maintain such confidentiality. This Article 8.13 shall survive the
termination of this Agreement.

      8.14 This Agreement shall be executed by each party in duplicate
originals, each of which shall be deemed an original, but both originals
together shall constitute only one and the same instrument.

                       (Signatures on the following page)

                                       16
<PAGE>

      IN WITNESS WHEREOF, the parties have executed this Agreement in duplicate
on the signature page hereof.

Regeneration Technologies, Inc.

By: /s/ James M. Grooms
   --------------------------------
Title: President & CEO
      -----------------------------
Date: 7/16/99
     ------------------------------

University of Florida Tissue Bank, Inc.

By: /s/ Nancy Holland
   --------------------------------
Title: President and CEO
      -----------------------------
Date: 7/13/99
     ------------------------------

Attachments:

o     Composite Exhibit A

o     "Exclusive Tissue", "Non-Exclusive Tissues", "Reimbursement Schedule"
       --Exhibit B

o     "Consignment Allograft" -- Exhibit 1.6

o     "Existing Agencies"-- Exhibit 3.2(a)-1

o     "Conventional Allograft"-- Exhibit 3.2(a)-2

                                       17
<PAGE>

                      "Existing Agencies"- Exhibit 3.2(a)-1

Indiana Cardiac Retrieval, Inc.
Life Alaska, Inc.
MidSouth Tissue Bank
New England Organ Bank/Maine Transplant
Northeast OPO
Rochester Eye and Human Parts Bank
TransLife
Transplantation Society of Michigan
University of Florida Tissue Bank
Washington Hospital Center

[CONFIDENTIAL]<PAGE>

                                                                    EXHIBIT 10.4
Confidential Treatment. The portions of this exhibit that have been replaced
with "[*****]" have been filed separately with the Securities and Exchange
Commission and are the subject of an application for confidential treatment.

                           EXCLUSIVE LICENSE AGREEMENT

      This Agreement is made effective the 22nd day of April, 1997, by and
between the University of Florida Tissue Bank, Inc. (hereinafter called "UFTB"),
a nonstock, nonprofit Florida corporation, and Exactech, Inc. (hereinafter
called Exactech) a corporation organized and existing under the laws of the
State of Florida;

      WHEREAS, UFTB owns certain inventions that are described in the "Licensed
Technology" defined below, and UFTB and Exactech have jointly developed new uses
for these inventions, UFTB is willing to grant a license to Exactech on the
Licensed Technology and Exactech desires such a license;

      NOW, THEREFORE, in consideration of the mutual covenants and agreements
set forth below, the parties covenant and agree as follows:

      Section 1. Definitions.

            A. "Licensed Technology" shall refer to a moldable substance
containing demineralized bone and cortical cancellous chips as described in U.S.
Patent Application S/N 08/816,079, dated March 13, 1997, attached as Exhibit A,
including any continuation of this patent, or continuation in part, or
divisional applications thereof as well as foreign counterparts thereof and
patents issuing thereon.

            B. "Developed Products" shall refer to and mean those products which
are referenced in Exhibit B, as well as any similar shapes, sizes and
Improvements, which items are processed out of UFTB's Licensed Technology.
"Improvements" shall mean any modification of a Developed Product which
encompasses one or more of the elements of the Licensed Technology.

            C. "Established Distribution Fee and Minimum Distribution Fee" shall
initially mean, respectively, the list Distribution Fee and minimum Distribution
Fee specified in Exhibit C of this Agreement for each of the Developed Products.
The Established Distribution Fee shall include separate fees for U.S. and for
non-U.S. sales of Developed Products, which Distribution Fees may or may not be
the same. The Established Distribution Fee and Minimum Distribution Fee for any
Developed Product may be changed from time to time, effective for the beginning
of the calendar month following the date of the change, by written mutual
agreement of UFTB and Exactech.

            D. "Licensed Field" shall be the limited field of general human
orthopedic use, exclusive of any specific or general usages which involve the
human spine.

            E. "Licensed Territory" shall be the United States and any of the
rest of the world where distribution of the Developed Products is not unlawful.

      Section 2. Grant.

            A. License.

            UFTB hereby grants to Exactech an exclusive license, limited to the
Licensed Field and the Licensed Territory, under the Licensed Technology to
distribute Developed Products.

[CONFIDENTIAL]
                                       1
<PAGE>

            B. License to Improvements.

            UFTB hereby grants to Exactech an exclusive license, limited to the
Licensed Field and the Licensed Territory, under the Licensed Technology, to
distribute Improvements to the Developed Products, subject to approval in
writing by UFTB of the Improvement. Such Improvements are to be treated as
Developed Products and as such are bound by all the terms of this Agreement. In
the event that Exactech develops an Improvement independently of UFTB, Exactech
shall provide UFTB with a written disclosure of each such
independently-developed Improvement, unambiguously identifying it as an
Improvement governed by this paragraph, within forty five (45) days of the first
attempt at its development.

            C. License of UFTB Marks.

            During the term of this Agreement, UFTB grants to Exactech a
royalty-free, non-transferable license to use the mark "University of Florida
Tissue Bank" (the "UFTB Mark") in connection with the distribution of the
Developed Products, subject to the written approval of UFTB of the manner in
which the UFTB Mark is used. Exactech shall not use UFTB's name, or the name of
the University of Florida, in distribution promotion, advertising, or any other
form of publicity or external communication without the prior written approval
of UFTB.

            D. Developed Products Completion and Design

            As Developed Products are not currently ready for clinical use, UFTB
and Exactech agree to utilize their best efforts to jointly complete Developed
Products as soon as possible. UFTB hereby agrees that a Developed Product will
be completed for clinical use no later than September 1, 1997. In the event UFTB
is unable to meet such deadline, the parties may extend the date by written
mutual agreement. Acceptability of Developed Product design shall be subject to
mutual agreement between UFTB and Exactech.

            E. Product Supply.

            Exactech agrees to provide UFTB with an estimated quarterly
requirement for Developed Products at least ninety (90) days in advance of the
first day of each calendar year quarter. UFTB agrees to supply Developed
Products in sufficient quantities to meet the estimated requirement.

            Section 3. Consideration.

            A. Development.

            Exactech agrees to and warrants that; i) it has, or will obtain, the
expertise necessary to independently evaluate the Licensed Technology and
Developed Products; and ii) it will exercise due diligence to effect the
introduction of Developed Product into the commercial market as soon as
practical. Developed Product design shall be subject to mutual agreement between
UFTB and Exactech.

            B. License Fee.

            Exactech shall pay to UFTB, as consideration for entering into this
Agreement, which sum is non refundable and will not be considered as an advance
payment on Transfer Distribution Fees due hereunder, a license fee of two
hundred fifty thousand ($250,000) dollars payable as follows:

            (i)   One hundred thousand ($100,000) dollars upon execution of this
                  Agreement by both parties.

[CONFIDENTIAL]
                                       2
<PAGE>

            (ii)  One hundred fifty thousand ($150,000) dollars upon production
                  by UFTB of a clinically ready Developed Product, which is
                  mutually acceptable to both parties.

            C. Transfer Distribution Fee.

            In addition to the Section 3B License Fee, Exactech agrees to pay to
UFTB a Transfer Distribution Fee for all Developed Products shipped by UFTB to
Exactech or shipped to any third party at the directive of Exactech. Developed
Product so shipped by UFTB shall be f.o.b. at UFTB's Alachua, Florida offices.
The Transfer Distribution Fee paid for Developed Products shall be [*****] of
the actual invoiced Distribution Fee for each Developed Product distributed,
but at no time shall the Transfer Distribution Fee paid be less than [*****]
of the Minimum Distribution Fee.

            D. Minimum Aggregate Annual Performance.

            In the event that, for the later of 1999 or the third twelve month
period following the availability of the Developed Product from UFTB, the annual
total paid to UFTB under this Agreement, including aggregate annual Transfer
Distribution Fee or any other amounts paid to UFTB, is less than [*****], or
for any calendar year thereafter is less than [*****], UFTB may, at its sole
discretion, upon written notice to Exactech, terminate this Agreement.
Exactech shall have the right within forty five (45) days from the receipt of
such notice from UFTB to pay such additional sums as may be necessary to
bring payment for such year to the specified minimum. In the event that UFTB
delays or fails to deliver Developed Product or Federal regulatory actions
delay Developed Product delivery, such events shall not be considered reason
for termination.

            E. Accounting Payments.

            (i) Amounts owing to UFTB under Section 3C shall be paid on a net
30-day basis. Any amounts which remain unpaid after forty-five (45) days from
the end of the month in which they were earned shall accrue interest until paid
at the rate of one and one-half percent (1.5%) per month. However, in no event
shall this interest provision be construed as a grant of permission for any
payment delays.

            (ii) Except as otherwise directed, all amounts owing to UFTB under
this Agreement shall be paid in U.S. dollars to UFTB at the address provided in
Section 15A. All amounts owing with respect to Distribution Fees stated in
currencies other than U.S. dollars shall be converted at the rate shown in the
Federal Reserve Noon Valuation - Value of Foreign Currencies on the day
preceding the payment.

            (iii) A full accounting of monthly distributions of Developed
Products by Exactech shall be submitted to UFTB each month by the 25th day of
the following month. Such accounting shall be on a per-country and Developed
Product basis and shall be summarized on the form shown in Exhibit D of this
Agreement. In the event no payment is owed to UFTB, a statement setting forth
that fact shall be supplied to UFTB.

      Section 4. Certain Warranties of UFTB.

            A. UFTB warrants that it is the owner of the Licensed Technology or
otherwise has the right to grant the licenses granted to Exactech in this
Agreement.

            B. UFTB warrants to the best of its knowledge and belief that the
Licensed Technology does not infringe upon any patent which has been issued to,
or any intellectual property right of, any third party.

            C. UFTB warrants to the best of its knowledge and belief the
Licensed Technology is free

[CONFIDENTIAL]
                                       3
<PAGE>

of any liens, encumbrances, pledges, or claims of any third party.

            D. UFTB warrants that the rights granted herein do not violate any
rights previously granted by UFTB to any third party.

            E. UFTB warrants that it has not received any written notice from or
written claim of any third party that the Licensed Technology is invalid,
unenforceable or infringes the rights of any third party.

            F. UFTB has no obligation to furnish any know-how not provided in
Licensed Technology or any services other than those specified in this
Agreement.

            G. UFTB makes no warrant or representation that it will not grant
licenses to others to make, use or distribute products not covered by the claims
of the Licensed Technology.

      Section 5. Record keeping.

            A. Exactech shall keep books and records sufficient to verify the
accuracy and completeness of Exactech's accounting referred to above, including
without limitation inventory, purchase and invoice records relating to the
Developed Products and their distribution. Such books and records shall be
preserved for a period not less than five years after they are created during
and after the term of this Agreement.

            B. Exactech shall take all steps necessary so that UFTB may within
thirty days of its request review and copy all the books and records at a single
U.S. location to verify the accuracy of Exactech's accounting. Such review may
be performed by any employee of UFTB as well as by any attorney or public
accountant designated by UFTB, upon reasonable notice and during regular
business hours.

            C. If a payment deficiency is determined, Exactech shall pay the
deficiency outstanding within thirty (30) days of receiving written notice
thereof, plus interest on outstanding amounts as described in Section 3E(i).

            D. If a payment deficiency for a calendar year exceeds five percent
(5%) of the amount paid for that year, then Exactech shall be responsible for
paying UFTB's out-of-pocket expenses incurred with respect to the review
referred to in Section 5B herein.

      Section 6. Term and Termination.

            A. The term of this license shall begin on the effective date of
this Agreement and continue until the earlier of the date that the payment of
Transfer Distribution Fees amounts under Section 3C, once begun, have ceased for
more than six (6) calendar months, or the date of termination due to the
provisions of the Minimum Aggregate Annual Performance of Section 3D, or the
date of termination for any other reason in this Section. In the event that UFTB
delays or fails to deliver Developed Product or Federal regulatory actions delay
Developed Product delivery, such events shall not be considered reason for
termination.

            B. Exactech may terminate this Agreement at any time by giving at
least one hundred twenty (120) days written notice of such termination to UFTB.
Such a notice shall be accompanied by a statement of the reasons for
termination.

            C. If Exactech at any time defaults in the timely payment of any
monies due to UFTB or the timely submission to UFTB of any reports, or commits
any breach of any other covenant herein contained, and Exactech fails to remedy
any such breach or default within thirty days after written notice thereof by
UFTB, UFTB may, at its option,

                                       4
<PAGE>

terminate this Agreement by giving notice of termination to Exactech.

            D. Upon the termination of this Agreement, Exactech shall remain
obligated to provide an accounting for and to pay amounts earned by UFTB up to
the date of the termination.

      Section 7. Assignability.

            This Agreement may not be transferred or assigned by Exactech except
with the prior written consent of UFTB. UFTB may transfer or assign its rights,
interest, and/or ownership in this Agreement to any entity in which UFTB has an
ownership interest at the time of transfer or assignment.

      Section 8. Contest of Validity.

            In the event Exactech contests the validity of this Agreement or the
Licensed Technology, Exactech shall continue to pay Transfer Distribution Fee
amounts with respect to Developed Products as if such contest were not underway,
until this Agreement or the Licensed Technology is adjudicated invalid or
unenforceable in the following manner:

            A. All disputes over the meaning and interpretation of this
Agreement shall be resolved by conciliation and mediation and if mediation is
unsuccessful then disputes shall be finally settled by an Arbitrator selected by
UFTB and Exactech. If UFTB and Exactech cannot agree on an Arbitrator, then
disputes shall be resolved by an Arbitration Panel comprising one arbitrator
appointed by UFTB, one arbitrator appointed by Exactech, and a Chairman of the
Arbitration Panel appointed by the first two arbitrators. Any such arbitration
proceeding shall be conducted in accordance with generally accepted arbitration
rules; shall be held in the state of Florida, unless otherwise agreed by the
parties; and judgment upon the arbitration award may be entered in any court
having jurisdiction.

            B. In order to initiate procedures for dispute resolution by
conciliation, mediation and arbitration either party shall give written notice
to the other of intention to resolve a dispute, and absent satisfactory
resolution, then to arbitrate. Such notice shall contain a statement setting
forth the nature of the dispute and the resolution sought. If, within sixty (60)
days of such notice a resolution by conciliation between the parties themselves
or by mediation has not been achieved to the satisfaction of both parties, the
dispute must be arbitrated.

            C. UFTB reserves the right and power to proceed with direct judicial
remedies against Exactech without conciliation, mediation or arbitration for
breach of the Transfer Distribution Fee payment and distributions reporting
provisions of this Agreement after giving written notice of such breach to
Exactech followed by an opportunity period of thirty (30) days in which to cure
such breach. In collecting overdue Transfer Distribution Fee payments and
securing compliance with reporting obligations, UFTB may use all judicial
remedies available.

      Section 9. Foreign Patents and Payment of Costs.

            Exactech agrees to pay UFTB within sixty (60) days of submission to
Exactech of a statement and request for payment, an amount equivalent to fifty
percent (50%) of all expenses incurred in the preparation, filing, prosecution,
renewal, and continuation of patents in foreign countries related to the
protection or improvement of the Developed Products for those countries,
including all taxes, official fees and attorneys fees. However, Exactech may
elect in writing to be released from its license to distribute Developed
Products in any foreign country at any time by giving written notice to UFTB
within thirty (30) days of receipt of the statement, request for payment or
other such written notice from UFTB, notifying UFTB that it does not wish to pay
its fifty percent of the patent-related expenses for that country, in which
event Exactech shall thereafter have no obligation to reimburse UFTB for any
expenses relating to such patents or patent applications for that foreign
country. At no time shall Exactech be required to pay a higher percentage than
UFTB

                                       5
<PAGE>

of the expenses described in this paragraph.

      Section 10. Payment of U.S. Renewal Fees and Continuing Prosecution Costs.

            A. When renewal fees or continuing prosecution costs are due for the
"Bone Paste" described in the U. S. Patent Application attached as Exhibit A
herein, UFTB may elect to pay all said costs and in the event UFTB elects not to
pay said renewal fees, Exactech may, at Exactech's discretion, pay for said
renewal.

            B. In the event that UFTB decides to file for additional U.S.
Patent(s) on the Developed Products distributed or to be distributed by
Exactech, Exactech agrees to pay fifty percent (50%) of all reasonable legal
costs related to acquiring such patent(s), including any continuations,
continuations in part, or divisional applications thereof. At no time shall
Exactech be required to pay a higher percentage than UFTB of the expenses
described in this paragraph.

      Section 11. Infringement of Licensed Patent Rights by Third Parties.

            A. In the event that any infringement of a Patent on the Licensed
Technology or Developed Products shall come to the attention of UFTB or
Exactech, then UFTB and Exactech shall duly inform each other. UFTB shall, in
its sole discretion, determine whether or not to prosecute a patent infringement
action. If UFTB conducts and pays the costs of the litigation, then any amount
recovered belongs to UFTB. Exactech shall have the right to pay a portion of the
litigation costs up to 50% of the total incurred and will have the right to the
same proportion of recovery.

            B. If UFTB determines and elects not to prosecute a patent
infringement action as described in Section 11A, then Exactech may bring or
cause legal proceedings against the alleged infringing party at its own initial
expense, with partial reimbursement by UFTB as defined herein, so long as
Exactech shows that (i) there is substantial likelihood of infringement, (ii)
there is substantial competition by the infringer, and (iii) unless mutually
agreed to in writing by UFTB and Exactech, no other action for infringement is
pending at the time so that only one such lawsuit is pending at any time.
Exactech may defray up to fifty percent (50%) of the direct, out-of-pocket
expenses of any such lawsuit by withholding from payments to UFTB, upon written
notification to UFTB twenty percent (20%) of the Transfer Distribution Fee due
to UFTB per Section 3C herein. At no time shall the aggregate sum of the amounts
withheld from UFTB `s Transfer Distribution Fee payments exceed fifty percent
(50%) of the total amount of actual, out-of-pocket expenses paid by Exactech for
expenses directly related to the lawsuit. Out of any damages or awards recovered
by Exactech in such action conducted by Exactech, Exactech will first recover
any direct out-of-pocket expenses for conducting said litigation which are in
excess of the costs defrayed by UFTB's withheld Transfer Distribution Fees. UFTB
will then recover any Transfer Distribution Fees withheld by Exactech and any
direct, out-of-pocket expenses which it incurred on behalf of the litigation.
Any amount remaining shall belong to Exactech except that UFTB shall receive an
amount equivalent to its Transfer Distribution Fee percentage on such amount
remaining.

            C. In any proceedings, UFTB shall be entitled to employ counsel and
control the course of litigation, at its own expense, if, in UFTB's sole
discretion, Exactech's defense of patent rights is insufficient, or if Exactech
fails to carry on vigorous prosecution of said patent rights.

            D. In the event Exactech seeks, with justifiable cause, to prosecute
more than one lawsuit at a time, UFTB will not unreasonably withhold permission
where such actions are conducted entirely at Exactech's expense, including
reimbursement of UFTB's expenses incurred on behalf of such action.

            E. In any action brought by Exactech, Exactech shall indemnify and
hold UFTB harmless from any damages, costs or expenses incurred by reason of
such litigation.

      Section 12. Patent Marking.

                                       6
<PAGE>

            Exactech shall insure that it applies patent markings, when notified
by UFTB of applicability, that meet all requirements of U.S. law, 35 U.S.C. 287,
with respect to all Developed Products subject to this Agreement.

      Section 13. Product Liability; Conduct of Business.

            A. Subject to UFTB's indemnification obligations pursuant to Section
13(B) hereof, Exactech shall indemnify and hold UFTB harmless from any and all
loss, damages, liabilities, costs and expenses, including, without limitation,
reasonable attorneys fees and court costs, that may result from any demand,
claim, or litigation relating to, resulting from or arising out of the marketing
or distribution by Exactech of the Developed Products.

            B. UFTB shall indemnify and hold Exactech harmless from any and all
loss, damages, liabilities, costs and expenses, including, without limitation,
reasonable attorneys fees and court costs, that may result from any demand,
claim or litigation resulting from any action or inaction which is solely the
fault of UFTB.

            C. Exactech warrants that it now maintains and will continue to
maintain liability insurance coverage appropriate to the risk involved in
marketing the products subject to this Agreement. Within sixty (60) days after
the execution of this Agreement and thereafter annually between January 1 and
January 31 of each year, Exactech will present evidence to UFTB that the
coverage is being maintained. In addition, Exactech shall provide UFTB with at
least 30 days prior written notice of any change in or cancellation of the
insurance coverage.

            D. UFTB warrants that it now maintains and will continue to maintain
liability insurance coverage appropriate to the risk involved in marketing the
products subject to this Agreement. Within sixty (60) days after the execution
of this Agreement and thereafter annually between January 1 and January 31 of
each year, UFTB will present evidence to Exactech that the coverage is being
maintained. In addition, UFTB shall provide Exactech with at least 30 days prior
written notice of any change in or cancellation of the insurance coverage.

      Section 14. Miscellaneous.

            This Agreement shall be construed in accordance with the internal
laws of the State of Florida. If any provisions of this Agreement are or shall
come into conflict with the laws or regulations of any jurisdiction or any
governmental entity having jurisdiction over the parties or this Agreement,
those provisions shall be deemed automatically deleted, if such deletion is
allowed by relevant law, and the remaining terms and conditions of this
Agreement shall remain in full force and effect. If such a decision is not so
allowed or if such a deletion leaves terms thereby made clearly illogical or
inappropriate in effect, the parties agree to substitute new terms as similar in
effect to the present terms of this Agreement as may be allowed under the
applicable laws and regulations. The parties hereto are independent contractors
and not joint venturers or partners.

      Section 15. Notices.

            Any notice required to be given pursuant to the provisions of this
Agreement shall be in writing and shall be deemed to have been given at the
earlier of the time when actually received as a consequence of any effective
method of delivery, including but not limited to hand delivery, transmission by
telecopier, or address to the party for whom intended at the address below or at
such changed address as the party shall have specified by written notice,
provided that any notice of change of address shall be effective only upon
actual receipt.

     (a)  University of Florida Tissue Bank, Inc.   (b) Exactech: Exactech, Inc.
          Attn: Jamie Grooms                            Attn: Timothy Seese
          One Innovation Drive                          4613 NW 6th Street
          Alachua, FL 32615                             Gainesville, FL 32609

                                       7
<PAGE>

      Section 16. Integration.

            This Agreement, together with the Exhibits hereto, constitutes the
entire agreement of the parties hereto with respect to the subject matter hereof
and supersedes any prior expression of intent or agreement of the parties with
respect thereto. The Agreement cannot be modified, altered, or amended except by
an agreement in writing signed by the duly authorized representatives of each of
the parties hereto.

      Section 17. Contract Formation and Authority.

            A. No agreement between the parties shall exist unless the duly
authorized representative of Exactech and the managing director of UFTB have
signed this document within thirty (30) days of the effective date written on
the first page of this Agreement.

            B. The persons signing on behalf of UFTB and Exactech hereby warrant
and represent that they have authority to execute this Agreement on behalf of
the party for whom they have signed.

      IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement
on the dates indicated below.

UNIVERSITY OF FLORIDA TISSUE BANK, INC.

By: /s/ Jamie M. Grooms    Date: 4/22, 1997
    -----------------------      -----------------

Name and Title: Jamie M. Grooms, President & CEO
                ----------------------------------

Exactech: EXACTECH, INC.

By: /s/ Timothy J. Seese   Date: April 22, 1997
    -----------------------      -----------------

Name and Title: /s/ TIMOTHY J. SEESE, PRESIDENT
                ----------------------------------

                                       8
<PAGE>

              [Coverletter of Regeneration Technologies, Inc.(TM)]

10 March 1998

Dr. William Petty, Chairman & CEO
Exactech, Inc.
4613 NW 6th Street
Gainesville, FL 32609

Dear Dr. Petty:

Please allow this letter to serve as an amendment to the Exclusive License
Agreement, effective on April 22, 1991, between Exactech, Inc. and the
University of Florida Tissue Bank, Inc.

"Section E Product Supply" should be amended to read as follows:

      UFTB shall supply Exactech with a projected production yield for Developed
Products and Exactech shall use such projected production yield to develop a
Developed Product requirement forecast. Such requirement forecast shall indicate
how RTI is to allocate such production yield to the Developed Products. Exactech
shall provide such requirement forecast within thirty (30) days of receipt or
such projected production yield. In the event that the projected production
yield is in excess of such requirement forecast, UFTB shall use such excess for
other purposes at it sole discretion, but in no event shall UFTB require
Exactech to accept Developed Products in excess of the quantity ordered by
Exactech.

If this amendment is acceptable to you, please sign both originals enclosed and
return one to us.

Sincerely,

/s/ Jamie M. Grooms

Jamie M. Grooms
President and CEO

AGREED TO AND ACCEPTED:

Exactech, Inc.

/s/ William Petty
------------------------
William Petty,
Chairman & CEO

<PAGE>

                           ASSIGNMENT AND ASSUMPTION OF
                           EXCLUSIVE LICENSE AGREEMENT
                         AND OF JOINT RESEARCH AGREEMENT

     THIS ASSIGNMENT AND ASSUMPTION OF EXCLUSIVE LICENSE AGREEMENT AND OF
JOINT RESEARCH AGREEMENT (the "Assignment") is made and entered into this
23rd day of January, 1998, by and between UNIVERSITY OF FLORIDA ORTHOPAEDIC
TISSUE BANK, INC., d/b/a UNIVERSITY OF FLORIDA TISSUE BANK, INC., a Florida
not-for-profit corporation ("Assignor"), and REGENERATION TECHNOLOGIES, INC.,
a Florida for-profit corporation ("Assignee").

                               W I T N E S S E T H:
                               --------------------

     WHEREAS, Assignor and Assignee are parties to that certain Patent
License Agreement, dated January 23, 1998 (the "License Agreement"), pursuant
to which Assignor has agreed to license to Assignee the patents or pending
patents listed in EXHIBIT "A" attached hereto and made a part hereof on the
condition that Assignee meets certain financing goals; and

     WHEREAS, pursuant to the License Agreement, Assignor has agreed to
assign to Assignee all of Assignor's right, title and interest in, and all of
its obligations under, that certain Exclusive License Agreement, by and
between Assignor and Exactech, Inc. ("Exactech"), dated effective April 22,
1997, a copy of which is attached as EXHIBIT "B" (the "Exactech License
Agreement"); and

     WHEREAS, pursuant to the License Agreement, Assignor has agreed to
assign to Assignee all of Assignor's right, title and interest in, and all of
its obligations under that certain Joint Research Agreement, by and between
Assignor and Exactech, dated April 22, 1997, a copy of which is attached as
EXHIBIT "C" (the "Exactech Research Agreement"); and

<PAGE>

     WHEREAS, pursuant to the License Agreement, Assignee has agreed to
accept such assignment and to assume all of the obligations of the Assignor
under the Exactech License Agreement and the Exactech Research Agreement upon
the terms and conditions set forth herein; and

     WHEREAS, Assignor is willing to assign the Exactech License Agreement
and the Exactech Research Agreement and Assignee is willing to accept such
assignment of the Exactech License agreement and the Exactech Research
Agreement and to assume all obligations of Assignor under the Exactech
License Agreement and the Exactech Research Agreement upon the terms and
conditions set forth herein.

     NOW, THEREFORE, in consideration of the mutual promises and covenants
contained herein, the parties hereto agree as follows:

     1. RECITALS. The recitals set forth above are true and correct in all
respects and are incorporated herein as fully as if set forth herein verbatim.

     2. ASSIGNMENT AND ASSUMPTION OF EXACTECH LICENSE AGREEMENT AND EXACTECH
RESEARCH AGREEMENT. Assignor hereby sells, transfers, conveys, assigns and
delivers to Assignee all of Assignor's right, title and interest in, to and
under the Exactech License Agreement and the Exactech Research Agreement,
effective on the date described in Paragraph 3 below. Assignee hereby assumes
all of the obligations, terms and covenants set forth in the Exactech License
Agreement and the Exactech Research Agreement to be observed and performed by
Assignor and agrees to be bound by the terms, conditions and covenants of the
Exactech License Agreement and the Exactech Research Agreement arising from
and after the effective date of this Assignment as described in Paragraph 3
below.

                                       -2-
<PAGE>

     3. EFFECTIVE DATE. The assignment and assumption described in this
Assignment shall be effective on the effective date of the license granted
pursuant to the License Agreement. In the event that the license granted
pursuant to the License Agreement does not become effective, then the
assignment hereunder shall not become effective.

     4. INDEMNIFICATION. Assignor hereby agrees to indemnify and hold
Assignee harmless from any and all claims, demands, damages, costs, losses,
expenses, liabilities and obligations of any kind or nature whatsoever
(including reasonable attorneys' fees incurred by Assignee) incurred by
Assignee as a result of any breach by Assignor of any warranty,
representation, covenant or agreement of Assignor contained in this
Assignment or the failure of Assignor to fulfill its obligations pursuant to
the Exactech License Agreement and The Exactech Research Agreement prior to
the effective date hereof. Assignee agrees to indemnify and hold Assignor
harmless from any and all claims, demands, damages, costs, losses, expenses,
liabilities and obligations of any kind or nature whatsoever including
reasonable attorneys fees incurred by Assignor) incurred by Assignor as a
result of the breach by Assignee of any covenant or agreement of Assignee
contained in this Assignment or the failure of Assignee to fulfill its
obligations pursuant to the Exactech License Agreement and The Exactech
Research Agreement arising from and after the effective date hereof.

     5. ATTORNEYS' FEES. Should either party to this Assignment bring suit
for the breach of a promise, covenant, warranty or representation hereunder,
it is agreed that the successful party in such suit shall be entitled, in
addition to recovering any damages sustained thereby to recover such party's
expenses, including court costs and reasonable attorneys' fees as part of the
judgment or other settlement. Expenses and attorneys' fees include those
incurred

                                        -3-
<PAGE>

prior to the initiation of suit and those incurred in connection with
proceedings in courts of original jurisdiction and courts of appeal.

     6. BINDING EFFECT. This Assignment shall be binding upon, and shall
inure to the benefit of, the parties hereto and their respective successors
and assigns.

     7. GOVERNING LAW AND VENUE. This Assignment shall be governed by, and
construed in accordance with, the laws of the State of Florida, and venue for
any legal proceeding or action at law arising out of or construing this
Assignment shall lie in the state courts of Alachua County, Florida, or the
United States District Court for the Northern District of Florida,
Gainesville Division.

     IN WITNESS WHEREOF, the parties hereby have caused this Assignment to be
executed as of the date and year first above written.

Signed, sealed and delivered
in the presence of:                      "Assignor"

                                         UNIVERSITY OF FLORIDA ORTHOPAEDIC
                                         TISSUE BANK, INC., d/b/a UNIVERSITY OF
                                         FLORIDA TISSUE BANK, INC., a Florida
                                         not-for-profit corporation

/s/ Kathleen Davis                      By: /s/ Frank P. Glowczewskie, Jr.
----------------------------                -----------------------------------
                                            Frank P. Glowczewskie, Jr.,
                                            Chairman of the Board
/s/ John D. Callahan
----------------------------

                                      -4-

<PAGE>

                                         "Assignee"

                                         REGENERATION TECHNOLOGIES, INC. a
                                         Florida for-profit corporation

/s/ James S. Gantler                    By: /s/ Peter F. Gearen
----------------------------                -----------------------------------
                                            Peter F. Gearen, President

/s/ Kay B. Lopez
----------------------------

                                      -5-

<PAGE>

                                EXHIBIT "A"

1.  "Diaphysial Cortical Dowel," invented by Nicholas E. Grivas and James M.
    Grooms, Docket No. TB-100, U.S. Patent Application S/N 08/587,070, dated
    January 16, 1996, subject to that certain Management Services Agreement
    by and between UFTB and Sofamor Danke Group, Inc., dated effective July
    23, 1996, as amended April 21, 1997 (the"SDG Contract"), and subject to
    that certain Processing License Agreement by and between UFTB and
    AlloSource, Inc., dated January 1, 1997;

2.  "Bone Paste," invented by John F. Wironen and James M. Grooms, Docket No.
    TB-101, U.S. Patent Application S/N 08/816,079, dated March 13, 1997,
    subject to that certain Agreement by and between UFTB and Exactech, Inc.,
    dated effective April 22, 1997, which is also owned by the University of
    Florida (the "University");

3.  "Cortical Bone Interference Screw," invented by James M. Grooms, Kevin
    Carter and David H. Dulebohn, Docket No. TB-102, U.S. Patent Application
    S/N 08/687,018, dated July 16, 1996, subject to the SDG Contract;

4.  "Open Intervertebral Space," invented by John R. Bianchi, Kevin C.
    Carter, Bradley T. Estes, Larry Boyd and John A. Pafford, Docket No.
    TB-103, U.S. Patent Application S/N not available, dated June 3, 1997,
    subject to that certain Joint Ownership Agreement, between UFTB and Danek
    Medical, Inc., dated June 12, 1997, and the SDG Contract;

5.  "Cortical Bone Cervical Smith-Robinson Fusion Implant," invented by James
    M. Grooms, Kevin C. Carter, David H. Dulebohn and Tom Sander, Docket No.
    TB-104, U.S. Patent Application S/N 08/920,630, dated August 27, 1997,
    subject to the SDG Contract;

6.  "Segmentally Demineralized Bone Implant," invented by James M. Grooms,
    Kevin C. Carter and Thomas W. Sander, Docket No. TB-105, U.S. Patent
    Application S/N 08/958,364, filed October 27, 1997;

7.  "Cervical Tapered Dowel," Docket No. TB-106, subject to the SDG Contract;

8.  "Bone Grafting Units," U.S. Patent No. 4950296, issued August 21, 1990 to
    Jonathan L. McIntyre, and assigned to UFTB on September 27, 1997.

<PAGE>

                                 EXHIBIT "B"

                  Exclusive License Agreement, by and between
               University of Florida Orthopaedic Tissue Bank, Inc.
                 d/b/a University of Florida Tissue Bank, Inc.
                              and Exactech, Inc.

                               (Copy Attached)

<PAGE>

                                 EXHIBIT "C"

                  Joint Research Agreement, by and between
               University of Florida Orthopaedic Tissue Bank, Inc.
                 d/b/a University of Florida Tissue Bank, Inc.
                              and Exactech, Inc.

                               (Copy Attached)

<PAGE>

                            JOINT RESEARCH AGREEMENT
                            ------------------------

     THIS AGREEMENT entered into this 22nd day of April, 1997 by and between
Exactech, Inc., a corporation organized and existing under the laws of the
State of Florida (hereinafter referred to as "Exactech") and the University
of Florida Tissue Bank, a nonstock, nonprofit Florida corporation
(hereinafter referred to as "UFTB").

                               W I T N E S S E T H:
                               --------------------

     WHEREAS, UFTB desires the research assistance of Exactech and its
technically qualified persons;

     WHEREAS, Exactech desired the research assistance of UFTB, its
technically qualified persons, facilities and equipment;

     WHEREAS, Exactech desired to cooperate with the funding of a Research
Plan for Joint Research Products, and desires to furnish such personnel as
may be required for the Research Plan;

     WHEREAS, UFTB is willing to cooperate with and assist Exactech with
funding such Research Plan, and is willing to furnish such personnel,
facilities and equipment as may be required for the Research Plan;

    NOW, THEREFORE, in consideration of the premises and mutual covenants
herein contained, the parties hereto agree as follows:

                                  I. DEFINITIONS;
                                  ---------------

     As used herein, the following terms shall have the following meanings:

     1.1  "Joint Research Products" shall mean those intramedullary plugs,
including a cement restrictor not using UFTB's bone paste; a cryongenically
preserved articular plug; any meniscal or intervertebral disc; and any other
cartilaginous or osteoarticular product which is included in the Research
Plan. Any product or technology developed as a direct result of this Research
Agreement shall be included in the Research Plan, subject to mutual agreement
between the parties.

     1.2  "Joint Research Technology" shall mean and include any proprietary
processes, trade secrets, trademarks, patents, patentable concepts, ideas or
methods, or intellectual property which is the basis for a Joint Research
Product and which was developed during and under the Research Plan.

     1.3  "Research Plan" shall mean the mutually acceptable plan, including
budgets, for research, formulated by the parties within ninety (90) days from
the Effective Date and reduced to writing, including any mutually acceptable
written revisions of the Research Plan in the future.

     1.4  "Net Distribution Fees" shall mean the distribution fee, including
product distribution fees, licensing fees, royalties, and transfer fees, net
of returns or discounts, of Joint Research Products or Joint Research
Technology.

                                        1
<PAGE>

     1.5  "Effective Date" shall mean April 21, 1997.

     1.6  "Joint Patents" shall mean collectively and individually any and
all United States and foreign patent applications and any and all issued
United States Patents and foreign patents owned by or assigned to either of
the parties which pertain to Joint Research Products or Joint Research
Technology derived under and during the Research Plan under this Agreement.

                            II. RESEARCH AND DEVELOPMENT
                            ----------------------------

     2.1  The parties shall jointly collaborate in the research and
development of Joint Research Products and Joint Research Technology.

     2.2  Within ninety (90) days after the Effective Date, the parties will
produce a mutually-acceptable Research Plan for development of the Joint
Research Technology and Joint Research Products, which Research Plan shall,
upon its completion and attachment hereto, by reference herein, be made part
of Agreement, together with any future written revisions of the Research Plan
made by mutual agreement of the parties.

                                    III. FUNDING
                                    ------------

     3.1  Exactech shall submit to UFTB the amount of two hundred fifty
thousand ($250,000) dollars within ten (10) days after the Effective Date.

     3.2  UFTB shall, upon receipt of the two hundred fifty thousand
($250,000) dollars from Exactech, establish a separate corporate bank account
in UFTB's name and deposit Exactech's $250,000 into the account, maintaining
the account to fund the Research Plan.

     3.3  UFTB shall use the funds in the separate bank account described in
section 3.2 to pay for equipment, NIH research, and other capital assets
related to the Research Plan.

     3.4  UFTB will provide internal UFTB staff, overhead and facilities in
furtherance of the Research Plan.

     3.5  The reasonable cost of UFTB's staff, overhead and facilities
directly related to the activities of the Research Plan shall, subject to
approval by Exactech, be allowed as UFTB contributions to the joint project,
adding to the cumulative total of UFTB's contributions to the Research Plan
expenses.

     3.6  When the two hundred fifty thousand ($250,000) dollars described in
section 3.2 is exhausted, UFTB shall pay all additional expenses related to
the Research Plan until the cumulative total of UFTB's contributions to the
Research Plan expenses has reached $250,000, after which time all
expenditures shall be shared 50% by Exactech and 50% by UFTB. Exactech's
share will first be applied to equipment and other capital assets.

     3.7  Should this Agreement be subject to termination pursuant to Section
IX hereof,

                                    2
<PAGE>

UFTB shall pay to Exactech the balance of the $250,000 remaining in the
account established in section 3.2

     3.8  Subject to a mutual agreement by the parties, ten percent (10%) of
the Net Distribution Fees received by either party at any time during this
Agreement shall be reinvested for the funding of the Research Plan.

                          IV. REPORTS AND CONFERENCES
                          ---------------------------

     4.1  As necessary, during the term of this Agreement, representatives of
UFTB will meet with representatives of Exactech at times and places mutually
agreed upon to discuss the progress and results, as well as ongoing plans, or
changes therein, of the Research Plan to be performed hereunder.

     4.2  UFTB shall provide written reports to Exactech monthly, by the 15th
of the following month, giving an accounting of the expenditure of funds from
the bank account established in section 3.2, and the amount of UFTB expenses
as described in section 3.5.

                                   V. PUBLICITY
                                   ------------

     5.1  Exactech will not use the name of UFTB, nor any member of the UFTB
technical staff, in any publicity, advertising or news release without the
prior written approval of an authorized representative of UFTB. UFTB will not
use the name of Exactech, nor any employee of Exactech, in any publicity
without the prior written approval of Exactech.

                     VI. INVENTIONS, IMPROVEMENTS AND DISCOVERIES
                     --------------------------------------------

     6.1  Both parties will promptly notify the other of any Joint Research
Products or Joint Research Technology conceived and/or made during and under
the Research Plan.

     6.2  All rights and title to any Joint Research Products or Joint
Research Technology conceived and/or made during and under the Research Plan
shall be owned jointly by both parties, subject to the terms and conditions
of this Agreement.

                        VII. PATENTS AND PATENT APPLICATIONS
                        ------------------------------------

     7.1  On behalf of both parties, UFTB shall promptly prepare, file and
prosecute a patent application or applications, and/or any pertinent
continuation, continuation-in-part and/or reissue applications thereof in the
United States on any inventions as described in Section 6.1. The parties
shall cooperate with each other to assure that such application or
applications, and any such continuation, continuation-in-art and/or reissue
applications thereof will cover, to the best of each party's knowledge, all
items of commercial interest and importance. UFTB shall keep Exactech advised
as to all developments with respect to such application or applications,
and/or advised as to all developments with respect to such application or
applications, and/or continuations, continuations-in-part and reissue
applications and shall promptly supply to Exactech copies of all papers
received and filed in connection with the prosecution thereof in sufficient
time

                                       3
<PAGE>

for Exactech to comment thereon. Both parties shall fully advise and
cooperate with the other in such prosecution, and all final decisions with
respect to prosecution of said applications, and said continuations,
continuations-in-part and reissue applications, and selection of patent
counsel, shall be subject to mutual agreement between the parties.

         VIII. OPTION TO DISTRIBUTE JOINT RESEARCH PRODUCTS AND TECHNOLOGY
         -----------------------------------------------------------------

     8.1  Exactech shall be granted a first option to negotiate for an
exclusive license to distribute any Joint Research Products and/or Joint
Research Technology arising under the Research Plan. This option shall extend
to thirty (30) days from the date of delivery to Exactech of a viable,
workable prototype of any Joint Research Product or Joint Research
Technology. Within this thirty (30) day period, Exactech shall exercise its
option to negotiate by providing to UFTB written notice of such exercise,
after which the parties shall commence the negotiation, in good faith, of the
terms of such exclusive license, including, but not limited to, transfer
distribution fees, royalty and license fees. The parties shall use all
reasonable effort to reach agreement relative to said terms within sixty (60)
days of commencement of said negotiation. The time allotted for negotiation
may be extended upon mutual agreement of the parties hereto. Upon reaching
agreement, the parties shall promptly draft and execute a license agreement
memorializing said terms and conditions.

     8.2  In the event that the parties do not enter into a license
agreement, within the time limits referred to in section 8.1, providing for
Exactech to distribute  Joint Research Product an/or Joint Research
Technology, then UFTB shall be granted an option for thirty (30) days,
commencing on the expiration of Exactech's option, to negotiate with Exactech
for an exclusive license granting UFTB the right to make, distribute and sell
the Joint Research Product and/or Joint Research Technology, with a mutually
agreed upon royalty payable to Exactech. Within this thirty (30) day period,
the parties shall negotiate, in good faith, the terms of such exclusive
license, including, but not limited to, transfer fees, royalty and license
fees. The parties shall use all reasonable effort to reach agreement relative
to said terms within the thirty (30) days the options is in effect. The time
allotted for negotiation may be extended upon mutual agreement of the parties
hereto.

     8.3  In the event that no licensing agreement is negotiated between the
parties pursuant to sections 8.1 or 8.2 within one hundred eighty (180) days
from the date of delivery to Exactech of the viable, workable prototype
referred to in section 8.1, then the parties shall make every effort to find
a third party to make and/or market the Joint Research Product and/or Joint
Research Technology, and any proceeds, distribution fees, income and/or
license fees derived from agreement with that third party shall be divided
equally between UFTB and Exactech.

     8.4  In the further event that no agreement is reached under 8.3, then
neither party shall have the right to market the Joint Research Products
and/or Joint Research Technology without the written approval of the other
party.

                                     4

<PAGE>

                          IX. TERM AND TERMINATION
                          ------------------------

     9.1  This Agreement shall become effective upon the date first herein
above written and shall continue in effect for the full duration of the
Contract Period unless sooner terminated in accordance with the provisions of
this Section IX. The parties hereto may, however, extend the term of this
Agreement for additional periods as desired under mutually agreeable terms
and conditions which the parties reduce to writing and sign.

     9.2  In the event that either party hereto shall commit any breach of or
default in any of the terms or conditions of this Agreement, and shall fail
to remedy such default or breach within sixty (60) days after receipt of
written notice thereof from the other party hereto, the party giving notice
may, at its option and in addition to any other remedies which it may have at
law or in equity, terminate this Agreement by sending notice of termination
in writing to the other party to such effect, and such termination shall be
effective as of the date of the receipt of such notice.

     9.3  Termination of this Agreement by either party for any reason shall
not release UFTB from its obligations under section 3.7, or release either
party from their obligations under section 3.8, or release either party from
payment of earned transfer prices and/or earned royalties due under any
section of this Agreement.

                                 X. MISCELLANEOUS
                                 ----------------

    10.1  UFTB shall comply with all governmental laws and regulations which
are applicable to UFTB and its performance of the Research Plan hereunder.

    10.2  Neither party is authorized or empowered to act as agent for the
other for any purpose and shall not on behalf of the other enter into any
contract, warranty or other representation. Neither party shall be bound by
the acts or conduct of the other.

    10.3  Each party hereby assumes any and all risks of personal-injury and
property damage attributable to the negligent acts or omissions of that party
and the officers, employees and agents thereof.

    10.4  The parties further agree that nothing contained herein shall be
construed or interpreted as denying to either party any remedy or defense
available to such party under the laws of the State of Florida.

                                  XI. GOVERNING LAW
                                  -----------------

    11.1  This Agreement shall be governed and interpreted in accordance with
the laws of the State of Florida.

                                   XII. ASSIGNMENT
                                   ---------------

    12.1  This Agreement may not be transferred or assigned by Exactech
except with the prior written consent of UFTB. This Agreement may not be
transferred or assigned by UFTB

                                         5
<PAGE>

except with the prior written consent of Exactech, except that UFTB may
transfer or assign its rights, interest, and/or ownership in this Agreement
to an entity in which UFTB has a majority ownership interest at the time of
transfer or assignment.

                            XIII. AGREEMENT MODIFICATION
                            ----------------------------

    13.1  Any agreement changing the terms of this Agreement in any way shall
be valid only if the change is made in writing and approved by authorized
representatives of the parties hereto.

                                     XIV. NOTICES
                                     ------------

    14.1  Notices, invoices, communications and payments hereunder shall be
deemed made if given by registered or certified envelope, postage prepaid,
and addressed to the party to receive such notice, invoice or communication
at the address given below, or such other address as may hereafter be
designated by notice in writing:

If to Exactech:

Exactech, Inc.
Attn: Timothy Seese
4613 NW 6th Street
Gainesville, FL 32609

If to UFTB:

Jamie Grooms, President/CEO
with a copy to: Susan Collingwood, University of Florida Attorney
One Progress Blvd.
PO Box 31, S. Wing
Alachua, FL 32615

    14.2 Payments shall be made to the parties in United States dollars at
the addresses indicated above. the date of giving any notice, invoice or
other communication, and the date of making any such payment, provided that
such payment is received, shall be the date on which such envelope is
deposited with the appropriate U.S. Post Office. The postal service receipt
showing the date of such deposit shall be prima facie evidence of date.

                              XV. ENTIRE AGREEMENT
                              --------------------

    15.1  This Agreement represents the entire understanding between the
parties, and supersedes and merges all understanding between the parties, and
supersedes and merges all other agreements, express or implied, discussions
or understanding between the parties with respect to the subject matter
hereof.

                                        6
<PAGE>

     IN WITNESS WHEREOF, the parties have caused these present to be executed
in duplicate as of the day and year first above written.

Exactech, Inc.                         University of Florida, Tissue Bank, Inc.

By: /s/ Timothy Seese                  By: /s/ James M. Grooms
   ------------------------------         ------------------------------

Title: PRESIDENT                       Title: PRESIDENT & CEO
      ---------------------------            ---------------------------

Date:    4/22/97                       Date:    4/22/97
     ----------------------------           ----------------------------

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