Document:

Exhibit 10.18

 

 

 

 

CONFIDENTIAL

 

MASTER SERVICES AGREEMENT

 

 

 

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MASTER SERVICES AGREEMENT

 

 

This Master Services Agreement (hereinafter “this Agreement”)
is entered into as of the ___ day of August 2013 (the “Effective Date”) by and between Camargo Pharmaceutical Services,
LLC (herein called CPS) and Elite Pharmaceuticals, Inc. (hereinafter called "Sponsor").

 

 

WITNESSETH

WHEREAS, the Services (as defined below)
to be provided by CPS to Sponsor pursuant to this Agreement are of mutual interest and benefit to CPS and to Sponsor, and will
further CPS's instructional and research objectives in a manner consistent with its status as a research services provider;

 

WHEREAS, the Services to be provided by
CPS to Sponsor will be provided pursuant to various separate “Statements of Work,” each of which will be attached hereto
as an Appendix and incorporated herein by reference;

 

WHEREAS, each Statement of Work attached
hereto as an Appendix shall describe the Services to be provided pursuant to the Statement of Work;

 

WHEREAS, each Statement of Work attached
hereto as an Appendix shall contain the “Payment Terms” under which payments will be made by Sponsor to CPS pursuant
to the Statement of Work;

 

WHEREAS, each Statement of Work attached
hereto as an Appendix shall describe the “Timeline” and schedule for the provision of Services to be provided by CPS
to Sponsor pursuant to the Statement of Work; and

 

WHEREAS, each Statement of Work attached
hereto as an Appendix shall contain a preliminary, non-binding, estimate of “Pass-Through Costs” related to the Services
to be provided by CPS to Sponsor pursuant to the Statement of Work.

 

NOW THEREFORE, the
parties hereto agree as follows:

 

		1.	SCOPE OF WORK; AMENDMENTS

 

CPS shall exercise its reasonable efforts
to carry out the Services set forth in the Statements of Work agreed to in writing between CPS and Sponsor, as amended from time
to time in accordance with the terms of this Agreement and the Statements of Work.

 

		A.	As a “master” form of agreement, this Agreement allows the parties to contract for multiple projects through the
issuance of multiple Statements of Work, without having to re-negotiate the basic terms and conditions herein.

 

		B.	CPS shall provide the services indicated in the Statements of Work (“Services”). The scope and assumptions regarding
each particular Service to be provided by CPS are particularly described in each Statement of Work attached hereto, all of which
form an integral part of this Agreement.

 

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		C.	CPS represents and covenants that it has the experience, capability, and resources, including but not limited to sufficient
personnel and equipment, to efficiently and expeditiously provide the Services hereunder in a professional and competent manner,
and in compliance with the Statements of Work attached hereto.

 

		D.	If Sponsor wishes to either: (i) change the nature and/or scope of the Services to be provided under this Agreement pursuant
to any Statement of Work, (ii) obtain additional services not provided for under this Agreement pursuant to any Statement of Work
; or (iii) obtain additional services which are inconsistent with the assumptions set forth in any Statement of Work, then Sponsor
shall so advise CPS in writing and shall submit to CPS in writing proposed specifications for the changed or additional work. The
proposed specifications shall be deemed to be proposed amendments to the applicable Statement of Work. Within five business days
after CPS’s receipt of the proposed specifications, CPS shall, in writing, either accept or reject the proposed specifications.
If CPS accepts the proposed specifications, CPS shall provide Sponsor, in writing, with a cost estimate for performing the changed
or additional Services. The cost estimate shall be deemed to be proposed amendments to the Payment Terms included in the applicable
Statement of Work. Within five business days after Sponsor’s receipt of the cost estimate, Sponsor, in writing, shall either
accept or reject the proposed cost estimate. If Sponsor accepts the cost estimate, then the Scope of Work shall be amended as provided
in the proposed specifications and the cost estimate and CPS shall perform the changed or additional Services. The changed or additional
Services provided by CPS shall be governed by all of the terms and conditions of this Agreement and the applicable Statement of
Work, as amended.

 

		E.	Selection of subcontractors. To the extent that the Statement of Work entails contracting or subcontracting (collectively,
"Subcontracting") the performance of Services to any third party (any such person or entity a "Subcontractor"),
the parties agree as follows.

 

1.Selection of Subcontractor
by Sponsor. Notwithstanding anything to the contrary herein, if the Sponsor selects or otherwise directs CPS to use a particular
Subcontractor ("Directed Subcontractors"), CPS shall not be responsible for any negligence, delay, failure or non-performance
related to such Directed Subcontractor's performance of Services. All Directed Subcontractors shall be listed in the Statement
of Work.

 

2.Selection of Subcontractor
by CPS. If CPS selects the Subcontractor ("CPS Selected Subcontractor"), CPS shall (i) be responsible for the quality
and timeliness of the CPS Selected Subcontractor to the same extent as if CPS itself performed or was to perform the Services provided
by such CPS Selected Subcontractor; (ii)subcontract the Services to such CPS Selected Subcontractors whom CPS, after commercially
reasonable investigation, believes, to its knowledge, to be competent, experienced and capable of performing such Services on a
timely and professional basis; (iii) monitor the CPS Selected Subcontractor, as it deems necessary in its sole discretion, so as
to allow for delivery of the Services as set forth in the Statement of Work; and (iv) CPS shall timely pay its CPS Selected Subcontractors
as required by CPS' agreements with such persons.

 

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  3.CPS shall not disclose any of Sponsor's Confidential Information to Subcontractor until Subcontractor has executed a confidentiality agreement containing substantially similar obligations as those set forth in Section 5 below and CPS shall use commercially reasonable efforts to cause the CPS Selected Subcontractor to become a party to the Confidentiality and Assignment of Intellectual Property Agreement in the form set forth in Appendix B hereto and

 

		F.	CPS shall use commercially reasonable efforts to maintain the composition of the project team, and that such project team will
not change except due to sickness, disability, termination of employment, performance issues, any circumstance beyond the control
of CPS, or upon the prior request or approval of Sponsor.

 

		2.	COST AND PAYMENT

 

		A.	In consideration of CPS's provision of the Services, Sponsor shall pay CPS the amounts described
in the Statements of Work, attached hereto as an Appendix, in the manner and at the times set forth in the Statements of Work.

 

		B.	CPS will use its best efforts to accomplish and complete the Services within the budget described
on the Statements of Work, and will not commit to any material expenses in excess of budgeted amounts without Sponsor's prior written
consent; provided, however, that this language is not intended to limit charges from CPS to Sponsor for necessary Pass-Through
Expenses associated with any mutually agreed, written change. 

 

		C.	All reasonable travel, food, lodging, printing (including CRF printing), photocopying, copyright
fees, and shipping to those persons identified on the Statements of Work (collectively, “Pass-Through Expenses”) shall
be billed by CPS to Sponsor with no mark-up. Such expenses shall be in addition to all other amounts described in the Statements
of Work to be paid by Sponsor. 

 

		D.	All invoices submitted by CPS to Sponsor shall be paid by Sponsor within thirty (30) days
of date of invoice. The invoice shall detail the work performed by CPS in connection with the Services, milestones reached and
a reasonable accounting of all reimbursable expenses or Pass-Through Expenses incurred since the last invoice, supporting documentation
for all Pass-Through Expenses and reconciliation against any advance payments previously made by Sponsor related to reimbursable
expenses or Pass-Through Expenses. 

 

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		3.	PERFORMANCE PERIOD

 

		A.	The effective period of this Agreement
                                                                                       will be from the Effective Date through
                                                                                       the completion of the Services to be provided
                                                                                       under all of the Statements of Work attached
                                                                                       hereto, unless sooner terminated pursuant
                                                                                       to Article 9 hereof.

 

		B.	Each Statement of Work includes an estimated timeline for completion of the Services to be provided pursuant to such Statement
of Work. CPS will use reasonable professional efforts to facilitate completion of the Services in accordance with the estimated
timeline. In the event that CPS determines that the Services may not be completed in accordance with the estimated timeline, CPS
will notify the Sponsor, in writing, of the cause for any possible delay, the anticipated duration of any possible delay and suggested
actions, including changes to the applicable Statement of Work, to facilitate completion of the Services in a timely manner. The
implementation of any changes to the applicable Statement of Work must be agreed to by the parties in writing as provided for in
paragraph 1.D. above.

 

		C.	Sponsor shall review and respond to CPS’s reasonable requests for information and/or approval in a timely fashion (generally
within five business days depending on the nature of the submission). Sponsor will provide other assistance as CPS may reasonably
request in order to effectively perform the Services. Any delay by Sponsor in complying with Sponsor’s obligations under
this Agreement and any Statement of Work (e.g., delays in review and comment by Sponsor on written work provided by CPS to Sponsor)
which cause CPS to be unable to complete the Services in the time provided for by the Timeline shall relieve CPS from the provisions
of the Timeline to the extent caused by Sponsor's delay and, in such event, Sponsor shall pay CPS in full for the Services when
completed irrespective of any failure by CPS to complete the Services within the Timeline to the extent caused by Sponsor's delay.

 

		4.	RECORDKEEPING, REPORTING AND ACCESS

 

		A.	Sponsor’s authorized representatives and governmental and regulatory authorities, to the extent permitted by law, may,
during regular business hours, arrange in writing in advance with CPS to inspect the facilities CPS will use to provide the Services.

 

		B.	If CPS or Sponsor becomes aware of the occurrence of any unexpected event which may have an effect on the validity of any of
the Services provided by CPS under this Agreement, then the party becoming aware of the unexpected event shall notify the other
party, in writing, of the occurrence of the unexpected event. The notice will be made within forty-eight (48) hours (or earlier
if required by law) after the party learns of the occurrence the unexpected event. The party which becomes aware of the unexpected
event shall document, to the best of its ability based on the information available to it, the nature and cause of the unexpected
event and both parties shall document, in writing, any actions they may take as a result of the unexpected event.

 

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		C.	During the term of this Agreement, CPS will promptly notify Sponsor by telephone and, subsequently, in writing, of any material
changes that may effect the provision of Services by CPS under this Agreement, including, but not limited to, changes in personnel
involved in providing the Services on behalf of CPS.

 

		D.	If any governmental or regulatory authority conducts or gives notice to CPS of its intent to conduct an inspection of CPS’s
facilities and/or records or to take any other regulatory action with respect to the Services, then CPS will, to the extent permitted
by applicable law and regulation: (i) promptly give Sponsor notice thereof; and (ii) send to Sponsor all information and copies
of relevant documents received by CPS from the governmental or regulatory agency related thereto. To the extent required by law
or applicable regulation, CPS shall permit inspection of CPS’s facilities and of such information, data and materials requested
by the governmental or regulatory authority. To the extent permitted by law or applicable regulation, CPS shall: (1) make reasonable
efforts to confer with Sponsor and to agree with Sponsor on a response to the governmental or regulatory agency; (2) provide Sponsor
with copies of all notices and related correspondence from governmental and regulatory authorities and any regulatory inspection
reports; and (3) permit Sponsor representatives to attend any inspections by governmental or regulatory authorities.

 

		E.	CPS shall perform the following recordkeeping and reporting obligations in a timely fashion: preparation and maintenance of
complete, accurately written records, accounts, notes, reports and data, all in accordance with the Statements of Work and any
federal, state and local laws and regulations which may apply to the Services.

 

		F.	During the term of this Agreement and until two (2) years after its expiration or termination, Sponsor may, during regular
business hours, arrange in writing in advance with CPS to inspect and copy all data and work product related to the Services and
to audit any financial records of CPS associated with this Agreement. Any inspections or copying shall be at Sponsor’s sole
expense. Financial records may include invoice records, invoices from third parties, contracts with third parties and records of
payments which relate to the Agreement. To the extent such records are not separable from other customer records, CPS shall give
reasonable access to the records to an independent auditor selected by Sponsor and paid for by Sponsor who shall audit the records
pertaining to the Services performed under this Agreement and may disclose the results of the audit to Sponsor only to the extent
it relates to this Agreement. In no event shall other customer information be disclosed to Sponsor.

 

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		5.	CONFIDENTIAL INFORMATION

 

		A.	Each party to this Agreement agrees to hold in strict confidence and not to disclose or to use for any purpose other than the
performance of Services under this Agreement any and all trade secrets, privileged records or other confidential or proprietary
information whether oral or written (collectively "Confidential Information") disclosed to the receiving party by the
other party to this Agreement. The obligation of non-disclosure shall not apply to the following:

 

		i.	information at or after such time that it is or becomes publicly available through no fault of
the receiving party;

 

		ii.	information that is already independently known to the receiving party without violating any obligation
of confidentiality;

 

		iii.	information at or after such time as it is disclosed to the receiving party on a non-confidential
basis by a third party with the legal right to do so;

 

		iv.	information which the disclosing party has not identified as Confidential Information and which
the receiving party reasonably believes is not Confidential Information.

 

Information which
the receiving party is legally compelled to disclose, including, but not limited to information required to be disclosed by the
receiving party to any governmental or regulatory authority or pursuant to any subpoena or discovery order or any other order of
any court, may be disclosed to such authority or in accordance with such subpoena or discovery order to the extent legally required.

 

		B.	At any time upon written request by Sponsor, Confidential Information received by CPS from Sponsor (including any copies of
the Confidential Information) and all documents, drawings, sketches, models, designs, data, memoranda, tapes, records, and any
other materials whatsoever developed by CPS that include any of Sponsor’s Confidential Information (including all copies
and/or any other form of reproduction and/or description thereof made by CPS) shall, at Sponsor’s option, either be returned
to Sponsor or destroyed. If the materials containing Sponsor’s Confidential Information are destroyed, then CPS shall deliver
to Sponsor a written statement certifying that the materials have been appropriately destroyed. The return and/or destruction of
the Confidential Information shall not relieve CPS of its other confidentiality obligations under this Agreement.

 

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		C.	The confidentiality obligations of CPS and Sponsor under this Article shall survive and continue for five (5) years after the
termination of this Agreement.

 

		D.	In the event CPS finds it necessary to disclose Sponsor’s Confidential Information to any third party to permit CPS to
defend its research against an allegation of fraud or otherwise, CPS shall first notify Sponsor and CPS and Sponsor shall agree
to a mutually satisfactory way to disclose such Confidential Information as necessary for this limited purpose.

 

		E.	Each party agrees that any violation or threatened violation of this Section 5 will cause irreparable injury to the other party,
entitling the other party to obtain injunctive relief, specific performance or other equitable relief in addition to all legal
remedies, plus reasonable attorney's fees and costs incurred in obtaining any such relief.

 

		6.	OWNERSHIP OF RESULTS; PUBLICATION

 

		A.	Sponsor shall retain all right, title and interest in all products developed for Sponsor under this Agreement (the “Work
Product”), and any intellectual property directly and primarily related to such Work Product, including but not limited to
patents, copyrights, trade secrets, trademarks or other similar rights (collectively, the “Intellectual Property”);
provided, however, that Sponsor hereby grants to CPS a non-exclusive, royalty-free license to use the Intellectual Property in
order to fulfill its obligations under this Agreement. Additionally, Sponsor grants to CPS a non-exclusive, royalty-free license
to use any “know-how” which CPS develops during the course of this Agreement.

 

		B.	Except as reserved in accordance with this Agreement, CPS hereby assigns, transfers and conveys to Sponsor all of its right,
title and interest in and to any and all such Intellectual Property. Upon request of Sponsor, CPS agrees that it shall disclose
fully, as soon as practicable and in writing, all material Work Product to Sponsor. At anytime and from time to time, upon the
request of Sponsor, CPS shall execute and deliver to Sponsor any and all instruments, documents and papers, give evidence and do
any and all other reasonable acts, at Sponsor's expense, that in the reasonable opinion of counsel for Sponsor, are or may be necessary
or desirable to document such transfer or maintain and enforce any and all patents, trademark registrations or copyrights under
United States or foreign law with respect to any such Intellectual Property or obtain any extension, validation, re-issue, continuance
or renewal of any patent, trademark or copyright of such Intellectual Property.

 

		C.	Unless otherwise required by this Agreement or applicable law or regulations, any report which details and/or summarizes the
Work Product will designate CPS as the developer of the Work Product. Sponsor will not remove such designation from the Work Product
unless the removal: (i) is approved in writing by CPS; (ii) is permitted by the provisions of this Agreement; or (iii) is required
by law or applicable regulation.

 

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		D.	Sponsor may modify the Work Product for its own internal usage. If Sponsor modifies the Work Product, Sponsor shall provide
a copy of the modified Work Product to CPS. Upon request from CPS, Sponsor will remove the designation that CPS developed the Work
Product from any Work Product modified by Sponsor. Any Work Product modified by Sponsor shall be subject to the same restrictions
concerning disclosure as apply to the original Work Product.

 

		E.	CPS may not submit or publish the Work Product in journals, periodicals or otherwise without the prior written consent of Sponsor.
If Sponsor consents to such publication, CPS shall remove any of Sponsor’s Confidential Information from the Work Product
and CPS shall provide a manuscript of the paper, abstract or other published materials (the “Published Materials”)
to Sponsor for its review and approval prior to submission for publication. If, within five business days of Sponsor’s receipt
of the Published Materials, Sponsor notifies CPS in writing that the Published Materials contain Confidential Information and specifically
identifies the Confidential Information in the Published Materials, then CPS will remove the Confidential Information from the
Published Materials before they are published.

 

		7.	USE OF CPS’S OR SPONSOR'S NAME (ADVERTISING)

 

		A.	CPS and Sponsor will obtain prior written permission from each other before using the name, symbols and/or marks of the other
in any form of publicity. This shall not include documents or legally required disclosure by CPS or Sponsor that identifies the
existence of the Agreement. Further, Sponsor agrees that its use of the name, symbols and/or marks of CPS, or names of CPS's employees,
or names of independent contractors, shall be limited to identification of CPS as the provider of Services under this Agreement.

 

		B.	Sponsor will not use, nor authorize others to use, the name, symbols, or marks of CPS in any advertising or publicity material
or make any form of representation or statement in relation to the Services which would constitute an express or implied endorsement
by CPS of any commercial product or service without prior written approval from CPS.

 

 

8. INDEMNIFICATION

 

		A.	Sponsor covenants and agrees to defend, indemnify, reimburse and hold harmless CPS, and its directors, officers, agents, employees,
interns, independent contractors, sub-contractors, vendors and affiliates: (collectively, the "CPS Indemnitees"), from
and against any and all demands, claims, liabilities, obligations, actions, proceedings, judgments, damages, losses, costs and
expenses (including court costs and reasonable attorney's fees) (collectively, the "Claims") relating to or alleged to
have arisen out of the performance of the Services. This indemnity excludes, however, Claims against a CPS Indemnitee to the extent
found by a court of competent jurisdiction to be caused by: i) material failure on the part of a CPS Indemnitee to conduct the
Services in accordance with this Agreement or the Statements of Work; or ii) negligence or willful malfeasance by a CPS Indemnitee
in connection with the administration of the Services or (iii) material deviation from any applicable governmental rule or regulation.

 

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		B.	CPS shall promptly notify Sponsor of any complaints, Claims, or injuries relating to any loss subject to this indemnification.
Sponsor shall have the right to select defense counsel and to direct the defense or settlement of any such claim or suit, provided
the Sponsor shall not enter into a settlement attributing damages or liability to any CPS Indemnitee. Sponsor shall provide diligent
defense against any claims brought or actions filed which are covered by the indemnity contained herein, whether such claims or
actions are rightfully or wrongfully brought or filed.

 

		C.	Deviations from the terms of the Statements of Work that may arise out of necessity do not constitute negligence or willful
malfeasance provided that CPS shall promptly notify the Sponsor in writing of any such deviations.

 

		D.	CPS shall reasonably cooperate with the Sponsor and its legal representatives in the investigation or defense of any claims
or suits covered under this Agreement. In the event a claim or action is or may be asserted, CPS shall have the right to select
and to obtain representation by separate legal counsel. If CPS exercises such right, all costs and expenses incurred by CPS for
such separate counsel shall be borne by CPS.

 

		E.	CPS covenants and agrees to indemnify, reimburse and hold harmless Sponsor and its directors, officers, agents, employees,
and affiliates (collectively the “Sponsor Indemnitees”) from and against any and all Claims with respect to which Sponsor
is ultimately determined to not be obligated pursuant to clauses i. ii. and iii of Section A above. This indemnification excludes,
however, Claims against a Sponsor Indemnitee to the extent found by a court of competent jurisdiction to have been caused in whole
or in part by the Sponsor Indemnitee’s negligence or willful malfeasance.

 

		F.	Notwithstanding any of the foregoing indemnification provisions, neither Sponsor nor
CPS shall be liable to the other for indirect, INCIDENTAL, EXEMPLARY, PUNITIVE, consequential or special damages or losses (including
lost profits) (collectively “Speculative Damages”) resulting directly or indirectly from performance of or failure
to perform or comply with this Agreement. UNDER NO CIRCUMSTANCES SHALL CPS' TOTAL LIABILITY OF ALL KINDS ARISING OUT OF
OR RELATED TO THIS AGREEMENT, REGARDLESS OF THE FORUM AND REGARDLESS OF WHETHER ANY ACTION OR CLAIM IS BASED ON CONTRACT, STRICT
LIABILITY, TORT OR OTHERWISE, EXCEED THE TOTAL VALUE OF THE SERVICES TO WHICH SUCH ACTION OR CLAIM RELATES (DETERMINED AS OF THE
DATE OF ANY FINAL JUDGMENT IN SUCH ACTION. Such limitation on damages is expressly understood to be a bargained for and material
term of this Agreement but shall not limit the obligations of either party to comply with Section 9 hereof upon any termination
of this Agreement.

 

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		G.	At all times during the term of this Agreement and for a period of one year thereafter, Sponsor and CPS shall each maintain
a policy or policies of insurance (including general liability and product liability) at levels sufficient to support its indemnification
obligations. Each party shall deliver to the other party evidence of such insurance within five (5) business days of the other
party's request.

 

9.TERMINATION

 

		A.	This Agreement may be terminated by either party if such party notifies the other party to this Agreement of the non-notifying
party’s failure to comply with the terms of this Agreement. If the non-notifying party fails to cure its non-compliance within
thirty (30) days of receipt of such notice from the notifying party then this Agreement shall terminate at the end of such thirty
(30) day cure period.

 

		B.	Notwithstanding any other provision of this Agreement, Sponsor may terminate this Agreement or any Statement of Work attached
hereto at any time by providing notice to CPS. Such termination shall be effective on such date as specified by Sponsor in such
notice.

 

		C.	Upon the effective date of termination, there shall be an accounting conducted by CPS, subject to verification and approval
by Sponsor. Within thirty (30) days after receipt of adequate documentation therefore, Sponsor will make payment to CPS for:

 

		i.	Except in the case of Sponsor's termination of this Agreement due to CPS' material breach of its
obligations hereunder, the reasonable cost to CPS (including, but not limited to salary and benefits) of its employees, contractors
and sub-contractors for work which CPS has committed for any of them to complete under the Statement(s) of Work and for which CPS
cannot reasonably substitute other revenue producing work from other sponsors. In such event, CPS will use its best efforts to
substitute other revenue producing work. This provision is intended to make CPS whole for resources it has irrevocably committed
to conduct the Services provided for under the Statement(s) of Work where those resources cannot be immediately re-deployed to
revenue producing work for CPS for other sponsors.

 

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		ii.	all services properly rendered and monies properly expended by CPS until the date of termination
and not yet paid for; and

 

		iii.	reasonable non-cancelable obligations properly incurred for the Services by CPS prior to the effective
date of receipt of notice of termination.

 

		D.	CPS will return within sixty (60) days to Sponsor any funds not earned or expended or irrevocably obligated by CPS prior to
the effective termination date.

 

		E.	Termination of this Agreement by either party shall not affect the rights and obligations of the parties accrued prior to the
effective date of the termination. The rights and duties provided for under Articles 4 through 10 shall survive the termination
or expiration of this Agreement.

 

10. MISCELLANEOUS

 

		A.	Applicable Law – This Agreement shall be governed
by the laws of the State of Delaware.

 

		B.	Notice – Any notice required or permitted hereunder
shall be in writing and shall be deemed given as of the date (i) of delivery if delivered by hand, on the date sent by facsimile
with automatic confirmation by the transmitting machine showing the proper number of pages were transmitted without error or (ii)
the day after deposit with a reputable overnight carrier or (iii) three business days after mailing if sent by Registered or Certified
Mail, postage prepaid, return receipt request, and addressed to the party to receive such notice at the address set forth below,
or such other address as is subsequently specified in writing:

 

	 	If to Sponsor:	Nasrat Hakim, CEO	 
	 	 	Elite Pharmaceuticals, Inc.	 
	 	 	165 Ludlow Avenue	 
	 	 	Northvale, NJ 07647	 
	 	 	Fax No.: 201-750-2755	 
	 	 	 	 
	 	If to CPS:	 	 
	 	 	Camargo Pharmaceutical Services, LLC	 
	 	 	9825 Kenwood Road	 
	 	 	Suite 203	 
	 	 	Cincinnati, OH 45242	 
	 	 	Fax No.: __________________________	 

 

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		C.	Amendments – This Agreement and the Statements
of Work attached hereto may only be extended, renewed or otherwise amended at any time by the mutual written consent of parties
hereto.

 

		D.	Entire Agreement – This Agreement represents the
entire understanding of the parties with respect to the subject matter hereof. In the event of any inconsistency between this
Agreement and the Statements of Work, the terms of this Agreement shall govern.

 

		E.	Severability – The invalidity or unenforceability
of any term or provision of this Agreement shall not affect the validity or enforceability of any other term or provision hereof.

 

		F.	Integration –The Statements of Work attached thereto are incorporated in this Agreement by reference. In the event of
a conflict between the terms of this Agreement and the Statements of Work, the terms of this Agreement shall govern.

 

			

		G.	Assignment – Neither party hereto may assign,
cede or transfer any of its rights or obligations under this Agreement without the written consent of the other party, which consent
may not by unreasonably withheld; provided, however, without such consent Sponsor may assign this Agreement in connection with
the transfer or sale of all or substantially all of its assets or business or its merger or consolidation with another company.
Sponsor may assign this Agreement in whole or in part to any corporate affiliate without consent of CPS, but such assignment shall
not release Sponsor from its obligations hereunder.

 

			This Agreement shall inure to the benefit of and be binding upon each party signatory
                                                                                thereto, its successors and permitted assigns. No assignment shall relieve either party of the performance of any accrued
                                                                                obligation which such party may then have under this Agreement.

 

			This provision shall not be deemed to prohibit CPS from employing independent contractors or sub-contractors to complete some
or all of the Services required to be performed by CPS under this Agreement. The use of independent contractors and/or sub-contractors
by CPS, except as provided in Section 1.E.1, shall not relieve CPS of any of its obligations under this Agreement.

 

		H.	Independent Contractor – In the performances of all services hereunder, CPS shall be deemed to be and shall be an independent
contractor and, as such, shall not be entitled to any benefits applicable to employees of Sponsor.

 

			Neither party is authorized nor 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 representation as to any matter. Neither party shall be bound by the acts nor by the conduct
of the other.

  

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		I.	Waiver - No waiver of any term, provision or condition of this Agreement whether by conduct or
otherwise in any one or more instances shall be deemed to be or construed as a further or continuing waiver of any such term, provision
or condition, or of any other term, provision or condition of this Agreement.

 

		J.	Force Majeure – Neither party shall be liable
for any failure to perform as required by this Agreement, to the extent such failure to perform is caused due to circumstances
reasonably beyond such party's control, including without limitation contracting delays resulting from the action or inaction
of third parties, delays in obtaining third party approvals (including authorizations from Sponsor under this Agreement), labor
disturbances or labor disputes of any kind, failure of any governmental approval required for full performance, civil disorders
or commotions, acts of aggression, acts of God, energy or other conservation measures, explosions, failure of utilities, mechanical
breakdowns, material shortages, disease, or other such occurrences; provided, however, that in such event, the affected party
gives the non-affected party prompt written notice of the occurrence of such circumstances and uses reasonable efforts to alleviate
such circumstances, and resumes performance hereunder upon alleviation of such circumstances.

 

(Signature Page Follows)

 

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IN WITNESS WHEREOF, the parties hereto have executed this Agreement in duplicate by proper persons thereunto duly authorized.

 

	Sponsor	 
	 	 	 
	By:	s/ Nasrat Hakim	 
	 	(Signature)	 
	 	 	 
	 	Nasrat Hakim	 
	 	(Print or type name)	 
	 	 	 
	 	President & CEO	 
	 	(Title)	 
	 	 	 
	 	August 19. 2013	 
	 	(Date)	 
	 	 	 
	 	 	 
	Camargo Pharmaceutical Services, LLC
	 	 	 
	By:	s/ Kenneth V. Phelps	 
	 	(Signature)	 
	 	 	 
	 	Kenneth V. Phelps	 
	 	(Print or type name)	 
	 	 	 
	 	President & CEO  	 
	 	(Title)	 
	 	 	 
	 	August 19, 2013	 
	 	(Date)	 

  

    	15

    	 

    

 

Appendix X

 

STATEMENT OF WORK,
COST, TIMELINE AND PAYMENT SCHEDULE

 

    	16INDEMNIFICATION
AGREEMENT

 

This Indemnification
Agreement ("Agreement") is made as of August 14, 2013 by and between Bacterin International Holdings, Inc., a Delaware
corporation (the "Company"), and Daniel S. Goldberger, a resident of the State of Colorado ("Indemnitee").
This Agreement supersedes and replaces any and all previous Agreements between the Company and Indemnitee covering the subject
matter of this Agreement.

 

RECITALS

 

WHEREAS, highly competent
persons have become more reluctant to serve publicly-held corporations as directors and officers unless they are provided with
adequate protection through insurance or adequate indemnification or both against inordinate risks of claims and actions against
them arising out of their service to and activities on behalf of the corporation;

 

WHEREAS, the Board
of Directors of the Company (the "Board") has determined that, in order to attract and retain qualified individuals,
the Company will attempt to maintain on an ongoing basis, at its sole expense, liability insurance to protect persons serving the
Company and its subsidiaries from certain liabilities. Although the furnishing of such insurance has been a customary and widespread
practice among United States-based corporations and other business enterprises, the Company believes that, given current market
conditions and trends, such insurance may be available to it in the future only at higher premiums and with more exclusions. At
the same time, directors, officers, and other persons in service to corporations or business enterprises are being increasingly
subjected to expensive and time-consuming litigation relating to, among other things, matters that traditionally would have been
brought only against the Company or business enterprise itself. The By-laws of the Company (the "By-laws") require indemnification
of the officers and directors of the Company. Indemnitee may also be entitled to indemnification pursuant to the General Corporation
Law of the State of Delaware (the "DGCL"). The By-laws and the DGCL expressly provide that the indemnification provisions
set forth therein are not exclusive, and thereby contemplate that contracts may be entered into between the Company and members
of the board of directors, officers and other persons with respect to indemnification;

 

WHEREAS, the uncertainties
relating to such insurance and to indemnification have increased the difficulty of attracting and retaining such persons;

 

WHEREAS, the Board
has determined that the increased difficulty in attracting and retaining such persons is detrimental to the best interests of the
Company and its stockholders and that the Company should act to assure such persons that there will be increased certainty of such
protection in the future;

 

WHEREAS, it is reasonable,
prudent and necessary for the Company contractually to obligate itself to indemnify, and to advance expenses on behalf of, such
persons to the fullest extent permitted by applicable law so that they will serve or continue to serve the Company free from undue
concern that they will not be so indemnified;

 

    	 

    	 

    

 

WHEREAS, this Agreement
is a supplement to and in furtherance of the By-laws, and shall not be deemed a substitute therefor, nor to diminish or abrogate
any rights of Indemnitee thereunder;

 

WHEREAS, Indemnitee
is willing to serve, continue to serve and to take on additional service for or on behalf of the Company on the condition that
he or she be so indemnified; and

 

NOW, THEREFORE, in
consideration of the premises and the covenants contained herein, the Company and Indemnitee do hereby covenant and agree as follows:

 

Section 1.          Survival.
This Agreement shall continue in force after Indemnitee has ceased to serve as an officer or director of the Company, as provided
in Section 16 hereof.

 

Section 2.          Definitions.
As used in this Agreement:

 

(a)          References
to "agent" shall mean any person who is or was a director, officer, or employee of the Company or a subsidiary of the
Company or other person authorized by the Company to act for the Company, to include such person serving in such capacity as a
director, officer, employee, fiduciary or other official of another corporation, partnership, limited liability company, joint
venture, trust or other enterprise at the request of, for the convenience of, or to represent the interests of the Company or a
subsidiary of the Company.

 

(b)          A
"Change in Control" shall be deemed to occur upon the earliest to occur after the date of this Agreement of any of the
following events:

 

i.            Acquisition
of Stock by Third Party. Any Person (as defined below) is or becomes the Beneficial Owner (as defined below), directly or indirectly,
of securities of the Company representing fifty percent (50%) or more of the combined voting power of the Company's then outstanding
securities unless the change in relative Beneficial Ownership of the Company's securities by any Person results solely from a reduction
in the aggregate number of outstanding shares of securities entitled to vote generally in the election of directors;

 

ii.         Change
in Board of Directors. During any period of two (2) consecutive years (not including any period prior to the execution of this
Agreement), individuals who at the beginning of such period constitute the Board, and any new director (other than a director designated
by a person who has entered into an agreement with the Company to effect a transaction described in Sections 2(b)(i), 2(b)(iii)
or 2(b)(iv)) whose election by the Board or nomination for election by the Company's stockholders was approved by a vote of at
least two-thirds of the directors then still in office who either were directors at the beginning of the period or whose election
or nomination for election was previously so approved, cease for any reason to constitute at least a majority of the members of
the Board;

 

    	-2-

    	 

    

 

iii.         Corporate
Transactions. The effective date of a merger or consolidation of the Company with any other entity, other than a merger or consolidation
which would result in the voting securities of the Company outstanding immediately prior to such merger or consolidation continuing
to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity) more than 51%
of the combined voting power of the voting securities of the surviving entity outstanding immediately after such merger or consolidation
and with the power to elect at least a majority of the board of directors or other governing body of such surviving entity;

 

iv.         Liquidation.
The approval by the stockholders of the Company of a complete liquidation of the Company or an agreement for the sale or disposition
by the Company of all or substantially all of the Company's assets; and

 

v.           Other
Events. There occurs any other event of a nature that would be required to be reported in response to Item 6(e) of Schedule 14A
of Regulation 14A (or a response to any similar item on any similar schedule or form) promulgated under the Exchange Act (as defined
below), whether or not the Company is then subject to such reporting requirement.

 

For purposes of this Section 2(b), the following terms shall
have the following meanings:

 

(A)         "Exchange
Act" shall mean the Securities Exchange Act of 1934, as amended from time to time.

 

(B)         "Person"
shall have the meaning as set forth in Sections 13(d) and 14(d) of the Exchange Act; provided, however, that Person shall exclude
(i) the Company, (ii) any trustee or other fiduciary holding securities under an employee benefit plan of the Company, and (iii)
any corporation owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their
ownership of stock of the Company.

 

(C)         "Beneficial
Owner" shall have the meaning given to such term in Rule 13d-3 under the Exchange Act; provided, however, that Beneficial
Owner shall exclude any Person otherwise becoming a Beneficial Owner by reason of the stockholders of the Company approving a merger
of the Company with another entity.

 

(c)          "Corporate
Status" describes the status of a person who is or was a director, officer, employee or agent of the Company or of any other
corporation, limited liability company, partnership or joint venture, trust or other enterprise which such person is or was serving
at the request of the Company.

 

(d)          "Disinterested
Director" shall mean a director of the Company who is not and was not a party to the Proceeding in respect of which indemnification
is sought by Indemnitee.

 

    	-3-

    	 

    

 

(e)          "Enterprise"
shall mean the Company and any other corporation, limited liability company, partnership, joint venture, trust or other enterprise
of which Indemnitee is or was serving at the request of the Company as a director, officer, trustee, partner, managing member,
employee, agent or fiduciary.

 

(f)          "Expenses"
shall include all reasonable attorneys' fees, retainers, court costs, transcript costs, fees of experts and other professionals,
witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees,
any federal, state, local or foreign taxes imposed on Indemnitee as a result of the actual or deemed receipt of any payments under
this Agreement, ERISA excise taxes and penalties, and all other disbursements or expenses of the types customarily incurred in
connection with prosecuting, defending, preparing to prosecute or defend, investigating, being or preparing to be a witness in,
or otherwise participating in, a Proceeding. Expenses also shall include (i) Expenses incurred in connection with any appeal resulting
from any Proceeding, including without limitation the premium, security for, and other costs relating to any cost bond, supersedeas
bond, or other appeal bond or its equivalent, and (ii) for purposes of Section 14(d) only, Expenses incurred by Indemnitee in connection
with the interpretation, enforcement or defense of Indemnitee's rights under this Agreement, by litigation or otherwise. The parties
agree that for the purposes of any advancement of Expenses for which Indemnitee has made written demand to the Company in accordance
with this Agreement, all Expenses included in such demand that are certified by affidavit of Indemnitee's counsel as being reasonable
shall be presumed conclusively to be reasonable. Expenses, however, shall not include amounts paid in settlement by Indemnitee
or the amount of judgments or fines against Indemnitee.

 

(g)          "Independent
Counsel" shall mean a law firm, or a member of a law firm, that is experienced in matters of corporation law and neither presently
is, nor in the past five years has been, retained to represent: (i) the Company or Indemnitee in any matter material to either
such party (other than as Independent Counsel with respect to other indemnitees under similar indemnification agreements), or (ii)
any other party to the Proceeding giving rise to a claim for indemnification hereunder. Notwithstanding the foregoing, the term
"Independent Counsel" shall not include any person who, under the applicable standards of professional conduct then prevailing,
would have a conflict of interest in representing either the Company or Indemnitee in an action to determine Indemnitee's rights
under this Agreement. The Company agrees to pay the reasonable fees and expenses of the Independent Counsel referred to above and
to fully indemnify such counsel against any and all Expenses, claims, liabilities and damages arising out of or relating to this
Agreement or its engagement pursuant hereto.

 

(h)          The
term "Proceeding" shall include any threatened, pending or completed action, suit, claim, counterclaim, cross claim,
arbitration, mediation, alternate dispute resolution mechanism, investigation, inquiry, administrative hearing or any other actual,
threatened or completed proceeding, whether brought in the right of the Company or otherwise and whether of a civil, criminal,
administrative, legislative, or investigative (formal or informal) nature, including any appeal therefrom, in which Indemnitee
was, is or will be involved as a party, potential party, non-party witness or otherwise by reason of the fact that Indemnitee is
or was a director or officer of the Company, by reason of any action taken by Indemnitee (or a failure to take action by Indemnitee)
or of any action (or failure to act) while acting pursuant to Indemnitee’s Corporate Status, in each case whether or not
serving in such capacity at the time any liability or Expense is incurred for which indemnification, reimbursement, or advancement
of Expenses can be provided under this Agreement. If the Indemnitee believes in good faith that a given situation may lead to or
culminate in the institution of a Proceeding, this shall be considered a Proceeding under this paragraph.

 

    	-4-

    	 

    

 

(i)          Reference
to "other enterprise" shall include employee benefit plans; references to "fines" shall include any excise
tax assessed with respect to any employee benefit plan; references to "serving at the request of the Company" shall include
any service as a director, officer, employee or agent of the Company which imposes duties on, or involves services by, such director,
officer, employee or agent with respect to an employee benefit plan, its participants or beneficiaries; and a person who acted
in good faith and in a manner he reasonably believed to be in the best interests of the participants and beneficiaries of an employee
benefit plan shall be deemed to have acted in manner "not opposed to the best interests of the Company" as referred to
in this Agreement.

 

Section 3.          Indemnity
in Third-Party Proceedings. The Company shall indemnify Indemnitee in accordance with the provisions of this Section 3 if Indemnitee
is, or is threatened to be made, a party to or a participant in any Proceeding, other than a Proceeding by or in the right of the
Company to procure a judgment in its favor. Pursuant to this Section 3, Indemnitee shall be indemnified to the fullest extent permitted
by applicable law against all Expenses, judgments, fines and amounts paid in settlement (including all interest, assessments and
other charges paid or payable in connection with or in respect of such Expenses, judgments, fines and amounts paid in settlement)
actually and reasonably incurred by Indemnitee or on his behalf in connection with such Proceeding or any claim, issue or matter
therein, if Indemnitee acted in good faith and in a manner reasonably believed to be in or not opposed to the best interests of
the Company and, in the case of a criminal Proceeding had no reasonable cause to believe that his or her conduct was unlawful.
The parties hereto intend that this Agreement shall provide to the fullest extent permitted by law for indemnification in excess
of that expressly permitted by statute, including, without limitation, any indemnification provided by the Certificate of Incorporation,
the By-laws, vote of its stockholders or disinterested directors or applicable law.

 

Section 4.          Indemnity
in Proceedings by or in the Right of the Company. The Company shall indemnify Indemnitee in accordance with the provisions
of this Section 4 if Indemnitee is, or is threatened to be made, a party to or a participant in any Proceeding by or in the right
of the Company to procure a judgment in its favor. Pursuant to this Section 4, Indemnitee shall be indemnified to the fullest extent
permitted by applicable law against all Expenses actually and reasonably incurred by him or on his behalf in connection with such
Proceeding or any claim, issue or matter therein, if Indemnitee acted in good faith and in a manner he reasonably believed to be
in or not opposed to the best interests of the Company. No indemnification for Expenses shall be made under this Section 4 in respect
of any claim, issue or matter as to which Indemnitee shall have been finally adjudged by a court to be liable to the Company, unless
and only to the extent that the Delaware Court (as hereinafter defined) or any court in which the Proceeding was brought shall
determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, Indemnitee
is fairly and reasonably entitled to indemnification.

 

    	-5-

    	 

    

 

Section 5.          Indemnification
for Expenses of a Party Who is Wholly or Partly Successful. Notwithstanding any other provisions of this Agreement, to the
fullest extent permitted by applicable law and to the extent that Indemnitee is a party to (or a participant in) and is successful,
on the merits or otherwise, in any Proceeding or in defense of any claim, issue or matter therein, in whole or in part, the Company
shall indemnify Indemnitee against all Expenses actually and reasonably incurred by him in connection therewith. If Indemnitee
is not wholly successful in such Proceeding but is successful, on the merits or otherwise, as to one or more but less than all
claims, issues or matters in such Proceeding, the Company shall indemnify Indemnitee against all Expenses actually and reasonably
incurred by him or on his behalf in connection with or related to each successfully resolved claim, issue or matter to the fullest
extent permitted by law. For purposes of this Section and without limitation, the termination of any claim, issue or matter in
such a Proceeding by dismissal, with or without prejudice, shall be deemed to be a successful result as to such claim, issue or
matter.

 

Section 6.          Indemnification
For Expenses of a Witness. Notwithstanding any other provision of this Agreement, to the fullest extent permitted by applicable
law and to the extent that Indemnitee is, by reason of his Corporate Status, a witness or otherwise asked to participate in any
Proceeding to which Indemnitee is not a party, Indemnitee shall be indemnified against all Expenses actually and reasonably incurred
by Indemnitee or on Indemnitee’s behalf in connection therewith.

 

Section 7.          Partial
Indemnification. If Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for some
or a portion of Expenses, but not, however, for the total amount thereof, the Company shall nevertheless indemnify Indemnitee for
the portion thereof to which Indemnitee is entitled.

 

Section 8.          Additional
Indemnification.

 

(a)          Notwithstanding
any limitation in Sections 3, 4, or 5, the Company shall indemnify Indemnitee to the fullest extent permitted by applicable law
if Indemnitee is a party to or threatened to be made a party to any Proceeding (including a Proceeding by or in the right of the
Company to procure a judgment in its favor) against all Expenses, judgments, fines and amounts paid in settlement (including all
interest, assessments and other charges paid or payable in connection with or in respect of such Expenses, judgments, fines and
amounts paid in settlement) actually and reasonably incurred by Indemnitee in connection with the Proceeding.

 

(b)          For
purposes of Section 8(a), the meaning of the phrase "to the fullest extent permitted by applicable law" shall include,
but not be limited to:

 

i.            to
the fullest extent permitted by the provision of the DGCL that authorizes or contemplates additional indemnification by agreement,
or the corresponding provision of any amendment to or replacement of the DGCL, and

 

    	-6-

    	 

    

 

ii.         to
the fullest extent authorized or permitted by any amendments to or replacements of the DGCL adopted after the date of this Agreement
that increase the extent to which a corporation may indemnify its officers and directors.

 

Section 9.          Exclusions.
Notwithstanding any provision in this Agreement, the Company shall not be obligated under this Agreement to make any indemnification
payment in connection with any claim made against Indemnitee:

 

(a)          for
which payment has actually been made to or on behalf of Indemnitee under any insurance policy or other indemnity provision, except
with respect to any excess beyond the amount paid under any insurance policy or other indemnity provision; or

 

(b)          for
(i) an accounting of profits made from the purchase and sale (or sale and purchase) by Indemnitee of securities of the Company
within the meaning of Section 16(b) of the Exchange Act (as defined in Section 2(b) hereof) or similar provisions of state statutory
law or common law, or (ii) any reimbursement of the Company by the Indemnitee of any bonus or other incentive-based or equity-based
compensation or of any profits realized by the Indemnitee from the sale of securities of the Company, as required in each case
under the Exchange Act (including any such reimbursements that arise from an accounting restatement of the Company pursuant to
Section 304 of the Sarbanes-Oxley Act of 2002 (the "Sarbanes-Oxley Act"), or the payment to the Company of profits arising
from the purchase and sale by Indemnitee of securities in violation of Section 306 of the Sarbanes-Oxley Act); or

 

(c)          except
as provided in Section 14(d) of this Agreement, in connection with any Proceeding (or any part of any Proceeding) initiated by
Indemnitee, including any Proceeding (or any part of any Proceeding) initiated by Indemnitee against the Company or its directors,
officers, employees or other indemnitees, unless (i) the Board authorized the Proceeding (or any part of any Proceeding) prior
to its initiation or (ii) the Company provides the indemnification, in its sole discretion, pursuant to the powers vested in the
Company under applicable law.

 

Section 10.         Advances
of Expenses. Notwithstanding any provision of this Agreement to the contrary (other than Section 14(d)), the Company shall
advance, to the extent not prohibited by law, the Expenses incurred by Indemnitee in connection with any Proceeding (or any part
of any Proceeding) not initiated by Indemnitee, and such advancement shall be made within thirty (30) days after the receipt by
the Company of a statement or statements requesting such advances from time to time, whether prior to or after final disposition
of any Proceeding. Advances shall be unsecured and interest free. Advances shall be made without regard to Indemnitee's ability
to repay the Expenses and without regard to Indemnitee's ultimate entitlement to indemnification under the other provisions of
this Agreement. In accordance with Section 14(d), advances shall include any and all reasonable Expenses incurred pursuing an action
to enforce this right of advancement, including Expenses incurred preparing and forwarding statements to the Company to support
the advances claimed. The Indemnitee shall qualify for advances upon the execution and delivery to the Company of this Agreement,
which shall constitute an undertaking providing that the Indemnitee undertakes to repay the amounts advanced (without interest)
to the extent that it is ultimately determined that Indemnitee is not entitled to be indemnified by the Company. No other form
of undertaking shall be required other than the execution of this Agreement. This Section 10 shall not apply to any claim made
by Indemnitee for which indemnity is excluded pursuant to Section 9.

 

    	-7-

    	 

    

 

Section 11.         Procedure
for Notification and Defense of Claim.

 

(a)          Indemnitee
shall notify the Company in writing of any matter with respect to which Indemnitee intends to seek indemnification or advancement
of Expenses hereunder as soon as reasonably practicable following the receipt by Indemnitee of written notice thereof. The written
notification to the Company shall include a description of the nature of the Proceeding and the facts underlying the Proceeding.
To obtain indemnification under this Agreement, Indemnitee shall submit to the Company a written request, including therein or
therewith such documentation and information as is reasonably available to Indemnitee and is reasonably necessary to determine
whether and to what extent Indemnitee is entitled to indemnification following the final disposition of such Proceeding. The omission
by Indemnitee to notify the Company hereunder will not relieve the Company from any liability which it may have to Indemnitee hereunder
or otherwise than under this Agreement, and any delay in so notifying the Company shall not constitute a waiver by Indemnitee of
any rights under this Agreement, unless, and only to the extent that, the Company did not otherwise learn of such action or request,
as the case may be, and such failure results in forfeiture by the Company of substantial defenses, rights or insurance. The Secretary
of the Company shall, promptly upon receipt of such a request for indemnification, advise the Board in writing that Indemnitee
has requested indemnification.

 

(b)          The
Company will be entitled to participate in the Proceeding at its own expense, provided that Indemnitee provides signed, written
consent to such participation, which shall not be unreasonably withheld.

 

(c)          Except
as otherwise provided below, the Company may, at its option and jointly with any other indemnifying party similarly notified and
electing to assume such defense, assume defense of the Proceeding, with counsel reasonably satisfactory to Indemnitee, provided
that Indemnitee provides signed, written consent to such assumption, which shall not be unreasonably withheld. Upon the Company
delivering to Indemnitee written notice of its election to assume such defense, and Indemnitee providing signed, written consent
thereto, the Company will not be liable to Indemnitee under this Agreement for any legal or other expenses subsequently incurred
by Indemnitee in connection with the defense thereof, except as provided in subsections 11(b)(i)-(iv) below. Indemnitee shall have
the right to employ separate counsel in such Proceeding but the fees and expenses of such counsel incurred after notice from the
Company of its assumption of the defense thereof, and Indemnitee’s signed, written consent thereto, shall be at the expense
of Indemnitee unless (i)  the employment of counsel by Indemnitee has been authorized by the Company, (ii)  it is reasonably
determined at any time before or during the course of the Proceeding that the use of counsel chosen by the Company to represent
Indemnitee would present or presents, as the case may be, such counsel with an actual or potential conflict, (iii) it is reasonably
determined at any time before or during the course of the Proceeding that the use of counsel chosen by the Company to represent
Indemnitee would be or is, as the case may be, precluded under the applicable standards of professional conduct then prevailing,
or (iv)  the Company shall not in fact have employed counsel to assume the defense of such Proceeding, or fails to continue
to retain such counsel to assume the defense of such Proceeding, in each of which cases the fees and expenses of Indemnitee’s
separate counsel shall be at the expense of the Company.

 

    	-8-

    	 

    

 

(d)          The
Company shall not be liable to indemnify Indemnitee under this Agreement for any amounts paid in settlement of any action or claim
effected without its prior written consent, which shall not be unreasonably withheld. The Company shall be permitted to settle
any action except that it shall not settle any action or claim in any manner that would impose any expenses, losses, liabilities,
judgments, fines, or penalties (whether civil or criminal,) on Indemnitee, including without limitation a prohibition against Indemnitee
serving as an officer or a director of a listed company, without Indemnitee’s prior written consent.

 

Section 12.         Procedure
Upon Application for Indemnification.

 

(a)          Upon
written request by Indemnitee for indemnification pursuant to Section 11(a), a determination, if required by applicable law, with
respect to Indemnitee's entitlement thereto shall be made in the specific case: (i) if a Change in Control shall have occurred,
by Independent Counsel in a written opinion to the Board, a copy of which shall be delivered to Indemnitee; or (ii) if a Change
in Control shall not have occurred, (A) by a majority vote of the Disinterested Directors, even though less than a quorum of the
Board, (B) by a committee of Disinterested Directors designated by a majority vote of the Disinterested Directors, even though
less than a quorum of the Board, (C) if there are no such Disinterested Directors or, if such Disinterested Directors so direct,
by Independent Counsel in a written opinion to the Board, a copy of which shall be delivered to Indemnitee or (D) if so directed
by the Board, by the stockholders of the Company; and, if it is so determined that Indemnitee is entitled to indemnification, payment
to Indemnitee shall be made within ten (10) days after such determination. Indemnitee shall cooperate with the person, persons
or entity making such determination with respect to Indemnitee's entitlement to indemnification, including providing to such person,
persons or entity upon reasonable advance request any documentation or information which is not privileged or otherwise protected
from disclosure and which is reasonably available to Indemnitee and reasonably necessary to such determination. Any costs or Expenses
(including attorneys' fees and disbursements) incurred by Indemnitee in so cooperating with the person, persons or entity making
such determination shall be borne by the Company (irrespective of the determination as to Indemnitee's entitlement to indemnification)
and the Company hereby indemnifies and agrees to hold Indemnitee harmless therefrom. The Company promptly will advise Indemnitee
in writing with respect to any determination that Indemnitee is or is not entitled to indemnification, including a description
of any reason or basis for which indemnification has been denied.

 

    	-9-

    	 

    

 

(b)          In
the event the determination of entitlement to indemnification is to be made by Independent Counsel pursuant to Section 12(a) hereof,
the Independent Counsel shall be selected as provided in this Section 12(b). If a Change in Control shall not have occurred,
the Independent Counsel shall be selected by the Board, and the Company shall give written notice to Indemnitee advising him of
the identity of the Independent Counsel so selected. If a Change in Control shall have occurred, the Independent Counsel shall
be selected by Indemnitee (unless Indemnitee shall request that such selection be made by the Board, in which event the preceding
sentence shall apply), and Indemnitee shall give written notice to the Company advising it of the identity of the Independent Counsel
so selected. In either event, Indemnitee or the Company, as the case may be, may, within ten (10) days after such written notice
of selection shall have been given, deliver to the Company or to Indemnitee, as the case may be, a written objection to such selection;
provided, however, that such objection may be asserted only on the ground that the Independent Counsel so selected
does not meet the requirements of "Independent Counsel" as defined in Section 2 of this Agreement, and the objection
shall set forth with particularity the factual basis of such assertion. Absent a proper and timely objection, the person so selected
shall act as Independent Counsel. If such written objection is so made and substantiated, the Independent Counsel so selected may
not serve as Independent Counsel unless and until such objection is withdrawn or the Delaware Court has determined that such objection
is without merit. If, within twenty (20) days after the later of submission by Indemnitee of a written request for indemnification
pursuant to Section 11(a) hereof and the final disposition of the Proceeding, no Independent Counsel shall have been selected
and not objected to, either the Company or Indemnitee may petition the Delaware Court for resolution of any objection which shall
have been made by the Company or Indemnitee to the other's selection of Independent Counsel and/or for the appointment as Independent
Counsel of a person selected by such court or by such other person as such court shall designate, and the person with respect to
whom all objections are so resolved or the person so appointed shall act as Independent Counsel under Section 12(a) hereof.
Upon the due commencement of any judicial proceeding or arbitration pursuant to Section 14(a) of this Agreement, Independent Counsel
shall be discharged and relieved of any further responsibility in such capacity (subject to the applicable standards of professional
conduct then prevailing).

 

Section 13.         Presumptions
and Effect of Certain Proceedings.

 

(a)          In
making a determination with respect to entitlement to indemnification hereunder, the person or persons or entity making such determination
shall, to the fullest extent not prohibited by law, presume that Indemnitee is entitled to indemnification under this Agreement
if Indemnitee has submitted a request for indemnification in accordance with Section 11(a) of this Agreement, and the Company shall,
to the fullest extent not prohibited by law, have the burden of proof to overcome that presumption in connection with the making
by any person, persons or entity of any determination contrary to that presumption. Neither the failure of the Company (including
by its directors or Independent Counsel) to have made a determination prior to the commencement of any action pursuant to this
Agreement that indemnification is proper in the circumstances because Indemnitee has met the applicable standard of conduct, nor
an actual determination by the Company (including by its directors or Independent Counsel) that Indemnitee has not met such applicable
standard of conduct, shall be a defense to the action or create a presumption that Indemnitee has not met the applicable standard
of conduct.

 

    	-10-

    	 

    

 

(b)          Subject
to Section 14(e), if the person, persons or entity empowered or selected under Section 12 of this Agreement to determine whether
Indemnitee is entitled to indemnification shall not have made a determination within sixty (60) days after receipt by the Company
of the request therefor, or if the determination is to be made by Independent Counsel pursuant to Section 12(a) of this Agreement,
within sixty (60) days after (i) the Independent Counsel shall have been selected and not objected to or (ii) all objections to
the appointment of a selected Independent Counsel have been resolved by the Delaware Court or agreement between the Company and
Indemnitee, or (iii) the Independent Counsel has been appointed by the Delaware Court or a person designated to do so by the Delaware
Court, the requisite determination of entitlement to indemnification shall, to the fullest extent not prohibited by law, be deemed
to have been made and Indemnitee shall be entitled to such indemnification, absent (i) a misstatement by Indemnitee of a material
fact, or an omission of a material fact necessary to make Indemnitee's statement not materially misleading, in connection with
the request for indemnification, or (ii) a prohibition of such indemnification under applicable law; provided, however, that such
60-day period may be extended for a reasonable time, not to exceed an additional thirty (30) days, if the person, persons or entity
making the determination with respect to entitlement to indemnification in good faith requires such additional time for the obtaining
or evaluating of documentation and/or information relating thereto; and provided, further, that the foregoing provisions of this
Section 13(b) shall not apply if the determination of entitlement to indemnification is to be made by the stockholders pursuant
to Section 12(a) of this Agreement and if (A) within fifteen (15) days after receipt by the Company of the request for such determination
the Board has resolved to submit such determination to the stockholders for their consideration at an annual meeting thereof to
be held within seventy-five (75) days after such receipt and such determination is made thereat, or (B) a special meeting of stockholders
is called within fifteen (15) days after such receipt for the purpose of making such determination, such meeting is held for such
purpose within sixty (60) days after having been so called and such determination is made thereat.

 

(c)          The
termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or conviction, or upon a
plea of nolo contendere or its equivalent, shall not (except as otherwise expressly provided in this Agreement) of
itself adversely affect the right of Indemnitee to indemnification or create a presumption that Indemnitee did not act in good
faith and in a manner which he reasonably believed to be in or not opposed to the best interests of the Company or, with respect
to any criminal Proceeding, that Indemnitee had reasonable cause to believe that his or her conduct was unlawful.

 

(d)          For
purposes of any determination of good faith, Indemnitee shall be deemed to have acted in good faith if Indemnitee's action is based
on the records or books of account of the Enterprise, including financial statements, or on information supplied to Indemnitee
by the directors or officers of the Enterprise in the course of their duties, or on the advice of legal counsel for the Enterprise
or on information or records given or reports made to the Enterprise by an independent certified public accountant or by an appraiser
or other expert selected with the reasonable care by the Enterprise. The provisions of this Section 13(d) shall not be deemed to
be exclusive or to limit in any way the other circumstances in which the Indemnitee may be deemed to have met the applicable standard
of conduct set forth in this Agreement.

 

    	-11-

    	 

    

 

(e)          The
knowledge and/or actions, or failure to act, of any director, officer, trustee, partner, managing member, fiduciary, agent or employee
of the Enterprise shall not be imputed to Indemnitee for purposes of determining the right to indemnification under this Agreement.

 

Section 14.         Remedies
of Indemnitee.

 

(a)          Subject
to Section 14(e), in the event that (i) a determination is made pursuant to Section 12 of this Agreement that Indemnitee is not
entitled to indemnification under this Agreement, (ii) advancement of Expenses is not timely made pursuant to Section 10 of
this Agreement, (iii) no determination of entitlement to indemnification shall have been made pursuant to Section 12(a) of this
Agreement within ninety (90) days after receipt by the Company of the request for indemnification, (iv) payment of indemnification
is not made pursuant to Section 5, 6 or 7 or the last sentence of Section 12(a) of this Agreement within ten (10) days after
receipt by the Company of a written request therefor, (v) payment of indemnification pursuant to Section 3, 4 or 8 of this Agreement
is not made within ten (10) days after a determination has been made that Indemnitee is entitled to indemnification, or (vi) in
the event that the Company or any other person takes or threatens to take any action to declare this Agreement void or unenforceable,
or institutes any litigation or other action or Proceeding designed to deny, or to recover from, the Indemnitee the benefits provided
or intended to be provided to the Indemnitee hereunder, Indemnitee shall be entitled to an adjudication by the Delaware Court of
his entitlement to such indemnification or advancement of Expenses. Alternatively, Indemnitee, at his option, may seek an award
in arbitration to be conducted by a single arbitrator pursuant to the Commercial Arbitration Rules of the American Arbitration
Association and in such event the Company and Indemnitee agree to fully and finally resolve by such arbitration the matter subject
to the demand for arbitration, and the award of the arbitrator shall be final and binding on both parties and may be enforced in
any court having jurisdiction over the parties hereto. Indemnitee shall commence such proceeding seeking an adjudication or an
award in arbitration within 180 days following the date on which Indemnitee first has the right to commence such proceeding pursuant
to this Section 14(a); provided, however, that the immediately preceding clause in this sentence shall not apply
in respect of a proceeding brought by Indemnitee to enforce his rights under Section 5 of this Agreement. The Company shall
not oppose Indemnitee's right to seek any such adjudication or award in arbitration.

 

(b)          In
the event that a determination shall have been made pursuant to Section 12(a) of this Agreement that Indemnitee is not entitled
to indemnification, any judicial proceeding or arbitration commenced pursuant to this Section 14 shall be conducted in all
respects as a de novo trial, or arbitration, on the merits and Indemnitee shall not be prejudiced by reason of that
adverse determination. In any judicial proceeding or arbitration commenced pursuant to this Section 14 the Company shall have the
burden of proving Indemnitee is not entitled to indemnification or advancement of Expenses, as the case may be.

 

    	-12-

    	 

    

 

(c)          If
a determination shall have been made pursuant to Section 12(a) of this Agreement that Indemnitee is entitled to indemnification,
the Company shall be bound by such determination in any judicial proceeding or arbitration commenced pursuant to this Section 14,
absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee's statement
not materially misleading, in connection with the request for indemnification, or (ii) a prohibition of such indemnification under
applicable law.

 

(d)          The
Company shall, to the fullest extent not prohibited by law, be precluded from asserting in any judicial proceeding or arbitration
commenced pursuant to this Section 14 that the procedures and presumptions of this Agreement are not valid, binding and enforceable
and shall stipulate in any such court or before any such arbitrator that the Company is bound by all the provisions of this Agreement.
It is the intent of the Company that, to the fullest extent permitted by law, the Indemnitee not be required to incur legal fees
or other Expenses associated with the interpretation, enforcement or defense of Indemnitee's rights under this Agreement by litigation,
arbitration or otherwise because the cost and expense thereof would substantially detract from the benefits intended to be extended
to the Indemnitee hereunder. The Company shall, to the fullest extent permitted by law, indemnify Indemnitee against any and all
Expenses and, if requested by Indemnitee, shall (within ten (10) days after receipt by the Company of a written request therefor)
advance, to the extent not prohibited by law, such Expenses to Indemnitee, which are incurred by Indemnitee in connection with
any action brought by Indemnitee for indemnification or advance of Expenses from the Company under this Agreement or under any
directors' and officers' liability insurance policies maintained by the Company if, in the case of indemnification, Indemnitee
is wholly successful on the underlying claims; if Indemnitee is not wholly successful on the underlying claims, then such indemnification
shall be only to the extent Indemnitee is successful on such underlying claims or otherwise as permitted by law, whichever is greater.

 

(e)          Notwithstanding
anything in this Agreement to the contrary, no determination as to entitlement of Indemnitee to indemnification under this Agreement
shall be required to be made prior to the final disposition of the Proceeding.

 

Section 15.         Non-exclusivity;
Survival of Rights; Insurance; Subrogation.

 

(a)          The
rights of indemnification and to receive advancement of Expenses as provided by this Agreement shall not be deemed exclusive of
any other rights to which Indemnitee may at any time be entitled under applicable law, the Certificate of Incorporation, the By-laws,
any agreement, a vote of stockholders or a resolution of directors, or otherwise. No amendment, alteration or repeal of this Agreement
or of any provision hereof shall limit or restrict any right of Indemnitee under this Agreement in respect of any action taken
or omitted by such Indemnitee in his Corporate Status prior to such amendment, alteration or repeal. To the extent that a change
in Delaware law, whether by statute or judicial decision, permits greater indemnification or advancement of Expenses than would
be afforded currently under the By-laws and this Agreement, it is the intent of the parties hereto that Indemnitee shall enjoy
by this Agreement the greater benefits so afforded by such change. No right or remedy herein conferred is intended to be exclusive
of any other right or remedy, and every other right and remedy shall be cumulative and in addition to every other right and remedy
given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy
hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other right or remedy.

 

    	-13-

    	 

    

 

(b)          To
the extent that the Company maintains an insurance policy or policies providing liability insurance for directors, officers, employees,
or agents of the Enterprise, Indemnitee shall be covered by such policy or policies in accordance with its or their terms to the
maximum extent of the coverage available for any such director, officer, employee or agent under such policy or policies. If, at
the time of the receipt of a notice of a claim pursuant to the terms hereof, the Company has director and officer liability insurance
in effect, the Company shall give prompt notice of such claim or of the commencement of a Proceeding, as the case may be, to the
insurers in accordance with the procedures set forth in the respective policies. The Company shall thereafter take all necessary
or desirable action to cause such insurers to pay, on behalf of the Indemnitee, all amounts payable as a result of such Proceeding
in accordance with the terms of such policies. Nothing in this Section 15 shall be construed to permit the Company to delay advancement
of Expenses or payment of amounts in indemnification, to which Indemnitee is otherwise entitled under this Agreement, because such
insurance coverage is in place and a claim has been made and is pending under such policies of insurance.

 

(c)          In
the event of any payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights
of recovery of Indemnitee, who shall execute all papers required and take all action necessary to secure such rights, including
execution of such documents as are necessary to enable the Company to bring suit to enforce such rights.

 

(d)          The
Company shall not be liable under this Agreement to make any payment of amounts otherwise indemnifiable (or for which advancement
is provided hereunder) hereunder if and to the extent that Indemnitee has otherwise actually received such payment under any insurance
policy, contract, agreement or otherwise.         

 

(e)          The
Company's obligation to indemnify or advance Expenses hereunder to Indemnitee who is or was serving at the request of the Company
as a director, officer, trustee, partner, managing member, fiduciary, employee or agent of any other corporation, limited liability
company, partnership, joint venture, trust, employee benefit plan or other enterprise shall be reduced by any amount Indemnitee
has actually received as indemnification or advancement of Expenses from such other corporation, limited liability company, partnership,
joint venture, trust or other enterprise.

 

Section 16.         Duration
of Agreement. All agreements and obligations of the Company contained herein shall continue during the period Indemnitee is
a director, officer, employee or agent of the Company and thereafter so long as Indemnitee shall be subject to any possible Proceeding
or any possible action to interpret, enforce or defend Indemnitee's rights under this Agreement by litigation, arbitration or otherwise.
The indemnification and advancement of Expenses rights provided by or granted pursuant to this Agreement shall be binding upon
and be enforceable by the parties hereto and their respective successors and assigns (including any direct or indirect successor
by purchase, merger, consolidation or otherwise to all or substantially all of the business or assets of the Company), shall continue
as to an Indemnitee who has ceased to be a director, officer, employee or agent of the Company or of any other Enterprise, and
shall inure to the benefit of Indemnitee and his or her spouse, assigns, heirs, devisees, executors and administrators and other
legal representatives.

 

    	-14-

    	 

    

 

Section 17.         Injunctive
Relief. The Company, and the Indemnitee agree herein that a monetary remedy for breach of this Agreement, at some later date,
may be inadequate, impracticable and difficult of proof, and further agree that such breach may cause the Indemnitee and the Company
irreparable harm. Accordingly, the parties hereto agree that the parties may enforce this Agreement by seeking injunctive relief
and/or specific performance hereof, without any necessity of showing actual damage or irreparable harm and that by seeking injunctive
relief and/or specific performance, they shall not be precluded from seeking or obtaining any other relief to which they may be
entitled. The Company and the Indemnitee further agree that they shall be entitled to such specific performance and injunctive
relief, including temporary restraining orders, preliminary injunctions and permanent injunctions, without the necessity of posting
bonds or other undertaking in connection herewith. The Company and the Indemnitee acknowledge that in the absence of a waiver,
a bond or undertaking may be required by the Chancery Court of the State of Delaware, and they hereby waive any such requirement
of such a bond or undertaking.

 

Section 18.         Severability.
If any provision or provisions of this Agreement shall be held to be invalid, illegal or unenforceable for any reason whatsoever:
(a) the validity, legality and enforceability of the remaining provisions of this Agreement (including without limitation, each
portion of any Section of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not
itself invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby and shall remain enforceable to
the fullest extent permitted by law; (b) such provision or provisions shall be deemed reformed to the extent necessary to conform
to applicable law and to give the maximum effect to the intent of the parties hereto; and (c) to the fullest extent possible, the
provisions of this Agreement (including, without limitation, each portion of any Section of this Agreement containing any such
provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall be construed
so as to give effect to the intent manifested thereby.

 

Section 19.         Enforcement.

 

(a)          The
Company expressly confirms and agrees that it has entered into this Agreement and assumed the obligations imposed on it hereby
in order to induce Indemnitee to serve as a director or officer of the Company, and the Company acknowledges that Indemnitee is
relying upon this Agreement in serving as a director or officer of the Company.

 

(b)          This
Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter hereof and supersedes
all prior agreements and understandings, oral, written and implied, between the parties hereto with respect to the subject matter
hereof; provided, however, that this Agreement is a supplement to and in furtherance of the Certificate of Incorporation, the By-laws
and applicable law, and shall not be deemed a substitute therefor, nor to diminish or abrogate any rights of Indemnitee thereunder.

 

    	-15-

    	 

    

 

Section 20.         Modification
and Waiver. No supplement, modification or amendment of this Agreement shall be binding unless expressed in writing stating
the express intent to amend, modify or supplement this Agreement and executed by the parties hereto. No waiver of any of the provisions
of this Agreement shall be deemed or shall constitute a waiver of any other provisions of this Agreement nor shall any waiver constitute
a continuing waiver.

 

Section 21.         Notice
by Indemnitee. Indemnitee agrees promptly to notify the Company in writing upon being served with any summons, citation, subpoena,
complaint, indictment, information or other document relating to any Proceeding or matter which may be subject to indemnification
or advancement of Expenses covered hereunder. The failure of Indemnitee to so notify the Company shall not relieve the Company
of any obligation which it may have to the Indemnitee under this Agreement or otherwise, unless, and only to the extent that, the
Company did not otherwise learn of such action or request, as the case may be, and such failure results in forfeiture by the Company
of substantial defenses, rights or insurance.

 

Section 22.         Notices.
All notices, requests, demands and other communications under this Agreement shall be in writing and shall be deemed to have
been duly given if (a) delivered by hand and receipted for by the party to whom said notice or other communication shall have been
directed, on the date so delivered and receipted for, (b) mailed by certified or registered mail with postage prepaid, on the third
business day after the date on which it is so mailed, (c) dispatched by reputable overnight courier and receipted for by the party
to whom said notice or other communication shall have been directed, on the date receipted for or (d) sent by facsimile transmission,
with receipt of oral confirmation that such transmission has been received, on the date of such transmission:

 

(a)          If
to Indemnitee, at the address indicated on the signature page of this Agreement, or such other address as Indemnitee shall provide
to the Company.

 

(b)          If
to the Company to

 

Bacterin International Holdings, Inc.

664 Cruiser Lane

Belgrade, MT 59714

Attn: General Counsel

 

or to any other address as may have been furnished to Indemnitee
by the Company.

 

Section 23.         Contribution.
To the fullest extent permissible under applicable law, if the indemnification provided for in this Agreement is unavailable to
Indemnitee for any reason whatsoever, the Company, in lieu of indemnifying Indemnitee, shall contribute to the amount incurred
by Indemnitee, whether for judgments, fines, penalties, excise taxes, amounts paid or to be paid in settlement and/or for Expenses,
in connection with any claim relating to an indemnifiable event under this Agreement, in such proportion as is deemed fair and
reasonable in light of all of the circumstances of such Proceeding in order to reflect (i) the relative benefits received by the
Company and Indemnitee as a result of the event(s) and/or transaction(s) giving cause to such Proceeding; and/or (ii) the relative
fault of the Company (and its directors, officers, employees and agents) and Indemnitee in connection with such event(s) and/or
transaction(s).

 

    	-16-

    	 

    

 

Section 24.         Applicable
Law and Consent to Jurisdiction. This Agreement and the legal relations between the parties hereto shall be governed by, and
construed and enforced in accordance with, the laws of the State of Delaware, without regard to its conflict of laws rules, except
the provisions of Section 14(a) providing for arbitration of disputes which shall be governed by, and construed and enforced in
accordance with, the Federal Arbitration Act. Except with respect to any arbitration commenced by Indemnitee pursuant to Section
14(a) of this Agreement, the Company and Indemnitee hereby irrevocably and unconditionally (i) agree that any action or proceeding
arising out of or in connection with this Agreement shall be brought only in the Chancery Court of the State of Delaware (the "Delaware
Court"), and not in any other state or federal court in the United States of America or any court in any other country, (ii)
consent to submit to the exclusive jurisdiction of the Delaware Court for purposes of any action or proceeding arising out of or
in connection with this Agreement, (iii) appoint, to the extent such party is not otherwise subject to service of process in the
State of Delaware, irrevocably RL&F Service Corp., 920 North King Street, 2nd Floor, Wilmington, New Castle County,
Delaware 19801 as its agent in the State of Delaware for acceptance of legal process in connection with any such action or proceeding
against such party with the same legal force and validity as if served upon such party personally within the State of Delaware,
(iv) waive any objection to the laying of venue of any such action or proceeding in the Delaware Court, and (v) waive, and agree
not to plead or to make, any claim that any such action or proceeding brought in the Delaware Court has been brought in an improper
or inconvenient forum. The parties hereto, for purposes only of enforcement of any arbitration award resulting from arbitration
under the provisions of Section 14(a), (a) consent to the personal jurisdiction of the state and federal courts sitting in the
State of Delaware, provided such court then also would have subject matter jurisdiction over such enforcement action, (b) appoint,
to the extent such party is not otherwise subject to service of process in the State of Delaware, irrevocably RL&F Service
Corp., 920 North King Street, 2nd Floor, Wilmington, New Castle County, Delaware 19801 as its agent in the State of
Delaware for acceptance of legal process in connection with any such action to enforce such arbitration award with the same legal
force and validity as if served upon such party personally within the State of Delaware, (iv) waive any objection to the laying
of venue of any such action or proceeding in any such federal or Delaware state court, and (v) waive, and agree not to plead or
to make, any claim that any such action or proceeding brought in any such federal or Delaware state court has been brought in an
improper or inconvenient forum.

 

Section 25.         Identical
Counterparts. This Agreement may be executed in one or more counterparts, each of which shall for all purposes be deemed to
be an original but all of which together shall constitute one and the same Agreement. Only one such counterpart signed by the party
against whom enforceability is sought needs to be produced to evidence the existence of this Agreement.

 

    	-17-

    	 

    

 

Section 26.         Miscellaneous.
Use of the masculine pronoun shall be deemed to include usage of the feminine pronoun where appropriate. The headings of this Agreement
are inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect the construction thereof.

 

IN WITNESS WHEREOF,
the parties have caused this Agreement to be signed as of the day and year first above written.

 

	Bacterin International Holdings, Inc.	 	INDEMNITEE
	 	 	 
	By:	/s/ John P. Gandolfo	 	/s/ Daniel S. Goldberger
	Name: 	John P. Gandolfo	 	Name:  	Daniel S. Goldberger
	Office: 	CFO	 	Address: 	644 College Ave

        Boulder, CO 80302

 

    	-18-

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