Document:

EX-10.2

 Exhibit 10.2 

REGISTRATION RIGHTS AGREEMENT 

This REGISTRATION RIGHTS AGREEMENT (this “Agreement”) is made as of [●], 2016, by and among
Bioventus Inc., a Delaware corporation (the “Corporation”), and each Person identified on the Schedule of Investors attached hereto as of the date hereof (such Persons, collectively, the “Original LLC
Owners”). 
 RECITALS 

WHEREAS, the Corporation is contemplating an offer and sale of its shares of Class A common stock, par value $0.001 per
share (the “Class A Common Stock” and such shares, the “Shares”), to the public in an underwritten initial public offering (the “IPO”);  

WHEREAS, immediately prior to the closing of the IPO, the Original LLC Owners are the sole members of Bioventus LLC, a Delaware
limited liability company (the “Company”); 
 WHEREAS, in connection with the closing of
the IPO, the Corporation, the Company and the Original LLC Owners will enter into that certain Second Amended and Restated Limited Liability Company Agreement of the Company (such agreement, as it may be amended, restated, amended and restated,
supplemented or otherwise modified form time to time, the “LLC Agreement”); 
 WHEREAS,
in connection with the closing of the IPO, (i) the Corporation will become the sole managing member of the Company, (ii) under the LLC Agreement, the existing membership interests of the Original LLC Owners in the Company will be exchanged
for the Common Units of the Company (the “Common Units”), (iii) each Person identified on the Schedule of Investors attached hereto as a “Former LLC Owner” (such Persons, collectively, the “Former
LLC Owners”) will exchange their indirect ownership interest for shares of Class A Common Stock, (iv) each Person identified on the Schedule of Investors attached hereto as a “Continuing LLC Owner” (such Persons,
collectively, the “Continuing LLC Owners”) will become a non-managing member of the Company holding Common Units in the Company, and (v) in consideration of the Corporation acquiring the Common Units and becoming the
managing member of the Company, among other things, the Company has provided the Continuing LLC Owners with a redemption right pursuant to which the Continuing LLC Owners may exchange each of their Common Units (together with a share of the
Corporation’s Class B Common Stock, par value 0.0001 per share (the “Class B Common Stock”)) for a newly-issued share of Class A Common Stock; and 

WHEREAS, in connection with the IPO and the transactions described above, the Corporation has agreed to grant to the Holders (as defined
below) certain rights with respect to the registration of the Registrable Securities (as defined below) on the terms and conditions set forth herein. 

 NOW, THEREFORE, in consideration of the mutual covenants contained herein and other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties to this Agreement hereby agree as follows: 

Section 1. Definitions. For purposes of this Agreement, the following terms shall have the meanings specified in this
Section 1: 
 “Acquired Common” has the meaning set forth in Section 9.

 “Additional Investor” has the meaning set forth in Section 9, and shall be
deemed to include each such Person’s Affiliates, immediate family members, heirs, successors and assigns who may succeed to such Person as a Holder hereunder. 

“Affiliate” of any Person means any other Person controlled by, controlling or under common control with
such Person; provided that the Corporation and its Subsidiaries shall not be deemed to be Affiliates of any Holder. As used in this definition, “control” (including, with its correlative meanings,
“controlling,” “controlled by” and “under common control with”) shall mean possession, directly or indirectly, of power to direct or cause the direction of management or policies (whether through ownership of
securities, by contract or otherwise). 
 “Agreement” has the meaning set forth in the
preamble. 
 “Automatic Shelf Registration Statement” has the meaning set forth in
Section 2(a). 
 “Business Day” means any day of the year on which national
banking institutions in New York are open to the public for conducting business and are not required or authorized to close. 

“Capital Stock” means (i) with respect to any Person that is a corporation, any and all shares,
interests or equivalents in capital stock of such corporation (whether voting or nonvoting and whether common or preferred), (ii) with respect to any Person that is not a corporation, individual or governmental entity, any and all partnership,
membership, limited liability company or other equity interests of such Person that confer on the holder thereof the right to receive a share of the profits and losses of, or the distribution of assets of the issuing Person, and (iii) any and
all warrants, rights (including conversion and exchange rights) and options to purchase any security described in the clause (i) or (ii) above. 

“Class A Common Stock” has the meaning set forth in the recitals. 

“Class B Common Stock” has the meaning set forth in the recitals. 

“Common Units” has the meaning set forth in the recitals. 

“Company” has the meaning set forth in the recitals. 

“Continuing LLC Owners” has the meaning set forth in the recitals, and shall be deemed to include their
respective Affiliates, immediate family members, heirs, successors and assigns who may succeed to such Person as a Holder hereunder. 

“Controlling Holder” means each of (i) the Essex Stockholders and (ii) the S&N
Stockholders (in each case, as identified on the Schedule of Investors), so long as such Holders continue to hold Registrable Securities. 

  
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 “Corporation” has the meaning set forth in the
preamble. 
 “Demand Registrations” has the meaning set forth in Section
2(a). 
 “End of Suspension Notice” has the meaning set forth in Section
2(f)(ii). 
 “Exchange Act” means the U.S. Securities Exchange Act of 1934, as
amended from time to time, or any successor federal law then in force, together with all rules and regulations promulgated thereunder. 

“FINRA” means the Financial Industry Regulatory Authority. 

“Former LLC Owners” has the meaning set forth in the recitals, and shall be deemed to include their
respective Affiliates, immediate family members, heirs, successors and assigns who may succeed to such Person as a Holder hereunder. 

“Free Writing Prospectus” means a free-writing prospectus, as defined in Rule 405. 

“Holdback Period” has the meaning set forth in Section 4. 

“Holder” means any Person who is the registered holder of Registrable Securities and deemed to be a
“Holder” pursuant to the definition of Registrable Securities below. 
 “Holder Indemnified
Parties” has the meaning set forth in Section 7(a). 
 “IPO” has the
meaning set forth in the recitals. 
 “Joinder” has the meaning set forth in Section 9.

 “LLC Agreement” has the meaning set forth in the recitals. 

“Long-Form Registrations” has the meaning set forth in Section 2(a). 

“MNPI” means material non-public information within the meaning of Regulation FD promulgated under the
Exchange Act. 
 “Original LLC Owners” has the meaning set forth in the preamble, and
shall be deemed to include their respective Affiliates, immediate family members, heirs, successors and assigns who may succeed to such Person as a Holder hereunder. 

“Person” means an individual, a partnership, a corporation, a limited liability company, an association,
a joint stock company, a trust, a joint venture, an unincorporated organization and a governmental entity or any department, agency or political subdivision thereof. 

“Piggyback Registrations” has the meaning set forth in Section 3(a). 

“Public Offering” means any sale or distribution to the public of Capital Stock of the Corporation
pursuant to an offering registered under the Securities Act, whether by the Corporation, by Holders and/or by any other holders of the Corporation’s Capital Stock. 

  
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 “Registrable Securities” means (i) any Class A
Common Stock (A) held by any Holder (now owned or hereafter acquired), including any Shares issued by the Corporation in connection with the IPO in exchange for the Common Units of the Former LLC Owners or (B) issued by the Corporation in
a Share Settlement in connection with (x) the redemption by the Company of Common Units owned by any Continuing LLC Owner or (y) at the election of the Corporation, in a direct exchange for Common Units owned by any Continuing LLC Owner,
in each case in accordance with the terms of the LLC Agreement, (ii) any common Capital Stock of the Corporation or of any Subsidiary of the Corporation issued or issuable with respect to the securities referred to in clause
(i) above by way of dividend, distribution, split or combination of securities, or any recapitalization, merger, consolidation or other reorganization, and (iii) any other Shares owned by Persons that are the registered holders of
securities described in clauses (i) or (ii) above.  
 As to any particular Registrable Securities
owned by any Person, such securities shall cease to be Registrable Securities on the date such securities have been (a) sold or distributed pursuant to a Public Offering, (b) sold in compliance with Rule 144 following the consummation of
the IPO or (c) repurchased by the Corporation or a Subsidiary of the Corporation. 
 For purposes of this Agreement, a Person shall be
deemed to be a Holder, and the Registrable Securities shall be deemed to be in existence, whenever such Person has the right to acquire, directly or indirectly, such Registrable Securities (upon conversion or exercise in connection with a transfer
of securities or otherwise, but disregarding any restrictions or limitations upon the exercise of such right), whether or not such acquisition has actually been effected, and such Person shall be entitled to exercise the rights of a holder of
Registrable Securities hereunder; provided a holder of Registrable Securities may only request that Registrable Securities in the form of Capital Stock of the Corporation that is registered or to be registered as a class under Section 12
of the Exchange Act be registered pursuant to this Agreement. For the avoidance of doubt, while Common Units and/or shares of Class B Common Stock may constitute Registrable Securities, under no circumstances shall the Corporation be obligated to
register Common Units or shares of Class B Common Stock. Notwithstanding the foregoing, with the consent of the Corporation and the Controlling Holders, any Registrable Securities held by any Person that may be sold under Rule 144(b)(1)(i) without
limitation under any other of the requirements of Rule 144 shall not be deemed to be Registrable Securities upon notice from the Corporation to such Person and the Corporation shall, at such Person’s request, remove the legend provided for in
Section 12. 
 “Registration Expenses” has the meaning set forth in Section
6(a). 
 “Rule 144,” “Rule 158,” “Rule
405” and “Rule 415” mean, in each case, such rule promulgated under the Securities Act (or any successor provision) by the Securities and Exchange Commission, as the same shall be amended from time to time, or
any successor rule then in force. 
 “Schedule of Investors” means the schedule attached
to this Agreement entitled “Schedule of Investors”, which shall reflect each Holder from time to time party to this Agreement. 

  
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 “Securities Act” means the U.S. Securities Act of 1933, as
amended from time to time, or any successor federal law then in force, together with all rules and regulations promulgated thereunder. 

“Share Settlement” means “Share Settlement” as defined in the LLC Agreement.

 “Shares” has the meaning set forth in the recitals. 

“Shelf Offering” has the meaning set forth in Section 2(d)(ii). 

“Shelf Offering Notice” has the meaning set forth in Section 2(d)(ii). 

“Shelf Offering Request” has the meaning set forth in Section 2(d)(ii). 

“Shelf Registrable Securities” has the meaning set forth in Section 2(d)(ii). 

“Shelf Registration” has the meaning set forth in Section 2(a). 

“Shelf Registration Statement” has the meaning set forth in Section 2(d)(i). 

“Short-Form Registrations” has the meaning set forth in Section 2(a). 

“Subsidiary” means, with respect to the Corporation, any corporation, limited liability company,
partnership, association or other business entity of which (i) if a corporation, a majority of the total voting power of Capital Stock of such Person entitled (without regard to the occurrence of any contingency) to vote in the election of
directors is at the time owned or controlled, directly or indirectly, by the Corporation, or (ii) if a limited liability company, partnership, association or other business entity, either (x) a majority of the Capital Stock of such Person
entitled (without regard to the occurrence of any contingency) to vote in the election of managers, general partners or other oversight board vested with the authority to direct management of such Person is at the time owned or controlled, directly
or indirectly, by the Corporation or (y) the Corporation or one of its Subsidiaries is the sole manager or general partner of such Person. 

“Suspension Event” has the meaning set forth in Section 2(f)(ii). 

“Suspension Notice” has the meaning set forth in Section 2(f)(ii). 

“Suspension Period” has the meaning set forth in Section 2(f)(i). 

“Underwritten Takedown” has the meaning set forth in Section 2(d)(ii). 

“Violation” has the meaning set forth in Section 7(a). 

“WKSI” means a “well-known seasoned issuer” as defined under Rule 405. 

  
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 Section 2. Demand Registrations. 

(a) Requests for Registration. Subject to the terms and conditions of this Agreement, each Controlling Holder may request
registration under the Securities Act of all or any portion of its Registrable Securities on Form S-1 or any similar long-form registration (“Long-Form Registrations”), and each Controlling Holder may request registration
under the Securities Act of all or any portion of its Registrable Securities on Form S-3 or any similar short-form registration (“Short-Form Registrations”) if available. The Controlling Holder making a Demand Registration
may request that the registration be made pursuant to Rule 415 under the Securities Act (a “Shelf Registration”) and, if the Corporation is a WKSI at the time any request for a Demand Registration is submitted to the
Corporation, that such Shelf Registration be an automatic shelf registration statement (as defined in Rule 405 under the Securities Act) (an “Automatic Shelf Registration Statement”). All registrations requested pursuant to
this Section 2(a) are referred to herein as “Demand Registrations.” 
 (b) Long-Form
Registrations. Each Controlling Holder shall be entitled to request an unlimited number of Long-Form Registrations (and the Corporation shall pay all Registration Expenses relating to such Long-Form Registrations), regardless of whether any
registration statement is filed or any such Demand Registration is consummated. All Long-Form Registrations shall be underwritten registrations unless otherwise approved by the applicable Controlling Holder. 

(c) Short-Form Registrations. In addition to the Long-Form Registrations described in Section 2(d), each Controlling Holder
shall be entitled to request an unlimited number of Short-Form Registrations (and the Corporation shall pay all Registration Expenses relating to such Short-Form Registrations), regardless of whether any registration statement is filed or any such
Demand Registration is consummated. Demand Registrations shall be Short-Form Registrations whenever the Corporation is permitted to use any applicable short form and if the managing underwriters (if any) agree to the use of a Short-Form
Registration. After the Corporation has become subject to the reporting requirements of the Exchange Act, the Corporation shall use its reasonable best efforts to make Short-Form Registrations available for the sale of Registrable Securities. 

(d) Notice of Demand Registration. Except to the extent that Section 2(g) applies, within 10 days after the receipt of a
request for a Demand Registration (and at least 20 days prior to any filing of the registration statement relating to such Demand Registration), the Corporation shall give written notice of the Demand Registration to all other Holders (the
“DR Notice”) and, subject to the terms of Section 2(h), shall include in such Demand Registration (and in all related registrations and qualifications under state blue sky laws and in any related underwriting) all
Registrable Securities with respect to which the Corporation has received written requests for inclusion therein within 10 days after the DR Notice given by the Corporation under this Section 2(d). 

(e) Effecting of Registration. Upon receipt of a request for a Demand Registration, the Corporation shall use its reasonable best
efforts to, as soon as practicable and in any event within ninety (90) days of such receipt, in the case of any Long-Form Registration or within forty-five (45) days of such receipt, in the case of a Short-Form Registration, effect such

  
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registration (which shall, in the case of a secondary offering, be on Form S-3 if the Company is qualified for registration on Form S-3 at such time) (including, without limitation, the execution
of an undertaking to file post-effective amendments, appropriate qualifications under applicable blue sky or other state securities laws and appropriate compliance with applicable regulations issued under the Securities Act) as may be so requested
and as would permit or facilitate the sale and distribution of all of such Registrable Shares as are specified in such Demand Registration, together with all or such portion of the Registrable Securities provided for under Section 2(d)
hereof. 
 (f) DR Notice Constitutes MNPI. Each Holder agrees that (1) any such DR Notice constitutes MNPI and that it will not
engage in any transaction in any securities of the Corporation until such DR Notice and the information contained therein ceases to constitute MNPI and (2) such Holder shall treat as confidential the receipt of the DR Notice and shall not
disclose or use the information contained in such DR Notice without the prior written consent of the Corporation until such time as the information contained therein is or becomes available to the public generally, other than as a result of
disclosure by the Holder in breach of the terms of this Agreement. 
 (g) Shelf Registrations. 

(i) Shelf Registration Statement. At any time and from time to time when the Company is eligible to utilize a Shelf
Registration, as promptly as practicable after the Corporation receives written notice of a request for a Shelf Registration, the Corporation shall file with the Securities and Exchange Commission a registration statement under the Securities Act
for the Shelf Registration (a “Shelf Registration Statement”). The Corporation shall use its reasonable best efforts to cause any Shelf Registration Statement to be declared effective under the Securities Act as soon as
practicable after the initial filing of such Shelf Registration Statement, and once effective, the Corporation shall cause such Shelf Registration Statement to remain continuously effective for such time period as is specified in the request by the
Holders, but for no time period longer than the period ending on the earliest of (A) the third anniversary of the initial effective date of such Shelf Registration Statement, (B) the date on which all Registrable Securities covered by such
Shelf Registration Statement have been sold pursuant to the Shelf Registration Statement, and (C) the date as of which there are no longer any Registrable Securities covered by such Shelf Registration Statement in existence. Without limiting
the generality of the foregoing, the Corporation shall use its reasonable best efforts to prepare a Shelf Registration Statement with respect to all of the Registrable Securities owned by or issuable to the Original LLC Owners in accordance with the
terms of the LLC Agreement (or such other number of Registrable Securities specified in writing by the Holder with respect to the Registrable Securities owned by or issuable to such Holder) to enable and cause such Shelf Registration Statement to be
filed and maintained with the Securities and Exchange Commission as soon as practicable after the later to occur of (i) the expiration of the Holdback Period and (ii) the Corporation becoming eligible to file a Shelf Registration Statement
for a Short-Form Registration; provided that any of the Original LLC Owners may, with respect to itself, instruct the Corporation in writing not to include in such Shelf Registration Statement the Registrable Securities owned by or issuable to such
Holder. In order for any of the Original LLC Owners to be 

  
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named as a selling securityholder in such Shelf Registration Statement, the Corporation may require such Holder to deliver all information about such Holder that is required to be included in
such Shelf Registration Statement in accordance with applicable law, including Item 507 of Regulation S-K promulgated under the Securities Act, as amended from time to time, or any similar successor rule thereto. Notwithstanding anything to the
contrary in Section 2(g)(ii), any Holder that is named as a selling securityholder in such Shelf Registration Statement may make a secondary resale under such Shelf Registration Statement without the consent of the Holders representing a
majority of the Registrable Securities or any other Holder if such resale does not require a supplement to the Shelf Registration Statement. 

(ii) Underwritten Takedowns. In the event that a Shelf Registration Statement is effective Holders
representing the Registrable Securities with a market value of at least $50 million shall each have the right at any time or from time to time to elect to sell pursuant to an offering (including an underwritten offering (an “Underwritten
Takedown”)) Registrable Securities available for sale pursuant to such registration statement (“Shelf Registrable Securities”), so long as the Shelf Registration Statement remains in effect, and the Corporation
shall pay all Registration Expenses in connection therewith; provided that each Controlling Holder shall have the right at any time and from time to time to elect to sell pursuant to an offering (including an
Underwritten Takedown) pursuant to a Shelf Offering Request (as defined below) made by such Controlling Holder so long as the amount of Registrable Securities requested to be included in such Shelf Offering Request (including any Registrable
Securities included pursuant to the third succeeding sentence) is reasonably expected to result in aggregate gross proceeds in excess of $5 million. The applicable Holders shall make such election by delivering to the Corporation a written request
(a “Shelf Offering Request”) for such offering specifying the number of Shelf Registrable Securities that such Holders desire to sell pursuant to such offering (the “Shelf Offering”). As promptly as
practicable, but no later than two days after receipt of a Shelf Offering Request, the Corporation shall give written notice (the “Shelf Offering Notice”) of such Shelf Offering Request to all other holders of Shelf
Registrable Securities. The Corporation, subject to Sections 2(h) and 8 hereof, shall include in such Shelf Offering the Shelf Registrable Securities of any other Holder that shall have made a written request to the Corporation for
inclusion in such Shelf Offering (which request shall specify the maximum number of Shelf Registrable Securities intended to be sold by such Holder) within 10 days after the receipt of the Shelf Offering Notice. The Corporation shall, as
expeditiously as possible (and in any event within 20 days after the receipt of a Shelf Offering Request, unless a longer period is agreed to by the Holders representing a majority of the Registrable Securities that made the Shelf Offering Request),
use its reasonable best efforts to facilitate such Shelf Offering.  
 (iii) Shelf Offering Notice
Constitutes MNPI. Each Holder agrees that (1) any Shelf Offering Notice constitutes MNPI and that it will not engage in any transaction in any securities of the Corporation until such Shelf Offering Notice and the information contained
therein ceases to constitute MNPI and (2) such Holder shall treat as confidential the receipt of the Shelf Offering Notice and shall not disclose or use the information contained in such Shelf Offering Notice without the prior written consent
of 

  
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the Corporation until such time as the information contained therein is or becomes available to the public generally, other than as a result of disclosure by the Holder in breach of the terms of
this Agreement. 
 (iv) Underwritten Block Trades. Notwithstanding the foregoing, if a Controlling Holder wishes to
engage in an underwritten block trade pursuant to a Shelf Registration Statement (either through filing an Automatic Shelf Registration Statement or through a take-down from an existing Shelf Registration Statement), then notwithstanding the
foregoing time periods, such Holder(s) only need to notify the Corporation of the block trade Shelf Offering two days prior to the day such offering is to commence (unless a longer period is agreed to by Holder(s) representing a majority of the
Registrable Securities wishing to engage in the underwritten block trade) and the Corporation shall promptly notify other Holders and such other Holders must elect whether or not to participate by the next day (i.e., one day prior to the day
such offering is to commence) (unless a longer period is agreed to by Holder(s) representing a majority of the Registrable Securities wishing to engage in the underwritten block trade) and the Corporation shall as expeditiously as possible use its
reasonable best efforts to facilitate such offering (which may close as early as three days after the date it commences); provided that Holder(s) representing a majority of the Registrable Securities wishing to engage in the underwritten
block trade shall use commercially reasonable best efforts to work with the Corporation and the underwriters prior to making such request in order to facilitate preparation of the registration statement, prospectus and other offering documentation
related to the underwritten block trade. 
 (v) The Corporation shall, at the request of Holders representing a majority of
the Registrable Securities covered by a Shelf Registration Statement, file any prospectus supplement or, if the applicable Shelf Registration Statement is an Automatic Shelf Registration Statement, any post-effective amendments and otherwise take
any action necessary to include therein all disclosure and language deemed necessary or advisable by such Holders to effect such Shelf Offering. 

(h) Priority on Demand Registrations and Shelf Offerings. The Corporation shall not include in any Demand Registration or Shelf
Offering any securities that are not Registrable Securities without the prior written consent of Holders representing a majority of the Registrable Securities included in such registration or offering. If a Demand Registration or a Shelf Offering is
an underwritten offering and the managing underwriters advise the Corporation in writing that in their opinion the number of Registrable Securities and, if permitted hereunder, other securities requested to be included in such offering exceeds the
number of Registrable Securities and other securities, if any, that can be sold therein without adversely affecting the marketability, proposed offering price, timing or method of distribution of the offering, the Corporation shall include in such
registration or offering, as applicable, prior to the inclusion of any securities which are not Registrable Securities the number of Registrable Securities requested by Holders to be included that, in the opinion of such underwriters, can be sold,
without any such adverse effect, pro rata among the respective Holders thereof on the basis of the amount of Registrable Securities owned by each such Holder that such Holder of Registrable Securities shall have requested to be included therein.
Alternatively, if the number of Registrable Securities which can be included on a Shelf Registration Statement is otherwise limited by Instruction I.B.6 to Form S-3 (or any 

  
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successor provision thereto), the Corporation shall include in such registration or offering prior to the inclusion of any securities which are not Registrable Securities the number of
Registrable Securities requested to be included which can be included on such Shelf Registration Statement in accordance with the requirements of Form S-3, pro rata among the respective Holders thereof on the basis of the amount of Registrable
Securities owned by each such Holder that such Holder of Registrable Securities shall have requested to be included therein. 
 (i)
Restrictions on Demand Registration and Shelf Offerings. 
 (i) Limitations on Demand Registrations; Suspension of
Registration. The Corporation shall not be obligated to effect any Demand Registration (i) prior to the 180th day following the date of the final prospectus for the IPO (unless not
prohibited under the terms of the underwriting agreement for the IPO) or (ii) within 180 days after the effective date of a previous Demand Registration or a previous registration in which Registrable Securities were included pursuant to
Section 3 and in which there was no reduction in the number of Registrable Securities requested to be included. The Corporation may postpone, for up to 60 days from the date of the request, the filing or the effectiveness of a
registration statement for a Demand Registration or suspend the use of a prospectus that is part of a Shelf Registration Statement for up to 60 days from the date of the Suspension Notice (as defined below) and therefore suspend sales of the Shelf
Registrable Securities (such period, the “Suspension Period”) by providing written notice to the Holders if (A) the Corporation shall have furnished to the Holders a certificate signed by the Chief Executive Officer (or
other authorized officer) of the Corporation stating that the board of directors determines in its reasonable good faith judgment that the offer or sale of Registrable Securities would reasonably be expected to have a material adverse effect on any
proposal or plan by the Corporation or any Subsidiary to engage in any material acquisition of assets or stock (other than in the ordinary course of business) or any material merger, consolidation, tender offer, recapitalization, reorganization or
other transaction involving the Corporation or any Subsidiary, (B) upon advice of counsel, the sale of Registrable Securities pursuant to the registration statement would require disclosure of MNPI not otherwise required to be disclosed under
applicable law, and (C) either (x) the Corporation has a bona fide business purpose for preserving the confidentiality of such transaction or (y) disclosure of such MNPI would have a material adverse effect on the Corporation or the
Corporation’s ability to consummate such transaction; provided that in such event, the Holders shall be entitled to withdraw such request for a Demand Registration or underwritten Shelf Offering and the Corporation shall pay all
Registration Expenses in connection with such Demand Registration or Shelf Offering. The Corporation may postpone the filing or the effectiveness of a registration statement for a Demand Registration or suspend the use of a prospectus that is part
of a Shelf Registration Statement as contemplated above only once in any twelve-month period, except with the consent of the applicable Controlling Holder. 

(ii) Suspension Event; Suspension Notice. In the case of an event that causes the Corporation to suspend the use of a
Shelf Registration Statement as set forth in paragraph (f)(i) above or pursuant to applicable subsections of Section 5(a)(vi) (a “Suspension Event”), the Corporation shall give a notice to the Holders of
Registrable 

  
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Securities registered pursuant to such Shelf Registration Statement (a “Suspension Notice”) to suspend sales of the Registrable Securities and such notice shall state
generally the basis for the notice and that such suspension shall continue only for so long as the Suspension Event or its effect is continuing. If the basis of such suspension is nondisclosure of MNPI, the Corporation shall not be required to
disclose the subject matter of such MNPI to Holders. A Holder shall not effect any sales of the Registrable Securities pursuant to such Shelf Registration Statement (or such filings) at any time after it has received a Suspension Notice from the
Corporation and prior to receipt of an End of Suspension Notice (as defined below). 
 (iii) Suspension Notice Constitutes
MNPI. Each Holder agrees that (1) any Suspension Notice constitutes MNPI and that it will not engage in any transaction in any securities of the Corporation until such notice and the information contained therein ceases to constitute MNPI
and (2) such Holder shall treat as confidential the receipt of the Suspension Notice and shall not disclose or use the information contained in such Suspension Notice without the prior written consent of the Corporation until such time as the
information contained therein is or becomes available to the public generally, other than as a result of disclosure by the Holder in breach of the terms of this Agreement. Holders may recommence effecting sales of the Registrable Securities pursuant
to the Shelf Registration Statement (or such filings) following further written notice to such effect (an “End of Suspension Notice”) from the Corporation, which End of Suspension Notice shall be given by the Corporation to
the Holders and their counsel, if any, promptly following the conclusion of any Suspension Event. 
 (iv) Extension
Following Suspension. Notwithstanding any provision herein to the contrary, if the Corporation gives a Suspension Notice with respect to any Shelf Registration Statement pursuant to this Section 2(f), the Corporation agrees that it
shall (A) extend the period of time during which such Shelf Registration Statement shall be maintained effective pursuant to this Agreement by the number of days during the period from the date of receipt by the Holders of the Suspension Notice
to and including the date of receipt by the Holders of the End of Suspension Notice, and (B) provide copies of any supplemented or amended prospectus necessary to resume sales, with respect to each Suspension Event; provided that such
period of time shall not be extended beyond the date that there are no longer Registrable Securities covered by such Shelf Registration Statement. 

(j) Selection of Underwriters. Holders representing a majority of the Registrable Securities being registered by the Controlling Holders
in any Demand Registration, shall have the right to select the investment banker(s) and manager(s) to administer the offering (including assignment of titles), subject to the Corporation’s approval not be unreasonably withheld, conditioned or
delayed. If any Shelf Offering is an Underwritten Takedown, the Holders representing a majority of the Registrable Securities participating in such Underwritten Takedown shall have the right to select the investment banker(s) and manager(s) to
administer the offering relating to such Shelf Offering (including assignment of titles), subject to the Corporation’s approval not be unreasonably withheld, conditioned or delayed. 

  
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 (k) Other Registration Rights. The Corporation represents and warrants that it is not a
party to, or otherwise subject to, any other agreement granting registration rights to any other Person with respect to any securities of the Corporation. Except as provided in this Agreement, the Corporation shall not grant to any Persons the right
to request the Corporation or any Subsidiary to register any Capital Stock of the Corporation or of any Subsidiary, or any securities convertible or exchangeable into or exercisable for such securities, without the prior written consent of the
applicable Controlling Holder. 
 Section 3. Piggyback Registrations. 

(a) Right to Piggyback. Following the IPO, whenever the Corporation proposes to register any of its securities under the Securities Act
(other than (i) pursuant to a Demand Registration, (ii) in connection with registrations on Form S-4 or S-8 promulgated by the Securities and Exchange Commission or any successor or similar forms or (iii) a registration on any form
that does not include substantially the same information as would be required to be included in a registration statement covering the sale of Registrable Securities) and the registration form to be used may be used for the registration of
Registrable Securities (a “Piggyback Registration”), the Corporation shall give prompt written notice (in any event within three days after its receipt of notice of any request for registration on behalf of holders of the
Company’s securities (other than the Holders)) to all Holders of its intention to effect such Piggyback Registration and, subject to the terms of Section 3(c) and Section 3(d), shall include in such Piggyback
Registration (and in all related registrations or qualifications under blue sky laws and in any related underwriting) all Registrable Securities with respect to which the Corporation has received written requests for inclusion therein within 20 days
after delivery of the Corporation’s notice. 
 (b) Piggyback Expenses. The Registration Expenses of the Holders shall be paid by
the Corporation in all Piggyback Registrations, whether or not any such registration became effective. 
 (c) Priority on Primary
Registrations. If a Piggyback Registration is an underwritten primary registration on behalf of the Corporation, and the managing underwriters advise the Corporation in writing that in their opinion the number of securities requested to be
included in such registration exceeds the number which can be sold in such offering without adversely affecting the marketability, proposed offering price, timing or method of distribution of the offering, the Corporation shall include in such
registration (i) first, the securities the Corporation proposes to sell, (ii) second, the Registrable Securities requested to be included in such registration which, in the opinion of the underwriters, can be sold without any such adverse
effect, pro rata among the Holders on the basis of the number of Registrable Securities owned by each such Holder that such Holder of Registrable Securities shall have requested to be included therein, and (iii) third, other securities
requested to be included in such registration which, in the opinion of the underwriters, can be sold without any such adverse effect. 
 (d)
Priority on Secondary Registrations. If a Piggyback Registration is an underwritten secondary registration on behalf of holders of the Corporation’s securities (other than the Holders), and the managing underwriters advise the
Corporation in writing that in their opinion the number of securities requested to be included in such registration exceeds the 

  
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number which can be sold in such offering without adversely affecting the marketability, proposed offering price, timing or method of distribution of the offering, the Corporation shall include
in such registration (i) first, the securities requested to be included therein by the initial holders requesting such registration which, in the opinion of the underwriters, can be sold without any such adverse effect, (ii) second, the
Registrable Securities of Holders requested to be included in such registration which, in the opinion of the underwriters, can be sold without any such adverse effect, pro rata among the such Holders on the basis of the number of Registrable
Securities owned by each such Holder that such Holder of Registrable Securities shall have requested to be included therein and (iii) third, other securities requested to be included in such registration which, in the opinion of the
underwriters, can be sold without any such adverse effect. 
 (e) Selection of Underwriters. If any Piggyback Registration is an
underwritten offering, the selection of investment banker(s) and manager(s) for the offering shall be at the election of the Corporation (in the case of a primary registration) or at the election of the holders of other Corporation securities
requesting such registration (in the case of a secondary registration); provided that Holders representing a majority of the Registrable Securities included in such Piggyback Registration may request that one or more investment banker(s) or
manager(s) be included in such offering (such request not to be binding on the Corporation or such other initiating holders of Corporation securities). 

(f) Right to Terminate Registration. The Corporation shall have the right to terminate or withdraw any registration initiated by it
under this Section 3 whether or not any Holder has elected to include securities in such registration. The Registration Expenses of such withdrawn registration shall be borne by the Corporation in accordance with Section 6.

 Section 4. Holdback Agreements. If requested by the Corporation or the managing underwriter(s), all Holders shall enter into
customary lock-up agreements (no less favorable to Holders than those entered into in connection with the IPO, if applicable) with the managing underwriter(s) of such Public Offering. The Corporation may impose stop-transfer instructions with
respect to the shares of Capital Stock (or other securities) subject to the restrictions set forth in any such lock-up agreements until the end of the applicable restricted period (the “Holdback Period”). 

Section 5. Registration Procedures. 

(a) Whenever the Holders have requested that any Registrable Securities be registered pursuant to this Agreement or have initiated a Shelf
Offering, (i) such Holders shall, if applicable, cause such Registrable Securities to be exchanged into shares of Class A Common Stock in accordance with the terms of the LLC Agreement prior to sale of such Registrable Securities and (ii),
the Corporation shall use its reasonable best efforts to effect the registration and the sale of such Registrable Securities in accordance with the intended method of disposition thereof, and pursuant thereto the Corporation shall as expeditiously
as possible: 
 (i) in accordance with the Securities Act and all applicable rules and regulations promulgated thereunder,
prepare and file with the Securities and Exchange Commission a registration statement, and all amendments and supplements thereto and 

  
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related prospectuses, with respect to such Registrable Securities and use its reasonable best efforts to cause such registration statement to become effective (provided that before filing a
registration statement or prospectus or any amendments or supplements thereto, the Corporation shall furnish to the counsel selected by the Holders representing a majority of the Registrable Securities covered by such registration statement copies
of all such documents proposed to be filed, which documents shall be subject to the review and comment of such counsel); 

(ii) notify each holder of Registrable Securities of (A) the issuance by the Securities and Exchange Commission of any
stop order suspending the effectiveness of any registration statement or the initiation of any proceedings for that purpose, (B) the receipt by the Corporation or its counsel of any notification with respect to the suspension of the
qualification of the Registrable Securities for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose and (C) the effectiveness of each registration statement filed hereunder; 

(iii) prepare and file with the Securities and Exchange Commission such amendments and supplements to such registration
statement and the prospectus used in connection therewith as may be necessary to keep such registration statement effective for a period ending when all of the securities covered by such registration statement have been disposed of in accordance
with the intended methods of distribution by the sellers thereof set forth in such registration statement (but in any event not before the expiration of any longer period required under the Securities Act or, if such registration statement relates
to an underwritten Public Offering, such longer period as in the opinion of counsel for the underwriters a prospectus is required by law to be delivered in connection with sale of Registrable Securities by an underwriter or dealer) and comply with
the provisions of the Securities Act with respect to the disposition of all securities covered by such registration statement during such period in accordance with the intended methods of disposition by the sellers thereof set forth in such
registration statement; 
 (iv) furnish to each seller of Registrable Securities thereunder such number of copies of such
registration statement, each amendment and supplement thereto, the prospectus included in such registration statement (including each preliminary prospectus), each Free Writing Prospectus and such other documents as such seller may reasonably
request in order to facilitate the disposition of the Registrable Securities owned by such seller; 
 (v) use its reasonable
best efforts to register or qualify such Registrable Securities under such other securities or blue sky laws of such jurisdictions as any seller reasonably requests and do any and all other acts and things which may be reasonably necessary or
advisable to enable such seller to consummate the disposition in such jurisdictions of the Registrable Securities owned by such seller (provided that the Corporation shall not be required to (A) qualify generally to do business in any
jurisdiction where it would not otherwise be required to qualify but for this subparagraph, (B) consent to general service of process in any such jurisdiction or (C) subject itself to taxation in any such jurisdiction); 

  
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 (vi) notify each seller of such Registrable Securities (A) promptly after it
receives notice thereof, of the date and time when such registration statement and each post-effective amendment thereto has become effective or a prospectus or supplement to any prospectus relating to a registration statement has been filed and
when any registration or qualification has become effective under a state securities or blue sky law or any exemption thereunder has been obtained, (B) promptly after receipt thereof, of any request by the Securities and Exchange Commission for
the amendment or supplementing of such registration statement or prospectus or for additional information and (C) at any time when a prospectus relating thereto is required to be delivered under the Securities Act, of the happening of any event
as a result of which the prospectus included in such registration statement contains an untrue statement of a material fact or omits any fact necessary to make the statements therein not misleading, and, subject to Section 2(f), at the
request of any such seller, the Corporation shall prepare a supplement or amendment to such prospectus so that, as thereafter delivered to the purchasers of such Registrable Securities, such prospectus shall not contain an untrue statement of a
material fact or omit to state any fact necessary to make the statements therein not misleading; 
 (vii) use reasonable best
efforts to cause all such Registrable Securities to be listed on each securities exchange on which similar securities issued by the Corporation are then listed and, if not so listed, to be listed on a securities exchange and, without limiting the
generality of the foregoing, to arrange for at least two market markers to register as such with respect to such Registrable Securities with FINRA; 

(viii) use reasonable best efforts to provide a transfer agent and registrar for all such Registrable Securities not later than
the effective date of such registration statement; 
 (ix) enter into and perform such customary agreements, including
underwriting agreements, or other agreements with underwriters, and including customary representations, warranties, covenants, indemnities and lock-up provisions (no less favorable than those entered into in connection with the IPO), and take all
such other actions as the Holders representing a majority of the Registrable Securities being sold or the underwriters, if any, reasonably request in order to expedite or facilitate the disposition of such Registrable Securities (including, without
limitation, effecting a stock split, combination of shares, recapitalization or reorganization); 
 (x) make available for
inspection by any seller of Registrable Securities, any underwriter participating in any disposition pursuant to such registration statement and any attorney, accountant or other agent retained by any such seller or underwriter, all financial and
other records, pertinent corporate and business documents and properties of the Corporation as shall be necessary to enable them to exercise their due diligence responsibility, and cause the Corporation’s officers, directors, employees, agents,
representatives and independent accountants to supply all information reasonably requested by any such seller, underwriter, attorney, accountant or agent in connection with such registration statement; 

  
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 (xi) take all reasonable actions to ensure that any Free-Writing Prospectus
utilized in connection with any Demand Registration or Piggyback Registration hereunder complies in all material respects with the Securities Act, is filed in accordance with the Securities Act to the extent required thereby, is retained in
accordance with the Securities Act to the extent required thereby and, when taken together with the related prospectus, shall not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements
therein, in light of the circumstances under which they were made, not misleading; 
 (xii) otherwise use its reasonable best
efforts to comply with all applicable rules and regulations of the Securities and Exchange Commission, and make available to its security holders, as soon as reasonably practicable, an earnings statement covering the period of at least twelve months
beginning with the first day of the Corporation’s first full calendar quarter after the effective date of the registration statement, which earnings statement shall satisfy the provisions of Section 11(a) of the Securities Act and Rule
158; 
 (xiii) to the extent that a Holder, in its sole and exclusive judgment, might be deemed to be an underwriter of any
Registrable Securities or a controlling person of the Corporation, permit such Holder to participate in the preparation of such registration or comparable statement and allow such Holder to provide language for insertion therein, in form and
substance satisfactory to the Corporation, which in the reasonable judgment of such Holder and its counsel should be included; 

(xiv) in the event of the issuance of any stop order suspending the effectiveness of a registration statement, or the issuance
of any order suspending or preventing the use of any related prospectus or suspending the qualification of any Class A Common Stock included in such registration statement for sale in any jurisdiction use reasonable best efforts promptly to
obtain the withdrawal of such order; 
 (xv) use its reasonable best efforts to cause such Registrable Securities covered by
such registration statement to be registered with or approved by such other governmental agencies or authorities as may be necessary to enable the sellers thereof to consummate the disposition of such Registrable Securities; 

(xvi) cooperate with the Holders of Registrable Securities covered by the registration statement and the managing underwriter
or agent, if any, to facilitate the timely preparation and delivery of certificates (not bearing any restrictive legends) representing securities to be sold under the registration statement and enable such securities to be in such denominations and
registered in such names as the managing underwriter, or agent, if any, or such Holders may request; 
 (xvii) cooperate with
each Holder of Registrable Securities covered by the registration statement and each underwriter or agent participating in the disposition of such Registrable Securities and their respective counsel in connection with any filings required to be made
with FINRA; 
 (xviii) use its reasonable best efforts to make available the executive officers of the Corporation to
participate with the Holders of Registrable Securities covered by the registration statement and any underwriters in any “road shows” or other selling efforts that may be reasonably requested by the Holders in connection with the methods
of distribution for the Registrable Securities; 

  
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 (xix) in the case of any underwritten Public Offering, use its reasonable best
efforts to obtain one or more cold comfort letters from the Corporation’s independent public accountants or other independent public accountants as appropriate, in customary form and covering such matters of the type customarily covered by cold
comfort letters as the Holders representing a majority of the Registrable Securities being sold reasonably request; 
 (xx)
in the case of any underwritten Public Offering, use its reasonable best efforts to provide a legal opinion of the Corporation’s outside counsel, dated the effective date of such registration statement and the date of the closing under the
underwriting agreement, the registration statement, each amendment and supplement thereto, the prospectus included therein (including the preliminary prospectus) and such other documents relating thereto in customary form and covering such matters
of the type customarily covered by legal opinions of such nature, which opinion shall be addressed to the underwriters and the Holders of such Registrable Securities being sold; 

(xxi) if the Corporation files an Automatic Shelf Registration Statement covering any Registrable Securities, use its
reasonable best efforts to remain a WKSI (and not become an ineligible issuer (as defined in Rule 405 under the Securities Act)) during the period during which such Automatic Shelf Registration Statement is required to remain effective; 

(xxii) if the Corporation does not pay the filing fee covering the Registrable Securities at the time an Automatic Shelf
Registration Statement is filed, pay such fee at such time or times as the Registrable Securities are to be sold; 
 (xxiii)
if the Automatic Shelf Registration Statement has been outstanding for at least three (3) years, at the end of the third year, file a new Automatic Shelf Registration Statement covering the Registrable Securities, and, if at any time when the
Corporation is required to re-evaluate its WKSI status the Corporation determines that it is not a WKSI, use its reasonable best efforts to refile the Shelf Registration Statement on Form S-3 and, if such form is not available, Form S-1 and keep
such registration statement effective during the period during which such registration statement is required to be kept effective; and 

(xxiv) take no direct or indirect action prohibited by Regulation M under the Exchange Act; provided, however, that to the
extent that any prohibition is applicable to the Corporation, the Corporation will use its reasonable best efforts to make any such prohibition inapplicable. 

(b) Any officer of the Corporation who is a Holder agrees that if and for so long as he or she is employed by the Corporation or any
Subsidiary thereof, he or she shall participate fully in the sale process in a manner customary and reasonable for persons in like positions and consistent with his or her other duties with the Corporation and in accordance with applicable law,
including the preparation of the registration statement and the preparation and presentation of any road shows. 

  
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 (c) The Corporation may require each Holder requesting, or electing to participate in, any
registration to furnish the Corporation such information regarding such Holder and the distribution of such Registrable Securities as the Corporation may from time to time reasonably request in writing. 

(d) If the Original LLC Owners or any of their respective Affiliates seek to effectuate an in-kind distribution of all or part of their
respective Registrable Securities to their respective direct or indirect equityholders, the Corporation shall, subject to any applicable lock-ups, work with the foregoing persons to facilitate such in-kind distribution in the manner reasonably
requested. 
 Section 6. Registration Expenses. 

(a) The Corporation’s Obligation. All expenses incident to the Corporation’s performance of or compliance with this Agreement
(including, without limitation, all registration, qualification and filing fees, fees and expenses of compliance with securities or blue sky laws, printing expenses, messenger and delivery expenses, fees and disbursements of custodians, and fees and
disbursements of counsel for the Corporation and all independent certified public accountants, underwriters (excluding underwriting discounts and commissions) and other Persons retained by the Corporation) (all such expenses being herein called
“Registration Expenses”), shall be borne as provided in this Agreement, except that the Corporation shall, in any event, pay its internal expenses (including, without limitation, all salaries and expenses of its officers and
employees performing legal or accounting duties), the expense of any annual audit or quarterly review, the expense of any liability insurance and the expenses and fees for listing the securities to be registered on each securities exchange on which
similar securities issued by the Corporation are then listed. Each Person that sells securities pursuant to a Demand Registration or Piggyback Registration hereunder shall bear and pay all underwriting discounts and commissions applicable to the
securities sold for such Person’s account. 
 (b) Counsel Fees and Disbursements. In connection with each Demand Registration,
each Piggyback Registration and each Shelf Offering that is an underwritten Public Offering, the Corporation shall reimburse the Holders of Registrable Securities included in such registration for the reasonable fees and disbursements of one counsel
chosen by the Holders representing a majority of the Registrable Securities included in such registration or participating in such Shelf Offering. 

Section 7. Indemnification and Contribution. 

(a) By the Corporation. The Corporation shall indemnify and hold harmless, to the extent permitted by law, each Holder, such
Holder’s officers, directors, managers, employees, agents and representatives, and each Person who controls such Holder (within the meaning of the Securities Act) (the “Holder Indemnified Parties”) against all losses,
claims, actions, damages, liabilities and expenses (including with respect to actions or proceedings, whether commenced or 

  
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threatened, and including reasonable attorney fees and expenses) caused by, resulting from, arising out of, based upon or related to any of the following statements, omissions or violations (each
a “Violation”) by the Corporation: (i) any untrue or alleged untrue statement of material fact contained in (A) any registration statement, prospectus, preliminary prospectus or Free-Writing Prospectus, or any
amendment thereof or supplement thereto or (B) any application or other document or communication (in this Section 7, collectively called an “application”) executed by or on behalf of the Corporation or based
upon written information furnished by or on behalf of the Corporation filed in any jurisdiction in order to qualify any securities covered by such registration under the securities laws thereof, (ii) any omission or alleged omission of a
material fact required to be stated therein or necessary to make the statements therein not misleading or (iii) any violation or alleged violation by the Corporation of the Securities Act or any other similar federal or state securities laws or
any rule or regulation promulgated thereunder applicable to the Corporation and relating to action or inaction required of the Corporation in connection with any such registration, qualification or compliance. In addition, the Corporation will
reimburse such Holder Indemnified Party for any legal or any other expenses reasonably incurred by them in connection with investigating or defending any such losses. Notwithstanding the foregoing, the Corporation shall not be liable in any such
case to the extent that any such losses result from, arise out of, are based upon, or relate to an untrue statement or alleged untrue statement, or omission or alleged omission, made in such registration statement, any such prospectus, preliminary
prospectus or Free-Writing Prospectus or any amendment or supplement thereto, or in any application, in reliance upon, and in conformity with, written information prepared and furnished in writing to the Corporation by such Holder Indemnified Party
expressly for use therein. In connection with an underwritten offering, the Corporation shall indemnify such underwriters, their officers and directors, and each Person who controls such underwriters (within the meaning of the Securities Act) to the
same extent as provided above with respect to the indemnification of the Holder Indemnified Parties. 
 (b) By Each Holder. In
connection with any registration statement in which a Holder is participating, each such Holder shall furnish to the Corporation in writing such information and affidavits as the Corporation reasonably requests for use in connection with any such
registration statement or prospectus and, to the extent permitted by law, shall indemnify the Corporation, its officers, directors, managers, employees, agents and representatives, and each Person who controls the Corporation (within the meaning of
the Securities Act) against any losses, claims, damages, liabilities and expenses resulting from any untrue or alleged untrue statement of material fact contained in the registration statement, prospectus or preliminary prospectus or any amendment
thereof or supplement thereto or any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein not misleading, but only to the extent that such untrue statement or omission is contained
in any information or affidavit so furnished in writing by such Holder; provided that the obligation to indemnify shall be individual, not joint and several, for each Holder and shall be limited to the net amount of proceeds received by such
Holder from the sale of Registrable Securities pursuant to such registration statement. 
 (c) Claim Procedure. Any Person entitled
to indemnification hereunder shall (i) give prompt written notice to the indemnifying party of any claim with respect to which it seeks indemnification (provided that the failure to give prompt notice shall impair any Person’s right to
indemnification hereunder only to the extent such failure has prejudiced the indemnifying party) 

  
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and (ii) unless in such indemnified party’s reasonable judgment a conflict of interest between such indemnified and indemnifying parties may exist with respect to such claim, permit
such indemnifying party to assume the defense of such claim with counsel reasonably satisfactory to the indemnified party. If such defense is assumed, the indemnifying party shall not be subject to any liability for any settlement made by the
indemnified party without its consent (but such consent shall not be unreasonably withheld, conditioned or delayed). An indemnifying party who is not entitled to, or elects not to, assume the defense of a claim shall not be obligated to pay the fees
and expenses of more than one counsel for all parties indemnified by such indemnifying party with respect to such claim, unless in the reasonable judgment of any indemnified party a conflict of interest may exist between such indemnified party and
any other of such indemnified parties with respect to such claim. In such instance, the conflicted indemnified parties shall have a right to retain one separate counsel, chosen by the Holders representing a majority of the Registrable Securities
included in the registration if such Holders are indemnified parties, at the expense of the indemnifying party. 
 (d) Contribution.
If the indemnification provided for in this Section 7 is held by a court of competent jurisdiction to be unavailable to, or is insufficient to hold harmless, an indemnified party or is otherwise unenforceable with respect to any loss,
claim, damage, liability or action referred to herein, then the indemnifying party shall contribute to the amounts paid or payable by such indemnified party as a result of such loss, claim, damage, liability or action in such proportion as is
appropriate to reflect the relative fault of the indemnifying party on the one hand and of the indemnified party on the other hand in connection with the statements or omissions which resulted in such loss, claim, damage, liability or action as well
as any other relevant equitable considerations; provided that the maximum amount of liability in respect of such contribution shall be limited, in the case of each seller of Registrable Securities, to an amount equal to the net proceeds actually
received by such seller from the sale of Registrable Securities effected pursuant to such registration. The relative fault of the indemnifying party and of the indemnified party shall be determined by reference to, among other things, whether the
untrue or alleged untrue statement of a material fact or the omission to state a material fact relates to information supplied by the indemnifying party or by the indemnified party and the parties’ relative intent, knowledge, access to
information and opportunity to correct or prevent such statement or omission. The parties hereto agree that it would not be just or equitable if the contribution pursuant to this Section 7(d) were to be determined by pro rata allocation
or by any other method of allocation that does not take into account such equitable considerations. The amount paid or payable by an indemnified party as a result of the losses, claims, damages, liabilities or expenses referred to herein shall be
deemed to include any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending against any action or claim which is the subject hereof. No person guilty of fraudulent misrepresentation
(within the meaning of Section 11(t) of the Securities Act) shall be entitled to contribution from any Person who is not guilty of such fraudulent misrepresentation. 

(e) Release. No indemnifying party shall, except with the consent of the indemnified party, consent to the entry of any judgment or
enter into any settlement that does not include as an unconditional term thereof giving by the claimant or plaintiff to such indemnified party of a release from all liability in respect to such claim or litigation. Notwithstanding anything to the
contrary in this Section 7, an indemnifying party shall not be liable for any amounts paid in settlement of any loss, claim, damage, liability, or action if such settlement is effected without the consent of the indemnifying party, such
consent not to be unreasonably withheld, conditioned or delayed. 

  
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 (f) Non-exclusive Remedy; Survival. The indemnification and contribution provided for
under this Agreement shall be in addition to any other rights to indemnification or contribution that any indemnified party may have pursuant to law or contract and shall remain in full force and effect regardless of any investigation made by or on
behalf of the indemnified party or any officer, director or controlling Person of such indemnified party and shall survive the transfer of Registrable Securities and the termination or expiration of this Agreement. Notwithstanding the foregoing, to
the extent that the provisions on indemnification and contribution contained in the underwriting agreement entered into in connection with the underwritten public offering are in conflict with the foregoing provisions, the provisions in the
underwriting agreement shall control. 
 Section 8. Underwritten Registrations. 

(a) Participation. No Person may participate in any Public Offering hereunder which is underwritten unless such Person (i) agrees
to sell such Person’s securities on the basis provided in any underwriting arrangements approved by the Person or Persons entitled hereunder to approve such arrangements (including, without limitation, pursuant to any over-allotment or
“green shoe” option requested by the underwriters; provided that no Holder shall be required to sell more than the number of Registrable Securities such Holder has requested to include) and (ii) completes and executes all
questionnaires, powers of attorney, indemnities, underwriting agreements and other documents required under the terms of such underwriting arrangements. Each Holder shall execute and deliver such other agreements as may be reasonably requested by
the Corporation and the lead managing underwriter(s) that are consistent with such Holder’s obligations under Section 4, Section 5 and this Section 8(a) or that are necessary to give further effect thereto.
To the extent that any such agreement is entered into pursuant to, and consistent with, Section 4 and this Section 8(a), the respective rights and obligations created under such agreement shall supersede the respective rights
and obligations of the Holders, the Corporation and the underwriters created pursuant to this Section 8(a). 
 (b) Price and
Underwriting Discounts. In the case of an underwritten Demand Registration or Underwritten Takedown requested by Holders pursuant to this Agreement, the price, underwriting discount and other financial terms of the related underwriting agreement
for the Registrable Securities shall be determined by the Holders representing a majority of the Registrable Securities included in such underwritten offering. 

(c) Suspended Distributions. Each Person that is participating in any registration under this Agreement, upon receipt of any notice
from the Corporation of the happening of any event of the kind described in Section 5(a)(vi)(B) or (C), shall immediately discontinue the disposition of its Registrable Securities pursuant to the registration statement until such
Person’s receipt of the copies of a supplemented or amended prospectus as contemplated by Section 5(a)(vi). In the event the Corporation has given any such notice, the applicable time period set forth in
Section 5(a)(iii) during which a Registration Statement is to remain effective shall be extended by the number of days during the period from and including the date of the giving of such notice pursuant to this Section 8(c)
to and including the date when each seller of Registrable Securities covered by such registration statement shall have received the copies of the supplemented or amended prospectus contemplated by Section 5(a)(vi). 

  
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 Section 9. Additional Parties; Joinder. Subject to the prior written consent of each
Controlling Holder, the Corporation may make any Person who acquires Class A Common Stock or rights to acquire Class A Common Stock from the Corporation after the date hereof (including without limitation any Person who acquires Common
Units) a party to this Agreement (each such Person, an “Additional Investor”) and to succeed to all of the rights and obligations of a Holder under this Agreement by obtaining an executed joinder to this Agreement from such
Additional Investor in the form of Exhibit A attached hereto (a “Joinder”). Upon the execution and delivery of a Joinder by such Additional Investor, the Class A Common Stock of the Corporation acquired by such
Additional Investor or issuable upon redemption or exchange of Common Units acquired by such Additional Investor (the “Acquired Common”) shall be Registrable Securities to the extent provided herein, such Additional Investor
shall be a Holder under this Agreement with respect to the Acquired Common, and the Corporation shall add such Additional Investor’s name and address to the Schedule of Investors and circulate such information to the parties to this Agreement.

 Section 10. Current Public Information. With a view to making available the benefits of certain rules and regulations of the
Securities Exchange Commission which may permit the sale of restricted securities to the public without registration, the Corporation agrees to: 

(a) make and keep public information available as those terms are understood and defined in Rule 144, at all times from and after ninety
(90) days following the effective date of the registration statement with respect to the IPO; 
 (b) use its reasonable best efforts to
file with the Securities Exchange Commission in a timely manner all reports and other documents required of the Corporation under the Securities Act and the Exchange Act; and 

(c) so long as the Holders own any Registrable Shares, furnish to the Holders upon request, a written statement by the Company as to its
compliance with the reporting requirements of Rule 144 (at any time from and after ninety (90) days following the effective date of the registration statement with respect to the IPO), and of the Securities Act and the Exchange Act, a copy of
the most recent annual or quarterly report of the Corporation, and such other reports and documents so filed as a Holder may reasonably request in availing itself of any rule or regulation of the Securities Exchange Commission allowing such Holder
to sell any such securities without registration. 
 Section 11. Subsidiary Public Offering. If, after an initial Public Offering of
the Capital Stock of one of its Subsidiaries (including the Company), the Corporation distributes securities of such Subsidiary to its equityholders, then the rights and obligations of the Corporation pursuant to this Agreement shall apply,
mutatis mutandis, to such Subsidiary, and the Corporation shall cause such Subsidiary to comply with such Subsidiary’s obligations under this Agreement. 

  
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 Section 12. Transfer of Registrable Securities. 

(a) Restrictions on Transfers. Notwithstanding anything to the contrary contained herein, except in the case of (i) a transfer to
the Corporation, (ii) a transfer by any Original LLC Owners or any of its Affiliates to its respective equityholders, (iii) a Public Offering, (iv) a sale pursuant to Rule 144 after the completion of the IPO or (v) a transfer in
connection with a sale of the Corporation, prior to transferring any Registrable Securities to any Person (including, without limitation, by operation of law), the transferring Holder shall cause the prospective transferee to execute and deliver to
the Corporation a Joinder agreeing to be bound by the terms of this Agreement. Any transfer or attempted transfer of any Registrable Securities in violation of any provision of this Agreement shall be void, and the Corporation shall not record such
transfer on its books or treat any purported transferee of such Registrable Securities as the owner thereof for any purpose. 
 (b)
Legend. Each certificate evidencing any Registrable Securities and each certificate issued in exchange for or upon the transfer of any Registrable Securities (unless such Registrable Securities would no longer be Registrable Securities after
such transfer) shall be stamped or otherwise imprinted with a legend in substantially the following form: 
 “THE SECURITIES REPRESENTED
BY THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS ON TRANSFER AND OTHER PROVISIONS SET FORTH IN A REGISTRATION RIGHTS AGREEMENT DATED AS OF [●], 2016, BY AND AMONG THE ISSUER OF SUCH SECURITIES (THE “CORPORATION”) AND CERTAIN OF THE
CORPORATION’S STOCKHOLDERS, AS AMENDED FROM TIME TO TIME. A COPY OF SUCH REGISTRATION RIGHTS AGREEMENT WILL BE FURNISHED WITHOUT CHARGE BY THE CORPORATION TO THE HOLDER HEREOF UPON WRITTEN REQUEST.” 

The Corporation shall imprint such legend on certificates evidencing Registrable Securities outstanding prior to the date hereof, and shall cause the Company
to imprint such legend on certificates, if any, evidencing Common Units exchangeable for Registrable Securities outstanding prior to the date hereof. The legend set forth above shall be removed from the certificates evidencing any securities that
have ceased to be Registrable Securities. 
 Section 13. MNPI Provisions. 

(a) Each Holder acknowledges that (i) the provisions of this Agreement that require communications by the Corporation or other Holders to
such Holder may result in such Holder and its Representatives (as defined below) acquiring MNPI (which may include, solely by way of illustration, the fact that an offering of the Corporation’s securities is pending or the number of Corporation
securities or the identity of the selling Holders), and (ii) there is no limitation on the duration of time that such Holder and its Representatives may be in possession of MNPI and no requirement that the Company or other Holders make any
public disclosure to cause such information to cease to be MNPI; provided that the Corporation will use commercially reasonable best efforts to promptly notify each Holder if any proposed registration or offering for which a notice has been
delivered pursuant to this Agreement has been terminated or aborted. 

  
 23 

 (b) Each Holder agrees that it will maintain the confidentiality of such MNPI and, to the extent
such Holder is not a natural person, such confidential treatment shall be in accordance with procedures adopted by it in good faith to protect confidential information of third parties delivered to such Holder (“Policies”);
provided that a holder may deliver or disclose MNPI to (i) its directors, officers, employees, agents, attorneys, affiliates and financial and other advisors (collectively, the “Representatives”), but solely to
the extent such disclosure reasonably relates to its evaluation of exercise of its rights under this Agreement and the sale of any Registrable Securities in connection with the subject of the notice, (ii) any federal or state regulatory
authority having jurisdiction over such Holder, (iii) any Person if necessary to effect compliance with any law, rule, regulation or order applicable to such Holder, (iv) in response to any subpoena or other legal process, or (v) in
connection with any litigation to which such Holder is a party; provided further, that in the case of clause (i), the recipients of such MNPI are subject to the Policies or agree to hold confidential the MNPI in a manner substantially
consistent with the terms of Section 13 and that in the case of clauses (ii) through (v), such disclosure is required by law and you promptly notify the Corporation of such disclosure to the extent such Holder is
legally permitted to give such notice. 
 (c) Each Holder, by its execution of a counterpart to this agreement or of a Joinder, hereby
(i) acknowledges that it is aware that the U.S. securities laws prohibit any person who has MNPI about a company from purchasing or selling, directly or indirectly, securities of such company (including entering into hedge transactions
involving such securities), or from communicating such information to any other person under circumstances in which it is reasonably foreseeable that such person is likely to purchase or sell such securities, and (ii) agrees that it will not
use or permit any third party to use, and that it will use its reasonable best efforts to assure that none of its representatives will use or permit any third party to use, any MNPI the Corporation provides in contravention of the U.S. securities
laws and you will cease trading in the Corporation’s and the Company’s securities while in possession of material non-public information. 

(d) Each Holder shall have the right, at any time and from time to time (including after receiving information regarding any potential Public
Offering), to elect to not receive any notice that the Corporation or any other Holders otherwise are required to deliver pursuant to this Agreement by delivering to the Corporation a written statement signed by such Holder that it does not want to
receive any notices hereunder (an “Opt-Out Request”); in which case and notwithstanding anything to the contrary in this Agreement the Corporation and other Holders shall not be required to, and shall not, deliver any notice
or other information required to be provided to Holders hereunder to the extent that the Corporation or such other Holders reasonably expect would result in a Holder acquiring MNPI. An Opt-Out Request may state a date on which it expires or, if no
such date is specified, shall remain in effect indefinitely. A Holder who previously has given the Corporation an Opt-Out Request may revoke such request at any time, and there shall be no limit on the ability of a Holder to issue and revoke
subsequent Opt-Out Requests; provided that each Holder shall use commercially reasonable best efforts to minimize the administrative burden on the Corporation arising in connection with any such Opt-Out Requests. 

  
 24 

 Section 14. General Provisions. 

(a) Amendments and Waivers. Except as otherwise provided herein, the provisions of this Agreement may be amended, modified or waived
only with the prior written consent of the Corporation and each Controlling Holder; provided that no such amendment, modification or waiver that would materially and adversely affect a Holder in a manner materially different than any other
Holder (provided that the accession by Additional Investors to this Agreement pursuant to Section 9 shall not be deemed to adversely affect any Holder), shall be effective against such Holder without the consent of such Holder
that is materially and adversely affected thereby. The failure or delay of any Person to enforce any of the provisions of this Agreement shall in no way be construed as a waiver of such provisions and shall not affect the right of such Person
thereafter to enforce each and every provision of this Agreement in accordance with its terms. A waiver or consent to or of any breach or default by any Person in the performance by that Person of his, her or its obligations under this Agreement
shall not be deemed to be a consent or waiver to or of any other breach or default in the performance by that Person of the same or any other obligations of that Person under this Agreement. 

(b) Remedies. The parties to this Agreement shall be entitled to enforce their rights under this Agreement specifically (without
posting a bond or other security), to recover damages caused by reason of any breach of any provision of this Agreement and to exercise all other rights existing in their favor. The parties hereto agree and acknowledge that a breach of this
Agreement would cause irreparable harm and money damages would not be an adequate remedy for any such breach and that, in addition to any other rights and remedies existing hereunder, any party shall be entitled to specific performance and/or other
injunctive relief from any court of law or equity of competent jurisdiction (without posting any bond or other security) in order to enforce or prevent violation of the provisions of this Agreement. 

(c) Severability. Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid
under applicable law, but if any provision of this Agreement is held to be prohibited, invalid, illegal or unenforceable in any respect under any applicable law or regulation in any jurisdiction, such prohibition, invalidity, illegality or
unenforceability shall not affect the validity, legality or enforceability of any other provision of this Agreement in such jurisdiction or in any other jurisdiction, but this Agreement shall be reformed, construed and enforced in such jurisdiction
as if such prohibited, invalid, illegal or unenforceable provision had never been contained herein. 
 (d) Entire Agreement. Except
as otherwise provided herein, this Agreement contains the complete agreement and understanding among the parties hereto with respect to the subject matter hereof and supersedes and preempts any prior understandings, agreements or representations by
or among the parties hereto, written or oral, which may have related to the subject matter hereof in any way. 
 (e) Successors and
Assigns. This Agreement shall bind and inure to the benefit and be enforceable by the Corporation and its successors and assigns and the Holders and their respective successors and assigns (whether so expressed or not). In addition, whether or
not any express assignment has been made, the provisions of this Agreement which are for the benefit of Holders are also for the benefit of, and enforceable by, any subsequent or successor Holder that acquired Registrable Securities from a prior or
predecessor Holder. 

  
 25 

 (f) Notices. Any notice, demand or other communication to be given under or by reason of
the provisions of this Agreement shall be in writing and shall be deemed to have been given (i) when delivered personally to the recipient, (ii) when sent by confirmed electronic mail or facsimile if sent during normal business hours of
the recipient but; if not, then on the next day, (iii) one day after it is sent to the recipient by reputable overnight courier service (charges prepaid) or (iv) three days after it is mailed to the recipient by first class mail, return
receipt requested. Such notices, demands and other communications shall be sent to the Corporation at the address specified below and to any Original LLC Owner or to any other party subject to this Agreement at such address as indicated on the
Schedule of Investors, or at such address or to the attention of such other Person as the recipient party has specified by prior written notice to the sending party. Any party may change such party’s address for receipt of notice by providing
prior written notice of the change to the sending party as provided herein. The Corporation’s address is: 
 Bioventus Inc. 

4721 Emperor Boulevard, Suite 100 

Durham, North Carolina 27703 

Attn: General Counsel 
 With a copy to: 

Latham & Watkins LLP 

885 Third Avenue 
 New York, New
York 10022 
 Attn: Wesley C. Holmes, Esq. 

Facsimile: (212) 751-4864 
 or to such other
address or to the attention of such other Person as the recipient party has specified by prior written notice to the sending party. 
 (g)
Business Days. If any time period for giving notice or taking action hereunder expires on a day that is not a Business Day, the time period shall automatically be extended to the immediately following Business Day. 

(h) Governing Law. The corporate law of the State of Delaware shall govern all issues and questions concerning the relative rights of
the Corporation and its stockholders. All other issues and questions concerning the construction, validity, interpretation and enforcement of this Agreement and the exhibits and schedules hereto shall be governed by, and construed in accordance
with, the laws of the State of New York, without giving effect to any choice of law or conflict of law rules or provisions (whether of the State of New York or any other jurisdiction) that would cause the application of the laws of any jurisdiction
other than the State of New York. 
 (i) MUTUAL WAIVER OF JURY TRIAL. AS A SPECIFICALLY BARGAINED FOR INDUCEMENT FOR EACH OF THE
PARTIES HERETO TO ENTER INTO THIS AGREEMENT (AFTER HAVING THE OPPORTUNITY TO CONSULT WITH COUNSEL), EACH PARTY HERETO EXPRESSLY WAIVES THE RIGHT TO TRIAL BY JURY IN ANY LAWSUIT OR PROCEEDING RELATING TO OR ARISING IN ANY WAY FROM THIS AGREEMENT OR
THE MATTERS CONTEMPLATED HEREBY. 

  
 26 

 (j) CONSENT TO JURISDICTION AND SERVICE OF PROCESS. EACH OF THE PARTIES IRREVOCABLY
SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF THE FEDERAL COURTS OF THE UNITED STATES OF AMERICA LOCATED IN THE CITY AND COUNTY OF NEW YORK BOROUGH OF MANHATTAN, FOR THE PURPOSES OF ANY SUIT, ACTION OR OTHER PROCEEDING ARISING OUT OF THIS AGREEMENT,
ANY RELATED AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY OR THEREBY. EACH OF THE PARTIES HERETO FURTHER AGREES THAT SERVICE OF ANY PROCESS, SUMMONS, NOTICE OR DOCUMENT BY U.S. REGISTERED MAIL TO SUCH PARTY’S RESPECTIVE ADDRESS SET FORTH
ABOVE SHALL BE EFFECTIVE SERVICE OF PROCESS FOR ANY ACTION, SUIT OR PROCEEDING WITH RESPECT TO ANY MATTERS TO WHICH IT HAS SUBMITTED TO JURISDICTION IN THIS PARAGRAPH. EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY OBJECTION
TO THE LAYING OF VENUE OF ANY ACTION, SUIT OR PROCEEDING ARISING OUT OF THIS AGREEMENT, ANY RELATED DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY IN THE UNITED STATES DISTRICT COURT FOR THE DISTRICT OF DELAWARE, AND HEREBY AND THEREBY
FURTHER IRREVOCABLY AND UNCONDITIONALLY WAIVES AND AGREES NOT TO PLEAD OR CLAIM IN ANY SUCH COURT THAT ANY SUCH ACTION, SUIT OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. 

(k) No Recourse. Notwithstanding anything to the contrary in this Agreement, the Corporation and each Holder agrees and acknowledges
that no recourse under this Agreement or any documents or instruments delivered in connection with this Agreement, shall be had against any current or future director, officer, employee, general or limited partner or member of any Holder or of any
Affiliate or assignee thereof, whether by the enforcement of any assessment or by any legal or equitable proceeding, or by virtue of any statute, regulation or other applicable law, it being expressly agreed and acknowledged that no personal
liability whatsoever shall attach to, be imposed on or otherwise be incurred by any current or future officer, agent or employee of any Holder or any current or future member of any Holder or any current or future director, officer, employee,
partner or member of any Holder or of any Affiliate or assignee thereof, as such for any obligation of any Holder under this Agreement or any documents or instruments delivered in connection with this Agreement for any claim based on, in respect of
or by reason of such obligations or their creation. 
 (l) Descriptive Headings; Interpretation. The descriptive headings of this
Agreement are inserted for convenience only and do not constitute a part of this Agreement. The use of the word “including” in this Agreement shall be by way of example rather than by limitation. 

(m) No Strict Construction. The language used in this Agreement shall be deemed to be the language chosen by the parties hereto to
express their mutual intent, and no rule of strict construction shall be applied against any party. 
 (n) Counterparts. This
Agreement may be executed in multiple counterparts, any one of which need not contain the signature of more than one party, but all such counterparts taken together shall constitute one and the same agreement. 

  
 27 

 (o) Electronic Delivery. This Agreement, the agreements referred to herein, and each other
agreement or instrument entered into in connection herewith or therewith or contemplated hereby or thereby, and any amendments hereto or thereto, to the extent executed and delivered by means of a photographic, photostatic, facsimile or similar
reproduction of such signed writing using a facsimile machine or electronic mail shall be treated in all manner and respects as an original agreement or instrument and shall be considered to have the same binding legal effect as if it were the
original signed version thereof delivered in person. At the request of any party hereto or to any such agreement or instrument, each other party hereto or thereto shall re-execute original forms thereof and deliver them to all other parties. No
party hereto or to any such agreement or instrument shall raise the use of a facsimile machine or electronic mail to deliver a signature or the fact that any signature or agreement or instrument was transmitted or communicated through the use of a
facsimile machine or electronic mail as a defense to the formation or enforceability of a contract and each such party forever waives any such defense. 

(p) Further Assurances. In connection with this Agreement and the transactions contemplated hereby, each Holder shall execute and
deliver any additional documents and instruments and perform any additional acts that may be necessary or appropriate to effectuate and perform the provisions of this Agreement and the transactions contemplated hereby. 

(q) No Inconsistent Agreements. The Corporation shall not hereafter enter into any agreement with respect to its securities which is
inconsistent with or violates the rights granted to the Holders in this Agreement. 
 * * * * * 

  
 28 

 IN WITNESS WHEREOF, the parties have executed this Registration Rights Agreement as of the date
first written above. 
  

			
	BIOVENTUS INC.
		
	By:	 	  

	Name:	 	Anthony P. Bihl III
	Title:	 	Chief Executive Officer

  
 [Signature Page to
Registration Rights Agreement] 

 
			
	SMITH & NEPHEW, INC.
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	SMITH & NEPHEW OUS, INC.
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 [Signature Page to
Registration Rights Agreement] 

 
			
	ESSEX WOODLANDS HEALTH VENTURES FUND VIII, L.P.
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	ESSEX WOODLANDS HEALTH VENTURES FUND VIII-A, L.P.
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	ESSEX WOODLANDS HEALTH VENTURES FUND VIII-B, L.P.
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 [Signature Page to
Registration Rights Agreement] 

 
			
	WHITE PINE MEDICAL LLC
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 [Signature Page to
Registration Rights Agreement] 

 
			
	SPINDLETOP HEALTHCARE CAPITAL L.P.
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 [Signature Page to
Registration Rights Agreement] 

 
			
	PANTHEON GLOBAL CO-INVESTMENT OPPORTUNITIES FUND L.P.
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 [Signature Page to
Registration Rights Agreement] 

 
			
	AMPERSAND 2006 LIMITED PARTNERSHIP
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	AMPERSAND 2011 LIMITED PARTNERSHIP
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 [Signature Page to
Registration Rights Agreement] 

 
			
	ALTA PARTNERS VIII, L.P.
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 [Signature Page to
Registration Rights Agreement] 

			
	Anthony P. Bihl III
		
	By:	 	  

	Name:	 	Anthony P. Bihl III

  
 [Signature Page to
Registration Rights Agreement] 

 SCHEDULE OF INVESTORS 
  

					
	 Holder
	  	 Controlling

Holder?
	  	 Continuing LLC Owner/

Former LLC Owner

	Anthony P. Bihl III	  	No.	  	Continuing LLC Owner
	Smith & Nephew, Inc.	  	S&N Stockholders	  	Continuing LLC Owner
	Smith & Nephew OUS, Inc.	  	S&N Stockholders	  	Former LLC Owner
	Essex Woodlands Health Ventures Fund VIII, L.P.	  	Essex Stockholders	  	Former LLC Owner
	Essex Woodlands Health Ventures Fund VIII-A, L.P.	  	Essex Stockholders	  	Former LLC Owner
	White Pine Medical LLC	  	Essex Stockholders	  	Former LLC Owner
	Spindletop Healthcare Capital L.P.	  	Essex Stockholders	  	Former LLC Owner
	Pantheon Global Co-Investment Opportunities Fund L.P.	  	Essex Stockholders	  	Former LLC Owner
	Ampersand 2006 Limited Partnership	  	Essex Stockholders	  	Former LLC Owner
	Ampersand 2011 Limited Partnership	  	Essex Stockholders	  	Former LLC Owner
	Alta Partners VIII, L.P.	  	Essex Stockholders	  	Former LLC Owner

 EXHIBIT A 

REGISTRATION RIGHTS AGREEMENT JOINDER 

The undersigned is executing and delivering this Joinder pursuant to the Registration Rights Agreement dated as of [●],
2016 (as the same may hereafter be amended, the “Registration Rights Agreement”), among Bioventus Inc., a Delaware corporation (the “Corporation”), and the other person named as parties therein.

 By executing and delivering this Joinder to the Corporation, and upon acceptance hereof by the Corporation upon the execution of
a counterpart hereof, the undersigned hereby agrees to become a party to, to be bound by, and to comply with the provisions of the Registration Rights Agreement as a Holder of Registrable Securities in the same manner as if the undersigned were an
original signatory to the Registration Rights Agreement, and the undersigned’s shares of Class A Common Stock shall be included as Registrable Securities under the Registration Rights Agreement to the extent provided therein. The
Corporation is directed to add the address below the undersigned’s signature on this Joinder to the Schedule of Investors attached to the Registration Rights Agreement. 

Accordingly, the undersigned has executed and delivered this Joinder as of the      day of
            , 20   . 
  

			
	  

	Signature of Stockholder
	
	  

	Print Name of Stockholder
	Its:
		
	Address:	 	  

	  

	  

  

			
	 Agreed and Accepted as of

            , 20  

	
	Bioventus Inc.
		
	By:	 	  

	Name:	 	
	Its:EX-10.3

 Exhibit 10.3 

EXECUTION VERSION 
 BIOVENTUS
LLC 
 AMENDED AND RESTATED 

LIMITED LIABILITY COMPANY AGREEMENT 

dated as of 
 May 4, 2012 

among 
 SMITH &
NEPHEW, INC., 
 BELUGA I, INC., 

BELUGA II, INC., 

BELUGA III, INC., 

BELUGA IV, INC., 

BELUGA V, INC., 
 BELUGA
VI, INC., 
 BELUGA VII, INC., 

BELUGA VII-A, INC., 

BELUGA VIII, INC. 
 and

 BIOVENTUS LLC 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
		
	ARTICLE 1	  			
	DEFINITIONS	  			
			
	 Section 1.01
	 	 Definitions
	  	 	2	  
		
	ARTICLE 2	  			
	FORMATION AND PURPOSES OF THE COMPANY	  			
			
	 Section 2.01
	 	 Formation of the Company
	  	 	13	  
	 Section 2.02
	 	 Name of the Company
	  	 	13	  
	 Section 2.03
	 	 Purpose of the Company
	  	 	13	  
	 Section 2.04
	 	 Place of Business of the Company
	  	 	14	  
	 Section 2.05
	 	 Registered Office and Registered Agent
	  	 	14	  
	 Section 2.06
	 	 Term
	  	 	14	  
	 Section 2.07
	 	 Title to the Company Property
	  	 	14	  
	 Section 2.08
	 	 Filing of Certificates
	  	 	14	  
	 Section 2.09
	 	 Limitation on Liability
	  	 	14	  
		
	ARTICLE 3	  			
	CAPITAL CONTRIBUTIONS AND MEMBERSHIP UNITS	  			
			
	 Section 3.01
	 	 Units
	  	 	14	  
	 Section 3.02
	 	 Certificates
	  	 	16	  
	 Section 3.03
	 	 Additional Capital Contributions
	  	 	16	  
	 Section 3.04
	 	 Other Matters
	  	 	16	  
	 Section 3.05
	 	 Preemptive Rights
	  	 	18	  
	 Section 3.06
	 	 Agreement to be Bound
	  	 	20	  
		
	ARTICLE 4	  			
	DISTRIBUTIONS AND ALLOCATIONS	  			
			
	 Section 4.01
	 	 Distributions
	  	 	20	  
	 Section 4.02
	 	 Tax Distributions
	  	 	20	  
	 Section 4.03
	 	 Distributions in Violation of Delaware Law
	  	 	21	  
	 Section 4.04
	 	 Amounts Withheld
	  	 	21	  
	 Section 4.05
	 	 Dissolution
	  	 	21	  
	 Section 4.06
	 	 Allocations
	  	 	21	  
	 Section 4.07
	 	 Special Allocations
	  	 	22	  
	 Section 4.08
	 	 Tax Allocations
	  	 	23	  
	 Section 4.09
	 	 Reimbursement of Essex Member Administrative Expenses
	  	 	23	  
	 Section 4.10
	 	 Provisions Relating to Profits Interest Units
	  	 	24	  

  
 i 

							
		
	ARTICLE 5	  			
	THE BOARD OF MANAGERS	  			
			
	 Section 5.01
	 	 Board of Managers
	  	 	25	  
	 Section 5.02
	 	 Quorum and Manner of Acting
	  	 	25	  
	 Section 5.03
	 	 Time and Place of Meetings
	  	 	26	  
	 Section 5.04
	 	 Regular Meetings
	  	 	26	  
	 Section 5.05
	 	 Special Meetings
	  	 	26	  
	 Section 5.06
	 	 Committees
	  	 	26	  
	 Section 5.07
	 	 Subsidiaries
	  	 	26	  
	 Section 5.08
	 	 Action by Consent
	  	 	27	  
	 Section 5.09
	 	 Telephonic Meetings
	  	 	27	  
	 Section 5.10
	 	 Resignation
	  	 	27	  
	 Section 5.11
	 	 Term; Vacancies
	  	 	27	  
		
	ARTICLE 6	  			
	ACCOUNTING AND TAX MATTERS	  			
			
	 Section 6.01
	 	 Auditors and Financial Statements
	  	 	27	  
	 Section 6.02
	 	 Partnership for Tax Purposes
	  	 	28	  
	 Section 6.03
	 	 Taxable Year
	  	 	28	  
	 Section 6.04
	 	 Tax Matters Member
	  	 	28	  
		
	ARTICLE 7	  			
	INDEMNIFICATION	  			
			
	 Section 7.01
	 	 Indemnification
	  	 	31	  
	 Section 7.02
	 	 Standard of Care; Elimination of Fiduciary Duties
	  	 	32	  
	 Section 7.03
	 	 Insurance
	  	 	33	  
	 Section 7.04
	 	 Miscellaneous
	  	 	33	  
		
	ARTICLE 8	  			
	TRANSFER OF INTERESTS	  			
			
	 Section 8.01
	 	 General Restrictions
	  	 	34	  
	 Section 8.02
	 	 Transferee Rights
	  	 	35	  
	 Section 8.03
	 	 Right of First Refusal
	  	 	35	  
	 Section 8.04
	 	 Right of First Offer
	  	 	37	  
	 Section 8.05
	 	 Tag-Along Rights
	  	 	39	  
	 Section 8.06
	 	 Drag-Along Sale
	  	 	42	  
	 Section 8.07
	 	 Additional Conditions to Tag-Along Sales and Drag-Along Sales
	  	 	44	  
	 Section 8.08
	 	 Special Provisions for Member Entity Transfers
	  	 	44	  
	 Section 8.09
	 	 Essex Syndication Right
	  	 	45	  
		
	ARTICLE 9	  			
	CERTAIN COVENANTS	  			
			
	 Section 9.01
	 	 S&N Right to Veto Sale
	  	 	45	  
	 Section 9.02
	 	 OUS Subsidiary Sale
	  	 	46	  
	 Section 9.03
	 	 Company Sale Process
	  	 	46	  
	 Section 9.04
	 	 S&N Rights of First Negotiation
	  	 	47	  

  
 ii 

							
	 Section 9.05
	 	 Competitor Change of Control of S&N
	  	 	47	  
	 Section 9.06
	 	 S&N Exit Right
	  	 	48	  
	 Section 9.07
	 	 Information and Other Rights
	  	 	50	  
	 Section 9.08
	 	 Maintenance and Inspection of Records
	  	 	51	  
	 Section 9.09
	 	 Confidentiality
	  	 	51	  
	 Section 9.10
	 	 Corporate Opportunities; Non-Solicitation
	  	 	53	  
	 Section 9.11
	 	 Certain Matters Relating to an Initial Public Offering
	  	 	55	  
	 Section 9.12
	 	 Business Development Meetings
	  	 	56	  
	 Section 9.13
	 	 Essex Duties
	  	 	56	  
	 Section 9.14
	 	 Investor Duties
	  	 	56	  
	 Section 9.15
	 	 Orthobiologics Commitment
	  	 	56	  
	 Section 9.16
	 	 Compliance with Applicable Law
	  	 	57	  
	 Section 9.17
	 	 Certain Members’ Assets and Liabilities
	  	 	57	  
	 Section 9.18
	 	 S&N Accounting Periods
	  	 	57	  
	 Section 9.19
	 	 Remedies Upon Breach
	  	 	57	  
		
	ARTICLE 10	  			
	TERM, DISSOLUTION AND LIQUIDATION	  			
			
	 Section 10.01
	 	 Term
	  	 	58	  
	 Section 10.02
	 	 Liquidating Events
	  	 	58	  
	 Section 10.03
	 	 Winding Up
	  	 	58	  
	 Section 10.04
	 	 Distribution Upon Dissolution of the Company
	  	 	58	  
	 Section 10.05
	 	 Liquidation or Dissolution
	  	 	59	  
	 Section 10.06
	 	 Company Sale
	  	 	61	  
	 Section 10.07
	 	 Rights of Members; Resignation
	  	 	61	  
		
	ARTICLE 11	  			
	MISCELLANEOUS	  			
			
	 Section 11.01
	 	 Notices
	  	 	62	  
	 Section 11.02
	 	 Representations and Warranties
	  	 	63	  
	 Section 11.03
	 	 Amendments; No Waivers
	  	 	63	  
	 Section 11.04
	 	 Expenses
	  	 	64	  
	 Section 11.05
	 	 Public Announcements
	  	 	64	  
	 Section 11.06
	 	 Successors and Assigns
	  	 	64	  
	 Section 11.07
	 	 Headings
	  	 	64	  
	 Section 11.08
	 	 Governing Law
	  	 	64	  
	 Section 11.09
	 	 Jurisdiction
	  	 	64	  
	 Section 11.10
	 	 WAIVER OF JURY TRIAL
	  	 	65	  
	 Section 11.11
	 	 Entire Agreement
	  	 	65	  
	 Section 11.12
	 	 Counterparts; Effectiveness
	  	 	65	  
	 Section 11.13
	 	 Severability
	  	 	65	  
	 Section 11.14
	 	 Further Assurances
	  	 	65	  
	 Section 11.15
	 	 Specific Performance
	  	 	65	  

  

			
	Schedule I	  	Capital Contributions and Units

  
 iii 

			
	Annex A	  	Certain Approval Rights
	Annex B	  	Registration Rights
	Annex C	  	Terms ofPreferred Units and Converted Common Units
	Annex D	  	Orthobiologics Commitment
	Annex E	  	Allocation for Assets Contributed Per S&N-Company Contribution Agreement
	Annex F	  	Allocation for Assets Contributed per Essex-Company Contribution Agreement
	Annex G	  	Terms of EPR Unit

  
 iv 

 AMENDED AND RESTATED 

LIMITED LIABILITY COMPANY AGREEMENT 

OF 
 BIOVENTUS LLC

 THIS AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT (this “Agreement”) of Bioventus LLC (the
“Company”) is dated as of May 4, 2012 among the Company, Smith & Nephew, Inc., a Delaware corporation (“S&N”), Beluga I, Inc., a Delaware corporation (“Beluga I”), Beluga II, Inc.,
a Delaware corporation (“Beluga II”), Beluga III, Inc., a Delaware corporation (“Beluga III”), Beluga IV, Inc., a Delaware corporation (“Beluga IV”), Beluga V, Inc., a Delaware corporation
(“Beluga V”), Beluga VI, Inc., a Delaware corporation (“Beluga VI”), Beluga VII, Inc., a Delaware corporation (“Beluga VII”), Beluga VII-A, Inc., a Delaware corporation (“Beluga
VII-A”), Beluga VIII, Inc., a Delaware corporation (“Beluga VIII”), Mark A. Augusti and each other Member listed on the signature pages hereto from time to time. 

WITNESSETH: 

WHEREAS, the Company was formed as a limited liability company pursuant to Delaware Law by filing a Certificate of Formation with the
Office of the Secretary of State of the State of Delaware on November 23, 2011, and S&N, as the sole initial member, entered into a Limited Liability Company Agreement of the Company (the “Initial LLC Agreement”) dated
November 29, 2011; 
 WHEREAS, on the date hereof, pursuant to transactions consummated in accordance with (i) the
Purchase Agreement (as amended from time to time, the “Purchase Agreement”) dated as of January 3, 2012 among S&N, Smith & Nephew plc (“S&N plc”) and the Essex Members, (ii) the
Contribution Agreement (as amended from time to time, the “S&N-Company Contribution Agreement”) dated as of January 3, 2012 among S&N, S&N plc, the Essex Members and the Company and (iii) the Contribution
Agreement (as amended from time to time, the “Essex-Company Contribution Agreement”, and together with the S&N-Company Contribution Agreement, the “U.S. Contribution Agreements”) dated as of January 3, 2012
among the Essex Members and the Company, the Company has issued Preferred Units to each Essex Member and Common Units and an EPR Unit to S&N, in each case in the amounts set forth on Schedule I hereto; 

WHEREAS, immediately following the closing of the transactions contemplated by the U.S. Contribution Agreements, the Essex Members shall hold
4,659,153 Preferred Units in the aggregate and S&N shall hold 4,476,440 Common Units and one EPR Unit; 
 WHEREAS, on the date hereof,
the Profits Interest Members shall be issued 288,889 Profits Interest Units in the aggregate pursuant to the Management Incentive Plan and certain Award Agreements (in each case, as defined below) between the Company and such Profits Interest
Members; 

  
 1 

 WHEREAS, the parties hereto wish to enter into this Agreement, effective immediately following
the consummation of the transactions contemplated by the Essex-Company Contribution Agreement, to, among other things, (i) amend and restate the Initial LLC Agreement in its entirety and to memorialize the recapitalization of the Company,
(ii) admit the Essex Members and the Profits Interest Members as Members, (iii) provide for the management of the Company and (iv) set forth the respective rights and obligations of Members of the Company generally; 

WHEREAS, on June 1, 2012, pursuant to transactions consummated in accordance with the OUS Contribution and Purchase Agreement (the
“OUS Contribution Agreement”) dated as of January 3, 2012 among S&N plc, the Essex Members and the Company, the Company will issue 440,847 Preferred Units in the aggregate to the Essex Members and 423,560 OUS Units to
Smith & Nephew OUS, Inc., a Delaware corporation (“S&N Blocker”) and/or to S&N; 
 WHEREAS,
immediately following the Initial OUS Closing (as defined in the OUS Contribution Agreement), the Essex Members shall hold 5,100,000 Preferred Units in the aggregate and S&N and S&N Blocker shall hold 4,900,000 Common Units and OUS Units in
the aggregate (in each case, assuming that no Units have been Transferred by, or otherwise issued to, any such Person prior to the Initial OUS Closing); and 

WHEREAS, the parties hereto intend that the rights of the OUS Units hereunder will include a claim on the OUS Gain, on the terms and subject
to the conditions set forth in this Agreement. 
 NOW, THEREFORE, in consideration of the mutual covenants and agreements hereinafter set
forth and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 

ARTICLE 1 
 DEFINITIONS 

Section 1.01 Definitions. (a) As used herein, the following terms have the following meanings: 

“Affiliate” means, with respect to any Person, any other Person directly or indirectly controlling, controlled by, or
under common control with such other Person. For purposes of this definition, (i) “control” when used with respect to any Person means the power to direct the management and policies of such Person, directly or indirectly, whether
through the ownership of voting securities, by contract or otherwise, and the terms “controlling” and “controlled” have correlative meanings, and (ii) no Member or any of its Affiliates shall by reason of this Agreement or
the Related Documents be deemed to be an Affiliate of any other Member or of the Company. 
 “Applicable Class
Percentage” means, as of any applicable time, with respect to any Class of Profits Interest Units, (i) the Outstanding Number of Profits Interest Units of such Class of Profits Interest Units divided by (ii) the total number of
Units then outstanding, excluding the EPR Unit. 

  
 2 

 “Applicable Law” means, with respect to any Person, any transnational,
domestic or foreign federal, provincial, state or local law (statutory, common or otherwise), constitution, directive, treaty, convention, ordinance, code, rule, regulation, order, injunction, judgment, decree, ruling, writ, stipulation,
determination, award or other similar requirement enacted, adopted, promulgated, applied or entered by a Governmental Authority that is binding upon or applicable to such Person, as amended unless expressly specified otherwise. 

“Assumed Tax Rate” means 40%, or such higher rate as may from time to time be determined by the Board of Managers.

 “Award Agreement” means a grant, purchase or other agreement between the Company and a Profits Interest
Member pursuant to which the Company has issued Profits Interest Units to such Profits Interest Member or between the Company and any grantee under the Phantom Profits Interest Units Plan pursuant to which the Company has issued Phantom Profits
Interest Units to such grantee. 
 “Benchmark Amount” means, with respect to any Class of Profits Interest
Units, the cumulative distributions that must be made by the Company to the Members pursuant to Section 4.01 (other than Preferred Distributions and Accrued Preferred Distributions and, for the avoidance of doubt, any Tax Distribution (or
distribution treated as a Tax Distribution) made pursuant to Section 4.02) and Sections 10.05(a)(ii) through (v) before a Profits Interest Member is entitled to receive any distributions in respect of the Profits Interest Units of such
Class of Profits Interest Units. 
 “Book Value” means, with respect to any property of the Company, the
Company’s adjusted basis in such property for federal income tax purposes, provided that (i) the initial Book Value of any property contributed to the Company shall the gross fair market value of such asset on the date of the contribution,
and (ii) Book Value shall be adjusted from time to time to reflect the adjustments required or permitted by Treasury Regulations Section 1.704- 1(b)(2)(iv)(e)-(g). 

“Business Day” means a day, other than Saturday, Sunday or other day on which commercial banks in New York, New York
or London, England are authorized or required by Applicable Law to close. 
 “Capital Account” means the
separate account established by the Company for each Member according to the rules of Treasury Regulation Section 1.704-1(b)(2)(iv). For this purpose, the Company may (in the discretion of the Board of Managers), upon the occurrence of the
events specified in Treasury Regulation Section 1.704-1(b)(2)(iv)(f), increase or decrease the Capital Accounts in accordance with the rules of such regulation and Treasury Regulation Section 1.704-1(b)(2)(iv)(g) to reflect a revaluation
of Company property. 
 “Capital Contribution” means any cash, third party promissory obligations (valued at
the fair market value thereof) or other property (valued at the fair market value thereof) which a Member contributes to the Company. The Capital Contribution of each of the Members for their Units is set forth on Schedule I attached hereto, as the
same may be amended from time to time in accordance with the requirements of this Agreement. Each Member (other than the Investors) acknowledges and agrees that Schedule I may be redacted or information thereon may otherwise be aggregated to
prevent disclosure of confidential information as the Board of Managers may determine from time to time. 

  
 3 

 “Certificate of Formation” means the Certificate of Formation of the
Company filed with the office of the Secretary of State of the State of Delaware, as it may be amended from time to time. 

“Class Entitlement per Unit” means, as of any applicable time, with respect to any Class of Profits Interest Units, an
amount equal to (i) the Applicable Class Percentage of such Class of Profits Interest Units multiplied by (ii) the excess, if any, of (A) the Amount Available for Distribution over (B) the sum of the Benchmark Amount applicable
to such Class of Profits Interest Units and the amount of the EPR Entitlement, if any, divided by (iii) the Outstanding Number of Profits Interest Units of such Class of Profits Interest Units. 

“Class of Profits Interest Units” means, collectively, any and all Profits Interest Units having the same Benchmark
Amount (regardless of whether granted or issued pursuant to separate grants or issuances). 
 “Clinical Therapies
Field” means (i) bone growth stimulation of the type addressed by the Exogen product, (ii) joint fluid therapy of the type addressed by the Supartz and Durolane products and (iii) the products addressed by the ScoliScore
co-marketing arrangement and the GE Ultrasound distribution agreement/pilot, in each case as conducted through S&N’s Biologics and Clinical Therapies Global Business Unit. 

“Code” means the Internal Revenue Code of 1986, as amended from time to time. 

“Common Unit” means a Unit representing a fractional part of the Members’ ownership interests in the Company and
having the rights and obligations specified with respect to Common Units in this Agreement. 
 “Company
Securities” means (i) any Units or other equity or equity-linked securities of the Company, (ii) any securities convertible into or exchangeable for Units or other equity or equity-linked securities of the Company and
(iii) any options, warrants or other rights to acquire Units or other equity or equity-linked securities of the Company. 

“Damages” has the meaning assigned to such term in the S&N-Company Contribution Agreement. 

“EPR Unit” means the Unit issued in partial consideration for the Capital Contribution of S&N made pursuant to the
S&N-Company Contribution Agreement representing the right to receive the EPR Entitlement, if any, as provided in Section 10.05(a)(iv) and Annex G, and having the other rights set forth on Annex G. 

“Essex” means Essex Woodlands Health Ventures VIII, L.P., a Delaware limited partnership. 

“Essex Commitment Letter” means the letter agreement dated as of January 3, 2012 among S&N plc, S&N and
Essex Fund VIII. 

  
 4 

 “Essex Fund VIII” means Essex Woodlands Health Ventures Fund VIII, L.P.,
a Delaware limited partnership. 
 “Essex Funds” means, collectively, (i) Essex Fund VIII,
(ii) Essex Woodlands Health Ventures Fund VIII-A, L.P., a Delaware limited partnership, (iii) Essex Woodlands Health Ventures Fund VIII-B, L.P., a Delaware limited partnership and (iv) White Pine Medical LLC. 

“Essex GP” means Essex Woodlands Health Ventures VIII, LLC, the general partner of Essex. 

“Essex Investors” means each of the Essex Funds, Spindletop Healthcare Capital, L.P., Pantheon Global Co-Investment
Opportunities Fund, L.P. (“Pantheon”), Ampersand 2006 Limited Partnership, Ampersand 2011 Limited Partnership and Alta Partners VIII, LP.  

“Essex Member” means each of Beluga I, Beluga II, Beluga III, Beluga IV, Beluga V, Beluga VI, Beluga VII, Beluga VII-A
and Beluga VIII, for so long as such Person is a Member and is controlled by Essex or Essex GP. For purposes of this definition, “controlled” has the meanings assigned to such terms in the definition of “Affiliate”
herein. 
 “Exit” means the first to occur of (i) consummation of a Company Sale or
(ii) consummation of a Qualified Initial Public Offering. 
 “Expense Side Letter” means the letter
agreement dated as of January 3, 2012 among S&N, Essex and the Company. 
 “Fair Market Value” means
the fair market value of the Company and its Subsidiaries, as determined using commonly accepted valuation techniques where applicable, based upon the aggregate amount that would be recovered by the holders of the Company Securities if all of the
Company Securities were sold to a buyer in a single transaction and the proceeds from such transaction were allocated to the holders of the Company Securities as if the proceeds were distributed in a liquidation or dissolution of the Company
pursuant to Article 10 hereof or, as applicable, the fair market value of the OUS Subsidiary and its Subsidiaries, as determined using commonly accepted valuation techniques where applicable, based upon the aggregate amount that would be recovered
by the Company if the OUS Subsidiary were sold to a buyer in a single transaction. 
 “Family Group” means a
Member’s spouse and descendants (whether by birth or adoption) and any trust solely for the benefit of such Member and/or such Member’s spouse and/or such Member’s descendants (by birth or adoption), parents or dependents, or any
charitable trust the grantor of which is such Member and/or one or more members of the Member’s Family Group. 

“Fiscal Year” means the annual period ending on December 31 of each year, or as otherwise determined by the Board
of Managers in accordance with the provisions of this Agreement. 
 “GAAP” means generally accepted
accounting principles in the United States. 

  
 5 

 “Governmental Authority” means any transnational, domestic or foreign
federal, provincial, state or local governmental, regulatory or administrative authority (including the Centers for Medicare & Medicaid Services), department, court, agency or official, including any political subdivision thereof.

 “IFRS” means the International Financial Reporting Standards as issued by the International Accounting
Standards Board and as adopted by the European Union. 
 “Indebtedness” of any Person means, without
duplication: (i) all obligations of such Person for borrowed money, (ii) all obligations of such Person evidenced by bonds, debentures, notes or other similar instruments (other than performance, surety and similar bonds or instruments),
(iii) all obligations of such Person to pay the deferred purchase price of property or services, except trade accounts payable and accrued expenses arising in the ordinary course of business, (iv) all obligations of such Person as lessee
under any leases which are required to be capitalized in accordance with GAAP, (v) all obligations of others of the type described above secured by a Lien on any asset of such Person whether or not such obligation is assumed by such Person and
(vi) all obligations of others of the type described above guaranteed by such Person. 
 “Initial Public
Offering” means the initial Public Offering. 
 “Investor” means each of (i) S&N and its
Permitted Transferees and (ii) each of the Essex Members and its Permitted Transferees. 
 “License
Agreement” means the License Agreement dated as of the date hereof between S&N and the Company. 

“Lien” means, with respect to any property or asset, any mortgage, lien, pledge, charge, security interest or
encumbrance in respect of such property or asset. 
 “Management Incentive Plan” means the Bioventus LLC
Management Incentive Plan effective as of the date hereof. 
 “Member” means each Person that executed this
Agreement as a member on the signature pages hereto and any other Person who may from time to time be admitted to the Company as an additional or substitute member as provided herein, in each case in such Person’s capacity as a member of the
Company. 
 “Member Entity Transfer” means, in the case of any Investor, a direct or indirect sale,
assignment, disposition, exchange, pledge, encumbrance, hypothecation or other transfer by its shareholders, partners or members of the equity interests of such Member or any participation or interest therein or any agreement or commitment to do any
of the foregoing. 
 “Orthobiologics Field” means Active Therapies targeted at Orthopedic Applications, as
conducted through S&N’s Biologics and Clinical Therapies Global Business Unit, but excludes the Clinical Therapies Field. As used herein, “Active Therapies” means cell-based therapies, small molecules, growth factors, gene
therapy, and other novel biologically-active materials such as peptides and statins or inert products that, when combined in an active matrix or delivery substrate, promote bone healing, cartilage regeneration and/or soft tissue healing. 

  
 6 

 “Orthopedic Applications” mean any of the following: total or partial
joint arthroplasty, orthopedic arthroscopic procedures commonly referred to as sports medicine procedures, spinal procedures and other procedures related to orthopedic specialty areas. 

“OUS Gain” means, at the time of any transaction giving rise to distributions pursuant to Section 10.05(a), an
amount equal to the lower of (i) the excess, if any, of (A) the Fair Market Value of the OUS Subsidiary and its Subsidiaries, if any, as reasonably determined by S&N, over (B) $20,000,000 and (ii) the total amount available
for distribution pursuant to Sections 10.05(a)(v)(B) through (D). 
 “OUS Subsidiary” means the Subsidiary of
the Company that will purchase the OUS Assets and assume the OUS Assumed Liabilities (as each such term is defined in the OUS Contribution Agreement) pursuant to the OUS Contribution Agreement. 

“OUS Unit” means a Unit representing a fractional part of the Members’ ownership interests in the Company and
having the rights and obligations specified with respect to OUS Units in this Agreement. 
 “Outstanding Common
Percentage” means, as of any applicable time, (i) the total number of Common Units then outstanding divided by (ii) the sum of (A) the total number of Common Units then outstanding and (B) the total number of OUS Units
then outstanding. 
 “Outstanding Number of Profits Interest Units” means, with respect to any Class of
Profits Interest Units, the total number of Profits Interest Units of such Class of Profits Interest Units then outstanding. 

“Outstanding OUS Percentage” means, as of any applicable time, (i) the total number of OUS Units then outstanding
divided by (ii) the sum of (A) the total number of Common Units then outstanding and (B) the total number of OUS Units then outstanding. 

“Percentage Interest” means, with respect to each Investor, at any time, a fraction representing the ownership
percentage of the Company, the numerator of which is the number of Units held by such Investor, and the denominator of which is the aggregate number of Units held by all Investors. For the avoidance of doubt, (i) as of the closing of the
transactions contemplated by the U.S. Contribution Agreements, the aggregate Percentage Interest of the Essex Members is 51% and the Percentage Interest of S&N is 49% and (ii) each Investor’s Percentage Interest shall be determined
without regard to the EPR Unit. 
 “Permitted Transferee” means, (i) with respect to any Investor, any
Affiliate of such Investor for so long as such Affiliate remains an Affiliate of such Investor or (ii) with respect to any Member that is a natural person, any Transferee pursuant to the applicable laws of descent or distribution or among a
Member’s Family Group. For the avoidance of doubt, S&N Blocker shall be deemed to be a Permitted Transferee for all purposes under this Agreement. Notwithstanding anything to the contrary set forth herein, a Transferee that is an entity
shall be a Permitted Transferee of a Member only if such Transferee is an entity that is organized under the laws of a jurisdiction within the United States. 

  
 7 

 “Person” means an individual, corporation, partnership, limited liability
company, association, trust or other entity or organization, including a Governmental Authority. 
 “Phantom Profits
Interests Plan” means the Bioventus LLC Phantom Profits Interests Plan effective as of the date hereof. 

“Phantom Profits Interest Unit” means an award under the Phantom Profits Interests Plan. 

“Preferred Unit” means a Unit representing a fractional part of the Members’ ownership interests in the Company
and having the rights and obligations specified with respect to Preferred Units in this Agreement. 
 “Profits
Interest Member” means a Member that holds Profits Interest Units (in such Member’s capacity as a holder thereof). 

“Public Offering” means an underwritten public offering of equity securities of the Company or any of its Subsidiaries
pursuant to an effective registration statement under the Securities Act, other than pursuant to a registration statement on Form S-4 or Form S-8 or any similar or successor form. 

“Qualified Initial Public Offering” means an Initial Public Offering on a leading national exchange which yields net
proceeds to the Company (excluding amounts, if any, used to repay the S&N Note and after the payment of investment banking fees, underwriting discounts, commissions, costs and other reasonable out-of-pocket expenses and other customary expenses
incurred by the Company in connection with such Initial Public Offering) of at least $60,000,000 and which results in an aggregate equity valuation of the Company of at least $400,000,000. 

“Related Documents” means the S&N-Company Contribution Agreement, the Purchase Agreement, the Essex-Company
Contribution Agreement, the OUS Contribution Agreement, the License Agreement, the Transition Services Agreement, the Reverse Transition Services Agreement, the Essex Commitment Letter and the Expense Side Letter. 

“Return Preparer” means the “Income Tax Return Preparer” for the Company as defined in
Section 7701(a)(36) of the Code, not taking into account Section 7701(a)(36)(B), which at all times shall be a nationally recognized accounting firm. 

“Reverse Transition Services Agreement” means the Reverse Transition Services Agreement dated as of the date hereof
among S&N plc, S&N and the Company. 
 “ROFO Percentage” means, with respect to any Investor other
than the Transferring Member and for any Transfer subject to Section 8.04, a fraction the numerator of which is the number of Units owned, directly or indirectly, by such Investor immediately prior to such Transfer and the denominator of which
is the number of Units owned, directly or indirectly, by all Investors other than the Offering Member immediately prior to such Transfer. For the avoidance of doubt, an Investor’s ROFO Percentage shall be determined without regard to the EPR
Unit. 

  
 8 

 “ROFR Percentage” means, with respect to any Investor other than the
Offering Member and for any Transfer subject to Section 8.03, a fraction the numerator of which is the number of Units owned, directly or indirectly, by such Investor immediately prior to such Transfer and the denominator of which is the number
of Units owned, directly or indirectly, by all Investors other than the Offering Member immediately prior to such Transfer. For the avoidance of doubt, an Investor’s ROFR Percentage shall be determined without regard to the EPR Unit.

 “S&N Accounting Month” means the monthly accounting period of S&N and its Affiliates as in effect
from time to time, as provided to the Company pursuant to Section 9.18. 
 “S&N Accounting Quarter” means
the quarterly accounting period of S&N and its Affiliates as in effect from time to time, as provided to the Company pursuant to Section 9.18. 

“S&N Note” means the senior secured note between S&N, as borrower, and Smith & Nephew Holdings, Inc.,
as lender, in aggregate principal amount of $160,000,000, which note was assumed by the Company pursuant to the S&N¬Company Contribution Agreement. To the extent the S&N note is assigned or transferred in part from time to time in
accordance with the terms thereof, all references herein to the “S&N Note” shall be deemed to refer to all notes created by or issued in connection with such transfers or assignments, collectively. 

“Securities Act” means the Securities Act of 1933, as amended.  

“Service” means the Internal Revenue Service. 

“Specified Asset Sale” means any sale, transfer, issuance, conveyance, assignment or other disposition of any
Collateral (as defined in the S&N Note) (other than in the ordinary course of business) in each case with a value of more than $1,500,000 in the aggregate in any Fiscal Year from all such sales, transfers, issuances, conveyances, assignments or
other dispositions. 
 “Subsidiary” of any Person means any entity of which securities or other ownership
interests having ordinary voting power to elect a majority of the board of directors or other persons performing similar functions are at the time directly or indirectly owned by such Person. 

“Tag-Along Percentage” means, for any Tag-Along Sale, a fraction the numerator of which is the number of Units
proposed to be Transferred by the Essex Offering Member in such Tag-Along Sale and the denominator of which is the aggregate number of Units owned, directly or indirectly, by the Essex Offering Member immediately prior to such Tag-Along Sale.

 “Tag-Along Portion” means, with respect to any Member other than the Essex Offering Member and for any
Tag-Along Sale, (i) the number of Units (excluding, for the avoidance of doubt, the EPR Unit) owned, directly or indirectly, by such Member immediately prior to such Tag-Along Sale multiplied by (ii) the Tag-Along Percentage. 

“Tax Matters Member” means the Member designated as such pursuant to Section 6.04. 

  
 9 

 “Transfer” means, with respect to any Units, (i) when used as a
verb, to sell, assign, dispose of, exchange, pledge, encumber, hypothecate or otherwise transfer such Units or any participation or interest therein, whether directly or indirectly, or agree or commit to do any of the foregoing and (ii) when
used as a noun, a direct or indirect sale, assignment, disposition, exchange, pledge, encumbrance, hypothecation, or other transfer of such Units or any participation or interest therein or any agreement or commitment to do any of the foregoing;
“Transferee” means a person to whom a Transfer is made or is proposed to be made; and “Transferor” means a person that Transfers or proposes to Transfer. For the avoidance of doubt, the term
“Transfer” includes (i) a direct or indirect sale, assignment, disposition, exchange, pledge, encumbrance, hypothecation or other transfer however structured (whether pursuant to merger, consolidation, business combination or
other similar transaction or by operation of law) and (ii) any Member Entity Transfer. 
 “Transition Services
Agreement” means the Transition Services Agreement dated as of the date hereof among S&N plc, S&N and the Company. Any reference herein to a particular provision of the Treasury Regulations means, where appropriate, the
corresponding successor provision. 
 “Treasury Regulations” means the Treasury regulations promulgated under
the Code, as such Treasury Regulations may be amended from time to time. 
 “Unreturned Capital Amount”
means, with respect to each Common Unit or OUS Unit, an amount equal to the excess, if any, of (i) the aggregate amount of Capital Contributions made in exchange for or on account of such Common Unit or OUS Unit (including all such amounts set
forth on Schedule I), over (ii) the aggregate amount of prior distributions made by the Company on account of such Common Unit or OUS Unit pursuant to Section 4.01. 

“U.S. Gain” means, at the time of any transaction giving rise to distributions pursuant to Section 10.05(a), the
difference between (i) the total amount available for distribution pursuant to Sections 10.05(a)(v)(B) through (D) minus (ii) the OUS Gain. 

(b) Each of the following terms is defined in the Section set forth opposite such term: 

 

			
	Term	  	Section
	Accrued Preferred Distribution	  	Annex C
	Active Therapies	  	1.01(a)
	Agreement	  	Preamble
	Amount Available for Distribution	  	Annex G
	Adjusted Common/OUS Percentage	  	Annex G
	Applicable Common/OUS Percentage	  	Annex G
	Applicable EPR Percentage	  	Annex G
	Automatic Conversion	  	9 .11 (b)
	Beluga I	  	Preamble
	Beluga II	  	Preamble
	Beluga III	  	Preamble
	Beluga IV	  	Preamble
	Beluga V	  	Preamble

  
 10 

			
	Term	  	Section
	Beluga VI	  	Preamble
	Beluga VII	  	Preamble
	Beluga VII-A	  	Preamble
	Beluga VIII	  	Preamble
	Board of Managers	  	5.01(a)
	Breaching Investor	  	9.19
	Business Development Committee	  	9.12
	Certificate	  	3.02
	Chairman	  	5.01(a)(iv)
	Common/OUS Percentage	  	Annex G
	Company	  	Preamble
	Company Party	  	7.01
	Company Sale	  	9.01(a)
	Competitor	  	9 .01(b)
	Competitor Change of Control of S&N	  	9.05
	Competitor Sale	  	9.01(b)
	Confidential Information	  	9.09(a)
	Converted Common Unit	  	Annex C
	Core Competencies	  	Annex D
	Corporate Conversion	  	9.11(a)
	Deciding Member	  	8.03(a)
	Delaware Law	  	2.01
	Drag-Along Sale	  	8.06(a)
	Drag-Along Sale Notice	  	8.06(b)
	Drag-Along Sale Price	  	8.06(b)
	Drag-Along Transferee	  	8.06(a)
	Electing Members	  	8.04(a)
	e-mail	  	11.01
	EPR Entitlement	  	Annex G
	Essex-Company Contribution Agreement	  	Recitals
	Essex Offering Members	  	8.05(a)
	Essex Purchase	  	9.06(b)(iii)
	Essex Purchase Option	  	9.06(b)(iii)
	Essex Purchase Option Period	  	9.06(b)(iii)
	Essex Units	  	8.06(a)
	Exchange Act	  	5.01(b)
	FDA	  	9.16(b)
	Financial Advisor	  	9.06(a)
	First EPR Event	  	Annex G
	First Post-IPO EPR Event	  	Annex G
	Fund	  	9.09(d)
	Fund Manager	  	9.09(d)
	Indemnified Service	  	7.01
	Independent	  	5.01(b)
	Initial Liquidation Preference	  	Annex C

  
 11 

			
	Term	  	Section
	Initial LLC Agreement	  	Recitals
	Initiating Members	  	8.06(a)
	IPO Entity	  	9.11(a)
	IPO Percentage	  	9.11(b)
	IRS Notice	  	4.10(b)
	Issuance Notice	  	3.05(a)
	Liquidating Event	  	10.02
	Liquidation Preference	  	Annex C
	Management Incentive Plan	  	3.01(b)
	Manager	  	5.01(a)
	Member Entity ROFR Price	  	8.03(a)
	Member Entity ROFO Price	  	8.04(b)
	Member Unit ROFO Price	  	8.04(e)
	Member Unit ROFR Price	  	8.03(e)
	New Product Partnership	  	9.04(b)
	Non-Breaching Investor	  	9.19
	Orthobiologics Commitment	  	Annex D
	Offer	  	8.04(b)
	Offer Notice	  	8.03(a)
	Offering Member	  	8.03(a)
	Other Business	  	9.10(b)
	Other Management Equity Awards	  	3.01(b)(iii)
	Other Management Equity Plan	  	Annex A
	Other Members	  	8.06(a)
	OUS Contribution Agreement	  	Recitals
	OUS Subsidiary Sale	  	9.02
	Pantheon	  	1.01(a)
	Pantheon Fund	  	9.09(d)
	Parent	  	Preamble
	Percentage Milestone	  	Annex G
	PIM Tag-Along Trigger Event	  	8.05(a)
	Preferred Distribution	  	Annex C
	Preferred Percentage	  	Annex G
	Preferred Transfer Event	  	Annex C
	Proceeding	  	7.01
	Profits Interest Unit	  	3.01(b)
	Purchase Agreement	  	Recitals
	Recommended Exit	  	9.06(b)(i)
	Recommended Exit Notice	  	9.06(b)(i)
	Recommended Exit Veto Period	  	9.06(b)(ii)
	Regulatory Allocations	  	4.07(b)
	Remaining Securities	  	3.05(b)
	Replacement EPR Security	  	Annex G
	ROFO Notice	  	8.04(a)
	ROFO Period	  	8.04(b)

  
 12 

			
	Term	  	Section
	ROFO Response Notice	  	8.04(b)
	ROFO Termination	  	8.04(d)
	ROFR Period	  	8.03(b)
	ROFR Right to Purchase	  	8 .03(b)
	ROFR Termination	  	8.03(d)
	S&N	  	Preamble
	S&N Acquisition	  	9.04(a)
	S&N Blocker	  	Recitals
	S&N-Company Contribution Agreement	  	Recitals
	S&N plc	  	Recitals
	Safe Harbor Election	  	4.10(b)
	Similar Confidentiality Obligations	  	9.09(d)
	Tag-Along Notice	  	8.05(a)
	Tag-Along Response Notice	  	8.05(b)
	Tag-Along Right	  	8.05(b)
	Tag-Along Right Period	  	8.05(b)
	Tag-Along Sale	  	8.05(a)
	Tagging Member	  	8.05(b)
	Tax Distribution	  	4.02(a)
	Transfer Conversion	  	Annex C
	Transferring Member	  	8.04(a)
	Units	  	3.01(a)
	U.S. Contribution Agreements	  	Recitals
	Veto	  	9.06(b)(ii)
	Veto Party	  	9.06(b)(v)

 ARTICLE 2 

FORMATION AND PURPOSES OF THE COMPANY 

Section 2.01 Formation of the Company. The Company has previously been formed pursuant to the Delaware
Limited Liability Company Act, 6 Del. Code § 18-101 et seq. (as amended, and any successor to such statute, “Delaware Law”). The rights and liabilities of the Members shall be as provided for in Delaware Law if not otherwise
expressly modified or provided for in this Agreement. 
 Section 2.02 Name of the Company. The name
of the Company shall be “Bioventus LLC” or such other name as the Board of Managers shall approve. 

Section 2.03 Purpose of the Company. The purpose of the Company is to engage in any lawful act or activity for which limited
liability companies may be formed under the Delaware Law and in any and all activities necessary or incidental to the foregoing. In furtherance of its purpose, the Company shall have and may exercise all the powers now or hereafter conferred by
Delaware Law on limited liability companies. The Company shall have the power to do any and all acts necessary, appropriate, proper, advisable, incidental or convenient to or for the protection and benefit of the Company, and shall have, without

  
 13 

 
limitation, any and all of the powers that may be exercised on behalf of the Company by the Members, it being understood that (i) the operation of the Company is subject to the provisions of
this Agreement and (ii) no Member shall be entitled to bind the Company, except as contemplated by this Agreement or as established by the Board of Managers in the manner contemplated hereby. 

Section 2.04 Place of Business of the Company. The principal place of business of the Company shall be located at such place as
shall be determined from time to time by the Board of Managers. The Company shall also have such additional offices as shall be determined from time to time by the Board of Managers. 

Section 2.05 Registered Office and Registered Agent. The address of the registered office of the Company in the State of Delaware
is c/o Corporation Trust Center, 1209 Orange Street, City of Wilmington, County of New Castle, Delaware 19801. The name of the registered agent for service of process on the Company at such address is The Corporation Trust Company. 

Section 2.06 Term. The Company commenced on the date of the filing of the Certificate of Formation, and the term of the Company
shall continue until the dissolution of the Company in accordance with the provisions of Article 10 hereof or as otherwise provided by law. 

Section 2.07 Title to the Company Property. All property of the Company and its Subsidiaries, whether real or personal, tangible
or intangible, shall be deemed to be owned by the Company or its Subsidiaries, as the case may be, as an entity, and no Member, individually, shall have any direct ownership interest in such property. 

Section 2.08 Filing of Certificates. The officers of the Company shall file and publish all such certificates, notices, statements
or other instruments required by law (a) to evidence the formation of the Company and (b) for the operation of the Company in all jurisdictions where the Company may elect from time to time to do business. 

Section 2.09 Limitation on Liability. Except as required by Delaware Law, the debts, obligations and liabilities of the Company,
whether arising in contract, tort or otherwise, shall be solely the debts, obligations and liabilities of the Company, and no Member shall be obligated for any such debt, obligation or liability of the Company solely by reason of being a Member.
Other than with respect to the Essex Members (vis-à-vis each other), the Members shall not act as agents for one another or incur debts, obligations or liabilities on behalf of other Members. 

ARTICLE 3 
 CAPITAL CONTRIBUTIONS
AND MEMBERSHIP UNITS 
 Section 3.01 Units. (a) The Members’ ownership interests in the Company shall be
represented by units having the rights and obligations specified in this Agreement with respect to Preferred Units, Common Units, the OUS Units, the EPR Unit and the Profits Interest Units (collectively, the “Units”). Subject to
Sections 3.01(b) and 5.02(b), the Company shall have the authority to issue an unlimited number of Units, of which 4,659,153 Preferred Units, 4,476,440 Common Units, one EPR Unit and 288,889 Profits Interest Units have been issued and are
outstanding as of the date of this Agreement. 

  
 14 

 (b) Profits Interest Units. (i) Subject to the applicable terms and conditions
hereof, the Company may grant (at any time and from time to time) non-managing, non-voting Units designated as “Profits Interest Units” (such Units, “Profits Interest Units”) under the Management Incentive Plan or
Phantom Profits Interest Units under the Phantom Profits Interests Plan to one or more individuals rendering, or who will render, services for the benefit of the Company and/or its Subsidiaries. The terms and conditions of the Profits Interest Units
and the Phantom Profits Interest Units, which shall be set forth in the applicable Award Agreement in each case, shall be consistent with the terms and conditions of this Agreement and the Management Incentive Plan or the Phantom Profits Interests
Plan, as applicable, and shall, subject to the applicable terms and conditions hereof and thereof, otherwise be determined solely by the Board of Managers. Neither the terms nor the conditions applicable to any Profits Interest Unit need be
identical or similar to any other Profits Interest Unit. 
 (ii) Upon the issuance of Profits Interest Units pursuant
hereto, Schedule I will be deemed amended to reflect the issuance of such Profits Interest Units and the holder thereof and the Board of Managers will thereby be permitted to insert a replacement Schedule I hereto to reflect such amendment, subject
to the proviso set forth in the definition of Capital Contribution. 
 (iii) Without the prior written approval of
S&N and the Essex Members, acting in their capacity as Members, the Company shall not be permitted to issue Profits Interest Units, Phantom Profits Interest Units or any other form of employee, management or other service provider equity or
equity-related awards (such other forms of employee, management or other service provider equity or equity-related awards, collectively, “Other Management Equity Awards”) that could result in aggregate distributions to the holders
thereof in excess of 10% of the aggregate amount, if any, available for distribution pursuant to Section 10.05(a)(v) (such amount determined, solely for this purpose, as if there were no Phantom Profits Interest Units or Other Management Equity
Awards). Any purported issuance of Profits Interest Units, Phantom Profits Interest Units or Other Management Equity Awards in contravention of this Section 3.01(b)(iii) will be null and void ab initio. 

(iv) Notwithstanding anything else herein to the contrary, unless S&N and the Essex Members, acting in their capacity as
Members, expressly agree otherwise in writing: 
 (A) the Benchmark Amount for a specified Class of Profits Interest Units
shall not be less than the greater of (1) the fair market value of the assets of the Company, net of its liabilities, at the time the Class of Profits Interest Unit is issued (as determined in good faith by the Board of Managers), and
(2) $231,372,549.02; and 
 (B) the Benchmark Amount for each outstanding Class of Profits Interest Units shall be
increased if and when any Capital Contribution is made after the issuance of such Class of Profits Interest Units (other than the Capital Contributions contemplated by the OUS Contribution Agreement) by the amount of the fair market value of such
Capital Contribution. 

  
 15 

 (c) Subject to Section 3.05, Section 5.02(b) and Annex A hereto, from time to time
after the date hereof, the Board of Managers may cause the Company to offer and issue additional Units with such powers, preferences and rights, and subject to such qualifications, limitations and restrictions, as the Board of Managers may
determine; provided that the Company may not offer or issue (i) any additional EPR Units or any other Units with substantially similar powers, preferences and rights to those of the EPR Unit or (ii) any Company Securities pursuant to the
Management Incentive Plan other than the Profits Interest Units or pursuant to the Phantom Profits Interests Plan other than the Phantom Profits Interest Units. 

(d) The Units held by each Member as of the date hereof is set forth on Schedule I attached hereto, as the same may be amended from time to
time in accordance with the requirements of this Agreement or to reflect any changes resulting from any Transfers or other adjustments to the Units. 

Section 3.02 Certificates. All Units shall be issued in certificated form. Each certificate representing
Units (a “Certificate”) shall bear such legends as the Board of Managers may consider necessary or advisable to facilitate compliance with this Agreement, the Securities Act and any other securities law, including, without
limitation, legends referring to the transfer restrictions contained herein and stating that the Units represented by such Certificate have not been registered under the Securities Act. Each Certificate shall be executed by an authorized officer of
the Company on behalf of the Company and shall state the Company’s name, the name of the applicable Member, the number and type of Units represented by such Certificate, the date of issuance of the Certificate, the number of the Certificate and
such other information as determined by the Company as applicable for the Certificate. 
 Section 3.03 Additional Capital
Contributions. Except as expressly set forth in this Agreement, no Member shall be required to make any additional capital contributions to the Company. 

Section 3.04 Other Matters. (a) Except as otherwise provided in (and subject to the provisions of) this Agreement and except
for any distributions made to the Members according to their respective interests in distributions in accordance with Article 4 or Article 10 hereof, in each case made in compliance with this Agreement, no Member shall receive a return of any of its
Capital Contributions, or, in the case of the Investors, any of the amounts represented by such Investor’s Percentage Interest. Under circumstances requiring a return of any Capital Contributions, no Member shall have the right to receive
property other than cash except as may be specifically provided herein. 
 (b) No Member or any Affiliate thereof shall receive any interest,
salary or drawing with respect to its Capital Contributions or its Percentage Interest or for services rendered on behalf of the Company or otherwise in its capacity as a Member or otherwise, except as contemplated by this Agreement or the Related
Documents or any other agreement in writing with the Company approved by the Board of Managers in accordance with the requirements of Section 5.02. 

  
 16 

 (c) Except as provided herein, no Member shall have any right to (i) withdraw as a Member of
the Company, (ii) withdraw from the Company all or any part of such Member’s Capital Contributions, (iii) receive property other than cash in return for such Member’s Capital Contributions or (iv) receive any distribution
from the Company except in accordance with Article 4 or Article 10 hereof. 
 (d) Upon any Transfer of Units in accordance with the terms of
this Agreement (other than a Member Entity Transfer), the Transferee shall succeed to the Capital Account of the Transferor to the extent attributable to the Transferred Units. For the avoidance of doubt, in the case of a Preferred Transfer Event,
the Transferee shall not succeed to the Capital Account of the Transferor to the extent of the Accrued Preferred Distribution. 
 (e) If the
Company shall subdivide or split (whether by distribution or otherwise) the outstanding Preferred Units into a greater number of Units or combine or reclassify the outstanding Preferred Units into a smaller number of Units, the same subdivision,
split, combination or reclassification, as the case may be, shall be carried out on the outstanding Common Units, OUS Units and Profits Interest Units. By way of example, if the Preferred Units are split 10 to 1, then the Common Units, the OUS Units
and the Profits Interest Units will also be split 10 to 1. Upon the occurrence of any such adjustment to the Common Units, the OUS Units and the Profits Interest Units, the Company shall promptly (i) compute such adjustment in accordance with
the terms hereof and furnish to the holders of the Common Units, the OUS Units and the Profits Interest Units a certificate setting forth such adjustment and showing in reasonable detail the facts upon which such adjustment is based,
(ii) appropriately adjust Schedule I hereto and (iii) issue to each holder of Common Units, OUS Units or Profits Interest Units, upon the surrender of the Certificate or Certificates representing such holder’s Common Units, OUS Units
or Profits Interest Units at the time of such adjustment, a new Certificate or Certificates appropriately reflecting such adjustment. Adjustments shall be made successively whenever any event giving rise to such an adjustment under this
Section 3.04(e) shall occur. 
 (f) If the Company shall subdivide or split (whether by distribution or otherwise) the outstanding
Common Units or OUS Units into a greater number of Units or combine or reclassify the outstanding Common Units or OUS Units into a smaller number of Units, the same subdivision, split, combination or reclassification, as the case may be, shall be
carried out on the outstanding Units of the other types. By way of example, if the Common Units are split 10 to 1, then the OUS Units and the Profits Interest Units will also be split 10 to 1 (and, for the avoidance of doubt, the Preferred Units
will also be split 10 to 1 in accordance with Annex C hereto). Upon the occurrence of any such adjustment to the Common Units or the OUS Units, the Company shall promptly (i) compute such adjustment in accordance with the terms hereof and
furnish to the holders of the other type of Units a certificate setting forth such adjustment and showing in reasonable detail the facts upon which such adjustment is based, (ii) appropriately adjust Schedule I hereto and
(iii) issue to each holder of the other type of Units, upon the surrender of the Certificate or Certificates representing such holder’s Units at the time of such adjustment, a new Certificate or Certificates appropriately reflecting such
adjustment. Adjustments shall be made successively whenever any event giving rise to such an adjustment under this Section 3.04(f) shall occur. 

(g) If the Company shall subdivide or split (whether by distribution or otherwise) the outstanding Profits Interest Units into a greater number
of Units or combine or reclassify the outstanding Profits Interest Units into a smaller number of Units, the same subdivision, split, 

  
 17 

 
combination or reclassification, as the case may be, shall be carried out on the outstanding Units of the other types. By way of example, if the Profits Interest Units are split 10 to 1, then the
Common Units, and the OUS Units will also be split 10 to 1 (and, for the avoidance of doubt, the Preferred Units will also be split 10 to 1 in accordance with Annex C hereto). Upon the occurrence of any such adjustment to the Profits Interest
Units, the Company shall promptly (i) compute such adjustment in accordance with the terms hereof and furnish to the holders of the other type of Units a certificate setting forth such adjustment and showing in reasonable detail the facts upon
which such adjustment is based, (ii) appropriately adjust Schedule I hereto and (iii) issue to each holder of the other type of Units, upon the surrender of the Certificate or Certificates representing such holder’s Units at the time
of such adjustment, a new Certificate or Certificates appropriately reflecting such adjustment. Adjustments shall be made successively whenever any event giving rise to such an adjustment under this Section 3.04(g) shall occur. 

(h) The holders of the Common Units and OUS Units shall be entitled to one vote per Common Unit or OUS Unit on all matters on which the holders
of the Common Units and OUS Units are entitled to vote. 
 Section 3.05 Preemptive Rights. (a) The Board of Managers shall
have the authority to issue Company Securities in such amounts and at such purchase prices per Company Security as determined by the Board of Managers, subject to the provisions of this Section 3.05 and Section 5.02(b). Subject to
Section 3.05(f), the Company shall deliver written notice (an “Issuance Notice”) to each Investor of any proposed issuance by the Company of any Company Securities at least 20 days prior to the proposed issuance date. The
Issuance Notice shall specify the cash price at which such Company Securities are to be issued and the other material terms of the issuance. Subject to Section 3.05(e) and Section 3.05(f), each Investor shall be entitled to purchase up to
such Investor’s Percentage Interest of the Company Securities proposed to be issued, at the price and on the terms specified in the Issuance Notice. 

(b) An Investor shall deliver written notice of its election to purchase such Company Securities to the Company and each other Investor
within 15 days of receipt of the Issuance Notice. Such delivery of notice (which notice shall specify the number (or amount) of Company Securities to be purchased by the Investor submitting such notice) to the Company shall constitute exercise by
such Investor of its rights under this Section 3.05 and a binding agreement of such Investor to purchase, at the price and on the terms specified in the Issuance Notice, the number (or amount) of Company Securities specified in such
Investor’s notice, and, in the case of S&N, any election made pursuant to Section 3.05(e). If, at the termination of such 15-day period, any Investor shall not have exercised its rights to purchase any of its pro
rata percentage of such Company Securities, such Investor shall be deemed to have waived all of its rights under this Section 3.05 with respect to the purchase of such Company Securities (but, for the avoidance of doubt, shall not
have waived its rights with respect to any future purchase of Company Securities). To the extent that any Investor does not exercise its rights under the first and second sentences of this Section 3.05(b) in full, the Company shall provide the
Investors who have elected to exercise their rights in full with the opportunity to purchase the remaining Company Securities which were the subject of the Issuance Notice (the “Remaining Securities”). In such event, such Investors
may elect to purchase any or all of the Remaining Securities; provided that each such electing Investor shall receive its proportionate share of the Remaining Securities based on the aggregate number of Company Securities
such Investors as a group elect to purchase if such number is more than the number or amount of Remaining Securities. 

  
 18 

 (c) The Company shall have 90 days from the date of the Issuance Notice to consummate the
proposed issuance of any or all of such Company Securities that the Investors have not elected to purchase at the price and upon terms that are not less favorable to the Company than those specified in the Issuance Notice; provided that, if such
issuance is subject to regulatory approval, such 90-day period shall be extended until the expiration of five Business Days after all such approvals have been received, but in no event later than 180 days from the date of the Issuance Notice. The
closing of any purchase of such Company Securities that Investors have elected to purchase pursuant to such Issuance Notice shall take place at the same time as the issuance to non-Investors. 

(d) If the Investors have elected to purchase all of the Company Securities proposed to be issued at any one time pursuant to this
Section 3.05, the consummation of such purchase shall take place as soon as practicable (but in no event more than 45 days) following the receipt of all notices from the Investors indicating such election; provided that if such purchase is
subject to regulatory approval, such 45-day period shall be extended until the expiration of 5 Business Days after all such approvals have been received, but in no event later than 90 days following the receipt of such election notices. At the
consummation of the issuance of such Company Securities, the Company shall issue the Company Securities to be purchased by each Investor exercising preemptive rights pursuant to this Section 3.05 registered in the name of such Investor, against
payment by such Investor of the purchase price for such Company Securities as specified in the Issuance Notice. If the Company proposes to issue any Company Securities after such 45-day (or up to 90-day, as applicable) period (as it may be extended
as provided above), it shall again comply with the procedures set forth in this Section 3.05. 
 (e) Notwithstanding the foregoing, in lieu
of paying in cash the entire purchase price of any Company Securities that S&N has elected to purchase in any issuance of Company Securities pursuant to this Section 3.05, S&N may elect, in its sole discretion, to pay up to 25% of the
aggregate purchase price of such Company Securities by Transferring to the Company debt obligations of the Company held by S&N in an aggregate principal amount equal to the portion of the aggregate purchase price that S&N has elected to pay
pursuant to this Section 3.05(e). 
 (f) Notwithstanding the foregoing, no Investor shall be entitled to purchase Company Securities as
contemplated by this Section 3.05 in connection with issuances of (i) Company Securities to employees of the Company or any of its Subsidiaries pursuant to the Management Incentive Plan (and for the avoidance of doubt, Phantom Units
pursuant to the Phantom Profits Interest Plan), (ii) Converted Common Units pursuant to conversion rights as set forth in Annex C, (iii) Preferred Units and OUS Units pursuant to the OUS Contribution Agreement, or (iv) Company
Securities as consideration for any bona fide, arm’s-length direct or indirect merger, acquisition or similar transaction approved by the Board of Managers in accordance with the provisions of this Agreement. The Company shall not be obligated
to consummate, nor be liable to any Investor if the Company has not consummated, any proposed issuance of Company Securities pursuant to this Section 3.05 for whatever reason, regardless of whether it shall have delivered an Issuance Notice in
respect of such proposed issuance. 

  
 19 

 (g) This Section 3.05 shall terminate upon consummation of an Initial Public Offering. 

Section 3.06 Agreement to be Bound. No Transfer of Units otherwise permitted pursuant to this Agreement (other than any Transfer
pursuant to a Public Offering) shall be effective unless prior (and as a condition) to such Transfer, the Transferee (if not already a party to this Agreement) shall have executed and delivered to the Company an instrument or instruments reasonably
satisfactory to the Board of Managers confirming that such Transferee has agreed to be bound as a “Member” by the terms of this Agreement, a copy of which instrument shall be maintained on file with the Secretary of the Company and
shall include the address of such Transferee to which notices hereunder shall be sent; provided, however, that, in the event of any Member Entity Transfer, the applicable Member shall remain bound by the terms of this Agreement, and
the applicable Transferee shall not be bound as a “Member” by the terms of this Agreement solely by reason of such Transfer. Furthermore, no Transfer under this Agreement shall relieve the Transferor (including, in the case of a
Member Entity Transfer, the applicable Member) from any of its obligations hereunder arising prior to such Transfer, and such Transferor and Transferee shall be jointly and severally liable with respect to any such obligations. Prior to issuing
Units to any new Members, the Company will require such Member to agree to be bound by this Agreement in the manner described above. 

ARTICLE 4 
 DISTRIBUTIONS AND
ALLOCATIONS 
 Section 4.01 Distributions. The Company may periodically make distributions of available cash to the Members
holding Preferred Units, Common Units and OUS Units at such times and in such amounts as are approved by the Board of Managers, subject to the applicable requirements of Section 5.02(b) and Annex C. Except (a) as otherwise set forth
in this Article 4 or (b) for the payment of Preferred Distributions and Accrued Preferred Distributions (in each case, in accordance with the terms of this Agreement, and subject to the restrictions contained in this Agreement and the S&N
Note), each distribution shall be made to the holders of Preferred Units, the Common Units and the OUS Units ratably among such holders based upon the number of Units held by each such holder as of the time of such distribution. Distributions
pursuant to this Section 4.01 shall be made to the holders of record of Preferred Units, Common Units and OUS Units as they appear on Schedule I at the close of business on the applicable record date, which shall be a date not less than
10 days nor more than 60 days before the date on which the distribution is to be made, as fixed by the Board of Managers. 

Section 4.02 Tax Distributions. (a) Notwithstanding any other provision of this Agreement, the Board of Managers shall cause
the Company to make distributions to each Member (including, for the avoidance of doubt, Profits Interest Members, regardless of whether such Members’ Profits Interest Units have vested) at such times as shall be reasonably determined to enable
such Member to pay federal, state and local income taxes, including estimated taxes, in an amount equal to the product of (i) the net profit allocated to such Member pursuant to Section 4.06 and (ii) the Assumed Tax Rate (each such
distribution, a “Tax Distribution”). 

  
 20 

 (b) Notwithstanding anything to the contrary otherwise set forth in this Agreement, (i) Tax
Distributions shall not be treated as an advance distribution of amounts otherwise distributable to the Members pursuant to Section 4.01 and Section 10.05 and shall not reduce such amounts and (ii) any distribution to a 

Member pursuant to this Agreement (including a distribution pursuant to Section 10.05) shall be treated first as a Tax Distribution made
to such Member in an amount equal to the aggregate amount of Tax Distributions required to be made to such Member pursuant to this Section 4.02 from the date of this Agreement that have not previously been made. 

Section 4.03 Distributions in Violation of Delaware Law. Notwithstanding any provision of this Agreement to the contrary, the
Board of Managers shall not be required to make a distribution to a Member if such distribution would violate Delaware Law or any other Applicable Law. 

Section 4.04 Amounts Withheld. The Company is authorized to withhold from distributions, or with respect to allocations, to the
Members and to pay over to any federal, state, local or foreign government any amounts which it reasonably determines may be required to be so withheld pursuant to the Code or any provisions of any other federal, state, local or foreign law. All
amounts withheld pursuant to the Code or any provision of any state, local or foreign tax law with respect to any allocation or distribution to any Member shall be treated as amounts distributed to such Member pursuant to this Article for all
purposes under this Agreement. The Company shall provide each Member with documentation substantiating that such withholdings were in fact paid to the relevant governmental entity. Each Member shall indemnify the Company for any Damages incurred or
sustained by the Company with respect to any amounts required to be withheld from any distributions, or with respect to allocations, to such Member and any liability (including penalties, interest and expenses) arising therefrom or with respect
thereto. 
 Section 4.05 Dissolution. Upon dissolution and winding up of the Company, the Company shall make distributions in
accordance with Section 10.04. 
 Section 4.06 Allocations. (a) After taking into account the special allocations set
forth in Section 4.07, and subject to Section 4.06(b) and Section 4.06(c), profits and losses for any Fiscal Year shall be allocated among the Members in such a manner that, as of the end of such Fiscal Year, the sum of (i) the
Capital Account of each Member, (ii) such Member’s share of minimum gain (as determined according to Treasury Regulation Section 1.704-2(g)) and (iii) such Member’s partner nonrecourse debt minimum gain (as defined in
Treasury Regulation Section 1.704-2(i)(3)) shall be equal to the respective net amounts, positive or negative, which would be distributed to them or for which they would be liable to the Company under this Agreement, determined as if the
Company were dissolved, its affairs wound up and (A) all of the assets of the Company were sold on the last day of such Fiscal Year for cash equal to their respective Book Values (except that assets of the Company actually sold during such
Fiscal Year shall be treated as sold for the consideration received therefor), (B) all Company liabilities were satisfied (limited, with respect to each “partner nonrecourse liability” and “partner nonrecourse debt,” as
defined in Treasury Regulation Section 1.704-2(b)(4), to the Book Value of the assets of the Company securing such liabilities) and (C) the net assets were immediately distributed to 

  
 21 

 
the Members in accordance with Section 10.05. For purposes of allocating profits and losses pursuant to this Section 4.06 (and Section 4.07, to the extent applicable), all
outstanding Profits Interest Units shall be treated as vested Profits Interest Units (and therefore, shall be treated as outstanding for purposes of this Agreement, and shall be allocated a share of the Company’s profit and loss in accordance
with this Article 4); provided, that, if a Member’s unvested Profits Interest Units are forfeited and the Company has made a Safe Harbor Election (as defined in Section 4.10(b)) that applies to the forfeited Profits Interest Units,
then profits and losses arising in the Fiscal Year in which such forfeiture occurs shall be allocated in compliance with then applicable IRS guidance with respect to Safe Harbor Elections. 

(b) If any allocation of losses for any Fiscal Year would cause a Member to have an adjusted capital account deficit (determined according to
Treasury Regulation Section 1.704-1(b)(2)(ii)(d)), those losses instead shall be allocated to the other Members pro rata until their Capital Accounts are reduced to zero, and any remaining losses will be allocated to each Member in accordance
with the relative number of Units held by such Member. 
 (c) Notwithstanding the foregoing, the current profits and losses of the
Company (determined, for the avoidance of doubt, without regard to any unrealized income, gains, losses, deductions and expenditures) that would otherwise be allocated pursuant to Section 4.06(a) by reference to Section 10.05(a)(v)(C), if
any, shall be allocated pursuant to this Section 4.06(c) solely to the holders of the Common Units and the holders of the OUS Units by reference to the Outstanding Common Percentage and the Outstanding OUS Percentage, respectively;
provided that, for the avoidance of doubt, the allocations made pursuant to this Section 4.06(c), and distributions made pursuant to Section 10.05(a)(v) as a result thereto, shall not impact in any way (i) the amount of profit
and/or loss that is allocable to any of the Essex Members pursuant to this Agreement or (ii) the amount and/or priority of any distributions from the Company to which any of the Essex Members are entitled pursuant to this Agreement. The parties
hereto intend that allocations made pursuant to this Section 4.06(c) shall result in aggregate allocations consistent with the distribution requirements of Section 10.05(a)(v)(C). 

Section 4.07 Special Allocations. (a) Prior to any allocations required pursuant to Section 4.06(a) hereof, the Members
shall be allocated items of income, gain, loss or deduction that would be required to be so allocated under (i) Treasury Regulation Section 1.704-2(t) and (g) (relating to allocations required in connection with a minimum gain
chargeback), (ii) Treasury Regulation Section 1.704-2(i) (relating to allocations required in connection with a partner minimum gain chargeback), (iii) Treasury Regulation Section 1.704-1(b)(2)(ii)(d)(4), (5), or (6) and
Treasury Regulation Section 1.704-1 (relating to allocations required in connection with a qualified income offset) and (iv) as otherwise required pursuant to Section 704(b) of the Code and the Treasury Regulations promulgated
thereunder. 
 (b) The allocations set forth above in Section 4.06(b) and Section 4.07(a) (collectively, the
“Regulatory Allocations”) are intended to comply with certain requirements of the Treasury Regulations. It is the intent of the Members that, to the extent possible, all Regulatory Allocations shall be offset either with other
Regulatory Allocations or with special allocations of other items of Company income, gain, loss or deduction pursuant to this Section 4.07(b). Therefore, notwithstanding any other provisions of this Article 4 (other than the Regulatory
Allocations), the Board of Managers shall make such offsetting special allocations of  

  
 22 

 
Company income, gain, loss or deduction in whatever manner it determines appropriate so that, after such offsetting allocations are made, each Member’s Capital Account balance is, to the
extent possible, equal to the Capital Account balance such Member would have had if the Regulatory Allocations were not part of this Agreement and all Company items were allocated pursuant to this Article 4 without regard to the Regulatory
Allocations. 
 Section 4.08 Tax Allocations. (a) Except as otherwise provided in this Section 4.08 or required by the
Code or other Applicable Law, the income, gains, losses, deductions and credits of the Company will be allocated, for federal, state and local income tax purposes, among the Members in the same proportions as such items are allocated pursuant to
Section 4.06. 
 (b) Items of Company taxable income, gain, loss and deduction with respect to any property contributed to the
capital of the Company in connection with its formation shall, solely for income tax purposes, be allocated among the Members in accordance with Section 704(c) of the Code under the “traditional method” so as to take account of
any variation between the adjusted basis of such property to the Company for federal income tax purposes and its Book Value. 
 (c) If
the Book Value of any Company asset is adjusted pursuant to the requirements of Treasury Regulations Section 1.704-1(b)(2)(iv)(e) or (f), subsequent allocations of items of taxable income, gain, loss and deduction with respect to such asset
shall take account of any variation between the adjusted basis of such asset for federal income tax purposes and its Book Value in the same manner as under Section 704(c) of the Code. 

(d) Allocations pursuant to this Section 4.08 are solely for purposes of federal, state, and local income taxes and shall not affect, or
in any way be taken into account in computing, any Member’s Capital Account or share of profits, losses, other items, or distributions pursuant to any provision hereof. 

(e) The Members acknowledge the income tax consequences of the allocations made by this Article 4 and hereby agree to be bound by the
provisions of this Article 4 in reporting their respective shares of Company income and loss for income tax purposes. 

Section 4.09 Reimbursement of Essex Member Administrative Expenses. Each Essex Member that (a) is treated as a
corporation for U.S. federal income tax purposes, (b) was formed solely for the purpose of holding Units, and (c) does not hold any investment other than Units or undertake any activities except with respect to holding Units, shall be
entitled to reimbursement from the Company for reasonable administrative expenses incurred in connection with the formation of such Essex Member and its investment in the Company that would not have been incurred if the Essex Funds were to invest
directly in a corporate entity without utilizing an Essex Member (including the preparation and filing of tax returns); provided that the aggregate of all payments made by the Company under this Section 4.09 relating or attributable to
such expenses incurred by the Essex Members in any Fiscal Year shall not exceed $350,000. Reimbursement payments made under this Section 4.09 shall be treated as “guaranteed payments” for U.S. federal income tax purposes. 

  
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 Section 4.10 Provisions Relating to Profits Interest Units. (a) Profits Interest
Units may be granted in accordance with Section 3.01(b) in exchange for services provided or to be provided to the Company and/or its Subsidiaries. Consistent with the foregoing, Profits Interest Units are intended to be treated as
“profits interests” under IRS Revenue Procedure 93-27 and IRS Revenue Procedure 2001-43 and the provisions hereof shall be interpreted and applied consistently therewith. Subject to Section 3.01(b)(iv), if a Profits Interest Unit is
issued after the date hereof, then the Board of Managers may make appropriate adjustments to the terms of such Profits Interest Unit in order for such Profits Interest Unit to be treated as a “profits interest” as described in the
immediately preceding sentence, including adjusting the Benchmark Amount in respect of such Profits Interest Units (e.g., increasing the Benchmark Amount if Capital Contributions are made subsequent to the issuance of such Profits Interest Unit).

 (b) Each Member hereby authorizes and directs the Company to make an election (the “Safe Harbor Election”) to
value any Profits Interest Units issued by the Company as compensation for services at liquidation value as the same may be permitted pursuant to or in accordance with temporarily or finally promulgated successor rules to Proposed Regulations
Section 1.83-3(1) and the proposed Revenue Procedure set forth in IRS Notice 2005-43 (the “IRS Notice”). For purposes of making such Safe Harbor Election, the Tax Matters Member is hereby designated as the “partner who has
responsibility for federal income tax reporting” by the Company and, accordingly, execution of such Safe Harbor election by the Tax Matters Member constitutes execution of a “Safe Harbor Election” in accordance with
Section 3.03(1) of the IRS Notice. The Company and each Member shall comply with all requirements of the Safe Harbor Election described in the IRS Notice, including the requirement that each Member prepare and file all federal income tax
returns reporting the income tax effects of each interest in the Company issued by the Company covered by the Safe Harbor Election in a manner consistent with the requirements of the IRS Notice. 

(c) Each Member hereby authorizes the Board of Managers to amend Section 4.10(b) to the extent necessary to achieve substantially the same
tax treatment with respect to any interest in the Company transferred to a service provider by the Company in connection with services provided to the Company and/or its Subsidiaries as set forth in Section 4 of the IRS Notice (e.g., to reflect
changes from the rules set forth in the IRS Notice in subsequent IRS guidance), provided that such amendment is not materially adverse to such Member (as compared with the after-tax consequences that would result if the provisions of the IRS Notice
applied to all interests in the Company transferred to a service provider by the Company in connection with services provided to the Company and/or its Subsidiaries). A Member’s obligations to comply with the requirements of this
Section 4.10 shall survive such Member’s ceasing to be a Member of the Company and/or the termination, dissolution, liquidation and winding up of the Company, and, for purposes of this Section 4.10, the Company shall be treated as
continuing in existence. 

  
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 ARTICLE 5 

THE BOARD OF MANAGERS 

Section 5.01 Board of Managers. (a) Except as otherwise provided in this Agreement, the business and
affairs of the Company shall be managed by or under the direction of a board of managers (the “Board of Managers”), which shall initially be composed of nine managers (each, a “Manager”). The Board of
Managers shall be designated as follows: 
 (i) The Essex Members may designate five Managers; 

(ii) S&N may designate two Managers so long as S&N’s Percentage Interest is greater than or equal to 15%; 

(iii) The Company’s Chief Executive Officer shall be a Manager; and 

(iv) The Chairman of the Board of Managers (the “Chairman”) shall be a Manager. 

(b) The Chairman shall be selected by the Essex Members, provided that the Chairman shall at all times be Independent.
“Independent” with respect to a Manager, shall have the meaning assigned to the term “independent director” as such term is defined from time to time in the New York Stock Exchange’s listing standards (or the
principal national securities exchange on which the Company’s common equity is then traded) and is not an “affiliate” or an “associate” (as such terms are defined in Rule 12b-2 of the Securities Exchange Act of 1934, as
amended (“Exchange Act”)) or any member of the “immediate family” (as such term is defined in Rule 16a-1 of the Exchange Act) of a director or executive officer of the Company or any of the Essex Members or their
respective Affiliates and shall not have (or have had during the past three years) any employment arrangement or other material commercial arrangement with any such person. 

(c) The Company and each Member will take all actions that are necessary and within its power in order to ensure that the composition of the
Board of Managers is as set forth in Section 5.01(a) and Section 5.01(b). 
 (d) Except as otherwise expressly provided in this
Agreement, the Board of Managers shall have the power on behalf and in the name of the Company to carry out any and all of the purposes of the Company described in Section 2.03 and to perform all acts which it may, in its discretion, deem
necessary or desirable in furtherance of such purposes. 
 Section 5.02 Quorum and Manner of Acting. (a) Except as
otherwise expressly provided in this Agreement, (i) the presence (in person or by telephone) of a majority of the total number of Managers shall constitute a quorum for the transaction of business and (ii) the affirmative vote of at least
a majority of the Managers present at a meeting at which a quorum exists shall be the act of the Board of Managers. The Chairman of the Board of Managers shall appoint a person to act as secretary of each meeting of the Board of Managers and keep
the minutes thereof. Any Manager may designate another individual to attend a meeting of the Board of Managers and such individual shall have the full power and authority to take any action which such Manager would otherwise be entitled to take.

 (b) Without limiting the generality of Section 5.02(a), except as otherwise expressly provided in this Agreement or any Related
Document, any material matters relating to the management of the Company, including the actions set forth on Annex A hereto, shall require the approval of the Board of Managers and where applicable shall be subject to the approval rights of S&N
acting in its capacity as a Member as set forth on Annex A. 

  
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 Section 5.03 Time and Place of Meetings. The Board of Managers shall hold its
meetings at least bi-monthly, at such place, either within or without the State of Delaware or by telephone (provided that at least four meetings per year shall be held in person), and at such time as may be determined from time to time by the Board
of Managers. Each Investor shall use reasonable efforts to cause the Managers appointed by such Investor to attend each meeting of the Board of Managers. 

Section 5.04 Regular Meetings. Notice of the place and time of any regular meeting of the Board of Managers shall be given to each
Manager by the Company at least five Business Days before the meeting date, and such notice shall include an agenda, any proposed resolutions and appropriate background information regarding the matters to be acted upon. The business conducted at
any regular meeting shall be limited to the items set forth in the agenda. The Board of Managers shall schedule its meetings using good faith efforts to accommodate any scheduling conflicts of the Managers. Regular meetings of the Board of Managers
shall only be scheduled for a Business Day during normal business hours, unless otherwise agreed by the Essex Members and S&N. 

Section 5.05 Special Meetings. Special meetings of the Board of Managers may be called upon the written request of any two
Managers. Notice of special meetings of the Board of Managers shall be given to each Manager at least five Business Days before the meeting date in such manner as is determined by the Board of Managers, and shall include a statement of the purpose
or purposes of such special meeting, any proposed resolutions and appropriate background information regarding the matters to be acted upon. A written waiver of any such notice signed by the Manager entitled thereto, whether before or after the time
stated therein, shall be deemed equivalent to notice. Attendance of a Manager at a meeting shall constitute a waiver of notice of such meeting, except when such Manager attends the meeting for the express purpose of objecting, at the beginning of
the meeting, to the transaction of any business because the meeting is not lawfully called or convened. The business conducted at any special meeting shall be limited to the purpose or purposes set forth in the notice thereof, unless otherwise
agreed by the Essex Members and S&N. 
 Section 5.06 Committees. Subject to Section 5.02(b), the Board of Managers may
designate one or more committees. Any such committee, to the extent provided in the resolution of the Board of Managers, shall have and may exercise all the powers and authority of the Board of Managers in the management of the business and affairs
of the Company, subject to the applicable approval rights of S&N pursuant to Annex A. Each committee shall keep regular minutes of its meetings and report the same to the Board of Managers when requested by any Investor. 

Section 5.07 Subsidiaries. Unless otherwise agreed by the Essex Members and S&N, the board of directors or comparable
governing body of each Subsidiary of the Company with a board of directors or equivalent body shall be comprised of the individuals who are serving as Managers in accordance with Section 5.01. The other provisions of this Article 5 (including
Annex A) shall apply mutatis mutandis to each such Subsidiary of the Company. 

  
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 Section 5.08 Action by Consent. Any action required or permitted to be taken at any
meeting of the Board of Managers or of any committee thereof may be taken without a meeting, if all members of the Board of Managers or committee, as the case may be, consent thereto in writing, and the writing or writings are filed with the minutes
of proceedings of the Board of Managers or committee, as the case may be. 
 Section 5.09 Telephonic Meetings. Subject to
Section 5.03, members of the Board of Managers or any committee thereof may participate in a meeting of the Board of Managers or such committee, as the case may be, by means of conference telephone or similar communications equipment by means
of which all persons participating in the meeting can hear each other, and such participation in a meeting shall constitute presence in person at the meeting. 

Section 5.10 Resignation. Any Manager may resign at any time by giving written notice to the Board of Managers of the Company. The
resignation of any Manager shall take effect upon receipt of notice thereof or at such later time as shall be specified in such notice; and unless otherwise specified therein, the acceptance of such resignation shall not be necessary to make it
effective. 
 Section 5.11 Term; Vacancies. Each Manager shall hold office until his or her successor is appointed, or until his
or her earlier death, resignation or removal. Any Manager may be removed, with or without cause, at any time by the Investor or the Affiliate of such Investor that appointed such Manager. Vacancies on the Board of Managers may only be filled by the
Investor or the Affiliate of such Investor that appointed the departing Manager. In connection with each appointment or removal of a Manager, the Investor or the Affiliate of such Investor making such appointment or removal shall give written notice
thereof to the Company and the other Members. 
 ARTICLE 6 

ACCOUNTING AND TAX MATTERS 

Section 6.01 Auditors and Financial Statements. (a) The Company’s independent public accountants shall at all times be
an independent public accounting firm of nationally recognized standing, as selected by the Board of Managers from time to time. 

(b) The Company shall adopt and follow IFRS, consistently applied, and all financial terms used herein shall, to the extent not
otherwise defined be interpreted according to IFRS; provided that, if the Board of Managers determines that the Company shall adopt and follow GAAP in lieu of IFRS, the Company shall thereafter adopt and follow GAAP, consistently applied, and
all financial terms used herein shall, to the extent not otherwise defined, be interpreted according to GAAP in accordance with their common usage by auditors in the United States. Without limitation of the other rights of the Members under this
Agreement, each Investor and its independent auditors shall be entitled to have reasonable access to and consultation with the Company’s management (including its finance and accounting staff) and the Company’s independent public
accountants and, as long as S&N and its Permitted Transferees hold, in the aggregate, at least 9.9% of the outstanding Units (determined without regard to the EPR Unit and any outstanding Profits Interest Units), such Investor shall be entitled
to review such accountants’ work papers (to the extent made available to the Company) and the  

  
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information made available to the Company in connection with the preparation and audit of the Company’s financial statements. The Company shall cause its independent public accountants to
make such work papers and information available to the Investors and otherwise to cooperate with the Investors and their independent auditors as reasonably requested in accordance with this Section 6.01(b). The Company shall afford each
Investor and its auditors and other authorized representatives such other reasonable access to the Company’s books of account, financial and other records as an Investor may reasonably request upon reasonable prior notice and during normal
business hours of the Company. 
 Section 6.02 Partnership for Tax Purposes. The Members hereby agree that the Company shall be
treated as a partnership for tax purposes under United States federal, state and local income tax laws or other laws, and further agree not to take any position or to make any election, in a tax return or otherwise, inconsistent herewith. Neither
the Company nor any Member shall elect to treat the Company as an association taxable as a corporation without the prior affirmative vote or unanimous written consent of all of the Investors. 

Section 6.03 Taxable Year. The Company’s accounting period for federal income tax purposes shall be the Fiscal Year, unless
the Board of Managers shall determine otherwise (subject to Section 5.02) in compliance with Applicable Law. 
 Section 6.04
Tax Matters Member. (a) Generally. The Tax Matters Member shall be responsible for undertaking the statutory responsibilities of the “Tax Matters Partner” under Subchapter C of Section 63 of Subtitle F of the
Code (as set forth in the Code and the Treasury Regulations), as well as such other responsibilities as are assigned to it pursuant to this Agreement. The Tax Matters Member shall act in good faith with regard to the best interests of each of the
Members in carrying out the responsibilities assigned to it pursuant to this Section 6.04(a). 
 (b) Designation of Tax Matters
Member. Beluga I is hereby designated as the Tax Matters Member of the Company. 
 (c) Filing of Returns. The Tax Matters Member
shall be responsible for (i) selecting the Return Preparer; provided that, as long as S&N and its Permitted Transferees hold, in the aggregate, at least 9.9% of the outstanding Units (determined without regard to the EPR Unit and any
outstanding Profits Interest Units), such selection shall be subject to the approval of S&N, which shall not be unreasonably withheld, conditioned or delayed, and (ii) for the timely filing of all returns relating to taxes of the Company
and its Subsidiaries. All income and franchise tax returns of, or relating to the Company and its Subsidiaries, shall be provided to S&N for review and comment not later than 60 Business Days prior to the due date (including extensions). S&N
shall be entitled to meet and discuss all income and franchise tax matters relating to the Company and its Subsidiaries with the Return Preparer and Tax Matters Member, and provide comments not later than 30 Business Days prior to the due date
(including extensions). As long as S&N and its Permitted Transferees hold, in the aggregate, at least 9.9% of the outstanding Units (determined without regard to the EPR Unit and any outstanding Profits Interest Units), the Tax Matters Member
shall not file any tax return of the Company without S&N’s prior written consent, which shall not be unreasonably withheld, conditioned or delayed. S&N shall be given reasonable access to all income and franchise tax returns, work
papers, supporting materials, 

  
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written communications with the Service or any other taxing authority and other materials relating to income and franchise tax matters of the Company and its Subsidiaries. The Company shall, or
shall cause the Return Preparer to, deliver to each Member and, if necessary, each former Member, prior to April 15th of each year or thereafter as soon as reasonably practicable, Internal Revenue Service Schedule K-1 (or substantially similar
report setting forth in sufficient detail information which shall enable such Member or former Member to prepare its federal and state income tax returns). Further, the Company shall, or shall cause the Return Preparer to, provide S&N
information and access to information concerning the Company and its Subsidiaries that S&N reasonably requests in order for it to determine its federal, state, local, and foreign tax liability and timely file any tax returns (including estimated
tax and information returns). 
 (d) Audits and Administrative and Judicial Proceedings. (i) Subject to the following sentence,
the Tax Matters Member is authorized and required to represent the Company, its Subsidiaries, or any combination thereof in connection with any proceeding relating to any of them with the Service and any other taxing authority. In the event that the
Company shall be the subject of a partnership-level audit by any federal, state or local taxing authority (such as an audit pursuant to the TEFRA audit rules of Subchapter C of Chapter 63 of the Internal Revenue Code), to the extent that the Company
is treated as an entity for purposes of such audit (including administrative settlement and judicial review), the Tax Matters Member, subject to Section 6.04(d)(ii), shall be authorized to act for, and its decision shall be final and binding
upon, the Company and each Member thereof; provided, however, that the Tax Matters Member shall take such action as may be necessary to cause each other Member to become a “notice partner” within the meaning of Section 6231(a)(8) of
the Code. 
 (ii) With respect to communications between the Company or any Subsidiary and the Service or any other taxing
authority regarding any income or franchise tax of the Company or any Subsidiary (including with respect to any audit described in Section 6.04(d)(i) or Section 6.04(d)(iii)), the Tax Matters Member shall, or shall cause the Return
Preparer to: (A) mail a copy of any written communication to each Member within 10 Business Days of the receipt or sending of such written communication; (B) summarize for each Member any significant verbal communication within 10 Business
Days of such communication; and (C) permit each Member (other than the Profits Interest Members, unless such communications specifically relate to such Profit Interest Member’s rights and obligations hereunder) to have an opportunity to
participate in such communications, to the extent reasonably practicable. S&N shall have the reasonable opportunity to participate in any communication, including any conversation or meeting, with any taxing authority. As long as S&N and its
Permitted Transferees hold, in the aggregate, at least 9.9% of the outstanding Units (determined without regard to the EPR Unit and any outstanding Profits Interest Units), S&N’s consent, not to be unreasonably withheld, conditioned or
delayed, shall be required prior to: (1) the filing of a request for an administrative adjustment, (2) prior to the filing of a request for judicial review of an administrative adjustment and (3) agreeing to an extension of the
statute of limitations for any assessment. S&N’s consent, not to be unreasonably withheld, conditioned or delayed, shall be required prior to agreeing to any settlement of any income or franchise tax where the share of S&N and its
Permitted Transferees, taken together, of the item or items at issue with respect to all tax years under examination is, in the aggregate, in excess of $250,000. 

  
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 (iii) Notwithstanding anything to the contrary in Section 6.04(e), S&N
and the S&N Blocker shall indemnify the Tax Matters Member, the Company and their respective Affiliates against, and hold the Tax Matters Member, the Company and their respective Affiliates harmless from, any and all Damages actually incurred or
sustained by Tax Matters Member, the Company and any of their respective Affiliates in connection with an audit, litigation or other similar proceeding with respect to taxes or any tax return of the Company to the extent such Damages arise from the
allocation requirement in Section 4.06(c) or the distribution requirement in Section 10.05(a)(v)(C); provided that, without limiting the rights of S&N otherwise provided herein, S&N shall have the right to participate in (but not
control) any such audit, litigation or other similar proceeding to the extent related to the allocation requirement in Section 4.06(c) or the distribution requirement in Section 10.05(a)(v)(C). 

(e) Costs. All reasonable out-of-pocket expenses incurred by the Tax Matters Member and S&N in connection with the matters described
in Section 6.04(d) shall be paid or reimbursed by the Company. If the Company does not have sufficient assets to pay any such costs, then the Investors shall contribute all needed funds for the prosecution of the audit, administrative
settlement or judicial review within 10 Business Days upon call of the Tax Matters Member, which call shall require that such contributions be made by the Investors in accordance with their Percentage Interests for the tax period under examination
(or the arithmetic average of their Percentage Interests for the tax period under examination if more than one taxable year shall be under examination). 

(f) Survival. The provisions of Sections 6.04(a)-6.04(e) shall be continuing covenants that shall survive the winding up and dissolution
of the Company. 
 (g) Tax Elections and Schedules. (i) Tax Elections. The Company shall make any tax elections as the
Board of Managers may determine necessary; provided that, as long as S&N and its Permitted Transferees hold, in the aggregate, at least 9.9% of the outstanding Units (determined without regard to the EPR Unit and any outstanding Profits
Interest Units), any such elections may only be made with the prior written approval of S&N, which shall not be unreasonably withheld, conditioned or delayed; and provided, further, that the Company shall (A) make an election pursuant to
Section 754 of the Code and (B) elect to use the “traditional method” under Section 704(c) of the Code to take account of any variation between the adjusted basis of any property contributed to the Company for federal income
tax purposes and its Book Value. 
 (ii) Tax Schedules. S&N and the Essex Members agree that the allocation
of value and tax basis for purposes of Section 704(c) of the Code among the assets contributed by S&N pursuant to the S&N-Company Contribution Agreement on the date hereof shall be as set forth on Annex E and that the allocation
of value and tax basis for purposes of Section 704(c) of the Code among the assets contributed by the Essex Members pursuant to the Essex-Company Contribution Agreement on the date hereof shall be as set forth on Annex F. On the date
hereof, S&N shall provide on Annex E a  

  
 30 

 
good faith estimate of the allocation of federal income tax basis and value of each asset it contributed pursuant to the S&N-Company Contribution Agreement on the date hereof, and within
90 Business Days after the date hereof, S&N and the Essex Members shall agree to and finalize the allocation of federal income tax basis and value of each asset. On the date hereof, the Essex Members shall provide on Annex F a good faith
estimate of the allocation of federal income tax basis and value of each asset it contributed pursuant to the Essex-Company Contribution Agreement on the date hereof, and within 90 Business Days after the date hereof, S&N and the Essex Members
shall agree to and finalize the allocation of federal income tax basis and value of each asset. Unless otherwise required by a “determination” (within the meaning of Section 1313(a) of the Code), S&N, the Essex Members, the
Tax Matters Member, the Company and its Subsidiaries shall not take any position inconsistent with Annex E or Annex F or the final federal income tax basis without the prior affirmative vote or unanimous written consent of all of the
Investors. In the event that any of the allocations described in this Section 6.04(g)(ii) are disputed by any taxing authority, the party receiving notice of such dispute shall promptly notify and consult with the Company and the other party
concerning the resolution of such dispute. 
 ARTICLE 7 

INDEMNIFICATION 

Section 7.01 Indemnification. The Company will indemnify as set forth below any Member or person who serves
as an officer, Manager or employee of the Company (each, a “Company Party”) in connection with any action, suit or proceeding, whether civil, criminal, administrative or investigative (a “Proceeding”) relating to
such Company Party’s status as a Member or service as an officer, Manager or employee of the Company or (at the Company’s request) of another entity in which the Company or any of its Subsidiaries has an interest (such Company Party’s
“Indemnified Service”): 
 (a) The Company shall indemnify and hold harmless the Company Party, to the fullest extent
permitted by Applicable Law, against all liability and loss suffered and expenses (including attorneys’ fees) actually and reasonably incurred by the Company Party in connection with any Proceeding in which the Company Party is made or is
threatened to be made a party by reason of the Company Party’s Indemnified Service. 
 (b) The Company Party must give notice
promptly to the Company’s chief legal officer or company secretary (provided that if no such position exists, the Company shall designate a responsible officer for purposes of this Section) of any Proceeding for which indemnity may be
sought hereunder. The Company shall have the right to select counsel to represent the Company Party at the Company’s expense and to control the defense and disposition of such Proceeding for so long as the Company expects to provide indemnity
with regard to such Proceeding. If such counsel determines that a conflict of interest exists between the Company and the Company Party, then the Company Party may retain separate counsel at the Company’s expense to participate in the
Proceeding to the extent necessary to protect Company Party’s interest; provided that the Company shall not be obliged to pay for more than one separate counsel for all Company Parties in connection with any one Proceeding. In addition,
the Company Party may, at any time, retain separate counsel at the Company Party’s expense to participate in the Proceeding. 

  
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 (c) Notwithstanding the foregoing, the Company Party shall not be entitled to indemnity from the
Company under this Section 7.01 or otherwise in connection with (x) a Proceeding (or part thereof) commenced by the Company Party, unless such commencement was authorized by the Board of Managers, (y) a Proceeding commenced by the
Company or any of its Subsidiaries against the Company Party, or (z) a Proceeding that is based upon, results from, or relates to: 

(i) any acts or omissions by the Company Party occurring prior to commencement, or after termination, of the Indemnified
Service; 
 (ii) any willful misconduct, bad faith or active and deliberate dishonesty by the Company Party, or acts or
omissions by which the Company Party personally gained in fact a financial profit or other advantage to which the Company Party was not legally entitled; 

(iii) any acts or omissions of the Company Party that were outside the scope of the Indemnified Service; or 

(iv) any violation by the Company Party of the Company’s Code of Conduct and Business Principles (or equivalent policy) or
similar integrity policy of the Company or any of its Subsidiaries. 
 (d) To the extent permitted under Applicable Law, the Company shall
advance to the Company Party expenses (including attorneys’ fees) in connection with a Proceeding for which indemnity is sought under this Section 7.01; provided, however, that (i) such advances shall be made only upon prior receipt
of an undertaking by the Company Party to repay immediately all amounts advanced if it is ultimately determined that such Company Party was not entitled to indemnification under this Section 7.01 and (ii) the Company may decline to advance
expenses if the Board of Managers reasonably determines in good faith at any time that it is likely that the Company Party will not be entitled to indemnification under this Section 7.01. 

(e) The Company’s obligation to indemnify or to advance expenses to the Company Party shall be reduced by any amount the Company Party
collects as indemnification or advancement of expenses from any other source, including the entity served and its insurer. The Company Party will take such action as the Company may reasonably request to collect, or enable the Company to collect,
from such other sources. 
 Section 7.02 Standard of Care; Elimination of Fiduciary Duties. (a) To the extent that any
Company Party is performing duties on behalf of the Company, each such Company Party is to perform such duties in good faith and within the scope of authority conferred upon such Company Party. 

  
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 (b) Each Company Party, in the performance of his or her duties, is entitled to rely in good
faith on information, opinions, reports or other statements, including financial statements, books of account and other financial data, if prepared or presented by: (i) one or more other Company Parties, if the Person relying on the statements
reasonably believes that the Person preparing or presenting the material is reliable and competent in that matter; or (ii) legal counsel, public accountants or other Persons, as to matters that the Person relying on the statements reasonably
believes are within the Person’s professional or expert competence. 
 (c) Without limiting any other provision hereof (including,
without limitation, Section 9.13), pursuant to Section 18-1101 of the Delaware Limited Liability Company Act, any fiduciary duties of any Investor or any Profits Interest Member (but, in the case of any Profits Interest Member, solely in
his or her capacity as a Member hereunder, and not in any other capacity, whether as a Manager, officer, director or employee of the Company) to the Company or to any other Member that would otherwise apply at law or in equity are hereby eliminated
to the fullest extent permitted under Delaware Law and any other Applicable Law; provided that the foregoing will not (i) eliminate the obligation of each Member to act in compliance with the express terms of this Agreement (including, without
limitation, Section 9.13), (ii) be deemed to eliminate the implied contractual covenant of good faith and fair dealing and (iii) apply in the case of gross negligence or willful misconduct. 

Section 7.03 Insurance. The Company may purchase and maintain insurance on behalf of any person who is or was a Manager, officer,
director, employee or agent of the Company or any of its Subsidiaries, or is or was serving at the request of the Company or any of its Subsidiaries as a Manager, officer, director, employee or agent of another corporation, partnership, joint
venture, limited liability company, trust or other enterprise against any expense, liability or loss incurred by such person in any such capacity or arising out of his or her status as such, whether or not the Company or any of its Subsidiaries
would have the power to indemnify such Person against such liability under Delaware Law; provided that, to the extent the Company purchases and maintains insurance on behalf of any Manager or director of the Company or any of its Subsidiaries, such
insurance shall cover all Managers or directors of the Company or the applicable Subsidiary on an equal and non-discriminatory basis. 

Section 7.04 Miscellaneous. (a) The rights and authority conferred in this Article 7 shall not be exclusive of any other
right which any person may otherwise have or hereafter acquire. 
 (b) Neither the amendment of this Article 7, nor, to the fullest extent
permitted by Delaware Law, any modification of law, shall eliminate or reduce the effect of this Article 7 in respect of any acts or omissions occurring prior to such amendment or modification. 

(c) No provision of this Article 7 shall limit or affect any Member’s obligation to comply with the express terms of this Agreement or the
Related Documents. 
 (d) This Article 7 shall not modify, alter or otherwise have any effect on any indemnification rights of any Person
pursuant to the Related Documents. 

  
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 ARTICLE 8 

TRANSFER OF INTERESTS 

Section 8.01 General Restrictions. (a) No Transfer of any or all Units may be made by any Member or its Affiliates (and each
Member shall ensure that no Transfer by it or any of its Affiliates is made) except for Transfers (i) to Permitted Transferees (provided that any such Transfer is made in accordance with this Agreement and any applicable Award Agreement under
which the Transferor is bound), (ii) in accordance with Section 8.03 (Right of First Refusal), Section 8.04 (Right of First Offer), Section 8.05 (Tag-Along Rights), Section 8.06 (Drag-Along Sale), Section 9.04 (S&N
Rights of First Negotiation), and Section 9.06 (S&N Right to Compel an Exit), (iii) in a Public Offering, (iv) by any of the Essex Members or its Permitted Transferees (A) prior to the second anniversary of the date hereof
with the prior written consent of S&N or (B) in accordance with Section 8.09 (Essex Syndication Right), or (v) by S&N or its Permitted Transferees prior to the second anniversary of the date hereof with the prior written
consent of the Essex Members. Notwithstanding the first sentence of this Section 8.01(a), no Member may (1) pledge, encumber or hypothecate any of its Company Securities or (2) enter into any derivative, swap, participation or similar
arrangement that transfers, directly or indirectly, in whole or in part, any of the economic consequences of ownership of such Units. The restrictions set forth in this Section 8.01(a) shall terminate upon the consummation of a Qualified
Initial Public Offering or on such earlier date as is specified in this Section 8.01(a). 
 (b) Immediately prior to any Permitted Transferee
of any Member ceasing to be a Permitted Transferee thereof, such Permitted Transferee shall Transfer the Units then held by such Permitted Transferee to the Member from which it received such Units (or to another Permitted Transferee of such
Member), and such Transfer shall not be subject to the provisions of this Article 8. 
 (c) Any Transfer of Units which is not made in
compliance with the provisions of this Agreement, including Section 3.06 hereof, shall be void and no such Transfer shall be recognized on the books and records of the Company or any other Person. Notwithstanding anything else contained herein,
no Transfer shall be made except in compliance with the Securities Act. If reasonably requested by the Board of Managers, each Transferee Member agrees to pay, prior to or simultaneously with the time of the Transfer, all expenses, including
reasonable attorneys’ fees, incurred by the Company in connection with such Transfer. 
 (d) Notwithstanding anything to the contrary in
this Agreement, (i) Transfers of shares of Smith & Nephew plc or any successor thereof shall not be considered Transfers prohibited by this Section 8.01 and (ii) this Section 8.01 shall not be applicable in connection
with any Transfer by Smith & Nephew plc and its Subsidiaries, pursuant to a transaction or series of related transactions, of all or substantially all of the business of Smith & Nephew plc and its Subsidiaries (taken as a whole).

 (e) No Member may Transfer (i) any Common Units to any Transferee unless such Member simultaneously Transfers to the applicable
Transferee a number of OUS Units that represents the same proportion of the total number of OUS Units held by such Member and its Permitted Transferees as the number of Common Units being Transferred represents of the total number of Common Units
held by such Member and its Permitted Transferees, or (ii) any OUS Units to any Transferee unless such Member simultaneously Transfers to the applicable Transferee a number of Common Units that represents the same proportion of the total number
of Common Units held by such Member and its Permitted Transferees as the number of OUS Units being Transferred represents of the total number of OUS Units held by such Member and its Permitted Transferees. 

  
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 (f) No Member Entity Transfer may be effected unless the applicable Member (i) does not own
any assets of any kind other than Units, (ii) does not have any liabilities of any kind, including Indebtedness, other than any liabilities associated with its ownership of Units or pursuant to the Transaction Documents and (iii) is an
entity organized under the laws of a jurisdiction within the United States. 
 Section 8.02 Transferee Rights. Any Person who is
a Transferee of any portion of a Member’s Units in accordance with this Agreement shall become a substitute Member; provided, however, that, in the event of any Member Entity Transfer, the applicable Member shall remain a Member, and the
applicable Transferee shall not become a substitute Member solely by reason of such Transfer. A Permitted Transferee of any Units or rights attributable to the Units of any Member shall be entitled to receive distributions of cash or other property
from the Company to the extent of the rights under such Units. 
 Section 8.03 Right of First Refusal.
(a) Subject to Section 8.08, if applicable, from and after the second anniversary of the date of this Agreement, if any Investor (the “Offering Member”) receives an unsolicited offer or proposal (whether or not binding)
from a third party and proposes to Transfer (in one transaction or in a series of transactions, including, for the avoidance of doubt, either directly or indirectly through a Member Entity Transfer) any Units to such third party (other than
(i) to a Permitted Transferee, (ii) in a Public Offering, (iii) in a sale pursuant to Section 8.05, (iv) in a Company Sale (except that any Company Sale by means of a Transfer of less than all of the Units then outstanding
shall be subject to this Section 8.03) or (v) in a Drag-Along Sale), the Offering Member shall give written notice (the “Offer Notice”) to (A) S&N, S&N Blocker (after S&N Blocker becomes a Member) and the
Permitted Transferees thereof (if any of the Essex Members or any Permitted Transferee thereof is the Offering Member) or (B) the Essex Members and the Permitted Transferees thereof (if S&N or any Permitted Transferee thereof is the
Offering Member) (S&N and S&N Blocker, on the one hand, or the Essex Members, on the other hand, the “Deciding Members”) and the Company of such proposal. The Offer Notice shall specify (1) the number of Units proposed
to be Transferred (in the case of a Member Entity Transfer, as determined in accordance with Section 8.08(a)(i)), (2) the proposed purchase price (which shall consist solely of cash consideration, and which shall be, in the case of a
Member Entity Transfer, the price at which the Offering Member proposes to Transfer the equity interests of the applicable Member pursuant to such Member Entity Transfer (the “Member Entity ROFR Price”)), (3) the identity of
the proposed third party Transferee and (4) the other material terms and conditions of the proposed Transfer, including any additional information with respect to the Transfer required to be included in the Offer Notice pursuant to
Section 8.03(e) and, with respect to Section 8.05 hereof, the number of Units eligible to be Transferred pursuant to Section 8.05 by the Members exercising their Tag Along Rights and the purchase price to be received with respect to
such Units. 
 (b) Each Deciding Member shall have the right and option (the “ROFR Right to Purchase”),
exercisable within 30 days after the date of the Offer Notice, to purchase up to its ROFR Percentage of the Units proposed to be Transferred at the price (which shall be in cash payable by wire transfer of immediately available funds in U.S.
Dollars) and on the terms and conditions set forth in the Offer Notice by providing written notice of that election to the Offering Member (and the other Investors). In the case of a proposed indirect Transfer of Units by the Offering Member through
a Member Entity Transfer subject to this Section 8.03(b), each  

  
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Deciding Member shall have the further right and option, exercisable by inclusion of such Deciding Member’s election in the written notice referred to in the immediately preceding
sentence, to exercise its ROFR Right to Purchase with respect to either the Units held by the Offering Member (subject to Section 8.03(e)) or the equity interests of the Offering Member proposed to be Transferred pursuant to such Member Entity
Transfer. If any Deciding Member fails to elect to purchase its ROFR Percentage of the Units within such 30-day period, the Offering Member shall give prompt written notice of such failure to those other Deciding Members (if any) who do offer to
purchase up to their ROFR Percentage pursuant to the ROFR Right to Purchase and such other Deciding Members may purchase on apro rata basis, based on the number of Units they have previously elected to purchase, all of the balance thereof (or commit
to purchase all of the balance thereof) at the price and on the terms and conditions set forth in the Offer Notice by providing written notice of that election to the Offering Member within 10 days after the expiration of the 30-day period described
above (such 30-day period, as may be extended by the additional 10-day period, the “ROFR Period”). Any offer to purchase Units pursuant to the ROFR Right to Purchase shall be irrevocable and binding on the Deciding Member making
such offer, subject only to compliance by the Offering Member with the terms of this Section 8.03. The failure of any Deciding Member to advise the Offering Member of such Deciding Member’s decision to purchase Units within the applicable
periods described above shall be deemed to constitute a notification to the Offering Member of a decision not to exercise the ROFR Right to Purchase. 

(c) The closing for all Transfers of the Units purchased pursuant to the exercise of the ROFR Right to Purchase shall occur within 30 days
after the expiration of the ROFR Period (which 30-day period shall be extended to up to 90 days in the event any required approval of such sales from any governmental entity, including termination or expiration of the applicable waiting period under
the HSR Act, has not then been obtained), or at such other time as may be mutually agreed upon by the Offering Member and the applicable Deciding Members purchasing the Units, with the Offering Member being required to provide representations and
indemnification to such purchasers only with respect to due authorization, valid execution and delivery, good title to the Units and no Liens on such Units (except as may arise under the terms of this Agreement). If any purchasing Deciding Member
shall default in its obligations to purchase Units pursuant to this Section 8.03(c), the other purchasing Deciding Members shall be entitled to purchase the Units that such defaulting Deciding Member failed to purchase on the same basis as the
other Units purchased by the non-defaulting Deciding Members; provided that such purchase shall take place within 10 Business Days of such default. 

(d) Upon the failure of (i) the Deciding Members to exercise their Rights to Purchase with respect to all (and not less than all)
of the Units subject to an Offer Notice in accordance with Section 8.03(b) or (ii) the purchasing Deciding Members to purchase all (and not less than all) of the Units subject to such Offer Notice pursuant to Section 8.03(c) within
the time designated therein for closing, as applicable (the time of such applicable failure, the “ROFR Termination”), the Offering Member shall be relieved of such Offering Member’s obligations under this Section 8.03 with
respect to that particular proposed Transfer and, subject to Section 8.05, such Offering Member shall be permitted, for a 90-day period commencing upon the ROFR Termination (which 90-day period shall be extended up to 180 days in the event any
required approval of such sales from any governmental entity, including termination or expiration of the applicable waiting period under the HSR Act, has not then been obtained), to  

  
 36 

 
Transfer the Units subject to the Offer Notice to the third party(s) set forth in the Offer Notice at a price not lower, and on other terms and conditions in the aggregate not significantly more
favorable to the third party(s), than offered to the Deciding Members in the Offer Notice. If, at the end of such 90-day (or up to 180-day, as applicable) period, the Offering Member has not completed such Transfer to such third party(s), then all
the restrictions on Transfer contained in this Agreement with respect to Units subject to such Offer Notice shall again be in effect. 

(e) Notwithstanding any other provision of this Section 8.03 to the contrary, in connection with any proposed indirect Transfer of
Units through a Member Entity Transfer subject to this Section 8.03, if any Deciding Member exercises its ROFR Right to Purchase with respect to the Units held by the Offering Member, rather than with respect to the equity interests of the
Offering Member proposed to be Transferred pursuant to such Member Entity Transfer, such Deciding Member agrees that the price that it shall pay to the Offering Member for such Units in connection with the exercise of its ROFR Right to Purchase (the
“Member Unit ROFR Price”) shall be equal to (i) the Member Entity ROFR Price plus (ii) an amount equal to the product of 
  

 
 For purpose of this Section 8.03(e), the Offering Member’s “Gain” equals the excess, if
any, of the Member Entity ROFR Price over the Offering Member’s basis in its Units for U.S. federal income tax purposes, and “T” equals the Assumed Tax Rate. In connection with any proposed indirect Transfer of Units through a
Member Entity Transfer subject to this Section 8.03, the Offering Member shall include the Member Unit ROFR Price and shall certify its basis in the relevant Units for U.S. federal income tax purposes in the Offer Notice. 

(f) This Section 8.03 shall terminate upon the consummation of a Qualified Initial Public Offering. 

Section 8.04 Right of First Offer. (a) Subject to Section 8.08, if applicable, from and after the
second anniversary of the date of this Agreement, if any Investor (the “Transferring Member”) proposes to Transfer (in one transaction or in a series of transactions, including, for the avoidance of doubt, either directly or
indirectly through a Member Entity Transfer) any Units to a third party (other than (i) to a Permitted Transferee, (ii) in a Public Offering, (iii) in a sale pursuant to Section 8.05, (iv) in a Company Sale (except that any
Company Sale by means of a Transfer of less than all of the Units then outstanding shall be subject to this Section 8.04), (v) in a Drag-Along Sale or (vi) in a sale pursuant to Section 8.03), the Transferring Member shall give
written notice (the “ROFO Notice”) to (A) S&N, S&N Blocker (after S&N Blocker becomes a Member) and the Permitted Transferees thereof (if any of the Essex Members or any Permitted Transferee thereof is the
Transferring Member) or (B) the Essex Members and the Permitted Transferees thereof (if S&N, S&N Blocker or any Permitted Transferee thereof is the Transferring Member) (S&N and S&N Blocker, on the one hand, or the Essex
Members, on the other hand, the “Electing Members”) and the Company of such proposed Transfer and the number of Units proposed to be Transferred pursuant thereto (in the case of a Member Entity Transfer, as determined in accordance
with Section 8.08(a)(i)). 

  
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 (b) The Electing Members shall have the right and option, exercisable within 30 days after
the date of the ROFO Notice, to make an offer (the “Offer”) to purchase up to their respective ROFO Percentages of the Units proposed to be Transferred at a price proposed by the Electing Members (which shall be in cash payable by
wire transfer of immediately available funds in U.S. Dollars) (the “Member Entity ROFO Price”) and on the terms and conditions proposed by the Electing Members by providing written notice of the Offer to the Transferring Member (and
the other Investors). In the case of a proposed indirect Transfer of Units by the Transferring Member through a Member Entity Transfer subject to this Section 8.04(b), each Electing Member shall have the further right and option, exercisable by
inclusion of such Electing Member’s election in the written notice referred to in the immediately preceding sentence, to exercise its right to make an Offer with respect to either the Units held by the Transferring Member (subject to
Section 8.04(e)) or the equity interests of the Transferring Member proposed to be Transferred pursuant to such Member Entity Transfer. If any Electing Member fails to make an Offer to purchase its ROFO Percentage of the Units within such
30-day period, the Transferring Member shall give prompt written notice of such failure to those other Electing Members (if any) who do make an Offer to purchase up to their ROFO Percentage and such other Electing Members may make an Offer to
purchase on a pro rata basis, based on the number of Units they have previously offered to purchase, all of the balance thereof (or commit to purchase all of the balance thereof) at the price and on the terms and conditions proposed by such Electing
Member by providing written notice of that proposal to the Transferring Member within 10 days after the expiration of the 30-day period described above (such 30-day period, as may be extended by the additional 10-day period, the “ROFO
Period”). Within 30 days after the end of the ROFO Period, the Transferring Member shall provide written notice (the “ROFO Response Notice”) to any Electing Member that has made an Offer prior to the end of the ROFO Period
as to whether the Transferring Member accepts or rejects such Electing Member’s Offer, and the Transferring Member shall be deemed to have rejected the Offer of any Electing Member if it fails to so notify such Electing Member. Any Offer made
by any Electing Member pursuant to this Section 8.04(b) shall be irrevocable and binding on the Electing Member making such Offer, subject only to compliance by the Transferring Member with the terms of this Section 8.04. 

(c) The closing for all Transfers of the Units purchased by the Electing Members pursuant to the Transferring Member’s acceptance of any
Offer shall occur within 30 days after the expiration of the ROFO Period (which 30-day period shall be extended to up to 90 days in the event any required approval of such sales from any governmental entity, including termination or expiration of
the applicable waiting period under the HSR Act, has not then been obtained), or at such other time as may be mutually agreed upon by the Transferring Member and the applicable Electing Members purchasing the Units, with the Transferring Member
being required to provide representations and indemnification to such purchasers only with respect to due authorization, valid execution and delivery, good title to the Units and no Liens on such Units (except as may arise under the terms of this
Agreement). If any purchasing Electing Member shall default in its obligations to purchase Units pursuant to this Section 8.04(c), the other purchasing Electing Members shall be entitled to purchase the Units that such defaulting Electing
Member failed to purchase on the same basis as the other Units purchased by the non-defaulting Electing Members; provided that such purchase shall take place within 10 Business Days of such default. 

  
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 (d) Upon the failure of (i) the Electing Members to exercise their right to make an
Offer with respect to all (and not less than all) of the Units subject to a ROFO Notice in accordance with Section 8.04(b) or (ii) the purchasing Electing Members to purchase all (and not less than all) of the Units subject to such ROFO
Notice pursuant to Section 8.04(c) within the time designated therein for closing, as applicable (the time of such applicable failure, the “ROFO Termination”), the Transferring Member shall be relieved of such Transferring
Member’s obligations under this Section 8.04 with respect to that particular proposed Transfer and, subject to Section 8.05, such Transferring Member shall be permitted, for a 90-day period commencing upon the ROFO Termination (which
90-day period shall be extended up to 180 days in the event any required approval of such sales from any governmental entity, including termination or expiration of the applicable waiting period under the HSR Act, has not then been obtained), to
Transfer the Units subject to the ROFO Notice to one or more third party(s) at a price not lower, and on other terms and conditions in the aggregate not significantly more favorable to the third party(s), than offered to the Transferring Member by
the Electing Members. If, at the end of such 90-day (or up to 180-day, as applicable) period, the Transferring Member has not completed such Transfer to one or more third party(s), then all the restrictions on Transfer contained in this Agreement
with respect to Units subject to such ROFO Notice shall again be in effect. 
 (e) Notwithstanding any other provision of this
Section 8.04 to the contrary, in connection with any proposed indirect Transfer of Units through a Member Entity Transfer subject to this Section 8.04, if any Electing Member makes an Offer with respect to the Units held by the
Transferring Member, rather than with respect to the equity interests of the Transferring Member proposed to be Transferred pursuant to such Member Entity Transfer, such Electing Member agrees that the price that it shall pay to such Transferring
Member for such Units (the “Member Unit ROFO Price”) shall be equal to (i) the Member Entity ROFO Price plus (ii) an amount equal to the product of: 

 
 

 
 For purpose of this Section 8.04(e), the Transferring Member’s “Gain” equals the excess,
if any, of the Member Entity ROFO Price over the Transferring Member’s basis in its Units for U.S. federal income tax purposes, and “T” equals the Assumed Tax Rate. In connection with any proposed indirect Transfer of Units
through a Member Entity Transfer subject to this Section 8.04, the Transferring Member shall include the Member Unit ROFO Price and shall certify its basis in the relevant Units for U.S. federal income tax purposes in the ROFO Response
Notice. 
 (f) This Section 8.04 shall terminate upon the consummation of a Qualified Initial Public Offering. 

Section 8.05 Tag-Along Rights. (a) Subject to Sections 8.07 and, if applicable, 8.08, at any time
following a ROFR Termination pursuant to Section 8.03(d) or a ROFO Termination pursuant to Section 8.04(d), if the Essex Members or any of their Permitted Transferees (the “Essex Offering Members”) propose to Transfer (in
one transaction or in a series of transactions, including, for the avoidance of doubt, a Member Entity Transfer) any Units (other than (i) to a Permitted Transferee, (ii) in a Public Offering or (iii) in a sale pursuant to Section 

  
 39 

 
8.06) to a third party Transferee (a “Tag-Along Sale”), such Essex Offering Members shall provide each Investor (other than the Essex Offering Members and their Permitted
Transferees) and, in the case that the proposed Tag-Along Sale would constitute a Transfer of Units representing a Percentage Interest of more than 66.66% (such Transfer, a “PIM Tag-Along Trigger Event”) if effectuated, each Profits
Interest Member, written notice (the “Tag-Along Notice”) of the terms and conditions of such proposed Transfer (which terms and conditions, including price, shall comply with the provisions of Section 8.03(d) or
Section 8.04(d), as applicable), and each such Investor and, in the case of a Profits Interest Member Tag-Along Trigger Event, each such Profits Interest Member, shall have the opportunity to participate in such Transfer in accordance with this
Section 8.05. 
 (b) Each Investor (other than the Essex Offering Members and their Permitted Transferees), and in the case
that the proposed Tag-Along Sale would constitute a PIM Tag-Along Trigger Event if effectuated, each Profits Interest Member, shall have the right (a “Tag-Along Right”), exercisable by written notice (a “Tag-Along Response
Notice”) given to the Essex Offering Members within 10 Business Days following its receipt of the Tag-Along Notice (the “Tag-Along Right Period”), to require the Essex Offering Members to include in the proposed Transfer up
to a number of Units representing such Member’s Tag-Along Portion (each such exercising Member, a “Tagging Member”); provided that (i) notwithstanding anything else contained herein to the contrary, no Profits Interest
Member shall have the right to Transfer any unvested Profits Interest Units pursuant to this Section 8.05 and (ii) in the case of a proposed indirect Transfer of Units through a Member Entity Transfer subject to this Section 8.05(b),
S&N Blocker (after S&N Blocker becomes a Member) and its Permitted Transferees shall have the right, exercisable by inclusion of its election in the Tag-Along Response Notice, to require the Essex Offering Members to include in the proposed
Transfer the equity interests of S&N Blocker or such Peunitted Transferee in lieu of the Units held by S&N Blocker or such Permitted Transferee; and provided, further, that the Essex Offering Members shall be entitled to include the number
of Units proposed to be Transferred by the Essex Offering Members as set forth in the Tag-Along Notice (reduced, to the extent necessary, so that each Tagging Member shall be able to include its Tag-Along Portion) and such additional Units as
permitted by Section 8.05(c). If any Member has not exercised its Tag-Along Right in full prior to the expiration of the Tag-Along Right Period, such Member shall be deemed to have waived its Tag-Along Right with respect to the remaining
portion of its Tag-Along Portion in connection with the Transfer of Units described in the Tag-Along Notice. Each Tag-Along Response Notice shall include wire transfer or other instructions for payment of any consideration for the Units being
transferred in the Tag-Along Sale. Delivery of a Tag-Along Response Notice shall constitute an irrevocable exercise by such Tagging Member of its Tag-Along Right with respect to the number of Units specified in such Tag-Along Response Notice,
subject to the provisions of this Section 8.05 and Sections 8.07 and, if applicable, 8.08. 
 (c) If (i) any Member declines
to exercise its Tag-Along Right or (ii) any Tagging Member elects to exercise its Tag-Along Right with respect to less than such Tagging Member’s full Tag-Along Portion, the Essex Offering Members shall be entitled to Transfer in the
Tag-Along Sale a number of Units held by them equal to the number of Units in respect of which Tag-Along Rights were not exercised, at a price not higher, and on other terms and conditions in the aggregate not significantly more favorable to the
Essex Offering Members, than offered to the Investors in the Tag-Along Notice. 

  
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 (d) The Essex Offering Members will use commercially reasonable efforts to obtain the agreement
of the prospective Transferee to the participation of the Tagging Members in any contemplated Transfer, and the Essex Offering Members will not effect any Transfer of any of its Units to the prospective Transferee unless, simultaneously with such
Transfer, the prospective Transferee purchases from each Tagging Member the Units which such Tagging Member is entitled to and elects to sell to such prospective Transferee pursuant to this Section 8.05. 

(e) The purchase from the Members exercising Tag-Along Rights pursuant to this Section 8.05 shall be on the same terms and conditions,
including any representations, warranties, covenants, indemnities and form of consideration, and on the same date of Transfer, as are received by the Essex Offering Members and stated in the Tag-Along Notice, and shall be subject to Sections 8.07
and, if applicable, 8.08; provided that the consideration from such sale shall be allocated among the Members (or their direct or indirect owners, in the case of a Member Entity Transfer) at the same price per Unit, except in the case of a Tag-Along
Sale involving (i) a Transfer of all outstanding Units (determined without regard to the EPR Unit) or (ii) a Transfer of Profits Interest Units (other than a Tag-Along Sale described in Section 8.05(e)(i)), in which case the
consideration from such sale shall be allocated among the Members (or their direct or indirect owners, in the case of a Member Entity Transfer) pursuant to the provisions of Sections 10.05 and 10.06 (taking into account the applicable Benchmark
Amount of each Profits Interest Unit so Transferred); provided, further, that in the case of any Tag-Along Sale described in Section 8.05(e)(ii), (1) for the avoidance of doubt, the holders of the Profits Interest Units so Transferred
shall not receive any portion of the consideration from such sale unless and until each of the holders of outstanding Preferred Units and former holders of Preferred Units previously Transferred pursuant to a Preferred Transfer Event and the holders
of outstanding Common Units, OUS Units and the EPR Unit have received consideration from such sale in respect of such Units equal to the aggregate amount that each such holder or former holder is entitled to receive with respect to such Units
pursuant to Sections 10.05(a)(i) through 10.05(a)(iv); and (2) any Profits Interest Units so Transferred shall be cancelled upon the consummation of such Tag-Along Sale, may not be reissued at any time thereafter and shall not be entitled to
any future distributions whatsoever pursuant to this Agreement. Promptly after the consummation of the Tag-Along Sale (but in no event later than two Business Days thereafter), the Essex Offering Members shall (B) notify the Tagging Members
thereof, (C) remit to the Tagging Members the total consideration for the Units of the Tagging Members Transferred pursuant thereto less the Tagging Members’ pro rata share of any applicable escrows, holdbacks or adjustments in purchase
price and any transaction expenses as determined in accordance with Sections 8.07 and, if applicable, 8.08, with the cash portion of the purchase price paid by wire transfer of immediately available funds in accordance with the wire transfer
instructions in the applicable Tag-Along Response Notices and (D) furnish such other evidence of the completion and the date of completion of such transfer and the terms thereof as may be reasonably requested by the Tagging Members. The Essex
Offering Members shall promptly remit to the Tagging Members any additional consideration payable to the Tagging Members upon the release of any escrows, holdbacks or adjustments in purchase price. No Tagging Members shall be required, for the
purpose of exercising its Tag-Along Right under this Section 8.05, to comply with the provisions of Section 8.03 or Section 8.04, as applicable, in connection with such Transfer. 

  
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 (f) If at the end of the 90-day period commencing upon the expiration of the Tag-Along Right
Period (which 90-day period shall be extended up to 180 days in the event any required approval of such sales from any governmental entity, including termination or expiration of the applicable waiting period under the HSR Act, has not then been
obtained), the Essex Offering Members have not completed the Transfer of all the Units proposed to be sold by the Essex Offering Members and all Tagging Members on the terms and conditions set forth in the Tag-Along Notice, all the restrictions on
Transfer contained in this Agreement with respect to Units owned by the Essex Offering Members shall again be in effect. 
 (g)
Notwithstanding anything to the contrary contained in this Section 8.05, there shall be no liability on the part of the Essex Offering Members to any Member in the event that the Transfer of Units to the Person contemplated pursuant to this
Section 8.05 is not completed for any reason whatsoever, provided that the Essex Offering Members comply with all of the provisions of Section 8.03, Section 8.04, this Section 8.05, and Sections 8.07 and, if applicable, 8.08.

 (h) This Section 8.05 shall terminate upon the consummation of a Qualified Initial Public Offering. 

Section 8.06 Drag-Along Sale. (a) Subject to Sections 8.07, 9.01 and, if applicable, 8.08, if at
any time after the second anniversary of the date of this Agreement, (i) the Essex Members and their Permitted Transferees (the “Initiating Members”) propose to Transfer (in one transaction or in a series of transactions,
including, for the avoidance of doubt, a Member Entity Transfer) all of their Units (the “Essex Units”) to a third party that is not a Permitted Transferee of any of such Essex Members (such Transfer, a “Drag-Along
Sale” and such Transferee, the “Drag-Along Transferee”) and (ii) the Percentage Interest of the Essex Members and their Permitted Transferees at such time is, in the aggregate, greater than or equal to 51%, then the
Initiating Members may elect, subject to the provisions of this Section 8.06, to require each other Member (the “Other Members”) to Transfer in the Drag-Along Sale all of the Units then held by such Other Members for the
consideration and on the terms and conditions described in the Drag-Along Sale Notice, and each Other Member will be deemed to have consented to (and agrees to waive any dissenter’s rights, appraisal rights or similar rights in connection with)
such Drag-Along Sale and agrees to take all necessary action to transfer such Other Member’s Units on the terms and conditions specified in the Drag-Along Sale Notice; provided, however, that, notwithstanding anything to the contrary contained
herein, at the election of S&N Blocker (after S&N Blocker becomes a Member) or any Permitted Transferee thereof, any Drag-Along Sale shall be structured to permit any Transfer of Units by S&N Blocker or such Permitted Transferee pursuant
to such Drag-Along Sale to be effected indirectly pursuant to the Transfer of the equity interests of S&N Blocker or such Permitted Transferee. 

(b) If the Initiating Members elect to exercise their rights pursuant to Section 8.06(a), the Initiating Members shall provide
written notice of such Drag-Along Sale to the Other Members (a “Drag-Along Sale Notice”) specifying the purchase price (the “Drag-Along Sale Price”) that the Initiating Members propose be paid by the Drag-Along
Transferee and the other material terms and conditions of the proposed Transfer. 
 (c) In connection with any Drag-Along Sale,
(i) each Member (or its direct or indirect owners, in the case of a Member Entity Transfer) shall be entitled to receive the same form of consideration paid by the Drag-Along Transferee, (ii) if any Members (or their direct or indirect

  
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owners, in the case of a Member Entity Transfer) are given an option as to the form of consideration to be received, all Members (or their direct or indirect owners, in the case of a Member
Entity Transfer) will be given the same option, and (iii) the aggregate consideration from such Drag-Along Sale shall be allocated among the Members (or their direct or indirect owners, in the case of a Member Entity Transfer) as provided in
Sections 10.05 and 10.06. 
 (d) The Initiating Members shall be permitted, for a 120-day period commencing upon the delivery of the
Drag-Along Sale Notice (which 120-day period shall be extended up to 180 days in the event any required approval from any governmental entity, including termination or expiration of the applicable waiting period under the HSR Act, has not then been
obtained), to effect a Drag-Along Sale at a price not lower, and on terms and conditions in the aggregate no more favorable to the Drag-Along Transferee(s), than described to the Other Members in the Drag-Along Sale Notice. If, at the end of such
120-day (or up to 180-day, as applicable) period, a Drag-Along Sale has not been consummated, then all the restrictions on Transfer contained in this Agreement shall again be in effect. 

(e) If the Initiating Members shall effect a Drag-Along Sale in accordance with Section 8.06(d), each Other Member shall be required to
participate in the Drag-Along Sale on the terms and conditions set forth in the Drag-Along Notice (which terms and conditions will also apply to the Initiating Members) and to tender all of its Units as set forth below. Not later than 10 days prior
to the consummation of Drag-Along Sale, each of the Other Members shall deliver to a representative of the Initiating Members designated in the Drag-Along Sale Notice wire transfer instructions for payment of the consideration to be received in such
Drag-Along Sale and an unconditional agreement to allow the Company to cause the books and records of the Company to show that such Units are bound by the provisions of this Section 8.06(e) and that such Other Member’s Units shall be
transferred to the Drag-Along Transferee concurrently with the consummation of the Drag-Along Sale and the delivery of the consideration therefor to such Other Member (or, if such Other Member refuses to accept delivery of such consideration,
deposit of such consideration with a third party escrow agent reasonably acceptable to the Company). 
 (f) If the Drag-Along Sale shall not
have been consummated during the period provided in Section 8.06(d), (i) the Initiating Members shall return to each of the Other Members any documents in the possession of the Initiating Members executed by the Other Members in connection
with such proposed Drag-Along Sale, (ii) the Company shall cause the books and records of the Company to show that the Units of the Other Members are no longer bound by the provisions of Section 8.06(e) with respect to the applicable
Drag-Along Sale and (iii) all the restrictions on Transfer contained in this Agreement or otherwise applicable at such time with respect to any Units shall again be in effect. 

(g) Concurrently with the consummation of the Drag-Along Sale pursuant to this Section 8.06, the Initiating Members shall give written
notice thereof to the Other Members, shall remit to each of the Other Members that have surrendered the applicable instruments, if any, the net consideration (payable by wire transfer in accordance with such Other Member’s wire transfer
instructions) for the Units Transferred pursuant hereto. 

  
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 (h) Notwithstanding anything contained in this Section 8.06, there shall be no liability on
the part of the Initiating Members to the Other Members if the Drag-Along Sale is not consummated for whatever reason, regardless of whether the Initiating Members have delivered a Drag-Along Sale Notice. Whether to effect a Drag-Along Sale pursuant
to this Section 8.06 shall be in the sole and absolute discretion of the Initiating Members. 
 (i) This Section 8.06 shall
terminate upon the consummation of an Initial Public Offering. 
 Section 8.07 Additional Conditions to Tag-Along Sales and
Drag-Along Sales. (a) Each Member shall be obligated to pay only its pro rata share (based on the aggregate consideration received by such Member in respect of the Units Transferred by such Member) of expenses incurred in connection with a
consummated Tag-Along Sale or Drag-Along Sale to the extent such expenses are incurred for the benefit of all Members participating in such Tag-Along Sale or Drag-Along Sale and are not otherwise paid by the Company or another Person. 

(b) Subject to Section 8.08, if applicable, each Member shall (i) make such representations, warranties and covenants and enter into
such definitive agreements as are reasonably required in the proposed Transfer and as are customary for transactions of the nature of the proposed Transfer, provided that if the Members are required to provide any representations or indemnities in
connection with such Transfer, liability for misrepresentation or indemnity shall (as to such Members) be expressly stated to be several but not joint and each Member shall not be liable for more than its pro rata share (based on the aggregate
consideration received by such Member in respect of the Units Transferred by such Member) of any liability for misrepresentation or indemnity and (ii) be required to bear its pro rata share (based on the aggregate consideration received by such
Member in respect of the Units Transferred by such Member) of any escrows, holdbacks or adjustments in purchase price. 
 Section 8.08
Special Provisions for Member Entity Transfers. (a) Notwithstanding anything herein to the contrary, for purposes of Sections 8.03, 8.04, 8.05 and 8.06: 

(i) The number of Units Transferred pursuant to any Member Entity Transfer shall be deemed to be equal to (A) the number
of Units held by the applicable Member at the time of such Member Entity Transfer multiplied by (B) the percentage of the total issued and outstanding equity interests of such Member to be Transferred pursuant to such Member Entity Transfer;
and 
 (ii) The other terms and conditions of any Transfer of Units by any Deciding Member, Electing Member, Tagging Member,
Other Member pursuant to Section 8.03, 8.04, 8.05 or 8.06, as applicable, in connection with any Member Entity Transfer subject to such Section (including any representations, warranties, covenants or indemnities to be provided with respect
thereto) shall be substantially the same as the corresponding terms and conditions of such Member Entity Transfer, with only such differences therefrom as are necessary in light of the differences in the equity interests so Transferred. 

  
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 (b) Notwithstanding anything herein to the contrary, for purposes of Sections 8.03, 8.04 and 8.05
(other than for purposes of allocating the consideration among the Members in connection with a Tag-Along Sale described in Section 8.05(e)(i) or (ii)), the purchase price per Unit Transferred pursuant to any Member Entity Transfer shall be
deemed to be equal to (i) the aggregate purchase price paid by the applicable Transferee for the equity interests of the applicable Member Transferred pursuant to such Member Entity Transfer, divided by (ii) the number of Units Transferred
pursuant to such Member Entity Transfer (as determined in accordance with Section 8.08(a)(i)). 
 (c) Notwithstanding anything herein to
the contrary, in the case of a Transfer by any Essex Member, S&N Blocker or any Permitted Transferee thereof otherwise permitted pursuant to this Agreement, such Transfer, at the election of such Investor or Permitted Transferee (but subject to
the applicable terms and conditions of this Agreement), shall be structured either as a direct transfer of Units held by such Essex Member, S&N Blocker or Permitted Transferee or a Member Entity Transfer by the owner(s) of such Essex Member,
S&N Blocker or Permitted Transferee. 
 Section 8.09 Essex Syndication Right. Until the six-month anniversary of the date of
this Agreement, any of the Essex Members may Transfer (in one or a series of transactions) up to 49% of the Units held by such Essex Member as of the date hereof to one or more third parties; provided that any such Transfer (a) shall be subject
to Section 3.06, (b) shall require the prior written approval of S&N (such approval not to be unreasonably withheld) and (c) shall not result in such Essex Member ceasing to be controlled by an Essex Fund or Essex, as applicable;
and provided, further, that, if an Essex Member Transfers any Units pursuant to this Section 8.09 for a price per Unit in excess of (i) the Initial Liquidation Preference plus (ii) the Accrued Preferred Distribution with respect to
such Unit, then such Essex Member shall pay S&N or its designee 49% of such excess with respect to all Units so Transferred promptly upon the consummation of such Transfer. Any Transferee of an Essex Member pursuant to this Section 8.09
shall be deemed to be a Permitted Transferee of such Essex Member for all purposes of this Agreement. 
 ARTICLE 9 

CERTAIN COVENANTS 

Section 9.01 S&N Right to Veto Sale. (a) Until the first anniversary of the date of this Agreement,
the Company shall not effect, and neither the Company, the Essex Members nor any of their respective Affiliates shall enter into, any agreement, arrangement or understanding (whether or not binding) with respect to a Company Sale without the prior
written consent of S&N (which may be withheld in S&N’s sole discretion). “Company Sale” means, directly or indirectly, including by means of a Drag-Along Sale, (i) the Transfer of all or substantially all of the
assets of the Company and its Subsidiaries to a Person or Persons other than S&N or any of its Affiliates, (ii) the merger of the Company or any of its Subsidiaries with a Person or Persons other than S&N or any of its Affiliates, which
results in such Person or Persons owning a majority of the equity of the surviving entity, or (iii) the Transfer of Units representing a Percentage Interest of more than 50%, or the Transfer of a controlling equity interest of the Company or
any of its Subsidiaries, to any Person or Persons other than S&N, an Essex Member or any of their respective Affiliates. 

  
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 (b) Until the third anniversary of the date of this Agreement, the Company shall not
effect, and neither the Company, any Essex Member nor any of its Affiliates shall enter into, any agreement, arrangement or understanding (whether or not binding) with respect to a Competitor Sale without the prior written consent of S&N
(which may be withheld in S&N’s sole discretion). “Competitor Sale” means, directly or indirectly, (i) the Transfer of all or substantially all of the assets of the Company and its Subsidiaries to a Competitor,
(ii) the merger of the Company with a Competitor, or (iii) the Transfer of any Units held by an Essex Member or its Affiliates to a Competitor; and a Competitor Sale shall include any of the foregoing transactions in which a Competitor is
participating either alone or in combination with any other Competitor or third party. “Competitor” means any of Johnson & Johnson, Stryker Corporation, Zimmer Holdings, Inc., Medtronic, Inc., Synthes or Biomet, Inc.,
including, in each case, any Affiliates or successors of each such company, as well as any entity to which any such company transfers all or substantially all of those of its assets that compete with the Company or with S&N. 

Section 9.02 OUS Subsidiary Sale. Unless otherwise agreed by S&N and the Essex Members, other than in
connection with a Company Sale, the Company shall not effect, and neither the Company nor any of its Affiliates shall enter into any agreement, arrangement or understanding (whether or not binding) with respect to, an OUS Subsidiary Sale.
“OUS Subsidiary Sale” means, directly or indirectly, (i) the Transfer of all or substantially all of the assets of the OUS Subsidiary and its Subsidiaries, (ii) a merger, consolidation, reorganization, combination or other
similar transaction involving the OUS Subsidiary or any of its Subsidiaries, which results in a Person or Persons other than the Company owning a majority of the equity of the surviving entity, or (iii) the Transfer of a controlling equity
interest in the OUS Subsidiary. 
 Section 9.03 Company Sale Process. The Company and the Members agree that neither the
Company nor any of the Members may effect any Company Sale that is reasonably anticipated to result in aggregate consideration payable to the Investors pursuant to Section 10.05 that is less than the full amount of the distributions provided
for in Sections 10.05(a)(i) — 10.05(a)(iv) unless: 
 (a) the Company Sale is conducted pursuant to a customary business sale process
run by the Company and subject to the oversight of the Board of Managers with the assistance of a reputable nationally recognized independent financial advisor; 

(b) such business sale process results in a Company Sale at fair value, as reasonably determined by the Board of Managers with the assistance
of such financial advisor; 
 (c) S&N and its Affiliates are entitled to participate as a bidder in such business sale process on the
same terms and conditions applicable to other bidders invited to participate or participating in such process; and 
 (d) without limiting
the foregoing clauses (a) through (c), if such business sale process results in a Company Sale that would result in aggregate consideration payable to the Investors pursuant to Section 10.05 that is less than the full amount of the
distributions provided for in Sections 10.05(a)(i) — 10.05(a)(iv), then S&N, S&N Blocker (after S&N Blocker becomes a Member) and the Permitted Transferees thereof shall be entitled to purchase all (but not less than all) of the
Units of the other Members in lieu of the consummation of such Company Sale. The Company shall promptly provide written notice to S&N, S&N Blocker and the Permitted Transferees thereof of the identity of the proposed purchaser and the
material terms and conditions of the proposed sale. The provisions of Section 8.03 shall apply mutatis mutandis to S&N’s and S&N Blocker’s rights pursuant to this Section 9.03(d). 

  
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 Section 9.04 S&N Rights of First Negotiation. (a) Until the third
anniversary of the date of this Agreement, so long as S&N’s Percentage Interest is greater than or equal to 15%, none of the Company, any Essex Member or any Affiliate of any Essex Member shall, directly or indirectly, solicit, negotiate,
encourage or otherwise discuss or agree with any Person (other than S&N and its Affiliates) or enter into any agreement, arrangement or understanding (whether or not binding) with respect to, a Company Sale or Qualified Initial Public Offering,
unless and until the Company (or the Essex Member or its Affiliates, as the case may be) has (i) notified S&N in writing of its desire to effect a Company Sale or Qualified Initial Public Offering, (ii) provided S&N with the
opportunity to negotiate with the Company (or the Essex Member or its Affiliates) on an exclusive basis for 60 days after the date of such notice regarding the acquisition by S&N of all or substantially all of the assets of the Company and its
Subsidiaries (or all or substantially all of the Units held by the Essex Members and their Permitted Transferees, whether by purchase of the Units, a Member Entity Transfer, merger or otherwise, as the case may be) (any such acquisition, an
“S&N Acquisition”) and (iii) if S&N elects to negotiate as set forth in the preceding clause (ii), to negotiate in good faith with S&N regarding an S&N Acquisition. 

(b) Until the earlier of (i) the seventh anniversary of the date of this Agreement, (ii) the first anniversary of the
consummation of a Company Sale and (iii) the six month anniversary of a Competitor Change of Control of S&N, the Company shall not, directly or indirectly, solicit, negotiate, encourage or otherwise discuss or agree with any Person (other
than S&N and its Affiliates) or enter into any agreement, arrangement or understanding (whether or not binding) with respect to, a New Product Partnership unless and until the Company has (A) notified S&N in writing of its desire to
enter into such New Product Partnership, (B) provided S&N with the opportunity to negotiate with the Company on an exclusive basis for 60 days after the date of such notice regarding the entry by S&N into such New Product Partnership
with the Company, and (C) if S&N elects to negotiate as set forth in the preceding clause (B), to negotiate in good faith with S&N regarding such New Product Partnership with S&N. “New Product Partnership” means an
agreement or other arrangement between the Company and one or more Persons regarding the development, manufacture, marketing or distribution of a new product. 

Section 9.05 Competitor Change of Control of S&N. Notwithstanding anything herein to the contrary, within
60 days of a Competitor Change of Control of S&N, the Essex Members may elect, by delivering notice of such election in writing to the Company and S&N, to terminate any or all of the rights of S&N set forth in Section 5.01(a)(ii),
Section 9.01, Section 9.04, Section 9.07, Section 9.12 and Annex A (provided that S&N shall at all times be entitled to receive such information relating to the Company and its Subsidiaries as is reasonably necessary for
S&N and its Affiliates to estimate and realize the value of, and account properly for, its investment and otherwise to comply with their obligations under Applicable Law, including compliance obligations). “Competitor Change of Control
of S&N” means the consummation of (a) a Transfer of all or substantially all of the assets or equity of Smith & Nephew plc and its Subsidiaries to a Competitor or (b) a merger of Smith & Nephew plc with a
Competitor. 

  
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 Section 9.06 S&N Exit Right. (a) If an Exit has
not occurred prior to the seventh anniversary of the date of this Agreement, then, upon the written request of S&N at any time and from time to time thereafter (but not more frequently than once during any twelve-month period) until the
consummation of an Exit, the Company shall engage an investment bank or other financial advisor of nationally recognized reputation designated by the Board of Managers, subject to the consent of S&N, which shall not be unreasonably withheld,
conditioned or delayed, to serve as the Company’s financial advisor (the “Financial Advisor”). The Company shall instruct the Financial Advisor to commence an orderly process to result in an Exit with the objective of achieving
the highest practicable value for the Investors. The Company shall use its best efforts to reach agreement with the Investors on the optimal structure and the terms and conditions for the Exit and will retain independent legal counsel of appropriate
expertise. The fees and expenses of both the Financial Advisor and such legal counsel shall be borne by the Company. The Company shall require the Financial Advisor to keep each of S&N and Essex currently advised as to its efforts, any
expressions of interest or offers or proposals that are received and any other information relevant to the process conducted pursuant to this Section 9.06. 

(b) (i) The Company shall require the Financial Advisor to deliver to the Company, S&N and Essex written notice (the
“Recommended Exit Notice”) within 60 days of the engagement of the Financial Advisor that sets forth the Financial Advisor’s recommendation as to the Exit that will achieve the highest practicable value for the Investors (the
“Recommended Exit”); provided, however, that, notwithstanding anything to the contrary contained herein, at the election of any Essex Member, S&N Blocker (after S&N Blocker becomes a Member) or any Permitted Transferee
thereof, any Recommended Exit shall be structured to permit any Transfer of Units by such Investor pursuant to such Recommended Exit to be effected indirectly through a Member Entity Transfer. The Recommended Exit Notice shall include reasonably
detailed information with respect to the terms and conditions of the Recommended Exit (including with respect to structure, consideration and the identity of the parties involved) and, if applicable, the forms or current drafts of any proposed
definitive agreements with respect thereto. 
 (ii) If a Veto Party notifies the Company within 10 days of the
date of the Recommended Exit Notice (the “Recommended Exit Veto Period”) that it objects to the consummation of the Recommended Exit (a “Veto”), the Company shall not proceed with such Recommended Exit and shall
terminate the process related thereto; provided that, for the avoidance of doubt, notwithstanding any Veto by S&N pursuant to this Section 9.06(b)(ii)), the Essex Members and their Permitted Transferees may nevertheless exercise their
rights pursuant to Section 8.06 with respect to such Recommended Exit; and provided, further, that, notwithstanding any Veto by either Veto Party pursuant to this Section 9.06(b)(ii), this Section 9.06 shall continue to apply and be
available to S&N in accordance with its terms thereafter. 
 (iii) If no Veto Party has submitted a Veto
prior to the expiration of the Recommended Exit Veto Period in accordance with the terms of Section 9.06(b)(ii), then the Essex Members shall have the option (the “Essex Purchase Option”), in their sole discretion, in lieu of
the Company proceeding with the Recommended Exit, to purchase (the “Essex Purchase”) all (but not less than all) of the Units then held by S&N and its  

  
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Permitted Transferees upon the terms and conditions set forth in this Section 9.06(b)(iii). The Essex Purchase Option shall be exercisable by the Essex Members upon written notice to
S&N within two days after the expiration of the Recommended Exit Veto Period (the “Essex Purchase Option Period”). Any Essex Purchase shall be (A) for an aggregate purchase price (which shall be in cash payable by wire
transfer of immediately available funds in U.S. Dollars) equal to the aggregate amount that S&N and its Permitted Transferees would have received upon the consummation of the applicable Recommended Exit pursuant to the terms hereof, including,
without limitation, Sections 10.05 and 10.06, and (B) on the other terms and conditions set forth in the Recommended Exit Notice, to the extent applicable, and otherwise on reasonable and customary terms and conditions for transactions of the
nature of the Essex Purchase, with S&N and its Permitted Transferees being required to provide representations and indemnification to the Essex Members only with respect to due authorization, valid execution and delivery, good title to the Units
and no Liens on such Units (except as may arise under the terms of this Agreement); provided that the closing of the Essex Purchase shall occur within 30 days after the expiration of the Essex Purchase Option Period (which 30-day period shall be
extended to up to 90 days in the event any required approval of such purchase from any Governmental Authority, including termination or expiration of the applicable waiting period under the HSR Act, has not then been obtained), or at such other time
as may be mutually agreed upon by S&N and the Essex Members. 
 (iv) If the Essex Members do not exercise the
Essex Purchase Option prior to the expiration of the Essex Purchase Option Period in accordance with the terms of Section 9.06(b)(iii), then the Company and each Member shall use their respective reasonable best efforts to consummate the
Recommended Exit as promptly as practicable on terms and conditions that in the aggregate are not less favorable to the Investors than those specified in the Recommended Exit Notice. 

(v) “Veto Party” means (A) prior to the eighth anniversary of the date of this Agreement, either
S&N or the Essex Members, and (B) thereafter, S&N only. 
 (c) Subject to the provisions of Section 9.06(b), each
Member shall, and, if applicable, shall use its reasonable best efforts to cause each Manager designated by such Member (such reasonable best efforts to include, to the extent necessary, removal or replacement of any such Manager) to, vote for,
execute any necessary consents in favor of, and enter into such definitive agreements as may be reasonably necessary or desirable for transactions of the nature of, the engagement of the Financial Advisor, the Recommended Exit and the Essex
Purchase, as applicable. The Company and each Member shall reasonably cooperate with the Financial Advisor in its efforts, and the Company shall prepare such documents and information as may reasonably be required in connection with the process
conducted, in each case pursuant to this Section 9.06. 

  
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 Section 9.07 Information and Other Rights. (a) The Board of Managers shall
furnish to each Investor: 
 (i) As soon as practicable and, in any event, no later than six Business Days following the end
of each S&N Accounting Month, (A) the preliminary unaudited consolidated balance sheet of the Company and its Subsidiaries as at the end of such S&N Accounting Month, (B) the related preliminary unaudited statements of operations
and information pertaining to transactions between the Company and its Subsidiaries, on the one hand, and S&N and its Affiliates, on the other hand, for such S&N Accounting Month and for the portion of the Fiscal Year then ended, in the case
of each of clause (A) and (B), prepared in accordance with IFRS (or, if the Board of Managers has determined that the Company shall adopt and follow GAAP in lieu of IFRS pursuant to Section 6.01, prepared in accordance with GAAP), and
(C) a forecast of the Company’s performance for the remainder of the Fiscal Year relative to the Company’s annual operating budget for such Fiscal Year, and a forecast of the Company’s performance for the following Fiscal Year;

 (ii) As soon as practicable and, in any event, no later than six Business Days following the end of each S&N
Accounting Quarter (including, for the avoidance of doubt, the end of the Fiscal Year), (A) the preliminary unaudited consolidated balance sheet of the Company and its Subsidiaries as at the end of such S&N Accounting Quarter, (B) the
related preliminary unaudited statements of operations and information pertaining to transactions between the Company and its Subsidiaries, on the one hand, and S&N and its Affiliates, on the other hand, and S&N for such S&N Accounting
Quarter and for the portion of the Fiscal Year then ended, in the case of each of clause (A) and (B), prepared in accordance with IFRS (or, if the Board of Managers has determined that the Company shall adopt and follow GAAP in lieu of IFRS
pursuant to Section 6.01, prepared in accordance with GAAP, together with a reconciliation to IFRS), (C) a forecast of the Company’s performance for the remainder of the Fiscal Year relative to the Company’s annual operating
budget for such Fiscal Year and (D) a forecast of the Company’s performance for the following Fiscal Year; 
 (iii)
As soon as practicable and, in any event, within 30 days after the end of each fiscal month, the final management accounts for such fiscal month, which shall contain at a minimum (A) the unaudited statements of operations and cash flows for
such fiscal month and the portion of the Fiscal Year ended at the end of such fiscal month, in each case compared to the Company’s annual operating budget for such Fiscal Year, and (B) the unaudited consolidated balance sheet at the end of
such fiscal month, along with an ageing of trade receivables. 
 (iv) As soon as practicable and, in any event, within 75
days after the end of each Fiscal Year, (A) the audited consolidated balance sheet of the Company and its Subsidiaries as at the end of such Fiscal Year and the related audited statement of operations and cash flows for such Fiscal Year and the
related footnotes, in each case prepared in accordance with IFRS (or, if the Board of Managers has determined that the Company shall adopt and follow GAAP in lieu of IFRS pursuant to Section 6.01, prepared in accordance with GAAP, together with
a reconciliation to IFRS) and audited by the Company’s independent public accountants, (B) a comparison of the figures in the financial statements delivered pursuant to clause (A) with the figures for the previous Fiscal Year and the
figures in the Company’s annual operating budget and (C) any management letters or other correspondence from such accountants; 

  
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 (v) As soon as practicable and, in any event, not less than 15 days prior to the
beginning of each Fiscal Year, the Company’s annual operating budget for such Fiscal Year; 
 (vi) Such information as
is provided to any lender or other financing source of the Company or any of its Subsidiaries; and 
 (vii) As promptly as
reasonably practicable, such other information with respect to the Company or any of its Subsidiaries as may reasonably be requested by such Investor. 

The financial statements and other information provided pursuant to Sections 9.07(a)(i)-9.07(a)(ii) shall be in a presentational format reasonably acceptable
to S&N. 
 (b) Subject to restrictions imposed by Applicable Law, any confidentiality or non-disclosure provision (in either case to the
extent relating to third party information) in any agreement to which the Company is a party and the obligations set forth in Section 9.10, the Investors will have, with respect to the Company and each Subsidiary of the Company, the right to:
(i) inspect properties, (ii) periodically consult with representatives of management and obtain information with respect to the business and affairs of the Company and its Subsidiaries (including without limitation with respect to
scientific, technical, clinical and other information relating to the Orthobiologics Field), (iii) consult with members of the Board of Managers and the board of directors or other governing bodies of the Subsidiaries or any committees thereof
with respect to all matters, (iv) inspect the books and records of the Company or any of its Subsidiaries and (v) perform audits to ensure that the Company has adequate procedures in place to comply with the matters set forth in
Section 9.14, subject, in each case, to the execution of a customary non-disclosure agreement and other reasonable safeguards to address conflicts of interests. 

Section 9.08 Maintenance and Inspection of Records. The accounting books and records, minutes of proceedings of the Board of
Managers and of the Members and all other information pertaining to the Company and its Subsidiaries that is required to be made available to the Members under Delaware Law shall be kept at such place or places designated by the Board of Managers or
in the absence of such designation, at the principal place of business of the Company, provided that a Profits Interest Member shall only be able to review and examine such information pertaining to the Company as required under Delaware Law and
redacted or aggregated as necessary to prevent disclosure of confidential information as may be determined by the Board of Managers from time to time. 

Section 9.09 Confidentiality. (a) During the term of this Agreement and thereafter, each party hereto
shall, and shall cause its Subsidiaries and controlled Affiliates to, maintain in confidence and use only for purposes of the business of the Company and its Subsidiaries, this Agreement and the Related Documents, all Confidential Information,
except to the extent that the Company and S&N agree otherwise with respect to particular Confidential Information in the possession of or furnished to S&N. “Confidential Information” means all information concerning the
Company or its Subsidiaries or the financial condition, business, operations or prospects of the Company or its Subsidiaries in the possession of or furnished to any Member  

  
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(including by virtue of its present or former right to designate a Manager to the Board of Managers). Each party shall exercise the same care and safeguards with respect to Confidential
Information as is used to maintain the confidentiality of its own information of like character, but will, at a minimum, use reasonable care. 

(b) Any party may disclose Confidential Information to its Subsidiaries, Affiliates, directors, officers, employees, counsel, advisers,
consultants, outside contractors and other agents, on the condition that such Persons agree to keep the Confidential Information confidential to the same extent as such disclosing party is required to keep the Confidential Information confidential,
solely to the extent it is reasonably necessary or appropriate to fulfill its obligations or to exercise its rights under this Agreement or the Related Documents; provided that the disclosing party shall remain liable with respect to any breach of
this Section 9.09 by any such Subsidiaries, Affiliates, counsel, advisers, consultants, outside contractors and other agents. 
 (c)
Notwithstanding Section 9.09(a) or Section 9.09(b) above, a party may disclose such Confidential Information (i) to the extent that the such party is legally compelled (by oral questions, interrogatories, request for information or
documents, subpoena, civil investigative demand or similar process) to disclose any of the Confidential Information, (ii) for purposes of reporting to its stockholders the performance of the Company and its Subsidiaries and for purposes of
including applicable information in its financial statements to the extent required by Applicable Law or applicable accounting standards, (iii) to the extent required to be disclosed by Applicable Law, rule or regulation; provided that in
connection with any such disclosure, (A) a disclosing party shall only disclose such Confidential Information as is required to be disclosed in connection with the foregoing, (B) to the extent reasonably practicable, a disclosing party
shall provide the other party with prompt and advance written notice of any such intended disclosure so that such other party has a reasonable opportunity to limit such disclosure, or (if applicable, and to the extent reasonable practicable) seek a
protective order or other appropriate remedy to prevent such disclosure and (C) a disclosing party shall use its reasonable efforts to seek confidential treatment (consistent with the terms hereof) by the Person to whom such disclosure is made.
The parties acknowledge that money damages would not be a sufficient remedy for any breach of the provisions of this Section 9.09 and that the non-breaching party shall be entitled to equitable relief in a court of law in the event of, or to
prevent, a breach or threatened breach of this Section 9.09. 
 (d) The Essex Members represent and warrant to the other parties
hereto that the Essex Members are owned directly by the Essex Investors, which, in certain cases, are funds-of-funds (each, a “Fund”) that have certain reporting obligations to their respective investors and equity holders regarding
the nature and performance of their investment in the Company, and each Fund is managed or advised by such Fund’s general partner, investment manager, or Person serving in a similar capacity (each, a “Fund Manager”).
Notwithstanding anything to the contrary in this Section 9.09 or elsewhere in this Agreement, the parties hereto hereby acknowledge and agree that (i) each Essex Member may disclose Confidential Information to each Fund and its respective
Fund Managers and (ii) each Fund Manager and each Fund may disclose to its direct and indirect equity holders the following information: (A) the name and address of the Company, the year of its formation, and a brief description of its
strategy or focus, (B) the fact that such Fund is a direct or indirect security-holder of the applicable Essex Member and that such Essex Member owns securities of the Company, and, if applicable, the fact that 

  
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such Fund invested in the Company alongside investment funds managed by Essex GP, (C) the number, type, and relative percentages of securities of the Company that are held directly or
indirectly by such Fund, (D) the total amount of such Fund’s direct or indirect investment in the Company, (E) the amount of distributions received directly or indirectly by such Fund from the Company, (F) the net asset value of
such Fund’s direct or indirect investment in the Company, (G) such ratios and performance information as calculated by such Fund Manager using the information in clauses (D) through (F) above, (H) with respect to any
distribution in-kind of securities, the name and issuer of such securities, the number of such securities distributed to such Fund and the fair market value at the time of distribution, and (I) such other information as may be required to be
disclosed by Applicable Law or GAAP standards or principles applicable to such Fund Manager or Fund; provided that, (1) with respect to the disclosure of any Confidential Information pursuant to Section 9.09(d)(i), such disclosure shall be
made on the condition that the Funds and the Fund Managers agree to keep any such Confidential Information confidential to the same extent as the Essex Members are required to keep the Confidential Information confidential pursuant to the terms
hereof; (2) with respect to the disclosure of any Confidential Information pursuant to Section 9.09(d)(ii), such disclosure shall be made on the condition that the recipient of such information be bound by confidentiality obligations that
are similar to those that are applicable to the Essex Members pursuant to this Agreement (“Similar Confidentiality Obligations”); (3) with respect to any disclosure made under Section 9.09(d)(ii)(I), such Essex Member
shall cause the Fund or Fund Manager with which it is affiliated to comply with the advance notice and other requirements set forth in Section 9.09(c)(iii)(A) through (C); and (4) each Essex Member shall remain liable with respect to any
breach of this Section 9.09 by such Essex Member, its respective Funds or Fund Managers and their respective direct or indirect equity holders (provided that, for purposes of determining whether any such breach has occurred, (x) except as
provided in clause (y) of this proviso, such direct or indirect equity holders shall be deemed to be bound by the provisions of this Section 9.09, and (y) in the case of the direct or indirect equity holders of any funds-of-funds
managed or advised by Pantheon or any of its Affiliates (each, a “Pantheon Fund”), such direct or indirect equity holders shall be deemed only to be bound by the terms of any Similar Confidentiality Obligations then applicable to
such direct or indirect equity holders). 
 (e) The obligation not to disclose Confidential Information shall not apply to any part of
such Confidential Information that (i) is or becomes patented, published, or otherwise part of the public domain other than by acts of a party in contravention of this Agreement; (ii) is disclosed to a party by a third party, unless such
Confidential Information was obtained by such third party directly or indirectly from a party hereto on a confidential basis; (iii) prior to disclosure under this Agreement, was already in the possession of the disclosing party, unless such
Confidential Information was obtained directly or indirectly from the other party hereto on a confidential basis; or (iv) is independently acquired or developed by a disclosing party other than by acts of a party in contravention of this
Agreement. 
 Section 9.10 Corporate Opportunities; Non-Solicitation. Except as provided with regard to the Essex Members in
Section 9.13: 
 (a) In no event shall any Member or any individual serving as a Manager be liable to the Company, any Subsidiary of the
Company or to any party hereto for breaches of fiduciary or other similar duties by virtue of the fact that such individual fails to bring a business opportunity to the attention of the Company or any Subsidiary of the Company or presents a business
opportunity to a Member or an Affiliate of a Member (rather than, or in addition to, presenting such opportunity to the Company). This Section 9.10 shall not apply to any Member who is an employee of the Company or any Subsidiary of the
Company. 

  
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 (b) Without limiting the generality of the foregoing, the Members expressly acknowledge
and agree that (i) each Member and its Affiliates are permitted to have, and may presently or in the future have, investments or other business relationships, ventures, agreements or arrangements with, or ownership of, entities engaged in the
same or a similar business to the business conducted by the Company and its Subsidiaries, and in related businesses other than through the Company and its Subsidiaries (an “Other Business”), (ii) each Member or its Affiliates
have or may develop a strategic relationship with businesses that are or may be competitive with the Company and its Subsidiaries, (iii) no Member or its Affiliates (including any Managers designated by such Member) will be prohibited by virtue
of their investment in the Company and its Subsidiaries or their service on the Board of Managers from pursuing and engaging in any such activities, (iv) no Member or its Affiliates (including any Managers designated by such Member) will be
obligated to inform the Company of any such opportunity, relationship or investment, (v) the other Members will not acquire, be provided with an option or opportunity to acquire or be entitled to any interest or participation in any Other
Business as a result of the participation therein of a Member or its Affiliates (including any Managers designated by such Member), (vi) the Members expressly waive, to the fullest extent permitted by Applicable Law, any rights to assert any
claim that such involvement breaches any duty owed to any Member, or the Company or its Subsidiaries or to assert that such involvement constitutes a conflict of interest by such Persons with respect to the Company or its Subsidiaries and
(vii) nothing contained herein shall limit, prohibit or restrict any Member, any of its Affiliates or any current or former Manager designated by such Member from serving on the board of directors or other governing body or committee of any
Other Business. This Section 9.10(b) shall not apply to any Member who is an employee of the Company or any Subsidiary of the Company. 

(c) Prior to the 18-month anniversary of the date of this Agreement, each Member agrees that it shall use its reasonable best efforts to cause
the Company not to, directly or through any controlled Affiliate (and the Essex Members shall cause Essex and its managed investment funds and controlled Affiliates thereof not to), directly target, solicit or hire (including in any consulting
capacity) any salaried employee of S&N, the Essex Members, any Affiliate of S&N, or any controlled Affiliate of any of the Essex Members without the prior written approval of the Chief Executive Officer of S&N, in the case of any such
employee of S&N or any of its Affiliates, or any authorized person of Essex, in the case of any such employee of the Essex Members or any of their controlled Affiliates, in any case except for any such employee terminated by S&N, Essex or
any applicable Affiliate of S&N or Essex. 
 (d) Prior to the 18-month anniversary of the date of this Agreement, S&N agrees that it
and its Affiliates shall not, and, each of the Essex Members agrees that Essex and its managed investment funds and controlled Affiliates thereof shall not, hire (including in any consulting capacity) any employee of the Company or any of its
Subsidiaries without the prior written approval of the Chief Executive Officer of the Company, except for any employee terminated by the Company or any of its Subsidiaries. 

  
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 (e) As used in this Section 9.10, “controlled” has the meaning set forth in the
definition of the term “Affiliate” in Section 1.01(a). 
 Section 9.11 Certain Matters Relating to an
Initial Public Offering. (a) If the Board of Managers approves an Initial Public Offering in accordance with the terms of this Agreement (including the provisions of Annex A), the Board of Managers shall, unless otherwise agreed by
the Investors, and subject to Section 9.11(e), cause the Company to effect a conversion to corporate or other limited liability form or other appropriate reorganization (whether by conversion to a subchapter C corporation, merger, consolidation
into a corporation, recapitalization or reorganization, sale of securities, formation of a new parent entity or otherwise) that is reasonably acceptable to the Investors, giving effect to the same voting and corporate governance provisions contained
herein (the “Corporate Conversion”, and the resulting entity with respect to which the Initial Public Offering is expected to be consummated, the “IPO Entity”). Each Member hereby consents to such Initial Public
Offering and Corporate Conversion and shall vote for (to the extent it has any voting rights) and raise no objections against such Initial Public Offering and Corporate Conversion, and each Member shall, at the request of the Board of Managers, take
all actions (including any actions required to pursuant to Section 9.11(e)) reasonably necessary or desirable to effect such Initial Public Offering and Corporate Conversion. 

(b) Pursuant to the Corporate Conversion, and subject to Section 9.11(e), all Units held by each Member immediately prior to the
Corporate Conversion shall automatically be converted (the “Automatic Conversion”) into newly issued equity interests of the IPO Entity representing such Member’s IPO Percentage of the total number of issued and outstanding
equity interests of the IPO Entity. Subject to the provisions of Annex G, all of the equity interests of the IPO Entity issued pursuant to the Corporate Conversion shall be (i) of a single class and have the same rights, powers, preferences,
qualifications, limitations and restrictions as all other such equity interests and (ii) duly and validly issued, fully paid and non-assessable and free of all Liens (except as may arise under the terms of this Agreement) and not subject to any
preemptive rights. “IPO Percentage” means, with respect to any Member, the percentage of the total distributions to the Members pursuant to Section 10.05 that such Member would have received if the Company were dissolved, its
affairs wound up and (A) all of the assets of the Company were sold for cash equal to the sum of the aggregate equity valuation of the Company indicated by the pricing of the Initial Public Offering and the amount of the Company’s
liabilities, (B) all of the Company’s liabilities were satisfied and (C) the net assets were immediately distributed to the Members in accordance with Section 10.05. 

(c) Subject to Section 9.11(b), prior to the consummation of an Initial Public Offering, the Members shall, and shall cause the relevant
publicly-traded entity to, enter into agreements containing rights and obligations of the parties that are substantially similar to those contained in this Agreement, other than the rights and obligations of this Agreement that expressly terminate
upon the consummation of the Initial Public Offering. If any of such agreements are inconsistent with the rules of the principal exchange on which the shares of the publicly-traded entity are listed, the terms of such agreements shall be modified to
the extent necessary to reflect such rules; provided that such agreements shall, as closely as possible, give effect to the provisions of this Section 9.11(c). 

  
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 (d) If the Essex Members and their Permitted Transferees participate in an Initial Public
Offering permitted by this Agreement, S&N and its Permitted Transferees shall be permitted to participate in such Initial Public Offering in accordance with Section 9.11(b). Upon the consummation of the Initial Public Offering, the holders
of Units (or such common stock as the Units have been converted into) shall have registration rights substantially as set forth in Annex B hereto. 

(e) Notwithstanding anything to the contrary contained herein, at the election of any Essex Member, S&N Blocker (after S&N Blocker
becomes a Member) or any Permitted Transferee thereof, in connection with a Corporate Conversion and Automatic Conversion, the Company shall effect a merger, consolidation, recapitalization, reorganization or other transaction with such Investor
that is reasonably acceptable to such Investor and the effect of which is that the owners of the equity interests of such Investor receive equity interests of the IPO Entity representing such Investor’s IPO Percentage of the total number of
issued and outstanding equity interests of the IPO Entity; provided that the Company and such Investor shall use their respective reasonable best efforts to effect any such merger, consolidation, recapitalization, reorganization or other transaction
in a tax-efficient manner. Any Permitted Transferee that seeks to participate in a transaction of the nature described in this Section 9.11(e) shall not, prior to such transaction, (i) own any assets of any kind other than Units and
(ii) have any liabilities of any kind, including Indebtedness. 
 Section 9.12 Business Development
Meetings. The Company and S&N shall jointly constitute a business development committee (the “Business Development Committee”) for the purpose of discussing trends, technologies and developments with respect to the
business of the Company and its Subsidiaries, and such other matters as the members of the Business Development Committee determine to address from time to time, subject to any restrictions imposed by Applicable Law or any confidentiality or
non-disclosure provision (in either case to the extent relating to third party information) in any agreement to which the Company or S&N is a party and other reasonable safeguards to address conflicts of interests. The Company and S&N shall
mutually determine the members of the Business Development Committee (which shall include representatives of S&N and the Company), dates, times and locations (provided that the Business Development Committee will meet at
least two times per year), format, costs and content. 
 Section 9.13 Essex Duties. For so long as the Essex Members and
their Affiliates, in the aggregate, have the right to designate a majority of the Board of Managers of the Company, the Essex Members will use their reasonable best efforts to ensure that S&N and its Affiliates are afforded by the Company and
the Board of Managers all of the protections that would be available to them under Applicable Law as minority shareholders of a Delaware corporation. 

Section 9.14 Investor Duties. The Investors agree to use reasonable best efforts to direct the Board of Managers to ensure that at
all times the Company (a) adopts and enforces ethics and compliance policies and programs designed to comply with all Applicable Law and industry ethical codes and (b) safeguards the reputations of the Company and the Investors. 

Section 9.15 Orthobiologics Commitment. The Company shall undertake and satisfy the Orthobiologics Commitment, as set forth on
Annex D hereto. 

  
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 Section 9.16 Compliance with Applicable Law. (a) The Company will at all times
comply, and shall cause each of its Subsidiaries to comply, with the requirements of Applicable Law, including (i) the Federal Health Care Program Anti-Kickback Statute, 42 U.S.C. § 1320a-7b(b), and any anti-kickback law of any U.S. state,
(ii) the Federal False Claims Act, 31 U.S.C. § 3729, and any false claim or fraud law of any U.S. state, (iii) the Federal civil monetary penalty statute, 42 U.S.C. § 1320a-7a(5), (iv) the U.S. Foreign Corrupt Practices Act
of 1977, 15 U.S.C. §§ 78dd-1, et seq., (v) the Federal Physician Self-Referral Law, 42 U.S.C. §§ 1395nn et seq., and any physician self-referral law of any U.S. state, and (vi) the Federal Food and Drug and Cosmetic
Act, including the provisions thereof relating to establishment registration, registration of clinical trials, investigational use, pre-market clearance, licensure, or application approval, good manufacturing practices, good laboratory practices,
good clinical practices, product listing, labeling, advertising and promotion, and recordkeeping and filing of reports. 
 (b) The
Company shall promptly notify the Investors upon receipt of any complaint, order, citation, notice or other written communication from any Person with respect to, or upon the Company’s obtaining knowledge of, the existence or alleged existence
of a significant violation by the Company or any of its Subsidiaries of any Applicable Law, including (i) any warning or untitled letter, report of inspection observations (including U.S. Food and Drug Administration (the
“FDA”) Form 483s), establishment inspection report, notice of violation, clinical hold or other documents from the FDA or any other Governmental Authority relating to the products of the Company’s business and alleging a lack
of compliance by the Company or any of its Subsidiaries with any Applicable Law or regulatory requirements in connection with the Company’s business or (ii) any written notice or other written communication from the FDA or any other
Governmental Authority which (A) enjoins production at any facility of the Company’s business or (B) enters or proposes to enter into a consent decree with, or permanent injunction of, the Company or any of its Subsidiaries relating
to the conduct of the Company’s business. 
 Section 9.17 Certain Members’ Assets and Liabilities. For so long
as any Essex Member or, after S&N Blocker becomes a Member, S&N Blocker owns any Units, such Member shall not own any other assets of any kind or incur, create, assume or permit to exist any liabilities or obligations of such Member of any
kind, including Indebtedness, and shall take no actions other those incidental to such Member’s ownership of the Units. 

Section 9.18 S&N Accounting Periods. Not later than the beginning of the last S&N Accounting Quarter of each Fiscal Year,
S&N shall notify the Company of the S&N Accounting Months and S&N Accounting Quarters for the following Fiscal Year. 

Section 9.19 Remedies Upon Breach. In the event of any breach of any obligation under this Agreement or any
Related Document by any Investor (the “Breaching Investor”), if and to the extent that any other Investor actually incurs or sustains any Damages arising out of, with respect to or by reason of such breach (the
“Non-Breaching Investor”), then (a) the Non-Breaching Investor is authorized, upon written notice to the Breaching Investor, to set off and apply any and all Indebtedness or other obligations at any time owing by the
Non-Breaching Investor (including pursuant to this Agreement or any Related Document) to or for the credit or the account of the Breaching Investor against any and all such Damages, and (b) the Non-Breaching Investor’s shall have, in
addition to any other recourse available to it against the  

  
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Breaching Investor pursuant to this Agreement or any other Related Document or at law or equity, an express right to recourse against any and all assets of the Breaching Investor (including the
Units and any proceeds thereof or thereon held by the Breaching Investor) provided that any amounts recovered by the Non-Breaching Investor pursuant to this Section 9.19 shall be without duplication of any amounts actually recovered by the
Non-Breaching Investor pursuant to the other provisions of this Agreement or the Related Documents. 
 ARTICLE 10 

TERM, DISSOLUTION AND LIQUIDATION 

Section 10.01 Term. The term of the Company shall continue from the date hereof until its termination pursuant to
Section 10.02. 
 Section 10.02 Liquidating Events. The Company shall dissolve and commence winding up
prior to the expiration of the term upon the first to occur of any of the following events (each a “Liquidating Event”): 

(a) the unanimous vote of the Investors to dissolve, wind up and liquidate the Company; or 

(b) the entry of a decree of judicial dissolution pursuant to Section 18¬802 of Delaware Law. 

Section 10.03 Winding Up. Upon the occurrence of a Liquidating Event, the Company shall continue solely for the purposes of
winding up its affairs in an orderly manner, liquidating its assets, and satisfying or making reasonable provisions for the satisfaction of the claims of its creditors and Members, and no Member or the Board of Managers (or any member thereof) shall
take any action that is inconsistent with, or not necessary to or appropriate for, the winding up of the Company’s business and affairs; provided that all covenants contained in this Agreement and obligations provided for in this
Agreement shall continue to be fully binding upon the Members until such time as the property or the proceeds from the sale thereof has been distributed pursuant to this Article 10 and the Company has terminated. The Investors shall be responsible
for overseeing the winding up and dissolution of the Company. The Investors shall take full account of the Company’s properties, assets and liabilities, and the Company’s affairs shall be wound up in a prompt and orderly manner. 

Section 10.04 Distribution Upon Dissolution of the Company. In connection with a liquidation or dissolution of the Company, the
Company’s property, or the proceeds from the sale thereof, shall be applied and distributed in accordance with Section 18-804 of Delaware Law in the following order: 

(a) first, to (i) the satisfaction (whether by payment or by the making of reasonable provision for payment) of all of the
Company’s debts and liabilities to creditors that are not Members or Managers and (ii) the payment of all principal, interest or any other amounts that remain outstanding under the S&N Note; 

  
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 (b) second, to the satisfaction (whether by payment or by the making of reasonable
provision for payment) of all of the Company’s debts and liabilities to creditors that are Members or Managers (other than as provided for under Section 10.04(a)(ii)); and 

(c) third, the balance, if any, to the Members as set forth in Section 10.05. 

Section 10.05 Liquidation or Dissolution. (a) Upon any liquidation or dissolution of the Company, distributions shall be made
to the Members as follows: 
 (i) first, (A) the former holders of Preferred Units previously Transferred
pursuant to a Preferred Transfer Event are entitled to be paid the Accrued Preferred Distribution with respect to each such Transferred Preferred Unit, and (B) the holders of the Preferred Units then outstanding are entitled to be paid the
aggregate accrued and unpaid Preferred Distribution (for the avoidance of doubt, relating to the current Fiscal Year and all prior Fiscal Years) with respect to each such Preferred Unit as of such time, in each case, before any distribution of
assets is made pursuant to any of the following subparagraphs of this Section 10.05(a); 
 (ii) second,
the holders of the Preferred Units then outstanding are entitled to be paid the Liquidation Preference with respect to each such Preferred Unit as of such time (for the avoidance of doubt, taking into account any reduction of such Liquidation
Preference in respect of distributions made pursuant to Section 10.05(a)(i)(B), as provided by Section 4(b) of Annex C), before any distribution of assets is made pursuant to any of the following subparagraphs of this Section 10.05(a);

 (iii) third, (A) the holders of the Common Units (other than the Converted Common Units) then outstanding
are entitled to be paid, with respect to each Common Unit (other than the Converted Common Units), the Unreturned Capital Amount with respect to each such Common Unit, (B) the holders of the OUS Units then outstanding are entitled to be paid,
with respect to each OUS Unit, the Unreturned Capital Amount with respect to each such OUS Unit, and (C) the holders of the Converted Common Units then outstanding are entitled to be paid, with respect to each Converted Common Unit, the
Liquidation Preference with respect to the Preferred Unit that was converted into such Converted Common Unit pursuant to Section 3 of Annex C (for the avoidance of doubt, taking into account any increase to such Liquidation Preference
pursuant to the proviso set forth in the last sentence of Section 4(a) of Annex C), minus the Accrued Preferred Distribution with respect to such Preferred Unit, in each case, before any distribution of assets is made pursuant to the
following subparagraphs of this Section 10.05(a); 
 (iv) fourth, the holder of the EPR Unit is entitled to be
paid, with respect to the EPR Unit, the EPR Entitlement (if any) payable in accordance with Section 1 of Annex G, before any distribution of assets is made pursuant to the following subparagraph of this Section 10.05(a); and 

  
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 (v) fifth: 

(A) the holders of any vested Profits Interest Units of any Class of Profits Interest Units are entitled to be paid, with
respect to each such Profits Interest Unit held by such holders, the Class Entitlement per Unit, if any, of such Class of Profits Interest Units; provided that in no event shall the sum of (1) the aggregate amount of any distributions
pursuant to this Section 10.05(a)(v)(A) and (2) the aggregate amount of any payments to the holders of any Phantom Profits Interest Units or any Other Management Equity Awards exceed 10% of the amount available for distribution to the
Members pursuant to this Section 10.05(a)(v) (such amount determined, solely for this purpose, as if there were no Phantom Profits Interest Units or Other Management Equity Awards), and any such distributions or payments shall be adjusted as
determined by the Board of Managers pro rata in accordance with the number of vested Profits Interest Units, Phantom Profits Interest Units and any Other Management Equity Awards outstanding at such time to the extent necessary in order to avoid
aggregate distributions or payments that would exceed the foregoing cap; and provided, further, that, for the avoidance of doubt, the holders of any unvested Profits Interest Units of any Class of Profits Interest Units are not entitled to be
paid any amount at all pursuant to this Section 10.05(a)(v)(A); 
 (B) the holders of the Preferred Units and the Converted
Common Units are entitled to be paid, with respect to each such Unit held by such holders, the pro rata share per Unit of the Preferred Percentage of the remaining amount available for distribution to the Members; 

(C) (1) the holders of the OUS Units are entitled to be paid, with respect to each such OUS Unit held by such holders,
the pro rata share per Unit of the lesser of (I) the excess of (x) the cumulative amount of net profit previously allocated to such holders pursuant to Section 4.06 that is attributable to U.S. Gain over (y) the aggregate
distributions made with respect to such OUS Units attributable to U.S. Gain and (II) an amount equal to the product of (x) the Common/OUS Percentage multiplied by (y) the U.S. Gain, and (2) the holders of the Common Units (other than
the Converted Common Units) are entitled to be paid, with respect to each such Common Unit held by such holders, the pro rata share per Unit of the amount equal to (I) the product of (x) the Common/OUS Percentage multiplied by (y) the
U.S. Gain, minus (II) the amount paid to the holders of the OUS Units pursuant to Section 10.05(a)(v)(C)(1); and 

(D) the holders of the OUS Units are entitled to be paid, with respect to each such Unit held by such holders, the
pro rata share per Unit of the product of (1) the Common/OUS Percentage multiplied by (2) the OUS Gain. 
 (b)
If, upon any liquidation or dissolution of the Company, the available assets of the Company are insufficient to pay the full amount of the liquidating distributions provided for in Section 10.05(a)(i), then the holders of the Preferred Units
(or, in the case of Section 10.05(a)(i)(A), the former holders of the Preferred Units) shall share ratably in the total amount available for distribution pursuant to Section 10.05(a)(i) in proportion to the full liquidating distributions
to which they would have been respectively entitled had the available assets of the Company been sufficient to pay the full amount of the liquidating distributions provided for in Section 10.05(a)(i). 

  
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 (c) If, upon any liquidation or dissolution of the Company, the available assets of the Company
are sufficient to pay the full amount of the liquidating distributions provided for in Section 10.05(a)(i), but insufficient to pay the full amount of the liquidating distributions provided for in Section 10.05(a)(ii), then the holders of
the Preferred Units shall share ratably in the total amount available for distribution pursuant to Section 10.05(a)(ii) in proportion to the full liquidating distributions to which they would have been respectively entitled had the available
assets of the Company been sufficient to pay the full amount of the liquidating distributions provided for in Section 10.05(a)(ii). 

(d) If, upon any liquidation or dissolution of the Company, the available assets of the Company are sufficient to pay the full amount of the
liquidating distributions provided for in Sections 10.05(a)(i) and 10.05(a)(ii), but insufficient to pay the full amount of the liquidating distributions provided for in Section 10.05(a)(iii), then the holders of the Common Units (including,
for the avoidance of doubt, the Converted Common Units) and the OUS Units shall share ratably in the total amount available for distribution pursuant to Section 10.05(a)(iii) in proportion to the full liquidating distributions to which they
would have been respectively entitled had the available assets of the Company been sufficient to pay the full amount of the liquidation distributions provided for in Section 10.05(a)(iii). 

Section 10.06 Company Sale. Any Company Sale, and any other consolidation or merger of the Company or any of its Subsidiaries with
or into any Person or Persons, Transfer of all or substantially all of the assets of the Company and its Subsidiaries to any Person or Persons or Transfer of all of the Units then outstanding (whether pursuant to any Drag-Along Sale, Tag-Along Sale
or otherwise) to any Person or Persons, shall be deemed to constitute a liquidation, dissolution and winding up of the Company solely for purposes of (a) in the case of a Company Sale where the proceeds of such Company Sale are payable to the
Company, distributing the proceeds thereof and (b) in the case of a Company Sale where the proceeds of such Company Sale are payable to the Members and/or the owners of the equity interests of the Members, allocating the proceeds thereof among
such Persons, and such proceeds shall be distributed or allocated, as the case may be, in accordance with Section 10.05. For the avoidance of doubt, this Section 10.06 shall apply to any of the transactions referred to in the immediately
preceding sentence without regard to whether the proceeds of such transaction are payable to the Company or the Members (or, in the case of a Member Entity Transfer, the holders of the equity interests of the applicable Member) pursuant to the terms
of such transaction, and the Company and the Members hereby agree to take all action necessary to effect the distribution or allocation of proceeds of any such transaction as provided by this Section 10.06. 

Section 10.07 Rights of Members; Resignation. (a) Except as otherwise provided in this Agreement, each Member shall look
solely to the property of the Company for the return of its Capital Contributions, and, except in respect of the Company’s Indebtedness or obligations to a Member, shall have no right or power to demand or receive property other than cash from
the Company. 
 (b) No Member shall resign from the Company (in its capacity as a Member) prior to the dissolution and winding up of the
Company in accordance with this Agreement. 

  
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 ARTICLE 11 

MISCELLANEOUS 

Section 11.01 Notices. All notices, requests and other communications to any party or to the Company shall be
in writing (including telecopy or similar writing and electronic mail (“e-mail”) transmission, so long as a receipt of such e-mail is requested and received) and shall be given, 

if to the Company to: 
 Bioventus
LLC 
 4271 Emperor Parkway 

Durham, NC 27703 
 Attention: Mark
A. Augusti 
 Facsimile No.: 919-474-6893 

with a copy (which shall not constitute notice) to: 

Bioventus LLC 
 4271 Emperor
Parkway 
 Durham, NC 27703 

Attention: Jeanne M. Forneris 

Facsimile No.: 919-474-6893 
 if
to any Essex Member to: 
 Essex Woodlands 

280 Park Avenue, 27th Floor East 

New York, New York 10017 

Attention: Scott Barry 
 Facsimile
No.: (212) 922-0551 
 E-mail: sbarry@ewhv.com 

with a copy (which shall not constitute notice) to: 

Reed Smith LLP 
 599 Lexington
Avenue, 22nd Floor 
 New York, New York 10022 

Attention: Patrick F. Rice, Esq. 

Facsimile No.: (212) 521-5450 

E-mail: price@reedsmith.com 
 if
to S&N or S&N Blocker, to: 
 Smith & Nephew, Inc. 

7135 Goodlett Farms 
 Cordova, TN
38106 

  
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 Attention: Chief Legal Officer 

Facsimile No.: 901-396-7824 

E-mail: company.secretary@smith-nephew.com 

with a copy (which shall not constitute notice) to: 

Davis Polk & Wardwell LLP 

450 Lexington Avenue 
 New York,
New York 10017 
 Attention: Ajay B. Lele 

Facsimile No.: 212-701-5800 
 if
to any other Member, to: 
 The address specified in the Company’s records 

or to such other address or telecopier number as such party or the Company may hereafter specify for the purpose by notice to the other parties and the
Company. Each such notice, request or other communication shall be effective when delivered at the address specified in this Section 11.01 during regular business hours. 

Section 11.02 Representations and Warranties. (a) Each Member hereby acknowledges that the Units have not been issued by the
Company pursuant to a registration statement under the Securities Act. Neither the Company, nor any other Person has any obligation or intention to effect the registration of the Units for sale, transfer or disposition by the Members under the
Securities Act or Applicable Law, or to take any action that would make available any exemption from the registration requirements of the Securities Act or Applicable Law. Members must therefore hold such Units indefinitely unless a subsequent
registration or exemption therefrom is available and is obtained. No federal or state agency has reviewed the issuance of the Units pursuant hereto or approved or disapproved the Units to be issued pursuant hereto for investment or any other
purpose. 
 (b) Each Member acknowledges that (i) it is acquiring the Units for its own account, as principal and not on behalf of any
other party or parties and for investment and not with a view to the resale or distribution of all or any part of such Units and (ii) it has been afforded the opportunity to ask questions of, and to obtain any information from, the Company and
the Board of Managers as it deems necessary to determine the suitability and advisability of the purchase of the Units pursuant hereto and the merits and risk of entering into this Agreement. 

Section 11.03 Amendments; No Waivers. (a) Any provision of this Agreement may be amended or waived if, and only if, such
amendment or waiver is in writing and signed, in the case of an amendment, by S&N, S&N Blocker (after S&N Blocker becomes a Member), each of the Essex Members and the Company, or in the case of a waiver, by the Member against whom the
waiver is to be effective; provided that any amendment that adversely and disproportionately affects any Member shall require the approval of such Member. 

  
 63 

 (b) No failure or delay by any party in exercising any right, power or privilege hereunder shall
operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege. No waiver of any breach of this Agreement shall be held to constitute
a waiver of any other or subsequent breach. The rights and remedies herein provided shall be cumulative and not exclusive of any rights or remedies provided by law. 

Section 11.04 Expenses. Except as provided in the Expense Side Letter, all costs and expenses incurred by the parties in
connection with this Agreement shall be paid by the party incurring such costs or expenses. 
 Section 11.05 Public
Announcements. No party to this Agreement shall issue any news release or make any public announcement, written or oral, relating to this Agreement or any Related Document or the existence of any arrangement between the parties, without the
prior written consent of the party whether named in such news release or other public announcement or not, except where such news release or other public announcement is compelled by judicial or administrative process or by other requirements of law
or by the rules of any securities exchange or national securities quotative system pursuant to a listing agreement therewith; provided that in such event, the party issuing same shall still use reasonable efforts to consult with the other party,
whether named in such news release or public announcement or not, a reasonable time prior to its release to allow the other party to comment thereon and, after its release, shall provide the other party with a copy thereof 

Section 11.06 Successors and Assigns. The provisions of this Agreement shall be binding upon and inure to the benefit of the
Members and their respective successors and permitted assigns. Notwithstanding the foregoing, neither this Agreement nor any right, remedy, obligation or liability arising hereunder or by reason hereof shall be assignable other than in connection
with a Transfer permitted pursuant to Article 8. This Agreement is for the sole benefit of the Members and the Company, and, except as otherwise contemplated herein, nothing herein expressed or implied shall give or be construed to give any Person,
other than the Members and the Company, any legal or equitable rights hereunder. With respect to the Profits Interest Members, any benefit conferred on any other Member(s) to the exclusion of the Profits Interest Members is for the sole benefit of
such other Member(s) and nothing herein shall give or be construed to give any Profits Interest Members any legal or equitable rights hereunder with respect to such benefit. 

Section 11.07 Headings. Headings are for ease of reference only and shall not form a part of this Agreement. 

Section 11.08 Governing Law. This Agreement shall be construed in accordance with and governed by the law of the State of Delaware
without giving effect to the principles of conflicts of laws thereof 
 Section 11.09 Jurisdiction. Any suit, action or
proceeding seeking to enforce any provision of, or based on any matter arising out of or in connection with, this Agreement may be brought against any of the parties in any federal court located in the State of Delaware or any Delaware state court,
and each of the parties hereby consents to the exclusive jurisdiction of such 

  
 64 

 
court (and of the appropriate appellate courts) in any such suit, action or proceeding and waives any objection to venue laid therein. Process in any such suit, action or proceeding may be served
on any party anywhere in the world, whether within or without the jurisdiction of any such court. Without limiting the foregoing, the parties agree that service of process upon such party at the address referred to in Section 11.01, together
with written notice of such service to such party, shall be deemed effective service of process upon such party. 
 Section 11.10
WAIVER OF JURY TRIAL. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

Section 11.11 Entire Agreement. This Agreement (including the Annexes constituting a part of this Agreement; all references to
this Agreement shall be deemed to include each Annex to this Agreement) and any other writing signed by authorized representatives of each of the parties after the date hereof that specifically references this Agreement, constitute the entire
agreement among the parties with respect to the subject matter hereof and supersede all prior agreements, understandings and negotiations, both written and oral between the parties with respect to the subject matter hereof. Except as expressly
provided herein, this Agreement is not intended to confer upon any Person other than the parties hereto any rights or remedies hereunder. 

Section 11.12 Counterparts; Effectiveness. This Agreement may be signed in any number of counterparts, each of which shall be
deemed an original. This Agreement shall become effective when each party shall have received a counterpart hereof signed by each of the other parties. An executed copy or counterpart hereof delivered by facsimile shall be deemed an original
instrument. 
 Section 11.13 Severability. If any provision of this Agreement or the application thereof to any Person or
circumstance shall be invalid or unenforceable to any extent, the remainder of this Agreement and the application of such provisions to other Persons or circumstances shall not be affected thereby and shall be enforced to the greatest extent
permitted by law. 
 Section 11.14 Further Assurances. The Members shall execute and deliver such further instruments and do
such further acts and things as may be required to carry out the intent and purpose of this Agreement. 
 Section 11.15 Specific
Performance. The parties hereto agree that irreparable damage would occur if any provision of this Agreement were not performed in accordance with the terms hereof and that the parties shall be entitled to an injunction or injunctions to prevent
breaches of this Agreement or to enforce specifically the performance of the terms and provisions hereof in any federal or state court located in the State of Delaware, in addition to any other remedy to which they are entitled at law or in equity.

 [Remainder of page intentionally left blank] 

  
 65 

 IN WITNESS WHEREOF, the parties hereto have entered into this Agreement or have caused this
Agreement to be duly executed by their respective authorized officers, in each case as of the day and year first above written. 
  

			
	SMITH & NEPHEW, INC.
		
	By:	 	/s/ R. Gordon Howe
		 	  

		 	Name: R. Gordon Howe
		 	 Title: Senior Vice President

          Global Planning & Development

 [Signature Page to LLC Agreement] 

 
			
	BIOVENTUS LLC
		
	By:	 	/s/ Mark A. Augusti
		 	  

		 	Name: Mark A. Augusti
		 	Title: Chief Executive Officer

 [Signature Page to LLC Agreement] 

 
			
	 BELUGA I, INC.
  

By: BELUGA BV, LLC, as its Attorney-in-Fact
  

By: ESSEX WOODLANDS HEALTH
 VENTURES VIII, LLC, its
manager

		
	By:	 	/s/ Martin P. Sutter
		 	  

		 	Name: Martin P. Sutter
		 	Title: Manager
	
	 BELUGA II, INC.
  

By: BELUGA BV, LLC, as its Attorney-in-Fact
  

By: ESSEX WOODLANDS HEALTH
 VENTURES VIII, LLC, its
manager

		
	By:	 	/s/ Martin P. Sutter
		 	  

		 	Name: Martin P. Sutter
		 	Title: Manager
	
	 BELUGA III, INC.
  

By: BELUGA BV, LLC, as its Attorney-in-Fact
  

By: ESSEX WOODLANDS HEALTH
 VENTURES VIII, LLC, its
manager

		
	By:	 	/s/ Martin P. Sutter
		 	  

		 	Name: Martin P. Sutter
		 	Title: Manager

 [Signature Page to LLC Agreement] 

 
			
	 BELUGA IV, INC.
  

By: BELUGA BV, LLC, as its Attorney-in-Fact
  

By: ESSEX WOODLANDS HEALTH
 VENTURES VIII, LLC, its
manager

		
	By:	 	/s/ Martin P. Sutter
		 	  

		 	Name: Martin P. Sutter
		 	Title: Manager
	
	 BELUGA V, INC.
  

By: BELUGA BV, LLC, as its Attorney-in-Fact
  

By: ESSEX WOODLANDS HEALTH
 VENTURES VIII, LLC, its
manager

		
	By:	 	/s/ Martin P. Sutter
		 	  

		 	Name: Martin P. Sutter
		 	Title: Manager
	
	 BELUGA VI, INC.
  

By: BELUGA BV, LLC, as its Attorney-in-Fact
  

By: ESSEX WOODLANDS HEALTH
 VENTURES VIII, LLC, its
manager

		
	By:	 	/s/ Martin P. Sutter
		 	  

		 	Name: Martin P. Sutter
		 	Title: Manager

 [Signature Page to LLC Agreement]

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