Document:

Exhibit 10.7

 

Class Acquisition Corporation 

8260 Spectrum Center Blvd.

San Diego, CA 92123

 

	 	September 22, 2020

 

Class Acquisition Sponsor LLC

8260 Spectrum Center Blvd.

San Diego, CA 92123

 

Re: Securities Subscription Agreement

 

Ladies and Gentlemen:

 

This agreement (the “Agreement”)
is entered into on the date hereof by and between Class Acquisition Sponsor LLC, a Delaware limited liability company (the “Subscriber”
or “you”), and Class Acquisition Corporation, a Delaware corporation (the “Company”, “we”
or “us”). Pursuant to the terms hereof, the Company hereby accepts the offer the Subscriber has made to purchase
6,468,750 shares of Class B common stock, $0.0001 par value per share (the “Shares”), up to 843,750 of which
are subject to forfeiture by you if the underwriters of the initial public offering (“IPO”) of units (“Units”)
of the Company, do not fully exercise their over-allotment option (the “Over-allotment Option”). The Company
and the Subscriber’s agreements regarding such Shares are as follows:

 

1. Purchase
of Securities.

 

1.1. Purchase of Shares. For
the sum of $25,000 (the “Purchase Price”), which the Company acknowledges receiving in cash, the Company hereby
issues the Shares to the Subscriber, and the Subscriber hereby purchases the Shares from the Company, subject to forfeiture, on
the terms and subject to the conditions set forth in this Agreement.  Concurrently
with the Subscriber’s execution of this Agreement, the Company shall, at its option, deliver to the Subscriber a certificate
registered in the Subscriber’s name representing the shares (the “Original Certificate”), or effect such
delivery in book-entry form.

 

2. Representations,
Warranties and Agreements.

 

2.1. Subscriber’s
Representations, Warranties and Agreements. To induce the Company to issue the Shares to the Subscriber, the Subscriber
hereby represents and warrants to the Company and agrees with the Company as follows:

 

2.1.1. No
Government Recommendation or Approval. The Subscriber understands that no federal or state agency has passed upon or made
any recommendation or endorsement of the offering of the Shares.

 

2.1.2. No
Conflicts. The execution, delivery and performance of this Agreement and the consummation by the Subscriber of the transactions
contemplated hereby do not violate, conflict with or constitute a default under (i) the formation and governing documents of the
Subscriber, (ii) any agreement, indenture or instrument to which the Subscriber is a party or (iii) any law, statute, rule or regulation
to which the Subscriber is subject, or any agreement, order, judgment or decree to which the Subscriber is subject.

 

2.1.3. Organization
and Authority. The Subscriber is a Delaware limited liability company, validly existing and in good standing under the
laws of Delaware and possesses all requisite power and authority necessary to carry out the transactions contemplated by this Agreement.
Upon execution and delivery by you, this Agreement is a legal, valid and binding agreement of Subscriber, enforceable against Subscriber
in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, fraudulent conveyance
or similar laws affecting the enforcement of creditors’ rights generally and subject to general principles of equity (regardless
of whether enforcement is sought in a proceeding at law or in equity).

 

     

     

    

 

2.1.4. Experience,
Financial Capability and Suitability. Subscriber is: (i) sophisticated in financial matters and is able to evaluate the
risks and benefits of the investment in the Shares and (ii) able to bear the economic risk of its investment in the Shares for
an indefinite period of time because the Shares have not been registered under the Securities Act (as defined below) and therefore
cannot be sold unless subsequently registered under the Securities Act or an exemption from such registration is available. Subscriber
is capable of evaluating the merits and risks of its investment in the Company and has the capacity to protect its own interests.
Subscriber must bear the economic risk of this investment until the Shares are sold pursuant to: (i) an effective registration
statement under the Securities Act or (ii) an exemption from registration available with respect to such sale. Subscriber is able
to bear the economic risks of an investment in the Shares and to afford a complete loss of Subscriber’s investment in the
Shares.

 

2.1.5. Access
to Information; Independent Investigation. Prior to the execution of this Agreement, the Subscriber has had the opportunity
to ask questions of and receive answers from representatives of the Company concerning an investment in the Company, as well as
the finances, operations, business and prospects of the Company, and the opportunity to obtain additional information to verify
the accuracy of all information so obtained. In determining whether to make this investment, Subscriber has relied solely on Subscriber’s
own knowledge and understanding of the Company and its business based upon Subscriber’s own due diligence investigation and
the information furnished pursuant to this paragraph. Subscriber understands that no person has been authorized to give any information
or to make any representations which were not furnished pursuant to this Section 2 and Subscriber has not relied on any other representations
or information in making its investment decision, whether written or oral, relating to the Company, its operations and/or its prospects.

 

2.1.6. Regulation
D Offering. Subscriber represents that it is an “accredited investor” as such term is defined in Rule 501(a)
of Regulation D under the Securities Act of 1933, as amended (the “Securities Act”) and acknowledges the sale
contemplated hereby is being made in reliance on a private placement exemption to “accredited investors” within the
meaning of Section 501(a) of Regulation D under the Securities Act or similar exemptions under state law.

 

2.1.7. Investment
Purposes. The Subscriber is purchasing the Shares solely for investment purposes, for the Subscriber’s own account
and not for the account or benefit of any other person, and not with a view towards the distribution or dissemination thereof.
The Subscriber did not decide to enter into this Agreement as a result of any general solicitation or general advertising within
the meaning of Rule 502 under the Securities Act.

 

2.1.8. Restrictions
on Transfer; Shell Company. Subscriber understands the Shares are being offered in a transaction not involving a public
offering within the meaning of the Securities Act. Subscriber understands the Shares will be “restricted securities”
within the meaning of Rule 144(a)(3) under the Securities Act, and Subscriber understands that the certificates or book-entries
representing the Shares will contain a legend in respect of such restrictions. If in the future the Subscriber decides to offer,
resell, pledge or otherwise transfer the Shares, such Shares may be offered, resold, pledged or otherwise transferred only pursuant
to: (i) registration under the Securities Act, or (ii) an available exemption from registration. Subscriber agrees that if any
transfer of its Shares or any interest therein is proposed to be made, as a condition precedent to any such transfer, Subscriber
may be required to deliver to the Company an opinion of counsel satisfactory to the Company. Absent registration or an exemption,
the Subscriber agrees not to resell the Shares. Subscriber further acknowledges that because the Company is a shell company, Rule
144 may not be available to the Subscriber for the resale of the Shares until one year following consummation of the initial business
combination of the Company, despite technical compliance with the requirements of Rule 144 and the release or waiver of any contractual
transfer restrictions.

 

2.1.9. No
Governmental Consents. No governmental, administrative or other third party consents or approvals are required, necessary
or appropriate on the part of Subscriber in connection with the transactions contemplated by this Agreement.

 

2.2. Company’s Representations,
Warranties and Agreements. To induce the Subscriber to purchase the Shares, the Company hereby represents and warrants
to the Subscriber and agrees with the Subscriber as follows:

 

2.2.1. Organization
and Corporate Power. The Company is a Delaware corporation and is qualified to do business in every jurisdiction in which
the failure to so qualify would reasonably be expected to have a material adverse effect on the financial condition, operating
results or assets of the Company. The Company possesses all requisite corporate power and authority necessary to carry out the
transactions contemplated by this Agreement.

 

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2.2.2. No
Conflicts. The execution, delivery and performance of this Agreement and the consummation by the Company of the transactions
contemplated hereby do not violate, conflict with or constitute a default under (i) the Certificate of Incorporation or By Laws
of the Company, (ii) any agreement, indenture or instrument to which the Company is a party or (iii) any law, statute, rule or
regulation to which the Company is subject, or any agreement, order, judgment or decree to which the Company is subject.

 

2.2.3. Title
to Securities. Upon issuance in accordance with, and payment pursuant to, the terms hereof, the Shares will be duly and
validly issued, fully paid and nonassessable. Upon issuance in accordance with, and payment pursuant to, the terms hereof, the
Subscriber will have or receive good title to the Shares, free and clear of all liens, claims and encumbrances of any kind, other
than (a) transfer restrictions hereunder and other agreements to which the Shares may be subject which have been notified to the
Subscriber in writing, (b) transfer restrictions under federal and state securities laws, and (c) liens, claims or encumbrances
imposed due to the actions of the Subscriber.

 

2.2.4. No
Adverse Actions. There are no actions, suits, investigations or proceedings pending, threatened against or affecting the
Company which: (i) seek to restrain, enjoin, prevent the consummation of or otherwise affect the transactions contemplated by this
Agreement or (ii) question the validity or legality of any transactions or seeks to recover damages or to obtain other relief in
connection with any transactions.

 

3. Forfeiture
of Shares.

 

3.1. Partial or No Exercise
of the Over-allotment Option. In the event the Over-allotment Option granted to the underwriters of the IPO is not exercised
in full, the Subscriber acknowledges and agrees that it (or, if applicable, it and any transferees of Shares) shall forfeit any
and all rights to such number of Shares (up to an aggregate of 843,750 Shares and pro rata based upon the percentage of the Over-allotment
Option exercised) such that immediately following such forfeiture, the Subscriber (and all other initial stockholders prior to
the IPO, if any) will own an aggregate number of Shares, not including Shares issuable upon exercise of any warrants or any Common
Stock purchased by Subscriber in the IPO or in the aftermarket equal to 20% of the issued and outstanding Shares immediately following
the IPO.

 

3.2. Termination of Rights
as Stockholder. If any of the Shares are forfeited in accordance with this Section 3, then after such time the Subscriber
(or successor in interest), shall no longer have any rights as a holder of such forfeited Shares, and the Company shall take such
action as is appropriate to cancel such forfeited Shares.

 

3.3. Share Certificates. In
the event an adjustment to the Original Certificates, if any, is required pursuant to this Section 3, then the Subscriber
shall return such Original Certificates to the Company or its designated agent as soon as practicable upon its receipt of notice
from the Company advising Subscriber of such adjustment, following which a new certificate (the “New Certificate”),
if any, shall be issued in such amount representing the adjusted number of Shares held by the Subscriber. The New Certificate,
if any, shall be returned to the Subscriber as soon as practicable. Any such adjustment for any uncertificated securities held
by the Subscriber shall be made in book-entry form.

 

4. Waiver
of Liquidation Distributions; Redemption Rights. In connection with the Shares purchased pursuant to this Agreement, the
Subscriber hereby waives any and all right, title, interest or claim of any kind in or to any distributions by the Company from
the trust account which will be established for the benefit of the Company’s public stockholders and into which substantially
all of the proceeds of the IPO will be deposited (the “Trust Account”), in the event of a liquidation of the
Company upon the Company’s failure to timely complete an initial business combination. For purposes of clarity, in the event
the Subscriber purchases Shares in the IPO or in the aftermarket, any additional Shares so purchased shall be eligible to receive
any liquidating distributions by the Company. However, in no event will the Subscriber have the right to redeem any Shares into
funds held in the Trust Account upon the successful completion of an initial business combination.

 

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5. Restrictions on Transfer.

 

5.1. Securities Law Restrictions. In
addition to any restrictions to be contained in that certain letter agreement (commonly known as an “Insider Letter”)
to be dated as of the closing of the IPO by and between Subscriber and the Company, Subscriber agrees not to sell, transfer, pledge,
hypothecate or otherwise dispose of all or any part of the Shares unless, prior thereto (a) a registration statement on the appropriate
form under the Securities Act and applicable state securities laws with respect to the Shares proposed to be transferred shall
then be effective or (b) the Company has received an opinion from counsel reasonably satisfactory to the Company, that such registration
is not required because such transaction is exempt from registration under the Securities Act and the rules promulgated by the
Securities and Exchange Commission thereunder and with all applicable state securities laws. 

 

5.2.  Lock-up.
Subscriber acknowledges that the Securities will be subject to lock-up provisions (the “Lock-up”) contained
in the Insider Letter.

 

5.3.  Restrictive Legends. Any
certificates representing the Shares shall have endorsed thereon legends substantially as follows:

 

“THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS AND NEITHER THE SECURITIES NOR ANY INTEREST THEREIN
MAY BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER
SUCH ACT OR SUCH LAWS OR AN EXEMPTION FROM REGISTRATION UNDER SUCH ACT AND SUCH LAWS WHICH, IN THE OPINION OF COUNSEL, IS AVAILABLE.”

 

“THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT
TO A LOCKUP AND MAY NOT BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED DURING THE TERM OF THE LOCKUP.”

 

5.4. Additional Shares or
Substituted Securities. In the event of the declaration of a share dividend, the declaration of an extraordinary dividend
payable in a form other than Shares, a spin-off, a share split, an adjustment in conversion ratio, a recapitalization or a similar
transaction affecting the Company’s outstanding Shares without receipt of consideration, any new, substituted or additional
securities or other property which are by reason of such transaction distributed with respect to any Shares subject to this Section
5 or into which such Shares thereby become convertible shall immediately be subject to this Section 5 and Section 3. Appropriate
adjustments to reflect the distribution of such securities or property shall be made to the number and/or class of Shares subject
to this Section 5 and Section 3.

 

5.5. Registration Rights. Subscriber
acknowledges that the Shares are being purchased pursuant to an exemption from the registration requirements of the Securities
Act and will become freely tradable only after certain conditions are met or they are registered pursuant to a registration rights
agreement to be entered into with the Company prior to the closing of the IPO.

 

6. Other
Agreements.

 

6.1. Further Assurances. Subscriber
agrees to execute such further instruments and to take such further action as may reasonably be necessary to carry out the intent
of this Agreement.

 

6.2. Notices. All
notices, statements or other documents which are required or contemplated by this Agreement shall be: (i) in writing and delivered
personally or sent by first class registered or certified mail, overnight courier service or facsimile or electronic transmission
to the address designated in writing, (ii) by facsimile to the number most recently provided to such party or such other address
or fax number as may be designated in writing by such party and (iii) by electronic mail, to the electronic mail address most recently
provided to such party or such other electronic mail address as may be designated in writing by such party. Any notice or other
communication so transmitted shall be deemed to have been given on the day of delivery, if delivered personally, on the business
day following receipt of written confirmation, if sent by facsimile or electronic transmission, one (1) business day after delivery
to an overnight courier service or five (5) days after mailing if sent by mail.

 

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6.3. Entire Agreement. This
Agreement, together with the Insider Letter and the Registration Rights Agreement, each substantially in the form to be filed as
an exhibit to the Registration Statement on Form S-1 associated with the Company’s IPO, embodies the entire agreement and
understanding between the Subscriber and the Company with respect to the subject matter hereof and supersedes all prior oral or
written agreements and understandings relating to the subject matter hereof. No statement, representation, warranty, covenant or
agreement of any kind not expressly set forth in this Agreement shall affect, or be used to interpret, change or restrict, the
express terms and provisions of this Agreement. 

 

6.4.  Modifications
and Amendments. The terms and provisions of this Agreement may be modified or amended only by written agreement executed
by all parties hereto.

 

6.5. Waivers and Consents. The
terms and provisions of this Agreement may be waived, or consent for the departure therefrom granted, only by a written document
executed by the party entitled to the benefits of such terms or provisions. No such waiver or consent shall be deemed to be or
shall constitute a waiver or consent with respect to any other terms or provisions of this Agreement, whether or not similar. Each
such waiver or consent shall be effective only in the specific instance and for the purpose for which it was given, and shall not
constitute a continuing waiver or consent.

 

6.6. Assignment. The
rights and obligations under this Agreement may not be assigned by either party hereto without the prior written consent of the
other party.

 

6.7. Benefit. All
statements, representations, warranties, covenants and agreements in this Agreement shall be binding on the parties hereto and
shall inure to the benefit of the respective successors and permitted assigns of each party hereto. Nothing in this Agreement shall
be construed to create any rights or obligations except among the parties hereto, and no person or entity shall be regarded as
a third-party beneficiary of this Agreement.

 

6.8. Governing Law. This
Agreement and the rights and obligations of the parties hereunder shall be construed in accordance with and governed by the laws
of New York applicable to contracts wholly performed within the borders of such state, without giving effect to the conflict of
law principles thereof.

 

6.9. Severability. In
the event that any court of competent jurisdiction shall determine that any provision, or any portion thereof, contained in this
Agreement shall be unreasonable or unenforceable in any respect, then such provision shall be deemed limited to the extent that
such court deems it reasonable and enforceable, and as so limited shall remain in full force and effect. In the event that such
court shall deem any such provision, or portion thereof, wholly unenforceable, the remaining provisions of this Agreement shall
nevertheless remain in full force and effect.

 

6.10. No Waiver of Rights,
Powers and Remedies. No failure or delay by a party hereto in exercising any right, power or remedy under this Agreement,
and no course of dealing between the parties hereto, shall operate as a waiver of any such right, power or remedy of such party.
No single or partial exercise of any right, power or remedy under this Agreement by a party hereto, nor any abandonment or discontinuance
of steps to enforce any such right, power or remedy, shall preclude such party from any other or further exercise thereof or the
exercise of any other right, power or remedy hereunder. The election of any remedy by a party hereto shall not constitute a waiver
of the right of such party to pursue other available remedies. No notice to or demand on a party not expressly required under this
Agreement shall entitle the party receiving such notice or demand to any other or further notice or demand in similar or other
circumstances or constitute a waiver of the rights of the party giving such notice or demand to any other or further action in
any circumstances without such notice or demand.

 

6.11. Survival of Representations
and Warranties. All representations and warranties made by the parties hereto in this Agreement or in any other agreement,
certificate or instrument provided for or contemplated hereby, shall survive the execution and delivery hereof and any investigations
made by or on behalf of the parties.

 

6.12. No Broker or Finder. Each
of the parties hereto represents and warrants to the other that no broker, finder or other financial consultant has acted on its
behalf in connection with this Agreement or the transactions contemplated hereby in such a way as to create any liability on the
other. Each of the parties hereto agrees to indemnify and save the other harmless from any claim or demand for commission or other
compensation by any broker, finder, financial consultant or similar agent claiming to have been employed by or on behalf of such
party and to bear the cost of legal expenses incurred in defending against any such claim.

 

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6.13. Headings and Captions. The
headings and captions of the various subdivisions of this Agreement are for convenience of reference only and shall in no way modify
or affect the meaning or construction of any of the terms or provisions hereof.

 

6.14. Counterparts. This
Agreement may be executed in one or more counterparts, all of which when taken together shall be considered one and the same agreement
and shall become effective when counterparts have been signed by each party and delivered to the other party, it being understood
that both parties need not sign the same counterpart. In the event that any signature is delivered by facsimile transmission or
any other form of electronic delivery, such signature shall create a valid and binding obligation of the party executing (or on
whose behalf such signature is executed) with the same force and effect as if such signature page were an original thereof.

 

6.15. Construction. The
parties hereto have participated jointly in the negotiation and drafting of this Agreement. If an ambiguity or question of intent
or interpretation arises, this Agreement will be construed as if drafted jointly by the parties hereto and no presumption or burden
of proof will arise favoring or disfavoring any party hereto because of the authorship of any provision of this Agreement. The
words “include,” “includes,” and “including” will be deemed to be followed
by “without limitation.” Pronouns in masculine, feminine, and neuter genders will be construed to include any
other gender, and words in the singular form will be construed to include the plural and vice versa, unless the context otherwise
requires. The words “this Agreement,” “herein,” “hereof,” “hereby,”
“hereunder,” and words of similar import refer to this Agreement as a whole and not to any particular subdivision
unless expressly so limited. The parties hereto intend that each representation, warranty, and covenant contained herein will have
independent significance. If any party hereto has breached any representation, warranty, or covenant contained herein in any respect,
the fact that there exists another representation, warranty or covenant relating to the same subject matter (regardless of the
relative levels of specificity) which such party hereto has not breached will not detract from or mitigate the fact that such party
hereto is in breach of the first representation, warranty, or covenant.

 

6.16. Mutual Drafting. This
Agreement is the joint product of the Subscriber and the Company and each provision hereof has been subject to the mutual consultation,
negotiation and agreement of such parties and shall not be construed for or against any party hereto.

 

7. Voting
and Tender of Shares. Subscriber agrees to vote the Shares in favor of an initial business combination that the Company
negotiates and submits for approval to the Company’s stockholders and shall not seek redemption with respect to such Shares.
Additionally, the Subscriber agrees not to tender any Shares in connection with a tender offer presented to the Company’s
stockholders in connection with an initial business combination negotiated by the Company.

 

8. Indemnification. Each
party shall indemnify the other against any loss, cost or damages (including reasonable attorney’s fees and expenses) incurred
as a result of such party’s breach of any representation, warranty, covenant or agreement in this Agreement.

 

[Signature Page Follows]

 

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If the foregoing accurately sets forth our
understanding and agreement, please sign the enclosed copy of this Agreement and return it to us.

 

	 	Very truly yours,
	 	 
	 	CLASS ACQUISITION CORPORATION
	 	 	 
	 	By:	/s/ Robert C. Daugherty
	 	 	Name: 	Robert C. Daugherty
	 	 	Title:	Vice President and Secretary

 

	Accepted and agreed as of the date first written above.	 
	 	 
	CLASS ACQUISITION SPONSOR LLC	 
	 	 
	By:	/s/ Joseph E. Parsons	 
	 	Name: 	Joseph E. Parsons	 
	 	Title:	Sole Member	 

 

[Signature Page to Securities Subscription
Agreement]

 

 

7EX-10.23

 Exhibit 10.23 

INVOLUNTARY TERMINATION AGREEMENT 

THIS INVOLUNTARY TERMINATION AGREEMENT (this “Agreement”) is entered into effective as of January 13, 2020 (the
“Effective Date”), by and between RTI Surgical Holdings, Inc., a Delaware corporation (the “Company”), and Joshua H. DeRienzis (the “Executive”). 

1. Definitions. As used in this Agreement, the following terms have the respective meanings set forth below: 

(a) “Accrued Obligations” means the sum of the following payments accrued by the Executive as of the Termination Date, to the
extent not yet paid: (i) base salary, to the extent earned; (ii) any bonus, annual incentive compensation, deferred compensation, and other cash compensation, to the extent earned; and (iii) any vacation pay, expense reimbursements,
and other cash entitlements. 
 (b) “Affiliate” means any corporation or other entity (i) in which the Company has a
direct or indirect ownership interest of 50% or more of the total combined voting power of the then-outstanding securities of such corporation or other entity entitled to vote generally in the election of directors or (ii) that has a direct or
indirect ownership interest of 50% or more of the total combined voting power of the then-outstanding securities of the Company entitled to vote generally in the election of directors. 

(c) “Board” means the Board of Directors of the Company. 

(d) “Cash Bonus Award” means a cash bonus of $150,000 granted to the Executive on the Effective Date. The Cash Bonus Award
will vest and be payable to Executive in three payments of $50,000 on each of the First, Second and Third Anniversaries of the Effective Date. However, in the event that the Executive resigns without Good Reason, he shall forfeit any unvested
portion of the Cash Bonus Award and any vested and unpaid portion of the Cash Bonus Award shall be payable 30 days after the effectiveness of such resignation. Additionally, if Executive is terminated for Cause, Executive shall forfeit the unvested
and unpaid Cash Bonus Award. In the event Executive is terminated without Cause or if he resigns for Good Reason, any unvested portion of the Cash Bonus Award shall be payable within 10 business days of the termination of the Executive’s
employment with the Company or a successor to the Company. 
 (e) “Cause” means the occurrence of any of the following
events, unless, to the extent remedy is reasonably feasible, such event is fully remedied by the Executive in all material respects within 15 days after the Company provides written notification of the occurrence of such event to the Executive: 

(i) the Executive’s willful misconduct or gross negligence in the performance of the Executive’s material duties to the Company;

 (ii) the Executive’s failure to perform the Executive’s material duties to the
Company or to follow the lawful directives of the Board or the officer to whom the Executive reports (other than as a result of death or disability); 

(iii) indictment or conviction of the Executive, or pleading by the Executive of guilty or nolo contendere to, any felony or any crime
involving moral turpitude; 
 (iv) the Executive’s violation of any laws, rules or regulations of any governmental or regulatory body,
which violation is or is reasonably likely to be materially injurious to the Company’s financial condition or reputation; 
 (v) the
Executive’s failure to cooperate in any audit or investigation of the business or financial practices of the Company or any of its subsidiaries; 

(vi) the Executive’s performance of any act of theft, embezzlement, fraud, material malfeasance, material dishonesty or misappropriation
of the Company’s property; 
 (vii) breach by the Executive of a provision of this Agreement or any agreement with the Company, or a
violation by the Executive of the Company’s code of conduct or any other written policy, which breach or violation is or is reasonably likely to be materially injurious to the Company’s financial condition or reputation; 

(viii) the Executive’s possession or use of illegal drugs; 

(ix) the Executive’s legal use of alcohol or controlled substances in a manner that materially impairs the Employee’s ability to
effectively perform his job; or 
 (x) the Executive’s commission of any act that is or is reasonably likely to be materially
injurious to the Company’s financial condition or reputation. 
 The Company shall provide the Executive with a written notice detailing the specific
circumstances alleged to constitute Cause within 30 days after the Company becomes aware of such circumstances, and may terminate the Executive’s employment within 10 days following the expiration of the Executive’s 15-day cure period described above, to the extent remedy is reasonably feasible. 
 (f)
“Code” means the Internal Revenue Code of 1986, as amended. 
 (g) “Good Reason” means, without the
written consent of the Executive, the occurrence of any one or more of the following: 
 (i) a material reduction of the Executive’s
base salary or target annual bonus; 
 (ii) a material diminution in the Executive’s position, duties, authority, or responsibilities
(other than temporarily while the Executive is physically or mentally incapacitated); 

  
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 (iii) a relocation of the Executive’s primary place of employment by more than 60
miles; or 
 (iv) the Company’s material breach of this Agreement or any agreement between the Company and the Executive. 

Notwithstanding the foregoing, no condition may constitute Good Reason unless (A) the Executive provides written notice to the Company of the existence
of such condition no later than 60 days after the Executive knows or reasonably should know of the existence of such condition, (B) the Company fails to remedy such condition within 30 days after receipt of such notice, and (C) the
Executive resigns due to the existence of such condition within 60 days after the expiration of the remedial period described in clause (B). 

(h) “Involuntary Termination” means termination of the Executive’s employment by the Company without Cause or the
Executive’s resignation for Good Reason. 
 (i) “Sale” means the consummation of the sale, in one or more
transactions, of either: (i) a majority of the then-outstanding capital stock or equity interests of all of the Subsidiaries of the Company that own at least 80% of the assets that are used in or comprise the Company’s OEM business; or
(ii) at least 80% of the assets owned by the Company and its Subsidiaries that are used in or comprise the Company’s OEM business; provided, however, for the avoidance of doubt, any sale of all or substantially all of the Assets of the
Company or any transaction (whether a merger, reorganization, statutory share exchange, consolidation or similar transaction (collectively, a “Business Combination”)) which results in the transfer of a majority of the voting power of the
Company to persons or entities which were not in control of the Company prior to the Business Combination, shall be deemed a Sale. 
 (j)
“Subsidiary” means, with respect to the Company, any corporation, limited liability company, partnership or other business entity: (i) of which 50% or more of any class of capital stock or other equity interest is owned or
controlled, directly or indirectly, by the Company; or (ii) of which the Company is a general partner. 
 (k) “Termination
Date” means (i) the date of the Executive’s separation from service, within the meaning of the Code, or (ii) if the Executive’s employment by the Company terminates by reason of death, the date of death, or disability,
the date of disability. 
 (1) “Transition Period” means the period beginning on the closing date of a Sale and ending six
months after a Sale. 
 2. Term. This Agreement will remain in effect for a two-year term
beginning as of the Effective Date (the “Term”) unless either the Company or the Executive provides notice of termination of the Agreement to the other at least 90 days prior to the expiration of the Term; provided that no such
early termination has the effect of reducing or diminishing the rights of the Executive under this Agreement (including any outstanding Cash Bonus Award payments) without the written consent of the Executive. 

3. Grant of Cash Bonus Award. The Cash Bonus Award is hereby granted to the Executive. This amount is granted to the Executive in
contemplation of a possible Sale. It is 

  
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agreed that if the Sale is not completed prior to the time that 2020 long term incentive (“LTI”) awards are generally made to Company executives, then the Company may replace (but shall
not be required to replace) the Cash Bonus Award with a 2020 LTI award that has a value of $150,000 more than the base LTI award that would otherwise be given to the Executive. 

4. General Severance Terms. 

(a) In exchange for the rights granted to the Executive under this Agreement, the Executive unconditionally and irrevocably waives any rights
and benefits that may be applicable to him under any policy of the Company related to the termination of the Executive’s employment with the Company, unless a Sale does not occur (in which case any Company policy then in place shall be
applicable to the Executive). 
 (b) If the Executive breaches in any material respect any restrictive covenants in any agreement between
the Executive and the Company or any of its Affiliates, including any non-competition, non-solicitation, non-disparagement, or
confidentiality covenant (the “Restrictive Covenants”), and fails to remedy such breach within 30 days after receipt of written notice of such breach from the Company, (i) the Executive’s entitlement to the payments and
benefits set forth in Section 5 shall be null and void; (ii) all rights to receive or continue to receive severance payments and benefits will cease; and (iii) the Executive must immediately repay to the Company all amounts already
paid to, and the value of all benefits already received by, the Executive pursuant to Section 5. The foregoing does not limit any other rights or remedies the Company may have existing in its favor, including injunctive relief. 

(c) If the Executive’s employment with the Company terminates for any reason, the Company shall pay the Executive all Accrued Obligations
within 15 days following the Termination Date (except to the extent payment of such Accrued Obligation is required to be paid later pursuant to the terms of an applicable plan or agreement), regardless of whether the Executive complies with the
Release Requirement (as defined below) or the Restrictive Covenants. 
 (d) In the event of a Sale, the vesting of the Executive’s
equity awards shall accelerate. 
 5. Payments upon an Involuntary Termination in Connection with a Sale. In the event of an
Involuntary Termination during the Transition Period, and provided the Executive executes and has not revoked a general release agreement in a form prescribed by the Company within 30 days after the Termination Date (the “Release
Requirement”), the Company will provide the Executive with the following benefits: 
 (a) An amount equal to 12 times the
Executive’s monthly base salary as of the Termination Date, payable in a lump sum within 30 days following the Termination Date; 
 (b)
An amount equal to the Cash Bonus Award, payable in a lump sum within 30 days following the Termination Date; provided, however, that if the Cash Bonus Award is converted into an LTI award pursuant to the provisions of Section 3
of this Agreement, then the Cash Bonus Award shall not be paid; 

  
 4 

 (c) An amount equal to the prorated amount of the Executive’s target bonus opportunity
for the year of termination, based on the number of full months completed from the beginning of the fiscal year of termination through the date of termination, payable in a lump sum 30 days following the termination of employment; and 

(d) Provided the Executive elects continued medical, dental and vision coverage pursuant to the Consolidated Omnibus Budget Reconciliation Act
of 1985, as amended (“COBRA”), the Company shall pay a lump sum equal to 12 months of the premium costs for COBRA continuation coverage. 

6. Other Termination of Employment. If the employment of the Executive terminates for any reason other than an Involuntary Termination
(regardless of whether or not during the Transition Period), then the Executive will receive payment of only (i) the Accrued Obligations plus (ii) any unpaid portion of the Cash Bonus Award. 

7. Section 280G. To the extent that any payment or distribution to or for the benefit of the Executive pursuant to the terms of
this Agreement or any other plan, arrangement, or agreement with the Company, any of its affiliated companies, any person whose actions result in a change of ownership or effective control covered by Section 280G(b)(2) of the Code, or any
person affiliated with the Company or such person, whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise (the “Payments”), would be subject to the excise tax (the
“Excise Tax”) imposed by Section 4999 of the Code, then the Company will reduce the payments to the amount that is (after taking into account federal, state, local, and social security taxes at the maximum marginal rates, and
including any excise taxes imposed by Section 4999 of the Code) one dollar less than the amount of the Payments that would subject the Executive to the Excise Tax (the “Safe Harbor Cap”). 

8. Withholding Taxes. The Company may withhold from all payments due to the Executive (or the Executive’s beneficiary or estate)
hereunder all taxes that, by applicable federal, state, local, or other law, the Company is required to withhold therefrom. The Company may also reduce the amounts otherwise payable pursuant to this Agreement to satisfy the Executive’s required
contributions for the health coverage being provided hereunder. 
 9. Amendment and Waiver. No provision of this Agreement may be
amended, modified, or waived unless such amendment, modification, or waiver is agreed to in writing and signed by the Executive and by a duly authorized officer of the Company; provided that the Company may amend the Agreement in a manner that is
beneficial to the interests of the Executive without the Executive’s written consent. No waiver by any party hereto at any time of any breach by the other party hereto of, or compliance with, any condition or provision of this Agreement to be
performed by such other party will be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time. Failure by the Executive or the Company to insist upon strict compliance with any provision of
this Agreement or to assert any right the Executive or the Company may have hereunder will not be deemed to be a waiver of such provision or right or any other provision or right of this Agreement. Except as otherwise expressly set forth in this
Agreement or in any agreement with respect to any equity ownership interest in the Company owned by the Executive, the rights of, and benefits payable to, the Executive pursuant to this Agreement are in addition to any rights against, or benefits
payable by, third parties (i.e., persons other than the Company or any of its Affiliates), to the Executive under any other employee benefit plan or program of the Company. 

  
 5 

 10. Scope of Agreement. Nothing in this Agreement entitles the Executive to continued
employment with the Company or its subsidiaries or any of their respective Affiliates. Any amounts paid pursuant to this Agreement are in lieu of any other amounts of severance relating to salary, incentive or other bonus compensation, or equity
compensation to be received by the Executive from the Company or its Affiliates upon termination of employment of the Executive under any employment, employee benefit, equity compensation, or severance plan or agreement, policy, or similar
arrangement of the Company or its Affiliates in effect as of the date hereof; provided that nothing in this Section 10 affects the Executive’s rights with respect to any equity ownership interest in the Company. If the Company or any of
its Affiliates are obligated by law to pay severance pay, notice pay, or similar benefits, or if the Company or any of its Affiliates are obligated by law to provide advance notice of separation (“Notice Period”), then the payments
made under this Agreement will be reduced by the amount of any such severance, notice pay, or similar benefits, as applicable, and by the amount of any severance pay, notice pay, or similar benefits received during any Notice Period. 

11. Successors; Binding Agreement. 

(a) This Agreement will not terminate upon any merger or consolidation of the Company, whether or not the Company is the surviving or
resulting corporation, as a result of any transfer or sale of all or substantially all of the assets of the Company, or as a result of a Sale. In the event of any such merger, consolidation, transfer or sale of assets, or Sale, the provisions of
this Agreement will be binding upon the surviving or resulting corporation or the person or entity to which such assets are transferred. 

(b) This Agreement shall be binding upon and inure to the benefit of the parties named in this Agreement and their respective successors and
permitted assigns. No party may assign either this Agreement or any of its rights, interests, or obligations under this Agreement; provided, however, that the Company may assign this Agreement to any successor, purchaser of all or substantially all
of the assets of the Company, or purchaser in connection with a Sale. Any attempted assignment of this Agreement or any rights, interests, or obligations under this Agreement not in accordance with the terms of this Section 11(b) shall be void.

 12. Section 409A Compliance. This Agreement is intended to comply with the requirements of Section 409A of the Code, and
shall be interpreted and construed consistently with such intent. The payments to the Executive pursuant to this Agreement are also intended to be exempt from Section 409A of the Code to the maximum extent possible, under either the separation
pay exemption pursuant to Treasury regulation §1.409A-1(b)(9)(iii) or as short-term deferrals pursuant to Treasury regulation §1.409A-1(b)(4), and for such
purposes, each payment to the Executive under this Agreement shall be considered a separate payment. In the event the terms of this Agreement would subject the Executive to taxes or penalties under Section 409A of the Code (“409A
Penalties”), the Company and the Executive shall cooperate diligently to amend the terms of the Agreement to avoid such 409A Penalties, to the extent possible; provided that in no event shall the Company be responsible for any 409A
Penalties that arise in connection with any amounts payable under this Agreement. To the extent any amounts under this 

  
 6 

 
Agreement are payable by reference to the Executive’s “termination of employment,” such term and similar terms shall be deemed to refer to the Executive’s “separation
from service,” within the meaning of Section 409A of the Code. Notwithstanding any other provision in this Agreement, to the extent any payment hereunder constitutes nonqualified deferred compensation, within the meaning of
Section 409A of the Code, and the Executive is a specified employee (within the meaning of Section 409A of the Code) as of the date of the Executive’s separation from service, each such payment that is payable upon the
Executive’s separation from service and would have been paid prior to the six-month anniversary of the Executive’s separation from service, shall be delayed until the earlier to occur of (i) the
first day of the seventh month following the Executive’s separation from service or (ii) the date of the Executive’s death. Any reimbursement payable to the Executive pursuant to this Agreement shall be conditioned on the submission
by the Executive of all expense reports reasonably required by the Company under any applicable expense reimbursement policy, and shall be paid to the Executive in accordance with the Company’s expense reimbursement policy, but in no event
later than the last day of the calendar year following the calendar year in which the Executive incurred the reimbursable expense. Any amount of expenses eligible for reimbursement, or in-kind benefit
provided, during a calendar year shall not affect the amount of expenses eligible for reimbursement, or in-kind benefit to be provided, during any other calendar year. The right to any reimbursement or in-kind benefit pursuant to this Agreement shall not be subject to liquidation or exchange for any other benefit. 

13. Notices. 
 (a) For
purposes of this Agreement, all notices and other communications required or permitted hereunder must be in writing and will be deemed to have been duly given: (a) when delivered personally to the recipient; (b) two business days after
being sent to the recipient by reputable international overnight courier service (charges prepaid); or (c) on the date sent by facsimile transmission or electronic mail if sent during normal business hours of the recipient, and on the next
business day if sent after normal business hours of the recipient, addressed: (i) if to the Executive, to the home address of the Executive on the most current Company records; (ii) if to the Company, to RTI Surgical, Inc., 520 Lake Cook
Road, Suite 315, Deerfield, Illinois 60015; or (iii) to any other address that either party may have furnished to the other in writing in accordance with the notice requirements of this Section 13 (provided that such notice has been
received by the other party). 
 (b) A written notice of the Executive’s Termination Date by the Company or the Executive to the other
must (i) indicate the specific provision in this Agreement applicable to such termination; (ii) to the extent applicable, set forth in reasonable detail the facts and circumstances claimed to provide a basis for the application of such
provision to the termination of the Executive’s employment; and (iii) specify the Termination Date. The failure by the Executive or the Company to set forth in such notice any fact or circumstance that contributes to a showing of Good
Reason or Cause will not waive any right of the Executive or the Company hereunder or preclude the Executive or the Company from asserting such fact or circumstance in enforcing the Executive’s or the Company’s rights hereunder. 

  
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 14. Mitigation and Offset; Attorneys’ Fees and Expenses. 

(a) The Company’s obligation to make any payments provided in this Agreement and otherwise to perform its obligations hereunder will not
be affected by any set-off, counterclaim, recoupment, defense, or other claim, right, or action that the Company may have against the Executive or others, except as provided in Section 44 or
Section 15. In no event will the Executive be obligated to seek other employment or take any other action by way of mitigation of the amounts payable to the Executive under this Agreement, except as provided in Section 44, and such amounts
will not be reduced whether or not the Executive obtains other employment, 
 (b) The Company and the Executive shall each bear their own
attorney’s fees and expenses incurred in connection with any claim or dispute between them relating to or arising out of this Agreement. 

15. Clawback Policy. Notwithstanding anything to the contrary herein, all incentive compensation paid to the Executive in connection
with the Executive’s employment with the Company will be subject to forfeiture, recovery by Company, or other action pursuant to any clawback or recoupment policy that the Company may adopt to the extent the Board determines in its sole
discretion that the adoption and maintenance of such policy is necessary to comply with the Dodd-Frank Wall Street Reform and Consumer Protection Act and implementing rules and regulations thereunder, or is otherwise required by applicable law. 

16. Governing Law; Validity. The interpretation, construction and performance of this Agreement will be governed by and construed and
enforced in accordance with the internal laws of the State of Delaware without regard to the principle of conflicts of laws. The invalidity or unenforceability of any provision of this Agreement will not affect the validity or enforceability of any
other provisions of this Agreement, which other provisions will remain in full force and effect. 
 17. Counterparts. This Agreement
may be executed in two counterparts (including by means of facsimile transmission or electronic mail), each of which will be deemed to be an original and both of which together will constitute one and the same instrument. A manual signature on this
Agreement, an image of which shall have been transmitted electronically, will constitute an original signature for all purposes. 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

  
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 [Signature Page to Involuntary Termination Agreement] 

 IN WITNESS WHEREOF, the Company has caused this Agreement to be executed by a duly
authorized officer, and the Executive has executed this Agreement effective as of the day and year first above written. 
  

							
	RTI SURGICAL HOLDINGS, INC.
			
	By:	 		 	/s/ Camille I. Farhat
		 		 	  
 Name: Camille I.
Farhat

		 		 	Title: President and Chief Executive Officer

  

	
	EXECUTIVE
	
	/s/ Joshua H. DeRienzis
	  
 Joshua H. DeRienzis
1/12/2020

 {Signature Page to Involuntary Termination Agreement]

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