Document:

Exhibit 10.3

 

TERMINATION OF ROYALTY AGREEMENT

 

This TERMINATION OF ROYALTY AGREEMENT, dated
as of July 27, 2015 (this “Termination”), is made by and between ROS Acquisition Offshore LP, a Cayman Islands
Exempted Limited Partnership (“ROS”), and Bacterin International, Inc., a Nevada corporation (“Bacterin”).
Unless otherwise defined herein or the context otherwise requires, terms used in this Termination have the meanings provided in
the Royalty Agreement (as defined below).

 

WHEREAS, Bacterin and ROS are party to that
certain Royalty Agreement, dated as of August 24, 2012, as amended as of August 12, 2013 (and as further amended, supplemented
or otherwise modified from time to time, the “Royalty Agreement”) pursuant to which Bacterin is obligated to
make certain Royalty Payments to ROS;

 

WHEREAS, Bacterin, ROS and the other parties
thereto are party to that certain Amended And Restated Credit Agreement, dated as of the date hereof (as the same may be amended,
restated, amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”)
to provide financing for the benefit of Bacterin; and

 

WHEREAS, Bacterin and ROS desire to terminate
the Royalty Agreement on the terms and subject to the conditions set forth herein.

 

NOW, THEREFORE, the parties hereto hereby
agree as follows:

 

Section 1.Termination. Effective as of the Restatement
Date (as defined in the Credit Agreement), the Royalty Agreement and all obligations, liabilities and responsibilities of either
party thereunder shall be terminated and deemed discharged (except for any obligations that survive such termination in accordance
with the terms of the Royalty Agreement). Notwithstanding anything to the contrary in the preceding sentence, if the Restatement
Date does not occur on or before July 31, 2015, this Termination shall be deemed null and void and the Royalty Agreement and
all obligations, liabilities and responsibilities thereunder shall remain in full force and effect.

 

Section 2.Governing Law. THIS TERMINATION AND ANY
CLAIMS, CONTROVERSY, DISPUTE OR CAUSE OF ACTION (WHETHER IN CONTRACT OR TORT OR OTHERWISE) BASED UPON, ARISING OUT OF OR RELATING
TO THIS TERMINATION SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK (INCLUDING
FOR SUCH PURPOSE SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK).

 

Section 3.Forum Selection and Consent to Jurisdiction.
ANY LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER, OR IN CONNECTION WITH, THIS TERMINATION, OR ANY COURSE OF CONDUCT, COURSE
OF DEALING, STATEMENTS (WHETHER ORAL OR WRITTEN) OR ACTIONS OF ROS OR ANY GUARANTOR IN CONNECTION HEREWITH, SHALL BE BROUGHT AND
MAINTAINED IN THE COURTS OF THE BOROUGH OF MANHATTAN IN THE CITY OF NEW YORK IN THE STATE OF NEW YORK OR IN THE UNITED STATES DISTRICT
COURT FOR THE SOUTHERN DISTRICT OF NEW YORK; PROVIDED THAT ANY SUIT SEEKING ENFORCEMENT AGAINST ANY COLLATERAL OR OTHER
PROPERTY MAY BE BROUGHT, AT THE OPTION OF ROS, IN THE COURTS OF ANY JURISDICTION WHERE SUCH COLLATERAL OR OTHER PROPERTY MAY BE
FOUND. BACTERIN IRREVOCABLY CONSENTS TO THE SERVICE OF PROCESS BY REGISTERED MAIL, POSTAGE PREPAID, OR BY PERSONAL SERVICE WITHIN
OR WITHOUT THE STATE OF NEW YORK AT THE ADDRESS FOR NOTICES SPECIFIED IN SECTION 11.2 OF THE CREDIT AGREEMENT. BACTERIN
HEREBY EXPRESSLY AND IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY OBJECTION WHICH IT MAY HAVE OR HEREAFTER MAY
HAVE TO THE LAYING OF VENUE OF ANY SUCH LITIGATION BROUGHT IN ANY SUCH COURT REFERRED TO ABOVE AND ANY CLAIM THAT ANY SUCH LITIGATION
HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. TO THE EXTENT THAT BACTERIN HAS OR HEREAFTER MAY ACQUIRE ANY IMMUNITY FROM JURISDICTION
OF ANY COURT OR FROM ANY LEGAL PROCESS (WHETHER THROUGH SERVICE OR NOTICE, ATTACHMENT PRIOR TO JUDGMENT, ATTACHMENT IN AID OF EXECUTION
OR OTHERWISE) WITH RESPECT TO ITSELF OR ITS PROPERTY, BACTERIN HEREBY IRREVOCABLY WAIVES TO THE FULLEST EXTENT PERMITTED BY LAW
SUCH IMMUNITY IN RESPECT OF ITS OBLIGATIONS UNDER THIS TERMINATION.

 

    	 

    	 

    

 

Section 4.Counterparts. This Termination may be executed
in any number of counterparts and by different parties hereto on separate counterparts, each of which when so executed and delivered
shall be an original and all of which shall together constitute but one and the same agreement. Delivery of an executed counterpart
of a signature page to this Termination by email (e.g. “pdf” or “tiff”) or telecopy shall be effective
as delivery of a manually executed counterpart of this Termination.

 

 

[Remainder of Page Intentionally Left
Blank.]

 

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IN WITNESS WHEREOF, each of the parties
hereto has caused this Termination of Royalty Agreement to be duly executed and delivered by its Authorized Officer as of the date
first above written.

  

	 	BACTERIN INTERNATIONAL, INC.
	 	 	 
	 	By:	/s/ John P. Gandolfo
	 	 	Name:  John P. Gandolfo
	 	 	Title:    Chief Financial Officer
	 	 	 
	 	 	 
	 	ROS ACQUISITION OFFSHORE LP,
	 	 	as the Administrative Agent
	 	 	 
	 	By ROS Acquisition Offshore GP Ltd.,
	 	its General Partner
	 	By OrbiMed Advisors LLC,
	 	its investment manager
	 	 	 
	 	By:	/s/ Samuel D. Isaly
	 	 	Name:  Samuel D. Isaly
	 	 	Title:    Managing Member

 

    	[Signature Page to Termination of Royalty Agreement]Exhibit 10.4

 

SECURITIES
PURCHASE AGREEMENT

 

Bacterin International Holdings, Inc.

600 Cruiser Lane

Belgrade, Montana 59714

 

Ladies and Gentlemen:

 

Each of the undersigned (each, an “Investor”)
hereby confirms its agreement with you as follows:

 

1.This
Securities Purchase Agreement (the “Agreement”) is made as of the Effective Date between Bacterin International
Holdings, Inc., a Delaware corporation (the “Company”), and the Investor listed on the signature pages hereto.
The Company proposes to enter into similar securities purchase agreements with certain other investors (the “Other Investors”)
each of which is a private investment fund for which OrbiMed Advisors LLC acts as investment adviser, and expects to complete sales
of the Securities (as defined below) to them. The Investor and the Other Investors are hereinafter sometimes collectively referred
to as the “Investors,” and this Agreement and the securities purchase agreements executed by the Other
Investors are hereinafter sometimes collectively referred to as the “Agreements.”

 

 2. The Company is proposing to issue and sell to Leerink Partners LLC, as initial purchaser (the “Initial Purchaser”), for resale by the Initial Purchaser to certain investors (the “Offering”) up to $65,000,000 aggregate principal amount of its Convertible Senior Notes due 2021 (the “Securities”), which are convertible into shares of the Company's common stock, par value $0.000001 per share (the “Common Stock”), which will be issued pursuant to an indenture, to be dated as of July 31, 2015 (the “Indenture”), between the Company and Wilmington Trust, National Association, as trustee (the “Trustee”). The Securities will be entitled to the benefits of a Registration Rights Agreement (the “Registration Rights Agreement”), to be entered into among the Company, the Initial Purchaser and the Investor, pursuant to which the Company will agree, among other thing, to file and cause to become effective under the Securities Act of 1933, as amended (the “Securities Act”), a registration statement covering the resale of the Securities and the Common Stock issuable upon conversion of the Securities. The Securities are being offered by the Initial Purchaser to qualified institutional buyers (“QIBs”) within the meaning of Rule 144A under the Securities Act and certain Securities are being offered directly by the Company pursuant hereto to investors that are either QIBs or institutional accredited investors as defined in Rule 501 of the Securities Act.

 

 3. The Securities shall have the terms described in the preliminary offering memorandum dated July 13, 2015 relating to the offering of the Securities (as supplemented by the final pricing term sheet (the “Final Term Sheet”) dated July 27, 2015 (the “Effective Date”) sent to the Investor prior to the effectiveness of this Agreement, the “Offering Memorandum”). 

 

4.
The Company and the Investor agree that, upon the terms and subject to the conditions set
forth herein, the Investor will purchase from the Company and the Company will issue and sell to the Investor the aggregate principal
amount of Securities set forth below on the Investor's signature page for the aggregate purchase price set forth below on such
Investor's signature page. The Securities shall be purchased pursuant to the Terms and Conditions for Purchase of Securities attached
hereto as Annex A and incorporated herein by reference as if fully set forth herein. The Securities purchased by the Investor
will be delivered by electronic book-entry through the facilities of the Depository Trust Company (“DTC”) pursuant
to the Investor’s instructions and will be released by the Trustee, at the written request of the Company, to such
Investor at the Closing.

 

    	 

    	 

    

 

Aggregate Principal Amount of
Securities the Investor Agrees to Purchase:

 

$33,190,000

 

Aggregate Purchase Price of such
Securities: $33,190,000

 

Please confirm that the foregoing correctly
sets forth the agreement between us by signing in the space provided below for that purpose.

 

AGREED AND ACCEPTED BY: 

 

____________________________________

 

	Bacterin International Holdings, Inc.,a Delaware Corporation

 	 	Name of Investor: 	ROS Acquisition Offshore LP
	 	 	 	 	
	By:		 	By:	/s/ Samuel D Isaly
	Name:	 	 	Print Name:	Samuel D. Isaly
	Title:	 	 	Title:	Managing Member
	 	 	 	Address:	601 Lexington Avenue, 5th Floor 
	 	 	 	 	New York, NY 10022
	 	 	 	Tax ID No.:	 
	 	 	 	Settlement Contact Name:	J. Christopher LiPuma
	 	 	 	Telephone:	 
	 	 	 	Email Address:	 

 

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If you are a registered investment company, please provide information
relating to your Custodial Agent.

 

	 	Name of Custodial Agent:	Merrill Lynch

	 	 	 
	 	Address:	 600 California St., Floor 8

	 	 	San Francisco, CA 94108
	 	Tax ID No.:	 
	 	Settlement Contact Name:	Peter Miller
	 	Telephone:	 
	 	Email Address:	 
	 	 	 
	 	Name in which electronic book-entry should be made (if different)
		 	 
	 	 	 
	 	DTC Account:	 
	 	DTC Internal Account:  	 

 

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Aggregate Principal Amount of
Securities the Investor Agrees to Purchase:

 

$18,810,000

 

Aggregate Purchase Price of such Securities
: $18,810,000

 

Please confirm that the foregoing correctly
sets forth the agreement between us by signing in the space provided below for that purpose.

 

AGREED AND ACCEPTED BY:

______________________________________

 

	Bacterin International Holdings, Inc.,a Delaware Corporation	 	Name of Investor: 	OrbiMed Royal Opportunities II, LP
	 	 	 	 	 
	By:	 	 	By:	/s/ Samuel D Isaly
	Name:	 	 	Print Name:	Samuel D. Isaly
	Title:	 	 	Title:	Managing Member
	 	 	 	Address:	601 Lexington Avenue, 5th Floor 
	 	 	 	 	New York, NY 10022
	 	 	 	Tax ID No.:	 
	 	 	 	Settlement Contact Name:	J. Christopher LiPuma
	 	 	 	Telephone:	 
	 	 	 	Email Address:	 

 

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If you are a registered investment company, please provide information
relating to your Custodial Agent.

 

	 	Name of Custodial Agent:	Merrill Lynch

	 	 	 
	 	Address:	 600 California St., Floor 8

	 	 	San Francisco, CA 94108
	 	Tax ID No.:	 
	 	Settlement Contact Name:	Peter Miller
	 	Telephone:	 
	 	Email Address:	 
	 	 	 
	 	Name in which electronic book-entry should be made (if different)
		 	 
	 	 	 
	 	DTC Account:	 
	 	DTC Internal Account:  	 

 

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ANNEX A
TO THE SECURITIES PURCHASE AGREEMENT

TERMS AND CONDITIONS FOR PURCHASE OF SECURITIES

 

		1.	Authorization and Sale of Securities. The Company is proposing to sell up to $65,000,000 aggregate principal
amount of the Securities, including the Securities sold directly to the Investors.

 

		2.	Agreement to Sell and Purchase the Securities.

 

		2.1	Upon the terms and subject to the conditions hereinafter set forth, at the Closing (as defined in Section 3), the Company will
sell to the Investor, and the Investor will purchase from the Company, the aggregate principal amount of Securities set forth on
such Investor's signature page hereto at the purchase price set forth on such signature page.

 

		2.2	The Company has entered into a purchase agreement with the Initial Purchaser, dated the date hereof (the “Initial
Purchaser Purchase Agreement”) pursuant to which it will sell to the Initial Purchaser Securities for resale by the Initial
Purchaser to certain investors that are QIBs and the Company also intends to enter into agreements similar to this Agreement with
certain other investors (the “Other Investors”), each of which is a private investment fund for which OrbiMed
Advisors LLC acts as investment adviser, and the Company expects to complete sales of Securities to them. (The Investor and the
Other Investors are hereinafter sometimes collectively referred to as the “Investors,” and this Agreement and
the securities purchase agreements executed by the Other Investors are hereinafter sometimes collectively referred to as the “Agreements.”)
Capitalized terms used but not defined herein have the meanings given to them in the Initial Purchaser Purchase Agreement.

 

		2.3	The Investor acknowledges that the Company intends to pay the Initial Purchaser a fee in respect of the resale by the Initial
Purchaser of the Securities sold to it by the Company to QIBs, all pursuant to the terms of the Initial Purchaser Purchase Agreement.

 

		3.	Closings and Delivery of Securities and Funds.

 

		3.1	The completion of the purchase and sale of the Securities (the “Closing”) shall occur on or around July
31, 2015 (the “Closing Date”), at the offices of the Company's counsel, which shall be the Closing Date
for the sales pursuant to the Initial Purchaser Purchase Agreement. At the Closing, (i) the Company shall cause the Trustee to
deliver to the Investor the Accepted Securities (as defined below) to the DTC account specified by the Investor and agreed by the
Company, and (ii) the aggregate purchase price for the Accepted Securities (as defined below) shall be delivered by or on behalf
of the Investor to the Company.

 

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		3.2	The Company's obligation to issue and sell Accepted Securities to any Investor shall be subject to the following conditions,
any one or more of which may be waived by the Company: (a) completion of the purchases and sales of $65,000,000 aggregate principal
amount of Securities under the Initial Purchaser Purchase Agreement and the Agreements, (b) the accuracy of the representations
and warranties made by the Investors, (c) the fulfillment of those undertakings of the Investors to be fulfilled prior to the Closing,
and (d) completion of the proposed acquisition described in the Offering Memorandum.

 

		3.3	The Investor’s obligation to accept delivery of the Securities and to pay for the Securities shall be subject to the
following conditions: (a) completion of the sale of the Securities under the Initial Purchaser Purchase Agreement; (b) each of
the representations and warranties of the Company made in Section 2 of the Initial Purchaser Purchase Agreement shall be accurate
in all material respects as of the Closing Date; (c) delivery of an officer’s certificate dated as of the Closing Date regarding
the accuracy in material respects of the Company’s representations and warranties and addressing such other matters as are
customarily addressed in closing certificates; (d) delivery to the Investor a copy of the Indenture duly executed by the Company
and the Trustee; (e) delivery to the Investor of customary legal opinions in form and substance reasonably satisfactory to counsel
to the Investor; (f) delivery to the Investor of a customary secretary’s certificate in form reasonably acceptable to the
Investor; (g) the offering of the Notes shall have been completed, or shall be completed concurrently with the consummation of
the issuance and sale of the Securities pursuant hereto, pursuant to the terms of the Initial Purchaser Purchase Agreement; (h)
the Acquisition Agreement shall have been executed and delivered in the form last provided to the Investor prior to the execution
of this Agreement, with no amendments thereto or modifications or waivers thereof not theretofore consented to in writing by the
Investor; (i) the Company’s credit facility with ROS Acquisition Offshore LP shall have been amended and restated in the
form last provided to the Investor prior to the execution of this Agreement, with no material amendments thereto or modifications
or waivers thereof not theretofore consented to in writing by the Investor; (j) there shall have been no amendments or modifications
or waivers to the Initial Purchaser Purchase Agreement not consented to in writing by the Investor; (k) the fulfillment in all
material respects of those undertakings of the Company specified in Section 7 of the Initial Purchaser Purchase Agreement to be
fulfilled prior to Closing; (l) the Company and the Initial Purchaser shall have executed and delivered the Registration Rights
Agreement, and the Investor shall have received an original copy thereof, duly executed by the Company and the Initial Purchaser
and (m) the Company shall have furnished to the Investor such further certificates and documents as the Investor may reasonably
request.

 

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		3.4	At the Closing, the Investor shall remit by wire transfer the amount of funds equal to the aggregate purchase price for the
Accepted Securities being purchased by such Investor to the following account designated by the Company:

 

		Bank Name:	[ ]
		ABA No.:	[ ]
		G LA	[ ]
		For Credit to Account No.:	[ ]
		A/C Name:	[ ]

 

		4.	Representations, Warranties and Covenants of the Company.

 

The Company hereby represents and warrants
to, and covenants with, the Investor that:

 

		4.1	The Company has full right, power, authority and capacity to enter into this Agreement and the Registration Rights Agreement
and to consummate the transactions contemplated hereby and thereby, and has taken all necessary action to authorize the execution,
delivery and performance of this Agreement and the Registration Rights Agreement.

 

		4.2	The Company has all requisite corporate power and authority to issue and sell the Securities and the Common Stock issuable
upon conversion of the Securities. The Securities have been duly authorized by the Company, and when duly executed, authenticated,
issued and delivered as provided in the indenture related to the Securities (assuming due authentication of the Securities by the
Trustee) and paid for as provided in this Agreement will constitute valid and binding obligations of the Company, enforceable against
it in accordance with its terms, subject to applicable bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium
and similar laws affecting creditors' rights and remedies generally, and subject, as to enforceability, to general principles of
equity; and the Securities and the Common Stock issuable upon conversion of the Securities will conform to the descriptions thereof
in the Offering Memorandum. The Common Stock issuable upon conversion of the Securities, when issued upon conversion of the Securities,
in accordance with the terms of the Indenture, will be validly issued, fully paid and non-assessable, and the issuance of the Common
Stock issuable upon conversion of the Securities will not be subject to any preemptive or similar rights.

 

		4.3	The Company hereby makes to the Investor the representations and warranties made by the Company to the Initial Purchaser pursuant
to Section 2 of the Initial Purchaser Purchase Agreement as if, for purposes of such representations and warranties, the Investor
were a third party beneficiary thereof. The Company has furnished to the Investor a true and correct copy of the Initial Purchaser
Purchase Agreement. The Company shall promptly notify the Investor of any proposed amendment or modification to Section 2 of the
Initial Purchaser Purchase Agreement.

 

		4.4	The Company hereby agrees, for the benefit of the Investor, to comply with Sections 5(h), (i), (j), (k), (l), (m), (n),
(o), (q), (r) and (t) of the Initial Purchaser Purchase Agreement.

 

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		5.	Representations, Warranties and Covenants of the Investor.

 

The Investor hereby represents and warrants
to, and covenants with, the Company that:

 

	 	5.1	(1)	The Investor is (a) either a QIB as defined
in Rule 144A under the Securities Act, or an institutional accredited investor as defined in Rule 501(a)(1), (a)(2), (a)(3), or
(a)(7) under the Securities Act, as presently in effect, (b) aware that the sale to it is being made in reliance on a private
placement exemption from registration under the Securities Act, and (c) acquiring the Securities for its own account or for the
account of a QIB or an institutional accredited investor.

 

		(2)	The Investor understands and agrees on behalf of itself and on behalf of any investor account for which it is purchasing the
Securities and Common Stock issuable upon conversion of the Securities, that the Securities and Common Stock issuable upon conversion
of the Securities are being offered in a transaction not involving any public offering within the meaning of the Securities Act,
that the Securities and Common Stock issuable upon conversion of the Securities have not been, and will not be, registered under
the Securities Act and that (a) if it decides to offer, resell, pledge or otherwise transfer any of the Securities or Common Stock
issued upon conversion of the Securities, such Securities and Common Stock may be offered, resold, pledged or otherwise transferred
only (i) to a person whom the seller reasonably believes is a QIB in a transaction meeting the requirements of Rule 144A, (ii)
pursuant to any other exemption from the registration requirements of the Securities Act, including Rule 144 under the Securities
Act (if available), (iii) pursuant to an effective registration statement under the Securities Act, or (iv) to the Company, or
one of its subsidiaries, in each of cases (i) through (iv) in accordance with any applicable securities laws of any state of the
United States.

 

		(3)	The Investor understands that the Securities and Common Stock issued upon conversion of the Securities will, unless sold pursuant
to a registration statement that has been declared effective under the Securities Act or in compliance with Rule 144, and will
bear a legend that reflects the restricted nature of the securities.

 

		(4)	The Investor:

 

		(a)	is able to fend for itself in the transactions contemplated by the Offering Memorandum;

 

		(b)	has such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of
its prospective investment in the Securities; and

 

		(c)	has the ability to bear the economic risks of its prospective investment and can afford the complete loss of such investment.

 

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		(5)	The Investor has received the Offering Memorandum and acknowledges that (a) it has conducted its own investigation of the Company
and the terms of the Securities and, in conducting its examination, it has not relied on the Initial Purchaser or on any statements
or other information provided by the Initial Purchaser concerning the Company or the terms of this offering, (b) it has had access
to, and has had an adequate opportunity to review, (i) all information the Company has filed with and furnished to the Securities
and Exchange Commission (the “Commission”), (ii) all information set forth in such filings, (iii) the information
requested by the Investor regarding the Company’s proposed acquisition of all of the capital stock of X-spine Systems, Inc.
and the business and financial results of X-spine Systems, Inc., and (iv) such financial and other information as it deems necessary
to make its decision to purchase the Securities, and (c) it has been offered the opportunity to ask questions of the Company, and
received such answers thereto, as it deemed necessary in connection with the decision to purchase the Securities.

 

		(6)	The Investor understands that the Company, and others will rely upon the truth and accuracy of the foregoing representations,
acknowledgements and agreements and agrees that if any of the representations and acknowledgements deemed to have been made by
it by its purchase of the Securities are no longer accurate, the Investor shall promptly notify the Company. If the Investor is
acquiring the Securities as a fiduciary or agent for one or more investor accounts, it represents that it has sole investment discretion
with respect to each such account and it has full power to make the foregoing representations, acknowledgements and agreements
on behalf of such account.

 

		5.2	The Investor acknowledges that no action has been or will be taken in any jurisdiction outside the United States by the Company
that would permit an offering of the Securities, or possession or distribution of offering materials in connection with the issue
of the Securities (including any filing of a registration statement), in any jurisdiction outside the United States where action
for that purpose is required. Each Investor outside the United States will comply with all applicable laws and regulations in each
foreign jurisdiction in which it purchases, offers, sells or delivers Securities or has in its possession or distributes any offering
material, in all cases at its own expense.

 

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		5.3	The Investor has full right, power, authority and capacity to enter into this Agreement and to consummate the transactions
contemplated hereby and has taken all necessary action to authorize the execution, delivery and performance of this Agreement,
and this Agreement constitutes a valid, binding and enforceable obligation of the Investor, except as the enforceability of the
Agreement may be subject to or limited by bankruptcy, insolvency, reorganization, arrangement, moratorium or other similar laws
relating to or affecting the rights of creditors generally.

 

		5.4	The entry into and performance of this Agreement by the Investor and the consummation by the Investor of the transactions contemplated
hereby and thereby will not (i) result in a violation of the organizational documents of Investor, (ii) conflict with, or constitute
a default under, or give to others any rights of termination, amendment, acceleration or cancellation of any agreement, indenture
or instrument to which the Investor is party, or (iii) result in the violation of any law, rule, regulation, order, judgment or
decree (including federal and state securities laws) applicable to the Investor, except in the case of clauses (ii) and (iii) above,
for such conflicts, defaults, rights or violations which would not, individually or in the aggregate, reasonably be expected to
have a material adverse effect on the ability of the Investor to perform its obligations hereunder.

 

		5.5	The Investor understands that nothing in the Offering Memorandum, this Agreement, information the Company has filed with and
furnished to the Commission or any other materials presented to the Investor in connection with the purchase and sale of the Securities
constitutes legal, tax or investment advice. The Investor has consulted such legal, tax and investment advisors as it, in its sole
discretion, has deemed necessary or appropriate in connection with its purchase of the Securities and has made its own assessment
and has satisfied itself concerning the relevant tax and other economic considerations relevant to its investment in the Securities.

 

		6.	Survival of Representations, Warranties and Agreements. Notwithstanding any investigation made by any party to
this Agreement, all covenants, agreements, representations and warranties made by the Company and the Investor herein shall survive
the execution of this Agreement, the delivery to the Investor of the Securities being purchased and the payment therefor.

 

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		7.	Notices. All notices, requests, consents and other communications hereunder shall be in writing, shall be delivered
(A) if within the domestic United States, by first-class registered or certified mail, or nationally recognized overnight express
courier, postage prepaid, or by facsimile, or (B) otherwise by International Federal Express or facsimile, and shall be deemed
given (i) if delivered by first-class registered or certified mail, three business days after so mailed, (ii) if delivered by a
nationally recognized overnight carrier, one business day after so mailed, (iii) if delivered by International Federal Express,
two business days after so mailed and (iv) if delivered by facsimile, upon electronic confirmation of receipt and shall be delivered
as addressed as follows:

 

(a) if to the Company, to:

 

Bacterin International Holdings, Inc.

600 Cruiser Lane

Belgrade, Montana 59714

Attention: General Counsel

 

(b) if to the Investor, at its address on the
signature page hereto, or at such other address or addresses as may have been furnished to the Company in writing.

 

		8.	Independent Nature of Investor's Obligations and Rights. The obligations of the Investor under this Agreement
are several and not joint with the obligations of any Other Investor, and no Investor shall be responsible in any way for the performance
of the obligations of any Other Investor under the Agreements. The decision of each Investor to purchase the Securities pursuant
to the Agreements has been made by such Investor independently of any Other Investor. Nothing contained in the Agreements, and
no action taken by any Investor pursuant thereto, shall be deemed to constitute the Investors as a partnership, an association,
a joint venture or any other kind of entity, or create a presumption that the Investors are in any way acting in concert or as
a group with respect to such obligations or with respect to the acquisition, disposition or voting of the Securities or the transactions
contemplated by the Agreements. Each Investor acknowledges that no Other Investor has acted as agent for such Investor in connection
with making its investment hereunder and that no Investor will be acting as agent of such Investor in connection with monitoring
its investment in the Securities or enforcing its rights under this Agreement. Each Investor shall be entitled to independently
protect and enforce its rights, including without limitation the rights arising out of this Agreement, and it shall not be necessary
for any Other Investor to be joined as an additional party in any proceeding for such purpose. No consideration shall be offered
or paid to any person to amend or consent to a waiver or modification of any provision of the Agreements unless the same consideration
is also offered to all of the parties to the Agreements.

 

		9.	Changes. Except as contemplated herein, this Agreement may not be modified or amended except pursuant to an instrument
in writing signed by the Company.

 

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		10.	Headings. The headings of the various sections of this Agreement have been inserted for convenience or reference
only and shall not be deemed to be part of this Agreement.

 

		11.	Severability. In case any provision contained in this Agreement should be invalid, illegal or unenforceable in
any respect, the validity, legality and enforceability of the remaining provisions contained herein shall not in any way be affected
or impaired thereby.

 

		12.	Applicable Law; Venue. This Agreement will be governed by and construed in accordance with the laws of the State
of New York applicable to contracts made and to be performed within the State of New York. Each of the Company and the Investor
agrees that any suit, action or proceeding arising out of or based upon this Agreement or the transactions contemplated hereby
may be instituted only in any State or U.S. federal court in The City of New York and County of New York and waives any
objection that such party may now or hereafter have to the laying of venue of any such suit, action or proceeding, and irrevocably
submits to the exclusive jurisdiction of such courts in any such suit, action or proceeding.

 

		13.	Waiver of Jury Trial. Each of the Company and the Investor hereby irrevocably waives, to the fullest extent permitted
by applicable law, any and all right to trial by jury in any legal proceeding arising out of or relating to this Agreement or the
transactions contemplated hereby.

 

		14.	Counterparts. This Agreement may be signed in one or more counterparts, each of which shall constitute an original
and all of which together shall constitute one and the same agreement.

 

    	A-8

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