Document:

EX-4.3

 Exhibit 4.3 

INVESTOR RIGHTS AGREEMENT 
 dated
as of 
 July 16, 2013 
 by and
between 
 RTI SURGICAL, INC. 

and 
 WSHP BIOLOGICS HOLDINGS, LLC

 Table of Contents 

 

							
	 	 	 	  	Page	 
	ARTICLE I DEFINITIONS	  	 	3	 
			
	           SECTION 1.1.
	 	Definitions	  	 	3	 
	           SECTION 1.2.
	 	General Interpretive Principles	  	 	7	 
		
	ARTICLE II REGISTRATION RIGHTS	  	 	7	 
			
	           SECTION 2.1.
	 	Shelf Registration	  	 	7	 
	           SECTION 2.2.
	 	Demand Registration	  	 	9	 
	           SECTION 2.3.
	 	Piggyback Registration	  	 	10	 
	           SECTION 2.4.
	 	Registration Expenses	  	 	11	 
	           SECTION 2.5.
	 	Registration Procedures	  	 	12	 
	           SECTION 2.6.
	 	Indemnification	  	 	14	 
	           SECTION 2.7.
	 	Miscellaneous	  	 	16	 
		
	ARTICLE III OTHER RIGHTS	  	 	17	 
			
	           SECTION 3.1.
	 	Information Rights	  	 	17	 
	           SECTION 3.2.
	 	Preemptive Rights	  	 	17	 
	           SECTION 3.3.
	 	Investor Directors	  	 	18	 
	           SECTION 3.4.
	 	Director Provisions	  	 	19	 
	           SECTION 3.5.
	 	Consent Rights	  	 	19	 
		
	 ARTICLE IV MISCELLANEOUS
	  	 	19	 
			
	           SECTION 4.1.
	 	Amendment and Modification	  	 	19	 
	           SECTION 4.2.
	 	Successors and Assigns; Binding Effect	  	 	20	 
	           SECTION 4.3.
	 	Severability	  	 	20	 
	           SECTION 4.4.
	 	Notices and Addresses	  	 	20	 
	           SECTION 4.5.
	 	Governing Law; CONSENT TO JURISDICTION	  	 	21	 
	           SECTION 4.6.
	 	WAIVER OF JURY TRIAL	  	 	21	 
	           SECTION 4.7.
	 	Headings	  	 	22	 
	           SECTION 4.8.
	 	Counterparts; Electronic Delivery	  	 	22	 
	           SECTION 4.9.
	 	Further Assurances	  	 	22	 
	           SECTION 4.10.
	 	Remedies	  	 	22	 

 INVESTOR RIGHTS AGREEMENT 

THIS INVESTOR RIGHTS AGREEMENT, dated as of July 16, 2013 (this “Agreement”), by and between RTI Surgical, Inc. (formerly RTI
Biologics, Inc.), a Delaware corporation (the “Company”), and WSHP Biologics Holdings, LLC (the “Investor”). Each of the Investor and the Company are from time to time referred to herein as a
“Party” and collectively as the “Parties”. 
 RECITALS 

WHEREAS, the Investor and the Company have entered into that certain Investment Agreement, dated as of June 12, 2013 (the “Investment
Agreement”), pursuant to which the Investor has agreed to purchase, subject to the satisfaction and/or waiver of the conditions set forth therein, 50,000 shares of Series A Convertible Preferred Stock of the Company, par value $0.001 per
share (the “Preferred Stock”); and 
 WHEREAS, it is a condition precedent to the Investor’s obligation to purchase
such Preferred Stock that the Company enter into this Agreement with the Investor to provide for certain rights and obligations of the Parties following the closing of the transactions contemplated by the Investment Agreement (the
“Closing”). 
 NOW, THEREFORE, in consideration of the foregoing premises and the mutual covenants and agreements contained
herein and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the Parties, intending to be legally bound, hereby agree as follows: 

ARTICLE I 
 DEFINITIONS 

SECTION 1.1. Definitions. The following terms shall have the meanings ascribed to them below: 

“Affiliate” of any Person means any other Person directly or indirectly controlling or controlled by or under direct or
indirect common control with such Person. For purposes of this definition, “control” when used with respect to any Person has the meaning specified in Rule 12b-2 under the Exchange Act; and the terms
“controlling” and “controlled” have meanings correlative to the foregoing. 
 “Agreement” means this
Agreement, as amended, modified or supplemented from time to time, in accordance with the terms hereof, together with any exhibits, schedules or other attachments hereto. 

“Beneficially Own” with respect to any securities means having “beneficial ownership” of such securities (as
determined pursuant to Rule 13d-3 under the Exchange Act, including without limitation, the 60-day provision in paragraph (d)(1)(i) thereof). The terms “Beneficial Ownership” and
“Beneficial Owner” have correlative meanings. 
 “Capital Stock” means any and all shares, interests,
rights to purchase, warrants, options, participations or other equivalents of or interests in (in each case however designated) stock issued by the Company. 

“Certificate of Designation” means the Certificate of Designation of Series A Convertible Preferred Stock of the Company,
adopted on or about the date hereof and as amended, supplemented or modified from time to time. 

 “Closing” has the meaning ascribed thereto in the recitals of this
Agreement. 
 “Common Stock” means the common stock, par value $0.001 per share, of the Company. 

“Company” has the meaning set forth in the preamble of this Agreement. 

“Conversion Cap” has the meaning set forth in the Certificate of Designation. 

“Conversion Restriction” has the meaning set forth in the Certificate of Designation. 

“Convertible Securities” has the meaning set forth in the Certificate of Designation. 

“Demand Notice” has the meaning set forth in Section 2.2(a). 

“Demand Registration” has the meaning set forth in Section 2.2(a). 

“Demand Registration Statement” has the meaning set forth in Section 2.2(a). 

“Designated Director” means each Investor Director appointed to the Board pursuant to Section 2.9
and each Preferred Director appointed to the Board pursuant to the Certificate of Designation. 
 “Equity Securities” means
any Common Stock, Options or Convertible Securities. 
 “Exchange Act” means the Securities Exchange Act of 1934, as
amended. 
 “Forced Conversion” has the meaning set forth in the Certificate of Designation. 

“Governmental Entity” means any domestic (federal, state, municipal or local) or foreign or multinational government or
governmental, regulatory, political, judicial or quasi-judicial or administrative subdivision, department, authority, entity, agency, regulator, commission, board, bureau, court, or instrumentality. 

“Indemnified Party” has the meaning set forth in Section 2.6(c). 

“Indemnifying Party” has the meaning set forth in Section 2.6(c). 

“Investment Agreement” has the meaning ascribed thereto in the recitals of this Agreement. 

“Investor” has the meaning set forth in the preamble of this Agreement. 

“Investor Director” has the meaning set forth in Section 3.3(a). 

“Investor Parties” means the Investor, its Affiliates and their respective transferees. 

“Investor Party Indemnitees” has the meaning set forth in Section 2.6(a). 

“Law” means any applicable federal, state, local or foreign law, statute, ordinance, rule, guideline, regulation, order,
writ, decree, agency requirement, license or permit of any Governmental Entity. 
 “Losses” has the meaning set forth in
Section 2.6(a). 

  
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 “Majority Investor Parties” means the Investor Parties holding a majority
of the Registrable Securities held by all Investor Parties. 
 “Notice and Questionnaire” means a written notice executed
by the Investor Parties and delivered to the Company containing the information required by Item 507 of Regulation S-K to be included in any Shelf Registration Statement regarding the Investor Parties seeking to sell Common Stock pursuant thereto.

 “Options” means any rights, warrants or options to subscribe for or purchase Common Stock or Convertible Securities.

 “Other Securities” means the Common Stock or other securities of the Company which the Company is registering pursuant
to a Registration Statement covered by Section 2.3. 
 “Ownership Percentage” has the meaning
ascribed thereto in Section 3.3(a) of this Agreement. 
 “Parties” has the meaning ascribed
thereto in the recitals of this Agreement. 
 “Permitted Issuance” means any issuance by the Company of Equity Securities
(1) to the Company or a Subsidiary of the Company, (2) to officers, employees, directors or consultants of the Company and its Subsidiaries pursuant to the Company’s Board-approved equity
incentive plans and the securities issued upon exercise of such grants, (3) as consideration in a merger or acquisition of the stock or assets of another Person, (4) upon the occurrence of a stock split, stock dividend or any subdivision
of the Common Stock, or any other reclassification, reorganization or other similar recapitalization, (5) pursuant to the conversion or exchange of any securities of the Company into Capital Stock, or the exercise of any warrants or other
rights to acquire Capital Stock; (6) pursuant to a bona fide firm commitment underwritten public offering; (7) in connection with any private placement of warrants to purchase Capital Stock to lenders or other institutional investors
(excluding the Company’s stockholders) in any arm’s length transaction approved by the Board in which such lenders or investors provide debt financing to the Company or any Company Subsidiary; (8) in connection with a joint venture,
strategic alliance or other commercial relationship with any Person (including Persons that are customers, suppliers and strategic partners of the Company or any Subsidiary) relating to the operation of the Company’s or any Subsidiary’s
business and for which a primary purpose thereof is not raising capital; or (9) in connection with any office lease or equipment lease or similar equipment financing transaction approved by the Board in which the Company or any Subsidiary
obtains from a lessor or vendor the use of such office space or equipment for its business. 
 “Person” means any
individual, corporation, partnership, limited liability company, trust, business trust, association, joint stock company, joint venture, sole proprietorship, unincorporated organization, Governmental Entity or other entity. 

“Piggyback Notice” has the meaning set forth in Section 2.3(a). 

“Piggyback Registration” has the meaning set forth in Section 2.3(a). 

“Preferred Stock” has the meaning ascribed thereto in the recitals of this Agreement. 

“Pro Rata Share” means, for any Investor Party at any time of determination, the quotient of (i) the sum of, without
duplication, (A) the number of shares of Common Stock Beneficially Owned by such Investor Party, plus (B) the number of shares of Common Stock issuable upon conversion of the Preferred Stock Beneficially Owned by such Investor Party
(assuming for this calculation that 

  
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Shareholder Approval has been obtained and all shares of Preferred Stock are convertible into Common Stock), divided by, (ii) the sum of, without duplication, (A) the number of
shares of Common Stock outstanding at such time of determination, plus (B) the number of shares of Common Stock issuable upon conversion of the outstanding Preferred Stock at such time of determination (assuming for this calculation that
Shareholder Approval has been obtained and all shares of Preferred Stock are convertible into Common Stock). 

“Prospectus” means the prospectus included in any Registration Statement, as amended or supplemented by any prospectus
supplement and by all other amendments thereto, including post-effective amendments, and all material incorporated by reference into such prospectus. 

“Purchase Rights” has the meaning set forth in Section 3.2. 

“Registrable Securities” means shares of Common Stock issued by the Company upon conversion of any shares of Preferred Stock,
as well as any shares of Common Stock or other securities issued as (or issuable upon the conversion or exercise of any warrant, right or other security which is issued as) a dividend or other distribution with respect to, or in exchange generally
for, or in replacement generally of, such Preferred Stock or other Registrable Securities and any securities issued in exchange for such Preferred Stock or other Registrable Securities in any merger, reorganization, consolidation, share exchange,
recapitalization, restructuring or other comparable transaction of the Company. As to any particular Registrable Securities, once issued such securities shall cease to be Registrable Securities when (a) a Registration Statement with respect to
the sale by the Investor Parties holding such securities has been declared effective by the SEC and such securities have been disposed of pursuant to such effective Registration Statement, (b) such securities shall have been or could be sold by
the holder, without being subject to any holding period or volume limitations pursuant to Rule 144, under circumstances in which all of the applicable conditions (including any holding period or volume limitations) of Rule 144 (or any similar
provisions then in force) under the Securities Act are met, (c) such securities have been otherwise transferred and the Company has delivered a new certificate or other evidence of ownership for such securities not bearing a restrictive legend
and not subject to any stop order, and such securities may be publicly resold by the Person receiving such certificate without complying with the registration requirements of the Securities Act or (d) such securities shall have ceased to be
outstanding. 
 “Registration Statement” means any registration statement of the Company under the Securities Act which
permits the public offering of any of the Registrable Securities pursuant to the provisions of this Agreement, including the Prospectus, amendments and supplements to such registration statement, including post-effective amendments, all exhibits and
all material incorporated by reference or deemed to be incorporated by reference in such registration statement. 
 “Related
Party” means (i) any officer or director of the Company or other Person that owns at least 5% of the Common Stock on an as-converted fully diluted basis (which for such calculation shall aggregate stockholdings of Affiliates and of
immediate family members sharing the same household with such Persons), (ii) any officer or director of any of the Company’s Subsidiaries, or (iii) any member of any such Person’s immediate family sharing the same household or any of
their respective Affiliates. 
 “SEC” means the U.S. Securities and Exchange Commission. 

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

“Shareholder Approval” has the meaning set forth in the Certificate of Designation. 

“Shelf Effective Period” has the meaning set forth in Section 2.1(a). 

  
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 “Shelf Filing Date” has the meaning set forth in
Section 2.1(a). 
 “Shelf Registration Statement” has the meaning set forth in
Section 2.1(a). 
 “Shelf Take-Down Notice” has the meaning set forth in
Section 2.1(b). 
 “Subsidiary” means, when used with respect to any Person, any other Person of
which (a) in the case of a corporation, at least (i) a majority of the equity and (ii) a majority of the voting interests are owned or controlled, directly or indirectly, by such first Person, by any one or more of its Subsidiaries,
or by any combination of such first Person and one or more of its Subsidiaries or (b) in the case of any Person other than a corporation, such first Person, one or more of its Subsidiaries, or such first Person and one or more of its
Subsidiaries combined (i) owns a majority of the equity interests thereof and (ii) has the power to elect or direct the election of a majority of the members of the governing body thereof. As used in this Agreement, unless the context
requires otherwise, references to a Subsidiary or Subsidiaries shall mean a Subsidiary or the Subsidiaries of the Company. 

“Voting Stock” means Capital Stock of the class or classes pursuant to which the holders thereof have the general voting
power under ordinary circumstances (determined without regard to any classification of directors). 
 SECTION 1.2. General Interpretive
Principles. Unless the context otherwise requires: (i) words in the singular include the plural, and in the plural include the singular; (ii) “including” means including without limitation; (iii) references to any Section or
clause refer to the corresponding Section or clause, respectively, of this Agreement; (iv) any reference to a day or number of days, unless expressly referred to as a business day shall mean the respective calendar day or number of calendar
days; (v) references to Sections of or Rules under the Exchange Act shall be deemed to include substitute, replacement or successor Sections or Rules, and any term defined by reference to a Section of or Rule under the Exchange Act shall
include SEC and judicial interpretations of such Section or Rule; and (vi) headings are for convenience of reference only. 
 ARTICLE
II 
 REGISTRATION RIGHTS 

SECTION 2.1. Shelf Registration. 

(a) The Company shall use its reasonable efforts to prepare and file with the SEC within 75 days after the Closing (the “Shelf Filing
Date”) a Registration Statement providing for registration and resale, on a continuous or delayed basis pursuant to Rule 415 under the Securities Act, as such rule may be amended from time to time, or any similar rule or regulation
hereafter adopted by the SEC, of all of the Registrable Securities (the “Shelf Registration Statement”). The Shelf Registration Statement shall be on Form S-3 (or any comparable or successor form or forms then in effect) under the
Securities Act (or to the extent the Company is not eligible to use Form S-3 or any comparable or successor form or forms, on Form S-1 or any comparable or successor form or forms). The Company shall use its reasonable efforts to cause the Shelf
Registration Statement to be declared effective under the Securities Act by the SEC within 90 days after the Shelf Filing Date. The Company shall use its reasonable efforts to keep the Shelf Registration Statement (or any successor Shelf
Registration Statement) continuously effective under the Securities Act until the earlier of (i) the date when all of the Registrable Securities covered by such Shelf Registration Statement have been sold and (ii) the date on which the
Investor Parties own, in the aggregate, a number of shares of Common Stock and Preferred Stock which together represent less than two percent (2%) of the total number of shares of Common Stock issued and outstanding and issuable upon conversion of
the Preferred Stock (with each share of 

  
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Preferred Stock deemed to represent the number of shares of Common Stock issuable upon conversion of such share of Preferred Stock at such time of determination, without regard to any
restrictions on conversion (including the Conversion Cap and the Conversion Restriction) at such time) (the “Shelf Effective Period”). 

(b) If any Investor Party wishes to sell Registrable Securities pursuant to a Shelf Registration Statement and related Prospectus, it will do
so in accordance with this Section 2.1(b) and Section 2.5. Any Investor Party wishing to sell Registrable Securities pursuant to a Shelf Registration Statement and related Prospectus, whether in an
underwritten offering or otherwise, shall notify the Company of such intent (a “Shelf Take-Down Notice”) and shall deliver a Notice and Questionnaire to the Company at least five (5) Business Days prior to any intended
distribution of Registrable Securities under the Shelf Registration Statement, it being agreed that if any such Investor Party intends to distribute any Registrable Securities by means of an underwritten offering it shall promptly so advise the
Company and the Company shall take all reasonable steps to facilitate such distribution, including the actions required pursuant to Section 2.5(a)(vii). From and after the date the Shelf Registration Statement is declared
effective, the Company shall, as promptly as practicable after the date a Notice and Questionnaire is delivered to it in connection with a Shelf Take- Down Notice: 

(i) if required by applicable Law, file with the SEC a post-effective amendment to the Shelf Registration Statement or prepare
and, if required by applicable Law, file a supplement to the related Prospectus or a supplement or amendment to any document incorporated therein by reference or file any other required document so that the Investor Parties are named as a selling
security holder in the Shelf Registration Statement and the related Prospectus in such a manner as to permit the Investor Parties to deliver such Prospectus to purchasers of Registrable Securities in accordance with applicable Law and, if the
Company shall file a post-effective amendment to the Shelf Registration Statement, use its reasonable efforts to cause such post-effective amendment to be declared effective under the Securities Act as
promptly as is practicable; 
 (ii) provide the Investor Parties copies of any documents to filed pursuant to
Section 2.1(b)(i) a reasonable period of time prior to such filing; and 
 (iii) notify the
Investor Parties as promptly as practicable after the effectiveness under the Securities Act of any post-effective amendment filed pursuant to Section 2.1(b)(i). 

Notwithstanding anything contained herein to the contrary, the Company shall be under no obligation to name any Investor Party as a selling security holder in
any Shelf Registration Statement or related Prospectus if such Investor Party has not delivered a Notice and Questionnaire to the Company. 

(c) If any of the Registrable Securities to be sold pursuant to a Shelf Registration Statement are to be sold in a firm commitment
underwritten offering which underwritten offering was initially requested by any Investor Party pursuant to a Shelf Take-Down Notice, and the managing underwriter(s) of such underwritten offering advise the Investor Parties in writing that it is
their good faith opinion that the total number or dollar amount of Registrable Securities proposed to be sold in such offering, together with any Other Securities proposed to be included by holders thereof which are entitled to include securities in
such Registration Statement, exceeds the total number or dollar amount of such securities that can be sold without having an adverse effect on the price, timing or distribution of the Registrable Securities to be so included, together with all such
Other Securities, then there shall be included in such firm commitment underwritten offering the number or dollar amount of Registrable Securities and such Other Securities that in the opinion of such managing underwriter(s) can be sold without so
adversely affecting such offering, and such number of Registrable Securities and Other Securities shall be allocated for inclusion as follows: 

  
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 (i) first, the Registrable Securities for which inclusion in such
underwritten offering was requested by any Investor Party based on the number of Registrable Securities Beneficially Owned by such Investor Party; and 

(ii) second, among any holders of Other Securities, pro rata, based on the number of Other Securities Beneficially Owned by
each such holder of Other Securities. 
 SECTION 2.2. Demand Registration. 

(a) If the Company is unable to file within 75 days after the Closing, cause to be effective within 90 days thereafter or thereafter maintain
the effectiveness of a Shelf Registration Statement during the Shelf Effective Period as required under Section 2.1, the Majority Investor Parties shall have the right, by delivering a written notice to the Company (a
“Demand Notice”), to require the Company to register under and in accordance with the provisions of the Securities Act the number of Registrable Securities Beneficially Owned by the Investor Parties and requested by such Demand
Notice to be so registered (a “Demand Registration”); provided, however, that the Company shall not be required to effect a Demand Registration pursuant to this Section 2.2(a) after the
Company has effected two (2) Demand Registrations pursuant to this Section 2.2(a); and provided further, that the Investor Parties shall not be entitled to deliver to the Company more than two (2) Demand
Registrations in any 12-month period and, in any event, a Demand Notice may only be made if the sale of the Registrable Securities requested to be registered by the Investor Parties includes at least 5% of the originally issued shares of the
Registrable Securities issued upon conversion of Preferred Stock originally issued to Investor Parties or is reasonably expected to result in aggregate gross cash proceeds in excess of $1,000,000 (without regard to any underwriting discount or
commission). A Demand Notice shall also specify the expected method or methods of disposition of the applicable Registrable Securities. Following receipt of a Demand Notice, the Company shall use its reasonable efforts to file, as promptly as
reasonably practicable, but not later than 30 days after receipt by the Company of such Demand Notice, a Registration Statement relating to the offer and sale of the Registrable Securities requested to be included therein by the Investor Parties in
accordance with the methods of distribution elected by the Majority Investor Parties (a “Demand Registration Statement”) and shall use its reasonable efforts to cause such Registration Statement to be declared effective under the
Securities Act as promptly as practicable after the filing thereof. 
 (b) If any of the Registrable Securities registered pursuant to a
Demand Registration are to be sold in a firm commitment underwritten offering, and the managing underwriter(s) of such underwritten offering advise the Investor Parties in writing that it is their good faith opinion that the total number or dollar
amount of Registrable Securities proposed to be sold in such offering, together with any Other Securities proposed to be included by holders thereof which are entitled to include securities in such Registration Statement, exceeds the total number or
dollar amount of such securities that can be sold without having an adverse effect on the price, timing or distribution of the Registrable Securities to be so included together with all such Other Securities, then there shall be included in such
firm commitment underwritten offering the number or dollar amount of Registrable Securities and such Other Securities that in the opinion of such managing underwriter(s) can be sold without so adversely affecting such offering, and such number of
Registrable Securities and Other Securities shall be allocated for inclusion as follows: 
 (i) first, the Registrable
Securities for which inclusion in such underwritten offering was requested by any Investor Party based on the number of Registrable Securities Beneficially Owned by such Investor Party; and 

  
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 (ii) second, among any holders of Other Securities, pro rata, based on the
number of Other Securities Beneficially Owned by each such holder of Other Securities. 
 (c) In the event of a Demand Registration, the
Company shall be required to maintain the continuous effectiveness of the applicable Registration Statement for a period of at least 180 days after the effective date thereof or such shorter period in which all Registrable Securities included in
such Registration Statement have actually been sold. 
 (d) The Majority Investor Parties shall have the right to notify the Company that it
has determined that the Registration Statement relating to a Demand Registration be abandoned or withdrawn, in which event the Company shall promptly abandon or withdraw such Registration Statement. The Company shall not be required to pay for the
expenses of the Investor Parties in connection with any registration proceeding begun pursuant to Section 2.2(a) that has been subsequently withdrawn pursuant to this Section 2.2(d) at the request
of the Majority Investor Parties, unless the withdrawal is based upon material adverse information concerning the Company that the Company had not publicly disclosed at least two (2) Business Days prior to the Company’s receipt of such
Demand Notice. 
 (e) With the prior written consent of the Majority Investor Parties (which consent shall not be unreasonably withheld,
conditioned or delayed), the Company shall be entitled to coordinate any offerings under this Section 2.2 with any offerings to be effected pursuant to similar agreements with the holders of Other Securities, including, if
practicable, by filing one Registration Statement for any Registrable Securities being registered pursuant to this Section 2.2 and all Other Securities. 

SECTION 2.3. Piggyback Registration. 

(a) At any time after the Closing, if, other than pursuant to Sections 2.1 and 2.2, the Company proposes to file a registration
statement under the Securities Act with respect to an offering by the Company for its own account (other than a registration statement (a) on Form S-4, Form S-8 or any successor forms thereto, (b) filed solely in connection with any
employee benefit or dividend reinvestment plan or (c) for the purpose of effecting a rights offering relating to the Common Stock) or for the account of any of its security holders, the Company will give to the Investor Parties written notice
of such filing at least fifteen (15) days prior to the anticipated filing date (the “Piggyback Notice”). The Piggyback Notice shall offer the Investor Parties the opportunity to include in such registration statement the number
of Registrable Securities (for purposes of this Section 2.3, “Registrable Securities” shall be deemed to mean solely securities of the same type and class as those proposed to be offered by the Company for its own
account) as it may request (a “Piggyback Registration”). Subject to Section 2.3(b), the Company shall include in each such Piggyback Registration all Registrable Securities with respect to which the Company
has received written requests for inclusion therein within seven (7) days after notice has been given to the Investor Parties. The Company shall be required to maintain the effectiveness of the Registration Statement for a Piggyback
Registration for a period of 180 days after the effective date thereof or such shorter period in which all Registrable Securities included in such Registration Statement have actually been sold. 

(b) If any of the securities to be registered pursuant to the registration giving rise to the Investor Parties’ rights under this
Section 2.3 are to be sold in an underwritten offering, the Investor Parties shall be permitted to include all Registrable Securities requested to be included in such registration in such offering on the same terms and
conditions as any other shares of Capital Stock, if any, of the Company included therein; provided, however, that if such offering involves a firm commitment underwritten offering and the managing underwriter(s) of such underwritten
offering advise the Investor Parties in writing that it is their good faith opinion that the total number or dollar amount of Registrable 

  
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Securities proposed to be sold in such offering, together with all Other Securities that the Company and any other Persons having rights to participate in such registration intend to include in
such offering, exceeds the total number or dollar amount of such securities that can be sold without having an adverse effect on the price, timing or distribution of the Registrable Securities to be so included together with all such Other
Securities, then there shall be included in such firm commitment underwritten offering the number or dollar amount of Registrable Securities and such Other Securities that in the opinion of such managing underwriter(s) can be sold without so
adversely affecting such offering, and such number of Registrable Securities and Other Securities shall be allocated for inclusion as follows: 

(i) first, all Other Securities being sold by the Company or by any Person (other than the Investor Parties) exercising a
contractual right to demand registration pursuant to which such registration statement was filed; and 
 (ii) second, among
any other holders of Registrable Securities or Other Securities requesting such registration, pro rata, based on the aggregate number of Registrable Securities and Other Securities Beneficially Owned by each such holder. 

(c) The Company shall have the right to terminate or withdraw any registration initiated by it under this
Section 2.3 prior to the effectiveness of the related Registration Statement and shall have no obligation to register any Registrable Securities in connection with such registration, except to the extent provided herein.

 (d) Each Investor Party shall have the right to withdraw its request for inclusion of its Registrable Securities in any Piggyback
Registration by giving written notice to the Company of its request to withdraw at least two (2) Business Days prior to the planned effective date of the related Registration Statement. Notwithstanding Section 2.4, the
Company shall not be required to pay for the expenses of any Investor Party in connection with any registration proceeding begun pursuant to this Section 2.3 from which the Investor Parties has subsequently withdrawn
pursuant to this Section 2.3(d), unless such Investor Party’s withdrawal is based upon material adverse information concerning the Company that the Company had not publicly disclosed at least two (2) Business Days
prior to the Company’s delivery of such Piggyback Notice. 
 SECTION 2.4. Registration Expenses. In connection with
registrations pursuant to Sections 2.1, 2.2 and 2.3 (including any subsequently abandoned or withdrawn registration statement), the Company shall pay all of the registration expenses incurred in connection with the registration
thereunder, including, without limitation, all: (a) registration and filing fees, (b) fees and expenses of compliance with securities or blue sky laws (including reasonable fees and disbursements of counsel in connection with blue sky
qualifications of the Registrable Securities), (c) processing, duplicating and printing expenses, (d) internal expenses of the Company (including, without limitation, all salaries and expenses of its officers and employees performing legal or
accounting duties), (e) fees and expenses incurred in connection with the listing of the Registrable Securities, (f) reasonable fees and disbursements of counsel for the Company, reasonable fees and expenses for independent certified public
accountants retained by the Company (including the expenses of any comfort letters or costs associated with the delivery by any registered public accounting firms of a comfort letter or comfort letters requested but not the cost of any audit other
than a year end audit) and reasonable fees and expenses of one counsel (and applicable local counsel as necessary) for the Investor Parties and (g) reasonable fees and expenses of any special experts retained by the Company in connection with
such registration. Notwithstanding the foregoing, the Investor Parties shall be responsible for (i) any underwriting fees, discounts or commissions, (ii) any commissions of brokers and dealers, and (iii) capital gains, income and
transfer taxes, if any, relating to the sale of Registrable Securities of the Investor Parties. 

  
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 SECTION 2.5. Registration Procedures. 

(a) In connection with the registration of any Registrable Securities pursuant to this Agreement: 

(i) The Company shall prepare and file with the SEC a Registration Statement with respect to such Registrable Securities as
provided herein, make all required filings with FINRA and use its reasonable efforts to keep each Registration Statement continuously effective during the period such Registration Statement is required to remain effective pursuant to the terms of
this Agreement; upon the occurrence of any event that would cause the Registration Statement or the Prospectus contained therein (A) to contain a material misstatement or omission or (B) not to be effective and usable for resale of
Registrable Securities during the period such Registration Statement is required to remain effective pursuant to the terms of this Agreement, the Company shall file promptly an appropriate amendment to the Registration Statement, a supplement to the
Prospectus or a report filed with the SEC pursuant to Section 13(a), 13(c), 14 or 15(d) of the Exchange Act, in the case of clause (A), correcting any such misstatement or omission, and, in the case of either clause (A) or (B), the Company
shall use its reasonable efforts to cause such amendment to be declared effective and the Registration Statement and the related Prospectus to become usable for their intended purposes as soon as practicable thereafter. 

(ii) The Company shall prepare and file with the SEC such amendments and post-effective amendments to each Registration
Statement as may be necessary to keep such Registration Statement effective during the periods provided herein. 
 (iii) The
Company shall advise the Investor Parties promptly (which notice pursuant to clauses (B) through (D) below shall be accompanied by an instruction to suspend the use of the Prospectus until the Company shall have remedied the basis for such
suspension): 
 (A) when the Prospectus or any Prospectus supplement or post-effective amendment is proposed to be or has been filed, and,
with respect to the Registration Statement or any post-effective amendment thereto, when the same has become effective; 
 (B) of any
request by the SEC or any other Governmental Entity for amendments to the Registration Statement or amendments or supplements to the Prospectus or for additional information relating thereto; 

(C) of the issuance by the SEC of any stop order suspending the effectiveness of the Registration Statement under the Securities Act or of the
suspension by any state securities commission of the qualification of the Registrable Securities for offering or sale in any jurisdiction, or the threatening or initiation of any proceeding for any of the preceding purposes; 

(D) of the receipt by the Company of any notification with respect to the suspension of the qualification or exemption from qualification of
any of the Registrable Securities for sale in any jurisdiction, or the initiation or threatening of any proceeding for such purpose; or 

(E) of the existence of any fact or the happening of any event, during the period in which a Registration Statement remains effective under
the Securities Act, that makes any statement of a material fact made in such Registration 

  
 -12- 

 
Statement, the Prospectus, any amendment or supplement thereto, or any document incorporated by reference therein untrue, or that requires the making of any additions to or changes in the
Registration Statement or the Prospectus in order to make the statements therein not misleading. 
 (iv) The Company shall,
unless any Registrable Securities shall be in book-entry form only, cooperate with the Investor Parties to facilitate the timely preparation and delivery of certificates representing Registrable Securities to be sold and not bearing any restrictive
legends (unless required by applicable securities Laws), and enable such Registrable Securities to be in such denominations and registered in such names as the Investor Parties may request at least two (2) Business Days before any sale of
Registrable Securities. In connection therewith, if reasonably required by the Company’s transfer agent, the Company shall promptly deliver any authorizations, certificates and directions required by the transfer agent which authorize and
direct the transfer agent to issue such Registrable Securities without legend upon sale by the holder of such shares of Registrable Securities under the Registration Statement. 

(v) The Company shall use its reasonable efforts to promptly register or qualify any Registrable Securities under such other
securities or blue sky laws of such jurisdictions within the United States as any Investor Party reasonably requests and which may be reasonably necessary or advisable to enable such Investor Party to consummate the disposition in such jurisdictions
of the Registrable Securities owned by such Investor Parties, keep such registrations or qualifications in effect for so long as the Registration Statement remains in effect and do any and all other acts and things which may be reasonably necessary
or advisable to enable such Investor Parties to consummate the disposition in such jurisdictions of the Registrable Securities owned by such Investor Parties; provided, however, that the Company will 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 Agreement, (B) subject itself to taxation in any jurisdiction where it would not otherwise be subject to taxation but for this
Agreement or (C) consent to general service of process in any jurisdiction where it would not otherwise be subject to such service but for this Agreement. 

(vi) The Company shall use its reasonable efforts to promptly cause any Registrable Securities covered by a Registration
Statement to be registered with or approved by such other Governmental Entity within the United States as may be necessary to enable the seller or sellers thereof to consummate the disposition of such Registrable Securities in accordance with the
intended methods of disposition set forth in such Registration Statement. 
 (vii) The Company shall, in the event that any
Investor Party advises the Company that the Investor Party intends to distribute any Registrable Securities by means of an underwritten offering, whether pursuant to Sections 2.1, 2.2 or 2.3, enter into an underwriting agreement
in customary form, scope and substance and take all such other actions reasonably requested by such Investor Party or by the managing underwriter(s), if any, to expedite or facilitate the underwritten disposition of such Registrable Securities and
deliver such documents and certificates as may be reasonably requested by such Investor Party, its counsel and the managing underwriter(s), if any. 

(b) No Investor Party by acquisition of a Registrable Security shall be entitled to sell any of such Registrable Securities pursuant to a
Registration Statement, or to receive a Prospectus relating thereto, unless it has furnished the Company with a Notice and Questionnaire (including the information required to be included in such Notice and Questionnaire) and the information set
forth in the next sentence. The Company may require the Investor Parties selling Registrable Securities pursuant to a 

  
 -13- 

 
Registration Statement to furnish to the Company such information regarding the Investor Parties and the distribution of such Common Stock as the Company may from time to time reasonably require
for inclusion in such Registration Statement. The Investor Parties shall promptly furnish to the Company all information required to be disclosed in order to make the information previously furnished to the Company by the Investor Parties not
misleading. Any sale of any Registrable Securities by such Investor Parties shall constitute a representation and warranty by such Investor Party that the information relating to the Investor Party and its plan of distribution is as set forth in the
Prospectus delivered in connection with such disposition, that such Prospectus does not as of the time of such sale contain any untrue statement of a material fact relating to or provided by such Investor Party or its plan of distribution and that
such Prospectus does not as of the time of such sale omit to state any material fact relating to or provided by the Investor Party or its plan of distribution necessary to make the statements in such Prospectus, in light of the circumstances under
which they were made, not misleading. The Company may exclude from such Registration Statement the Registrable Securities of any Investor Party that fails to furnish such information within a reasonable time after receiving such request. The Company
shall not include in any Registration Statement any information regarding, relating to or referring to such Investor Party or its plan of distribution without the approval of such Investor Party in writing. 

(c) No Investor Party shall use any free writing prospectus (as defined in Rule 405 under the Securities Act) in connection with the sale of
Registrable Securities without the prior written consent of the Company (which consent shall not be unreasonably withheld, conditioned or delayed). 

SECTION 2.6. Indemnification. 

(a) The Company shall indemnify and hold harmless, to the fullest extent permitted by Law, the Investor Parties, the officers, directors,
partners (limited and general), members, managers, representatives, agents and employees of the Investor Parties, each Person who controls (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act) the
Investor Parties, each underwriter (including the Investor Parties if they are deemed to be an underwriter pursuant to any SEC comments or policies), if any, and each Person who controls (within the meaning of Section 15 of the Securities Act
or Section 20 of the Exchange Act) such underwriter (collectively, the “Investor Party Indemnitees”), from and against all losses, claims, damages, liabilities and expenses (collectively, “Losses”) in
connection with any sale of Registrable Securities pursuant to a Registration Statement arising out of or based upon (i) any violation or alleged violation of the Securities Act or any rule or regulation promulgated thereunder by the Company or
any of its Affiliates, employees, officers, directors or agents or (ii) any untrue or alleged untrue statement of a material fact contained in any Registration Statement or preliminary or final Prospectus relating to the registration of such
Registrable Securities or any amendment or supplement thereto or any document incorporated by reference therein or any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements
therein, in light of the circumstances in which they were made, not misleading; provided, however, that the Company shall not be liable to such Investor Party Indemnitee in any such case to the extent that any such loss, claim, damage,
liability or expense arises out of or is based upon (A) an untrue statement or alleged untrue statement or omission or alleged omission made in such Registration Statement, including any such preliminary or final Prospectus contained therein or
any such amendments or supplements thereto, or contained in any free writing prospectus (as such term is defined in Rule 405 under the Securities Act) prepared by the Company or authorized by it in writing for use by such Investor Party Indemnitee
(or any amendment or supplement thereto), in reliance upon and in conformity with information regarding such Investor Party Indemnitee or its plan of distribution or ownership interests which was furnished in writing to the Company for use in
connection with such Registration Statement, including any such preliminary or final Prospectus contained therein or any such amendments or supplements thereto, (B) offers or sales effected by or on behalf of such Investor Party Indemnitee
“by means of” (as defined in Rule 159A under the Securities Act) a “free writing prospectus” (as defined in 

  
 -14- 

 
Rule 405 under the Securities Act) that was not authorized in writing by the Company or (C) the failure of any Investor Party Indemnitee to deliver or make available to a purchaser of
Registrable Securities a copy of any Registration Statement, including any preliminary or final Prospectus contained therein or any amendments or supplements thereto (if the same was required by applicable Law to be delivered or made available);
provided that the Company shall have delivered to such Investor Party Indemnitee such Registration Statement, including such preliminary or final Prospectus contained therein and any amendments or supplements thereto. 

(b) In connection with any Registration Statement in which an Investor Party is participating by registering Registrable Securities, such
Investor Party shall indemnify and hold harmless, to the fullest extent permitted by Law, severally and not jointly, the Company, the officers, directors, agents, representatives or other employees of the Company, each Person who controls (within
the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act) the Company, each underwriter, if any, and each Person who controls (within the meaning of Section 15 of the Securities Act or Section 20 of the
Exchange Act) such underwriter, from and against all Losses, as incurred, arising out of or based on any untrue or alleged untrue statement of a material fact contained in any such Registration Statement or preliminary or final Prospectus relating
to the registration of such Registrable Securities or any amendment or supplement thereto or any document incorporated by reference therein, or any omission or alleged omission to state therein a material fact required to be stated therein or
necessary to make the statements therein, in light of the circumstances in which they were made, not misleading, in each case solely to the extent that such untrue or alleged untrue statement or omission or alleged omission is made in such
Registration Statement or in any preliminary or final Prospectus contained therein or any such amendments or supplements thereto or contained in any free writing prospectus (as such term is defined in Rule 405 under the Securities Act) in reliance
upon and in conformity with written information furnished to the Company by the Investor Parties expressly for inclusion in such document. 

(c) If any Person shall be entitled to indemnity hereunder (an “Indemnified Party”), such Indemnified Party shall give prompt
notice to the party from which such indemnity is sought (the “Indemnifying Party”) of any claim or of the commencement of any Action with respect to which such Indemnified Party seeks indemnification or contribution pursuant hereto;
provided, however, that the delay or failure to so notify the Indemnifying Party shall not relieve the Indemnifying Party from any obligation or liability except to the extent that the Indemnifying Party has been actually prejudiced by
such delay or failure. The Indemnifying Party shall have the right, exercisable by giving written notice to an Indemnified Party promptly after the receipt of written notice from such Indemnified Party of such claim or Action, to assume, at the
Indemnifying Party’s expense, the defense of any such Action, with counsel reasonably satisfactory to such Indemnified Party; provided, however, that an Indemnified Party shall have the right to employ separate counsel in any such
Action and to participate in the defense thereof, but the fees and expenses of such counsel shall be at the expense of such Indemnified Party unless: (i) the Indemnifying Party agrees to pay such fees and expenses; (ii) the Indemnifying
Party fails promptly to assume, or in the event of a conflict of interest cannot assume, the defense of such Action or fails to employ counsel reasonably satisfactory to such Indemnified Party, in which case the Indemnified Party shall also have the
right to employ counsel and to assume the defense of such Action or (iii) in the Indemnified Party’s reasonable judgment a conflict of interest between such Indemnified Party and Indemnifying Party may exist in respect of such Action;
provided, further, that the Indemnifying Party shall not, in connection with any one such Action or separate but substantially similar or related Actions in the same jurisdiction, arising out of the same general allegations or
circumstances, be liable for the fees and expenses of more than one firm of attorneys (together with appropriate local counsel) at any time for all of the Indemnified Parties, or for fees and expenses that are not reasonable. Whether or not such
defense is assumed by the Indemnifying Party, neither the Indemnifying Party nor the Indemnified Party will be subject to any liability for, or otherwise effect, any settlement made without the consent of the other (but such consent shall not be
unreasonably withheld, conditioned or delayed). 

  
 -15- 

 (d) Neither Party shall settle, compromise, discharge or consent to an entry of judgment
with respect to a claim or liability subject to indemnification under this Section 2.6 without the other Parties’ prior written consent (which consent shall not be unreasonably withheld, conditioned or delayed);
provided that the Indemnifying Party may agree without the prior written consent of the Indemnified Party to any settlement, compromise, discharge or consent to an entry of judgment, in each case that relates only to money damages and by its
terms obligates the Indemnifying Party to pay the full amount of the liability in connection with such claim and which unconditionally releases the Indemnified Party from all liability in connection with such claim. 

(e) If the indemnification provided for in this Section 2.6 is unavailable to hold harmless each of the Indemnified
Parties against any losses, claims, damages, liabilities and expenses to which such parties may become subject under the Securities Act, then the Indemnifying Party shall, in lieu of indemnifying each party entitled to indemnification hereunder,
contribute to the amount paid or payable by such party as a result of such losses, claims, damages, liabilities or expenses in such proportion as is appropriate to reflect the relative fault of the Indemnifying Party on the one hand and such
Indemnified Parties on the other in connection with the statements or omissions or alleged statements or omissions that resulted in such losses, claims, damages, liabilities or expenses. The relative fault of such parties shall be determined by
reference to, among other things, whether the untrue or alleged untrue statement of a material fact, or omission or alleged omission to state a material fact, relates to information supplied by or concerning the Indemnifying Party on the one hand,
or by such Indemnified Party on the other, and such party’s relative intent, knowledge, access to information and opportunity to have corrected or prevented such statement or omission. No Person guilty of fraudulent misrepresentation (within
the meaning of the Securities Act) shall be entitled to contribution from any Person that is not guilty of such fraudulent misrepresentation. 

SECTION 2.7. Miscellaneous. 

(a) With a view to making available the benefits of certain rules and regulations of the SEC which may at any time permit the sale of the
Registrable Securities to the public without registration, the Company agrees, so long as there are outstanding Registrable Securities, to use its reasonable efforts to: 

(i) make and keep public information available, as those terms are understood and defined in Rule 144 under the Securities Act
or any similar or analogous rule promulgated under the Securities Act, at all times after the effective date of this Agreement; 

(ii) file with the SEC in a timely manner all reports and other documents as the SEC may prescribe under the Exchange Act at
any time while the Company is subject to such reporting requirements of the Exchange Act; and 
 (iii) furnish to the
Investor Parties upon a reasonable request a written statement by the Company as to its compliance with the reporting requirements of Rule 144 and of the Securities Act and of the Exchange Act; a copy of the most recent annual or quarterly report of
the Company; and such other reports and documents as any Investor Party may reasonably request in availing itself of any rule or regulation of the SEC allowing it to sell any such Registrable Securities without registration. 

(b) Subject to the provisions hereof, in the event the Company proposes to enter into an underwritten public offering, the Investor Parties
shall enter into a customary agreement with the managing underwriters not to effect any sale or distribution of equity securities of the Company, or any securities convertible, exchangeable or exercisable for or into such securities, during the
period beginning 

  
 -16- 

 
up to two (2) days prior to the date of such offering and extending for up to 90 days following the effective date of such offering if so requested by the Company and the underwriters. The
Company may impose stop-transfer restrictions with respect to the securities subject to the foregoing restriction until the end of the required stand-off period and shall lift such stop-transfer restrictions immediately upon the end of such period.

 ARTICLE III 
 OTHER
RIGHTS 
 SECTION 3.1. Information Rights. So long as the Investor Parties own in the aggregate, a number of shares of Common Stock
and Preferred Stock which together represent at least five percent (5%) of the total number of shares of Common Stock issued and outstanding and issuable upon conversion of the Preferred Stock (with each share of Preferred Stock deemed to represent
the number of shares of Common Stock issuable upon conversion of such share of Preferred Stock at such time of determination without giving effect to the Conversion Cap and the Conversion Restriction), the Company shall provide the Investor Parties
with (i) as soon as available, but within 30 days after the end of each fiscal month, consolidated unaudited financial statements of the Company and its Subsidiaries consisting of an unaudited income statement for such quarter, statement of
cash flows for such quarter and balance sheet as of the end of such quarter and, in each case, prepared in accordance with GAAP; (ii) as soon as available, but in any event within forty-five
(45) days after the end of each of the first three quarters of each fiscal year of the Company, consolidated unaudited financial statements of the Company and its Subsidiaries consisting of an unaudited income statement for such quarter,
statement of cash flows for such quarter and balance sheet as of the end of such quarter and, in each case, prepared in accordance with GAAP; (iii) as soon as available, but in any event within ninety (90) days after the end of each fiscal year
of the Company, consolidated audited financial statements of the Company and its Subsidiaries consisting of an audited income statement for such fiscal year, statement of cash flows for such fiscal year and balance sheet as of the end of such fiscal
year and, in each case, prepared in accordance with GAAP; (iv) a copy of the financial plan of the Company and its Subsidiaries in the form approved by the Board prior to the beginning of each fiscal year and any Board-approved revisions
thereof, and (v) such other financial information the Investor Parties may reasonably request; provided that any documents or other information that is filed with the SEC need not be separately provided by the Company to the Investor
Parties. 
 SECTION 3.2. Preemptive Rights. If at any time the Company proposes to grant, issue or sell any Equity Securities (in
each case, other than any Permitted Issuances) to any Person (the “Purchase Rights”) then it shall give the Investor Parties written notice of its intention to do so, describing the Equity Securities and the price and the terms and
conditions upon which the Company proposes to issue the same. Each Investor Party shall be entitled to acquire, upon the terms applicable to such Purchase Rights, its Pro Rata Share of the Equity Securities proposed to be granted, issued or sold by
the Company triggering the Purchase Rights. Each Investor Party shall have thirty (30) days from the giving of such notice to agree to purchase its Pro Rata Share of the Equity Securities for the price and upon the terms and conditions
specified in the notice by giving written notice to the Company and stating therein the quantity of such Equity Securities to be purchased. If not all of the Investor Parties elect to purchase their Pro Rata Share of the Equity Securities subject to
the Purchase Rights, then the Company shall promptly notify in writing the Investor Parties who have elected to purchase their full Pro Rata Share of such Equity Securities and shall offer such Investor Parties the right to acquire such unsubscribed
shares on a pro rata basis (based on Pro Rata Shares). The Investor Parties shall have fifteen (15) days after receipt of such notice to notify the Company of their election to purchase all or a portion thereof of the unsubscribed shares. If
the Investor Parties have, in the aggregate elected to purchase more than the number of unsubscribed shares being offered in such notice, then the unsubscribed shares shall be allocated according to each Investor Party’s Pro Rata Share up to
the number of unsubscribed shares set forth in the 

  
 -17- 

 
notice to the Investor Parties. If the Investor Parties fail to exercise in full its Purchase Rights, the Company shall have ninety (90) days thereafter to sell the Equity Securities in
respect of which the purchasers’ rights were not exercised, at a price and upon terms and conditions no more favorable to the purchasers thereof than specified in the Company’s notice to the Investor Parties pursuant to this
Section 3.2. If the Company has not sold such Equity Securities within such ninety (90) days, the Company shall not thereafter issue or sell any Equity Securities (other than Permitted Issuances) without first again
complying with this Section 3.2. 
 SECTION 3.3. Investor Directors. 

(a) Investor Party Nomination. From time to time and at any time after the date on which the Majority Investor Parties no longer hold a
right to elect any Preferred Directors (as defined in the Certificate of Designation) pursuant to Section 10(b) of the Certificate of Designation and no such Preferred Director serves on the Board, for so long as the Ownership Percentage
(calculated as described below) of the Investor Parties equals or exceeds five percent (5%), the Majority Investor Parties shall be entitled to nominate that number of directors to the Board (each, an “Investor Director”) equal to
the product of: (i) the Ownership Percentage, and (ii) the total number of directors on the Board, including the number of Investor Directors appointed or appointable to the Board; provided that if such product is not a whole
number, then the number of Investor Directors shall be the next whole number larger than such product (e.g., if such product is 1.11 or 1.51, then the number of Investor Directors shall be two); provided, further that the number of Investor
Directors shall not exceed two at any time. For purposes of this Section 3.3(a), “Ownership Percentage” of the Investor Parties shall mean, at any time of determination, the percentage equal to (i) the
number of shares of Common Stock issued and outstanding and issuable upon conversion of the Preferred Stock (with each share of Preferred Stock deemed to represent the number of shares of Common Stock issuable upon conversion of such share of
Preferred Stock at such time of determination (without regard to any restrictions on conversion)) that the Investor Parties Beneficially Own, divided by (ii) the total number of shares of Common Stock issued and outstanding and issuable upon
conversion of the Preferred Stock (with each share of Preferred Stock deemed to represent the number of shares of Common Stock issuable upon conversion of such share of Preferred Stock at such time of determination (without regard to any
restrictions on conversion)). 
 (b) Company Nomination. In accordance with the provisions of
Section 3.3(a), at each meeting of the Company’s stockholders at which the election of directors is to be considered, the Company shall nominate the Investor Director(s) designated by the Majority Investor Parties for
election to the Board by the holders of Voting Stock and solicit proxies from the Company’s stockholders in favor of the election of the Investor Directors). The Company shall use reasonable best efforts to cause each Investor Director to be
elected to the Board (including voting all unrestricted proxies in favor of the election of such the Investor Director and including recommending approval of such the Investor Director’s appointment to the Board) and shall not take any action
designed to diminish the prospects of such the Investor Director(s) of being elected to the Board. 
 (c) Removal. Each Investor
Director appointed pursuant to this Section 3.3 shall continue to hold office until the next annual meeting of the stockholders of the Company and until his or her successor is elected and qualified in accordance with this
Section 3.3 and the Bylaws, unless such Investor Director is earlier removed from office by the affirmative vote of the Majority Investor Parties or at such time as such Investor Director’s death, resignation,
retirement or disqualification. The Company shall use all reasonable best efforts to ensure that any Investor Director is removed only if so directed in writing by the Majority Investor Parties, unless otherwise required by this
Section 3.3 or applicable law. 

  
 -18- 

 (d) Vacancies. In the event of a vacancy on the Board resulting from the death,
disqualification, resignation, retirement or termination of the term of office of an the Investor Director, the Company shall use reasonable best efforts to cause the Board to fill such vacancy or new directorship with a representative designated by
the Majority Investor Parties as provided hereunder, in either case, to serve until the next annual or special meeting of the stockholders (and at such meeting, such representative, or another representative designated by such holders, will be
nominated to be elected to the Board in the manner set forth in Section 2.9). If the Majority Investor Parties fail or decline to fill the vacancy, then the directorship shall remain open until such time as the Majority
Investor Parties elect to fill it with a representative designated hereunder. 
 SECTION 3.4. Director Provisions. 

(a) Fees and Expenses. Each Designated Director shall be entitled to reimbursement of expenses incurred in such capacities on the same
basis as the Company provides such reimbursement to the other non-management members of its Board. 
 (b) Committees; Subsidiary
Boards. At the request of the Majority Investor Parties, the Company shall use its reasonable best efforts to cause the Designated Directors to have proportional representation (relative to their percentage on the whole Board, but in no event
less than one representative) on each committee of the Board, so long as consistent with the independence and other applicable requirements of the principal trading market of the Company’s Common Stock or under applicable law. At the request of
the Majority Investor Parties, the Company shall use its reasonable best efforts to cause the Designated Directors to have proportional representation (relative to their percentage on the whole Board, but in no event less than one representative) on
the boards (or equivalent governing body) and committees of each Subsidiary of the Company. 
 SECTION 3.5. Consent Rights. For so
long as the Investor Parties own in the aggregate, a number of shares of Common Stock and Preferred Stock which together represent at least ten percent (10%) of the total number of shares of Common Stock issued and outstanding and issuable upon
conversion of the Preferred Stock (with each share of Preferred Stock deemed to represent the number of shares of Common Stock such share of Preferred Stock issuable upon conversion of such share of Preferred Stock at such time of determination
(without regard to any restrictions on conversion)), the Company will not, without first obtaining the written consent or affirmative vote of the Majority Investor Parties, take any of the following actions: (i) liquidate, dissolve or wind-up
the Company (whether voluntary or involuntary), (ii) amend, modify, supplement or repeal any provision of the Certificate of Incorporation or Bylaws that would have a material adverse effect on any right, preference, privilege or voting power of the
Series A Preferred Shares or the holders thereof (provided, that for the avoidance of doubt, any amendment, modification, supplement or repeal any provision of the Certificate of Incorporation or Bylaws that would have the effect of limiting,
restricting, delaying or prohibiting any rights of the Investor Parties, including modification of the nomination rights set forth in Section 3.3, shall constitute a material adverse effect on the rights, preferences,
privileges and voting power of the Series A Preferred Shares or the holders thereof), (iii) change the size of the Board; (iv) enter into, amend, modify or supplement any agreement, transaction, commitment or arrangement with any Related Party,
except for customary employment arrangements and benefit programs; or (v) agree to take any of the foregoing actions. 
 ARTICLE
IV 
 MISCELLANEOUS 

SECTION 4.1. Amendment and Modification. No term of this Agreement may be amended or modified without the prior written consent of each
Party. No provision of this Agreement may be waived except in a writing executed and delivered by the Party against whom such waiver is sought to be enforced. Any amendment or waiver effected in accordance with this
Section 4.1 shall be binding upon the Investor Parties and the Company. 

  
 -19- 

 SECTION 4.2. Successors and Assigns; Binding Effect. The provisions of this Agreement
shall be binding upon and inure to the benefit of the Investors and their respective successors and assigns. This Agreement may not be assigned by any Party hereto without the prior written consent of the Company and the Majority Investor Parties,
except that any Investor Party may transfer or assign, in whole or from time to time in part, to one or more Persons the Preferred Stock or any Common Stock issued on conversion thereof; provided that (a) such Investor Party complies with all
laws applicable thereto and provides written notice of assignment to the Company promptly after such assignment is effected and (b) the transferee agrees in writing to be bound by this Agreement as if it were a party hereto and an Investor
hereunder. For the avoidance of doubt, the rights set forth herein applicable to Investor and/or any Investor Party shall inure to any transferee of an Investor Party. 

SECTION 4.3. Severability. If any provision of this Agreement or the application of any such provision to any Person or circumstance
shall be declared by any court of competent jurisdiction to be invalid, illegal, void or unenforceable in any respect, all other provisions of this Agreement, or the application of such provision to Persons or circumstances other than those as to
which it has been held invalid, illegal, void or unenforceable, shall nevertheless remain in full force and effect and will in no way be affected, impaired or invalidated thereby. Upon such determination that any provision, or the application of any
such provision, is invalid, illegal, void or unenforceable, the Parties shall negotiate in good faith to modify this Agreement so as to effect the original intent of the Parties as closely as possible to the fullest extent permitted by Law in an
acceptable manner. 
 SECTION 4.4. Notices and Addresses. Unless otherwise provided, any notice or request required or permitted to
be delivered under this Agreement shall be given in writing and shall be deemed effectively given as hereinafter described (a) if given by personal delivery, upon actual delivery, (b) if given by facsimile, upon receipt of confirmation of
a completed transmittal, (c) if given by mail, upon the earlier of (i) actual receipt of such notice by the intended recipient or (ii) three (3) Business Days after such notice is deposited in first class mail, postage prepaid, and
(d) if by an internationally recognized overnight air courier, one (1) Business Day after delivery to such carrier. All notices shall be addressed to the Party to be notified at the address as follows, or at such other address as such
Party may designate by ten (10) days’ advance written notice to the other Party: 
 If to the Company: 

RTI Surgical, Inc. 
 11621
Research Circle 
 Alachua, FL 32615 

Attention: Board of Directors 

Facsimile: 386-418-0342 

With a copy to (which shall not constitute notice to the Company): 

Fulbright & Jaworski LLP 

666 Fifth Avenue 
 New York, NY
10103 
 Attention: Warren J. Nimetz 

Facsimile: (212) 318-3400 

  
 -20- 

 If to the Investor Parties: 

WSHP Biologics Holdings, LLC 
 c/o
Water Street Healthcare Partners 
 333 West Wacker Drive, Suite 2800 

Chicago, Illinois 60606 

Attention: Ned H. Villers 

Facsimile: 312-506-2901 

With a copy to (which shall not constitute notice to the Investor Parties): 

Kirkland & Ellis LLP 

300 North LaSalle 
 Chicago, IL
60654 
 Attention: Ted H. Zook, P.C. 

 James S. Rowe 

 Martin A. DiLoreto, Jr., P.C. 

Facsimile: (312) 862-2200 

SECTION 4.5. Governing Law; CONSENT TO JURISDICTION. This Agreement and any Action or dispute arising under or related in any way to
this Agreement, the relationship of the Parties, the transactions leading to this Agreement or contemplated hereby and/or the interpretation and enforcement of the rights and duties of the Parties hereunder or related in any way to the foregoing,
shall be governed by and construed in accordance with the internal, substantive Laws of the State of Delaware applicable to agreements entered into and to be performed solely within such state without giving effect to the principles of conflict of
Laws thereof. EACH OF THE PARTIES TO THIS AGREEMENT HEREBY AGREES THAT JURISDICTION AND VENUE IN ANY SUIT, ACTION OR PROCEEDING BROUGHT BY ANY PARTY ARISING OUT OF OR RELATING TO THIS AGREEMENT (INCLUDING ANY SUIT, ACTION OR PROCEEDING SEEKING
EQUITABLE RELIEF) SHALL PROPERLY AND EXCLUSIVELY LIE IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE (THE “COURT OF CHANCERY”) OR, TO THE EXTENT THE COURT OF CHANCERY DOES NOT HAVE SUBJECT MATTER JURISDICTION, THE UNITED STATES
DISTRICT COURT FOR THE DISTRICT OF DELAWARE AND THE APPELLATE COURTS HAVING JURISDICTION OF APPEALS IN SUCH COURTS (THE “DELAWARE FEDERAL COURT”) OR, TO THE EXTENT NEITHER THE COURT OF CHANCERY NOR THE DELAWARE FEDERAL COURT HAS
SUBJECT MATTER JURISDICTION, THE SUPERIOR COURT OF THE STATE OF DELAWARE (COLLECTIVELY, THE “CHOSEN COURTS”). EACH PARTY HERETO FURTHER AGREES NOT TO BRING ANY SUCH SUIT, ACTION OR PROCEEDING IN ANY COURT OTHER THAN THE CHOSEN
COURTS PURSUANT TO THE FOREGOING SENTENCE (OTHER THAN UPON APPEAL). BY EXECUTION AND DELIVERY OF THIS AGREEMENT, EACH PARTY IRREVOCABLY SUBMITS TO THE JURISDICTION OF THE CHOSEN COURTS FOR ITSELF AND IN RESPECT OF ITS PROPERTY WITH RESPECT TO SUCH
SUIT, ACTION OR PROCEEDING. THE PARTIES HERETO IRREVOCABLY AGREE THAT VENUE WOULD BE PROPER IN EACH OF THE CHOSEN COURTS, AND HEREBY WAIVE ANY OBJECTION THAT ANY SUCH CHOSEN COURT IS AN IMPROPER OR INCONVENIENT FORUM FOR THE RESOLUTION OF SUCH SUIT,
ACTION OR PROCEEDING. 
 SECTION 4.6. WAIVER OF JURY TRIAL. TO THE EXTENT NOT PROHIBITED BY APPLICABLE LAW WHICH CANNOT BE WAIVED,
EACH PARTY HERETO HEREBY WAIVES AND COVENANTS THAT IT WILL NOT ASSERT (WHETHER AS PLAINTIFF, DEFENDANT OR OTHERWISE) ANY RIGHT TO TRIAL BY JURY IN ANY FORUM IN RESPECT OF ANY ISSUE OR ACTION, CLAIM, CAUSE OF ACTION OR SUIT (IN CONTRACT, TORT OR
OTHERWISE) 

  
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INQUIRY, PROCEEDING OR INVESTIGATION ARISING OUT OF OR BASED UPON THIS AGREEMENT OR THE SUBJECT MATTER HEREOF OR IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE TRANSACTIONS
CONTEMPLATED HEREBY, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING. EACH PARTY HERETO ACKNOWLEDGES THAT IT HAS BEEN INFORMED BY THE OTHER PARTIES HERETO THAT THIS SECTION 4.6 CONSTITUTES A MATERIAL INDUCEMENT UPON WHICH THEY ARE
RELYING AND WILL RELY IN ENTERING INTO THIS AGREEMENT. ANY PARTY HERETO MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION 4.6 WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF EACH SUCH PARTY TO THE WAIVER OF ITS RIGHT TO TRIAL BY
JURY. 
 SECTION 4.7. Headings. The headings in this Agreement are for convenience of reference only and shall not constitute a part
of this Agreement, nor shall they affect its meaning, construction or effect. 
 SECTION 4.8. Counterparts; Electronic Delivery. This
Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. This Agreement and any signed agreement or instrument entered into in
connection with this Agreement, and any amendments hereto or thereto, to the extent delivered by means of a telecopy machine or electronic mail (any such delivery, an “Electronic Delivery”), 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 (a) the use of Electronic Delivery to deliver a
signature or (b) the fact that any signature or agreement or instrument was transmitted or communicated through the use of Electronic Delivery, as a defense to the formation of a contract, and each such party forever waives any such defense,
except to the extent such defense related to lack of authenticity. 
 SECTION 4.9. Further Assurances. Each Party shall cooperate and
take such action as may be reasonably requested by another Party in order to carry out the provisions and purposes of this Agreement and the transactions contemplated hereby. 

SECTION 4.10. Remedies. Each Party hereby acknowledges and agrees that the failure of the other Party to perform its respective
agreements and covenants hereunder, including any failure to take all actions as are necessary by such Party to consummate the transactions contemplated hereby (to the extent required to be taken by such Party under this Agreement), will cause
irreparable injury to the other Party, for which damages, even if available, will not be an adequate remedy. Accordingly, each Party hereby agrees that any other Party may seek the issuance of equitable relief by any court of competent jurisdiction
to compel performance of such Party’s obligations. 
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

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

			
	RTI SURGICAL, INC.
		
	By:	 	             /s/ Robert P.
Jordheim

		 	Name: Robert P. Jordheim
		 	Title:   EVP & CFO
	
	WSHP BIOLOGICS HOLDINGS, LLC
		
	By:	 	             /s/ Jeffrey Holway

		 	Name: Jeffrey Holway
		 	Title:   Authorized Signatory

 Signature Page to the Investor Parties Rights AgreementEX-10.7

 Exhibit 10.7 
  

 
 Ares Capital Corporation 

245 Park Avenue, 44th Floor 

New York, New York 10167 

CONFIDENTIAL 

November 1, 2018 
 RTI Surgical, Inc. 

11621 Research Circle 
 Alachua, Florida 32615 

Attention:     Jonathon M. Singer, 

 Chief Financial and Administrative Officer 

RTI Surgical, Inc. 

$100.0 Million Second Lien Credit Facility 

Commitment Letter 
 Ladies and Gentlemen:

  

	1.	 Commitments. 

Ares Capital Management LLC (on behalf of one or more funds or accounts managed directly or indirectly by Ares Capital Management LLC or its affiliate,
“Ares Capital”; together with its successors and assigns, the “Committed Lender”) hereby commits to provide (directly and/or through one or more of its direct or indirect subsidiaries or affiliates) a
$100.0 million senior secured second lien credit facility (the “Second Lien Credit Facility”), and Ares Capital hereby agrees to act as administrative agent for the Second Lien Credit Facility. The Second Lien Credit Facility
will be used by RTI Surgical, Inc., a Delaware corporation (“you” or the “Borrower”) in connection with the acquisition (the “Acquisition”) by you of all of the issued and outstanding equity
interests of Paradigm Spine, LLC, a Delaware limited liability company (the “Target,” and, together with certain of its subsidiaries, the “Acquired Business”). In connection with the Acquisition, (a) the
Borrower will obtain the Second Lien Credit Facility, (b) the Borrower will amend or otherwise modify its existing $100.0 million first lien credit facility to reduce the aggregate outstanding commitments thereunder to $75.0 million
(the “Commitment Reduction Amendment”; and such facility, as in effect on the date hereof, after giving effect only to the Commitment Reduction Amendment, any conforming amendments required based on the terms of the Second Lien
Credit Facility, and any other amendment reasonably acceptable to the Lead Arranger (as defined below), shall be referred to as the “First Lien Revolving Facility”), (c) the Borrower will issue to shareholders of the Target shares
of common stock (which may or may not be registered) of the Borrower with a value of approximately $50.0 million (the “Equity Issuance”) (d) fees, premiums, expenses and other transaction costs incurred in connection with the
foregoing (the “Transaction Costs”) will be paid, and (e) the proceeds of the Second Lien Credit Facility, certain borrowings under the First Lien Revolving Facility and the Equity Issuance will be used to pay the consideration
and other amounts 

 
owing in connection with the Acquisition under the Acquisition Agreement, to effect the Commitment Reduction Amendment and to pay all or a portion of the Transaction Costs (the foregoing are
collectively referred to as the “Transactions.” Capitalized terms used in the text of this Commitment Letter without definition have the meanings assigned in the Term Sheet (as defined below). 

 

	2.	 Conditions. 

The Committed Lender’s commitment is subject only to the conditions set forth in the Summary of Terms attached as Exhibit A with respect to the
Second Lien Credit Facility (the “Term Sheet” and, collectively with this letter, the “Commitment Letter”), the funding of which is subject solely to the conditions set forth in Schedule I to the Term Sheet. Ares
Capital is pleased to act, on such conditions and on the terms specified herein, as the sole lead arranger and sole bookrunner for the Second Lien Credit Facility (in such capacity, the “Lead Arranger” and, together with the
Committed Lender in its capacity as a Lender (as defined below), the “Commitment Parties”). 
  

	3.	 Titles and Roles. 

It is agreed that Ares Capital (or its affiliates or subsidiaries) shall serve as administrative agent under the Second Lien Credit Facility (in such capacity,
the “Agent”), and that Ares Capital shall have “left side” designation, shall have “left” placement in all Marketing Materials in connection with the Second Lien Credit Facility and shall appear on the top left
and shall hold the leading role and responsibility customarily associated with such “top left” placement. It is further agreed and understood that, without the prior written consent of the Committed Lender, no additional agents, co-agents, arrangers, co-arrangers, bookrunners, co-bookrunners, managers or co-managers shall be appointed, or other titles conferred
to any person or entity and no other titles will be awarded unless you and we shall so agree. 
 Ares Capital is not and shall not be deemed for any purpose
to be acting as an agent (except to the extent of Ares Capital’s capacity as Agent), joint venturer or partner of the Borrower, the Acquired Business, any Lender or any of their respective affiliates, and Ares Capital assumes no responsibility,
express or implied, for any actions or omissions of, or performance of services by, or the obligations or liabilities of, any other person in connection with this Commitment Letter, the Transactions, the entering into the of the Second Lien Credit
Facility or otherwise. 
  

	4.	 Syndication. 

The Lead Arranger may syndicate, prior to and/or after the execution of definitive documentation for the Second Lien Credit Facility (the “Credit
Documentation”), all or a portion of the Second Lien Credit Facility to one or more other lenders in consultation with you (collectively with the Committed Lender, the “Lenders”) pursuant to a syndication managed by the
Lead Arranger (the “Syndication Process”) on the terms set forth in this Commitment Letter and in the fee letter among the parties hereto and dated as of even date herewith (the “Fee Letter”), it being understood
that the Lead Arranger will not syndicate to any person that is (i) designated by Borrower, by written notice delivered to the Lead Arranger on or prior to the date hereof, as a (x) disqualified institution, or (y) competitor of
Borrower or its subsidiaries (“Competitor”) or (ii) any person that is clearly identifiable, solely on the basis of such person’s name, as an affiliate of any person referred to in clause (i)(x) or (i)(y)
above (the persons described in clauses (i) and (ii) are, collectively, the “Disqualified Institutions”); provided, however, that Disqualified Institutions shall (A) exclude any person that
Borrower has designated as no longer being a Disqualified Institution by written notice delivered to Agent from time to time and (B) include any person that is added as a Disqualified Institution, pursuant to a written supplement to the list of
Disqualified Institutions, that is delivered by Borrower after the date hereof to the Lead Arranger (or, after the Closing Date, to Agent). Such supplement shall not apply retroactively to disqualify the transfer of an interest in the Second Lien
Credit Facility that was effective prior to the effective date of such supplement. 

  
 - 2 - 

 Notwithstanding the foregoing, in no event shall a Bona Fide Debt Fund be a Disqualified Institution, unless
such Bona Fide Debt Fund is identified under clause (i)(x) above. “Bona Fide Debt Fund” shall mean any bona fide debt fund, investment vehicle, regulated banking entity or non-regulated
lending entity that is primarily engaged in making, purchasing, holding or otherwise investing in commercial loans or bonds and/or similar extensions of credit in the ordinary course of business and with respect to which the competitors referred to
in clause (i) above do not, directly or indirectly, possess the power to direct or cause the direction of the investment policies of such entity. The Lead Arranger will, in consultation with you, control all aspects of syndication,
including the timing and, subject to your consent rights described above, selection of prospective Lenders, the awarding of any titles, the determination of allocations and the amount of any fees. You agree that no Lender will be permitted to
receive compensation of any kind for its participation in the Second Lien Credit Facility, except as expressly provided for in this Commitment Letter and the Fee Letter, without the prior written consent of the Lead Arranger. 

You agree to use your commercially reasonable efforts to assist until the earlier of (i) the date that is 30 days following the closing of the Second
Lien Credit Facility (the “Closing Date”) and (ii) the date on which the Lead Arranger determines that the primary syndication process is complete (such earlier date, the “Syndication Date”) in achieving a
syndication of the Second Lien Credit Facility that is reasonably satisfactory to us and you. The syndication efforts will be accomplished by a variety of means, including direct contact during the syndication between you and your non-legal advisors, on the one hand, and the proposed Lenders, on the other hand (and your using commercially reasonable efforts, subject to your rights and obligations under the Acquisition Agreement, to ensure
direct contact during the syndication between the Acquired Business’s senior management and proposed Lenders at times mutually agreed upon). For our use in connection with the syndication, until the Syndication Date, you agree, upon our
request, to (a) assist us in our preparation of customary offering and marketing materials reasonably requested by us to successfully complete the syndication, (b) assist us in our preparation of a customary confidential information
memorandum (certain of the contents of which you shall provide) and (c) host, with us, one general meeting with prospective Lenders at such time and place as may be mutually agreed (subject to reasonable prior notice and reasonable scheduling
accommodations for your representatives and, further subject to your rights and obligations under the Acquisition Agreement, for senior management of the Acquired Business). You also agree to use your commercially reasonable efforts to ensure that
our syndication efforts benefit materially from your and the Acquired Business’s existing lending relationships. 
  

	5.	 Clear Market. 

You shall ensure that, at all times prior to the end of the Syndication Process, you and your affiliates shall not, and you shall use your commercially
reasonable efforts to ensure that the Acquired Business does not, enter into, arrange, place, or propose any commercial bank or other credit facilities or issue any debt or preferred debt securities, other than the Second Lien Credit Facility, the
First Lien Revolving Facility, indebtedness permitted to be incurred and/or remain outstanding under the Acquisition Agreement as in effect on the date hereof, if any, or other indebtedness agreed by the Lead Arranger, in each case that could
reasonably be expected to materially impair the Syndication Process, without the prior written consent of the Lead Arranger (it being understood that (1) any of Borrower’s ordinary course, short term working capital facilities,
(2) any of the Acquired Business’s ordinary course, short term working capital facilities that will be repaid on the Closing Date and (3) any ordinary course capital leasing, factoring programs and purchase money and equipment
financings will not impair the Syndication Process). 

  
 - 3 - 

	6.	 Information. 

You hereby represent (but only to your knowledge with respect to any of the information referred to below that is provided by another person that is not your
affiliate (but in any event to include all information with respect to the Acquired Business, its subsidiaries and their respective businesses)) and covenant that (a) all written information other than projections
(“Projections”), forward-looking statements and information of a general economic or industry-specific nature (the “Information”) that has been and will be made available to any of the Commitment Parties and/or the
Lenders by you or any of your affiliates or representatives in connection with the transactions contemplated hereby, when taken as a whole, is and will be, when furnished, complete and correct in all material respects and does not and will not, when
furnished, contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements contained therein not materially misleading in light of the circumstances under which such statements are made,
when taken as a whole, (after giving effect to all supplements and updates thereto through the date furnished) and (b) the Projections that have been or will be made available to the Commitment Parties by you or any of your affiliates or
representatives have been or will be prepared in good faith based upon reasonable assumptions (it being understood and agreed that financial projections are not a guarantee of financial performance and actual results may differ from financial
projections and such differences may be material). You agree that if at any time prior to the later of (x) the Closing Date and (y) the Syndication Date, you become aware that any of the representations in the preceding sentence would be
incorrect in any material respect if the Information or Projections were being furnished, and such representations were being made, at such time, then you will promptly supplement the Information or the Projections, as the case may be, so that such
representations will be correct in all material respects under those circumstances. You understand that, in arranging and syndicating the Second Lien Credit Facility, the Lead Arranger may use and rely on the Information and Projections without
independent verification thereof. 
 You agree that the Information, Projections and all other information (including third party reports) referenced in the
immediately preceding paragraph (collectively, the “Evaluation Material”) shall include a version of the confidential information memorandum, presentation and other information materials consisting exclusively of information that is
either publicly available with respect to you, your affiliates, the Acquired Business and your and their respective subsidiaries and parent companies, or that is not material with respect to you, your affiliates, the Acquired Business and your and
their respective securities for purposes of U.S. federal and state securities laws. You also hereby agree that you will use commercially reasonable efforts to (a) identify in writing (and cause the Acquired Business to identify in writing) and
(b) clearly and conspicuously mark such Evaluation Material that does not contain any such material non-public information referred to in the prior sentence as “PUBLIC.” You hereby agree that by
identifying and/or marking such Evaluation Material pursuant to the preceding sentence and/or publicly filing any Evaluation Material with the Securities and Exchange Commission, the Commitment Parties, Lenders and prospective Lenders shall be
entitled to treat such Evaluation Material as PUBLIC with respect to you, your affiliates, the Acquired Business and their respective subsidiaries and parent companies for purposes of U.S. federal and state securities laws. Except as set forth in
the following sentence, you agree that all Evaluation Material not clearly and conspicuously marked as “PUBLIC” shall be deemed to contain material such material, non-public information and shall
only be suitable for sharing with “private-side” Lenders and prospective Lenders. You further acknowledge and agree that the following documents and materials shall be deemed to be PUBLIC, whether or not so marked: term sheets with respect
to the Second Lien Credit Facility and the Transaction, and administrative materials of a customary nature prepared by the Commitment Parties for prospective Lenders, such as a lender meeting invitation, bank allocation, if any, and funding and
closing memorandum. 

  
 - 4 - 

 For the avoidance of doubt, you will not be required to provide any information to the extent that the
provision thereof would violate any law, rule or regulation, or any obligation of confidentiality binding upon, or waive any privilege that may be asserted by you, the Target or any of your and its respective affiliates; provided that in the
event that you do not provide information in reliance on this sentence, you shall provide notice to the Committed Lender that such information is being withheld and you shall use your commercially reasonable efforts to communicate, to the extent
feasible, the applicable information in a way that would not violate any applicable law, rule, regulation or obligation or risk waiver of such privilege. 

You hereby authorize and agree, on behalf of yourself and the Acquired Business your and its respective affiliates, that the Evaluation Material provided by
or on behalf of you, the Acquired Business and your and its respective affiliates to the Commitment Parties regarding you, the Acquired Business and your and its respective affiliates, the Transaction and the other transactions contemplated hereby
in connection with the Second Lien Credit Facility may be disseminated by or on behalf of the Commitment Parties, and made available, to prospective Lenders and other persons, who have agreed to be bound by customary confidentiality undertakings
(including “click-through” agreements) and, if applicable, ratings agencies, all in accordance with the Lead Arranger’s standard loan syndication practices (whether transmitted electronically by means of a website, e-mail or otherwise, or made available orally or in writing, including at prospective Lender or other meetings). 
 You
hereby further authorize the Lead Arranger to download copies of your logos and to use commercially reasonable efforts to obtain authorization to permit the Lead Arranger to download copies of the Acquired Business’s logos, from their
respective websites and post copies thereof on an IntraLinks®, Syndtrak® or similar workspace (an
“E-System”) and use such logos on any materials prepared in connection with the Syndication Process. 
  

	7.	 Expenses. 

Whether or not the Second Lien Credit Facility closes, you hereby agree to pay upon demand to the
Commitment Parties all reasonable and documented and invoiced out-of-pocket fees and expenses (including, but not limited to, all reasonable and documented and invoiced out-of-pocket costs and expenses of one legal counsel, one regulatory counsel and, to the extent necessary, one local counsel in each relevant material jurisdiction if
reasonably required for all Commitment Parties) incurred by them in connection with this Commitment Letter, the Fee Letter, the Transaction, and the Second Lien Credit Facility. 

 

	8.	 Confidentiality. 

You agree that you will not disclose the contents of this Commitment Letter, the Fee Letter or the Commitment Parties’ involvement with, the Committed
Lender’s commitments to provide or the Lead Arranger’s agreement to arrange the Second Lien Credit Facility to any third party (including, without limitation, any financial institution or intermediary) without the Committed Lender’s
prior written consent, other than (a) to any of your affiliates and your and their respective directors, officers, employees or advisors in connection with the Transactions; provided that this Commitment Letter (but not the Fee Letter or
the contents thereof other than (i) the existence thereof and the contents thereof with respect to fees generally in the aggregate as part of projections and pro forma information, (ii) a generic disclosure of aggregate sources and uses in
customary disclosures regarding the Transactions and (iii) a customarily redacted version, excluding fees set forth in the Fee Letter) may also be disclosed to the equity holders and to advisors of the Acquired Business and its equity holders,
directors, officers, employees and advisors (and in each case, each of their attorneys), (b) as may be compelled in a judicial or administrative proceeding or as otherwise required by law (in which case you agree to inform the Committed Lender and
the Lead Arranger promptly thereof to the extent permitted by law), (c) this Commitment Letter, but not the Fee Letter, in any required filings with the Securities and Exchange Commission and other applicable

  
 - 5 - 

 
regulatory authorities and stock exchanges and customary press releases issued in connection therewith, (d) as necessary to enforce the terms of this Commitment Letter or in connection with
any suit, action or proceeding relating to this Commitment Letter, the Fee Letter or the transactions contemplated thereby, (e) after your acceptance hereof, the Term Sheet, including the existence and contents thereof (but not the Fee Letter
or its contents) may be disclosed (in consultation with the Lead Arranger) to any Lender or participant or prospective Lender or prospective participant under the Second Lien Credit Facility and, in each case, its directors (or equivalent managers),
officers, employees, affiliates, independent auditors or other experts and advisors on a confidential basis, and (f) to the extent that such information becomes publicly available other than by reason of disclosure by you in violation of this
paragraph. You agree to inform all such persons who receive information concerning the Commitment Parties, this Commitment Letter or the Fee Letter that such information is confidential and may not be used for any purpose other than in connection
with the Transactions and may not be disclosed to any other person. The Commitment Parties reserve the right to review and approve, in advance, all materials, press releases, advertisements and similar public disclosures that contain the Committed
Lender’s or any of its affiliate’s name or describe the Committed Lender’s financing commitments or the Lead Arranger’s roles and activities. 

Each Commitment Party, on behalf of itself and its affiliates and other Related Persons (as defined below), agrees that it will use all confidential
information provided to it or its affiliates by or on behalf of you hereunder or in connection with the Acquisition solely for the purpose of providing the services which are the subject of this Commitment Letter and shall treat confidentially all
such information; provided that nothing herein shall prevent any Commitment Party from disclosing any such information (a) pursuant to any legal, judicial, administrative proceeding or other compulsory process or otherwise as required by
applicable law or regulation or as requested by a governmental authority (in which case such Commitment Party, to the extent permitted by law and except with respect to any audit or examination conducted by bank accountants or any governmental bank
authority exercising examination or regulatory authority, agrees to inform you promptly thereof), (b) upon the request or demand of any regulatory authority having jurisdiction over any Commitment Party or any of its affiliates, (c) to the
extent that such information becomes publicly available other than by reason of disclosure by any Commitment Party in violation of this paragraph, (d) to the extent that such information is received by a Commitment Party from a third party that
is not to such Commitment Party’s knowledge subject to confidentiality obligations to you, the Acquired Business or your or their respective affiliates, (e) to the extent that such information is independently developed by a Commitment
Party, (f) to any Commitment Party’s affiliates and to such Commitment Party’s and its affiliates’ respective members, directors, investment or capital or similar committees employees, legal counsel, independent auditors, service
providers, financing sources and other experts or agents who need to know such information in connection with the Transactions and are informed of the confidential nature of such information, (g) to prospective Lenders, participants or
assignees or any potential counterparty (or its advisors) to any swap or derivative transaction relating to Borrower or any of its subsidiaries or any of their respective obligations; provided that such disclosure shall be made subject to the
acknowledgment and acceptance by such prospective Lender, participant, assignee or potential counterparty on behalf of itself and its advisors, that such information is being disseminated on a confidential basis (on substantially the terms set forth
in this paragraph or as is otherwise reasonably acceptable to you and the applicable Commitment Party) in accordance with the standard syndication process of such Commitment Party or market standards for dissemination of such type of information
which shall in any event require “click through” or other affirmative action on the part of the recipient to access such confidential information, or (h) in connection with the exercise of any remedy or enforcement of any right under
this Commitment Letter, the Fee Letter and/or any Credit Documentation. The provisions of this paragraph shall automatically terminate on the date that is two years following the date of this Commitment Letter unless earlier superseded by the
relevant Credit Documentation. For the avoidance of doubt, (i) the provisions of this paragraph do not supersede any other confidentiality or non-disclosure agreement or undertaking by any Commitment
Party or its affiliates or its or their respective Related Persons in favor of the Borrower, the Acquired Business or 

  
 - 6 - 

 
your or their respective affiliates (whether directly or indirectly through a back-to-back or similar agreement)
and (ii) in no event shall any disclosure of such information referred to above be made to any Disqualified Institution. 
  

	9.	 Indemnity. 

Regardless of whether the Second Lien Credit Facility closes, you agree to (a) indemnify, defend and hold each of the Commitment Parties, each Lender, and
their respective affiliates and the principals, directors, officers, employees, representatives, agents and third party advisors (“Related Persons”) of each of them (each, an “Indemnified Person”), harmless from and
against all losses, disputes, claims, investigations, litigation, proceedings, expenses (including, but not limited to, attorneys’ fees), damages, and liabilities of any kind to which any Indemnified Person may become subject in connection with
this Commitment Letter, the Fee Letter, the Second Lien Credit Facility, the use or the proposed use of the proceeds thereof, the Transaction or any other transaction contemplated by this Commitment Letter (each, a “Claim”, and
collectively, the “Claims”), regardless of whether such Indemnified Person is a party thereto (and regardless of whether such matter is initiated by a third party, you, any Borrower or any of your or its respective affiliates), and
(b) reimburse each Indemnified Person upon demand for all legal and other expenses incurred in connection with investigating, preparing to defend or defending, or providing evidence in or preparing to serve or serving as a witness with respect
to, any lawsuit, investigation, claim or other proceeding relating to any of the foregoing (each, an “Expense”) (but limited to one (1) counsel to such Indemnified Persons, taken as a whole, one (1) local counsel in
each relevant jurisdiction and one (1) regulatory counsel to all such Indemnified Persons, taken as a whole, and, solely, in the event of a conflict of interest, one (1) additional counsel (and, if necessary, one (1) regulatory
counsel and one local counsel in each relevant jurisdiction) to each group of similarly situated affected Indemnified Persons); provided that no Indemnified Person shall be entitled to indemnity hereunder in respect of any Claim or Expense to
the extent that the same is found by a final, non-appealable judgment of a court of competent jurisdiction to have resulted directly from (i) the gross negligence, willful misconduct or bad faith of such
Indemnified Person or any of such Indemnified Person’s controlled affiliates or any of its or their principals, directors, officers, employees, representatives, agents and third party advisors, (ii) a breach by such Indemnified Person of
any of its material obligations under this Commitment Letter or the Fee Letter or (iii) a dispute solely among Indemnified Parties (other than a Claim against any Commitment Party solely in its capacity as Lead Arranger, Agent or any other
similar role in connection with this Commitment Letter or the Second Lien Credit Facility) not arising out of any act or omission on the part of you or your affiliates. 

No party hereto or any of its respective affiliates shall be liable for any punitive, exemplary, consequential or indirect damages alleged in connection with,
arising out of, or relating to, any Claims, this Commitment Letter, the Fee Letter, the Second Lien Credit Facility, the use or the proposed use of the proceeds thereof, the Transaction, or any other transaction contemplated by this Commitment
Letter; provided that nothing contained in this paragraph shall limit your indemnity and expense reimbursement obligations to the extent set forth in the previous paragraph. 

Furthermore, you hereby acknowledge and agree that the use of electronic transmission is not necessarily secure and that there are risks associated with such
use, including risks of interception, disclosure and abuse. You agree to assume and accept such risks and hereby authorize the use of transmission of electronic transmissions, and that no Commitment Party nor any of its respective affiliates will
have any liability for any damages arising from the use of such electronic transmission systems except to the extent the same is found by a final non-appealable judgment of a court of competent jurisdiction to
have arisen from the gross negligence, willful misconduct or bad faith of such Commitment Party or affiliate. 

  
 - 7 - 

	10.	 Sharing Information; Absence of Fiduciary Relationship. 

You acknowledge that the Commitment Parties and their affiliates may be investing in or providing debt financing, equity capital or other services to other
companies with which you may have conflicting interests. You further acknowledge and agree that (a) no fiduciary, advisory or agency relationship between you and any of the Commitment Parties and/or their respective affiliates has been or will
be created in respect of any of the transactions contemplated by this Commitment Letter, irrespective of whether the Commitment Parties and/or their respective affiliates have advised or are advising you on other matters and (b) you will not
assert any claim against any of the Commitment Parties and/or their respective affiliates for breach or alleged breach of fiduciary duty and agree that none of the Commitment Parties and/or their respective affiliates shall have any direct or
indirect liability to you in respect of such a fiduciary duty claim or to any person asserting a fiduciary duty claim on behalf of or in right of you, including your stockholders, employees or creditors. 

 

	11.	 Assignments and Amendments. 

This Commitment Letter shall not be assignable by you without the prior written consent of the Commitment Parties (and any purported assignment without such
consent shall be null and void) and is solely for the benefit of the parties hereto and is not intended to confer any benefits upon, or create any rights in favor of, any person other than the parties hereto and the Indemnified Persons. The
Committed Lender, as applicable, may also assign its commitment hereunder, in whole or in part, to any of its affiliates or to any prospective Lender in connection with the Syndication Process or otherwise; provided that, notwithstanding any
such assignment, (i) with respect to amounts to be funded on the Closing Date, the commitment of the Committed Lender to fund its committed portions of the Second Lien Credit Facility on the terms and conditions set forth in this Commitment
Letter and the Fee Letter will be reduced solely to the extent such other Lenders fund their commitments on the Closing Date and (ii) the Committed Lender must retain exclusive control over all rights and obligations with respect to its
commitments prior to close. This Commitment Letter may not be amended or waived except in a written instrument signed by you and the Commitment Parties. 
  

	12.	 Counterparts and Governing Law. 

This Commitment Letter may be executed in counterparts, each of which shall be deemed an original and all of which counterparts shall constitute one and the
same document. Delivery of an executed signature page of this Commitment Letter by facsimile or electronic (including “PDF”) transmission shall be effective as delivery of a manually executed counterpart hereof. No posting to any E-System shall be denied legal effect merely because it is made electronically and each party hereto agrees not to contest the validity or enforceability of any posting on any
E-System or electronic signature merely because it is made electronically. 
 The laws of the State of New York
shall govern all matters arising out of, in connection with or relating to this Commitment Letter, including, without limitation, its validity, interpretation, construction, performance and enforcement and any claims sounding in contract law or tort
law arising out of the subject matter hereof. 
  

	13.	 Venue and Submission to Jurisdiction. 

The parties hereto consent and agree that the state and federal courts located in New York County, State of New York, shall have exclusive jurisdiction to hear
and determine any claims or disputes between or among any of the parties hereto pertaining to this Commitment Letter, the Fee Letter, the Second Lien Credit Facility, the Transaction, any other transaction relating hereto or thereto, and any
investigation, litigation, or proceeding in connection with, related to or arising out of any such matters; provided that the 

  
 - 8 - 

 
\parties hereto acknowledge that any appeal from those courts may have to be heard by a court located outside of such jurisdiction. The parties hereto expressly submit and consent in advance to
such jurisdiction in any action or suit commenced in any such court, and hereby waive any objection, which each of the parties may have based upon lack of personal jurisdiction, improper venue or inconvenient forum. 

 

	14.	 Waiver of Jury Trial. 

THE PARTIES HERETO, TO THE EXTENT PERMITTED BY LAW, WAIVE ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, SUIT, OR PROCEEDING ARISING OUT OF, IN CONNECTION WITH
OR RELATING TO, THIS COMMITMENT LETTER, THE FEE LETTER, THE SECOND LIEN CREDIT FACILITY, THE TRANSACTION AND ANY OTHER TRANSACTION RELATED HERETO OR THERETO. THIS WAIVER APPLIES TO ANY ACTION, SUIT OR PROCEEDING WHETHER SOUNDING IN TORT, CONTRACT OR
OTHERWISE. 
  

	15.	 Survival. 

The provisions of this Commitment Letter set forth under this heading and the headings “Syndication”, “Clear Market”,
“Information”, “Expenses”, “Confidentiality”, “Indemnity”, “Sharing Information; Absence of Fiduciary Relationship”, “Assignments and Amendments”, “Counterparts and Governing
Law”, “Venue and Submission to Jurisdiction” and “Waiver of Jury Trial” shall survive the termination or expiration of this Commitment Letter and shall remain in full force and effect regardless of whether the Second Lien
Credit Facility closes or the Credit Documentation shall be executed and delivered; provided that, if the Second Lien Credit Facility closes and the Credit Documentation shall be executed and delivered, (i) the provisions under the
headings “Information”, “Syndication” and “Clear Market” shall survive only until the completion of the Syndication Process (as determined by Lead Arranger), and (ii) the provisions under the heading
“Expenses”, “Confidentiality”, “Indemnity”, and “Sharing Information; Absence of Fiduciary Relationship” shall be superseded and deemed replaced by the terms of the Credit Documentation governing such matters.

  

	16.	 Integration. 

This Commitment Letter and the Fee Letter supersede any and all discussions, negotiations, understandings or agreements, written or oral, express or implied,
between or among the parties hereto and their affiliates as to the subject matter hereof. 
 This Commitment Letter and the Fee Letter each constitutes a
legal, valid and binding obligation, enforceable against each of the parties hereto and thereto in accordance with their respective terms (subject to the effects of bankruptcy, insolvency, fraudulent conveyance, reorganization and other similar laws
relating to or affecting creditors’ rights generally and general principles of equity (whether considered in a proceeding in equity or law)) and with respect to the subject matter contained herein and therein (including an obligation to
negotiate in good faith)), it being acknowledged and agreed that (i) the funding of the Second Lien Credit Facility is subject only to the conditions referred to in Schedule I to the Term Sheet, including the execution and delivery of
the Credit Documentation by Borrower and the Guarantors in a manner consistent with this Commitment Letter (including the Documentation Principles and the Funds Certain Provisions) and (ii) the commitment provided hereunder is subject only to
those conditions set forth in Schedule I to the Term Sheet. 

  
 - 9 - 

	17.	 Patriot Act. 

The Commitment Parties hereby notify you that pursuant to the requirements of the USA PATRIOT Act, Title III of Pub. L.
107-56 (signed into law October 26, 2001) (the “PATRIOT Act”), each Lender may be required to obtain, verify and record information that identifies the Borrower and each Guarantor, which
information includes the name, address, tax identification number and other information regarding the Borrower and each Guarantor that will allow such Lender to identify the Borrower and each Guarantor in accordance with the PATRIOT Act. This notice
is given in accordance with the requirements of the PATRIOT Act and is effective as to each Lender. 
  

	18.	 Acceptance and Termination. 

Please indicate your acceptance of the terms hereof and of the Fee Letter by signing in the appropriate space below and in the Fee Letter and returning to the
Committed Lender on behalf of the Commitment Parties such signature pages by 5:00 p.m., New York time on November 1, 2018. Unless extended in writing by the Commitment Parties, the commitments and agreements of the Commitment Parties contained
herein (subject to the provisions under the heading “Survival”) shall automatically expire on the first to occur of (a) the date and time referred to in the previous sentence unless you shall have executed and delivered a copy of this
Commitment Letter and the Fee Letter as provided above, (b) 5:00 p.m. New York time on March 31, 2019, (c) execution and delivery of the Credit Documentation and funding of the Second Lien Credit Facility and (d) the closing of the
Acquisition without the use of the Second Lien Credit Facility.  
 [THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK] 

  
 - 10 - 

 Sincerely, 

ARES CAPITAL MANAGEMENT LLC, 
 on behalf of one or more funds and
accounts 
 directly or indirectly managed by Ares Capital 

Management LLC or its affiliates 
  

			
	By:	 	 /s/ Mark Affolter

	Name:	 	Mark Affolter
	Its:	 	Duly Authorized Signatory

  
 [SIGNATURE PAGE –
RTI SURGICAL COMMITMENT LETTER] 

 AGREED AND ACCEPTED 

THIS 1ST DAY OF NOVEMBER, 2018 
  

			
	RTI SURGICAL, INC.
		
	By:	 	 /s/ Jonathon M. Singer

	Name:	 	Jonathon M. Singer
	Title:	 	Chief Financial and Administrative Officer

  
 [SIGNATURE PAGE –
RTI SURGICAL COMMITMENT LETTER] 

 

 
 Ares Capital Corporation 

245 Park Avenue, 44th Floor 

New York, New York 10167 

Exhibit A to Commitment Letter 

$100.0 Million Second Lien Credit Facility 

Summary of Terms 
 November 1,
2018 
 Capitalized terms used herein without definition shall have the meanings assigned to such terms in the letter referenced above. 

 

			
	 Borrower:
	 	RTI Surgical, Inc., a Delaware corporation (the “Borrower”).
		
	 Guarantors:
	 	Each of the Borrower’s existing and subsequently acquired or formed direct and indirect subsidiaries other than any Excluded Foreign Subsidiaries (as defined below) and any additional carve outs to be mutually agreed (each,
a “Guarantor” and collectively, the “Guarantors”); provided that any guarantor under the First Lien Revolving Facility shall be a Guarantor.
		
	 Agent:
	 	Ares Capital Corporation (“Ares Capital” and, in such capacity, the “Agent”).
		
	 Sole Lead Arranger and Bookrunner:
	 	Ares Capital Management LLC (in its capacity as Lead Arranger and Sole Bookrunner, the “Lead Arranger”).
		
	 Lenders:
	 	Ares Capital, one or more funds or accounts managed directly or indirectly by Ares Capital Management LLC or its affiliates and a syndicate of financial institutions (other than Disqualified Institutions) arranged by the Lead
Arranger, in consultation with the Borrower (subject to the conditions set forth in the Commitment Letter) (the “Lenders”).
		
	 Second Lien Credit Facility:
	 	A second lien senior secured term loan facility (the “Second Lien Credit Facility”, and the loans thereunder, the “Term Loan”) of $100.0 million, which will be advanced in one drawing on the
Closing Date (as defined below) and mature on the date that is 6 months after the maturity date of the First Lien Revolving Facility (the “Maturity Date”). The portion of the Term Loan that then remains outstanding shall be due and
payable in full on the Maturity Date.

  
 1 

			
		 	Amounts repaid on the Term Loan Facility may not be reborrowed.
		
	 Incremental Facilities:
	 	Borrower shall have the right, at any time and from time to time, to increase the size of the Term Loans and/or add one or more incremental term loan facilities to the Second Lien Credit Facility (each, whether or not a separate
tranche, an “Incremental Term Loan”; each sometimes referred to herein individually as an “Incremental Facility” and collectively as the “Incremental Facilities”) pursuant to an amendment to the
Credit Agreement solely among the Lenders providing such Incremental Facility and Borrower, and consented to by Agent (such consent not to be unreasonably withheld, delayed or conditioned); provided that:
		
		 	 (a)   at the time of any proposed Incremental Facility, the Lenders under the
Second Lien Credit Facility at such time shall be offered the opportunity to provide such Incremental Facility pro rata in accordance with their respective shares of the Term Loan before any other person shall be offered such an
opportunity; provided that no such Lender shall be required to increase its respective commitment or provide any such Incremental Facility and any portion of such Incremental Facility not provided by the Lenders may be provided by any other
person that would otherwise constitute a permitted assignee under the Credit Agreement;

		
		 	 (b)   after giving pro forma effect to such Incremental Facility and
the use of proceeds thereof, (i) no default or event of default would exist at the time such Incremental Facility is added to the Second Lien Credit Facility and all representations and warranties shall be true and correct in all material
respects without duplication of materiality qualifiers (provided that, to the extent the proceeds of an Incremental Facility will be used to finance a Permitted Acquisition (as defined below), the lenders providing such Incremental Facility
may agree to a “funds certain” provision that does not impose as conditions to funding thereof that no default or event of default exist (other than a payment or bankruptcy default) and accuracy of representations and warranties at the
time the acquisition is consummated, in which case such conditions that no default or event of default exists and the accuracy of representations and warranties shall be required to be satisfied on the date the

  
 2 

			
		 	 applicable acquisition agreement is executed and effective) and (ii) as of the last day of the most recent
month for which financial statements have been delivered, the multiple of “total net leverage” (such term, when used in this Term Sheet, to be determined net of cash and cash equivalents as contemplated below under the section entitled
“Financial Performance Covenants”) shall not exceed the lesser of 5.10:1.00 and the maximum total net leverage multiple then permitted under the Credit Agreement;

		
		 	 (c)   the final maturity date of any Incremental Term Loan that is a separate
tranche shall be no earlier than the maturity date of the initial Term Loan, and the weighted average life to maturity of any such Incremental Term Loan shall not be shorter than the weighted average life to maturity of the initial Term
Loan;

		
		 	 (d)   the all-in yield (including
interest rate margins, any interest rate floors, original issue discount and upfront fees (based on the lesser of a four-year average life to maturity or the remaining life to maturity), but excluding arrangement, structuring and underwriting fees
paid or payable to the Lead Arranger or its affiliates) applicable to any Incremental Facility will not be more than 0.50% higher than the corresponding all-in yield (determined on the same basis) applicable
to the initial Term Loan or any prior Incremental Facility (each an “Existing Credit Facility”), unless the interest rate margin with respect to any Existing Credit Facility is increased by an amount equal to the difference between
the all-in yield with respect to such Incremental Facility and the all-in yield on such Existing Credit Facility as applicable, minus 0.50%; it being agreed that
to the extent the all-in yield with respect to such Incremental Facility is greater than such all-in yield with respect to any Existing Credit Facility solely as a
result of a higher interest rate floor, then the interest rate margin increase shall be effectuated solely by increasing the interest rate floor on any applicable Existing Credit Facility; and

		
		 	 (e)   except as permitted above, any Incremental Term Loan shall be on the
same terms as the initial Term Loan or such other terms as are acceptable to the Agent.

  
 3 

			
	 Use of Proceeds:
	 	The proceeds of (a) the Term Loan on the Closing Date will be used to pay (i) a portion of the cash consideration for the Acquisition and (ii) fees and expenses incurred in connection with the Transactions, and
(b) the Incremental Term Loans will be used to finance Permitted Acquisitions and other permitted investments and for working capital.
		
	 Interest:
	 	Interest will be payable on the unpaid principal amount of the Term Loan and overdue interest on the Term Loan at a rate per annum equal to, at the option of Borrower, (a) the Base Rate (as defined below), plus the
Applicable Margin (as defined below), payable quarterly in arrears or (b) LIBOR (as defined below), plus the Applicable Margin, payable at the end of the relevant interest period, but in any event, at least quarterly.
		
		 	“Base Rate” means a floating rate of interest per annum equal to the greatest of (a) the rate last quoted by The Wall Street Journal (or another national publication selected by the Agent) as the
U.S. “Prime Rate,” (b) the federal funds rate (which shall not be less than 0% per annum) plus 50 basis points and (c) the sum of LIBOR for an interest period of one month (giving effect to the minimum LIBOR rate of 1.00%
per annum), plus the excess of the LIBOR Applicable Margin over the Base Rate Applicable Margin. Term Loan portions whose interest rate is determined by reference to the Base Rate shall be referred to as “Base Rate Loans.”
		
		 	“LIBOR” means, for each interest period, the greater of (a) the offered rate for deposits in U.S. dollars in the London interbank market for the relevant interest period which appears on Reuters Screen LIBOR01
Page, as of 11:00 a.m. (London time) on the day which is two (2) business days prior to the first day of such interest period (which shall not be less than 0% per annum) and (b) 1.00% per annum. When selecting the LIBOR option,
Borrower will be entitled to choose 1, 2, 3 or 6 month (and, to the extent available to all relevant Lenders, 12 month) interest periods. Term Loan portions whose interest rate is determined by reference to LIBOR shall be referred to as
“LIBOR Loans.”
		
		 	All interest will be calculated based on a 360-day year (or, in the case of Base Rate Loans, a 365/366-day year) and actual days elapsed. The Credit
Agreement will set forth appropriate detail describing the exact method of calculation and relevant reserve requirements for the interest rates referred to above as well as LIBOR breakage provisions, LIBOR borrowing mechanics and other provisions
relating to LIBOR Loans.

  
 4 

			
		 	“Applicable Margin” means, initially, (a) 7.00% per annum, in the case of Base Rate Loans, and (b) 8.00% per annum, in the case of LIBOR Loans.
		
		 	The Applicable Margin will be determined quarterly, on a prospective basis, from and after the last day of the first calendar month during which financial statements and a compliance certificate calculating the total net leverage
multiple have been delivered in accordance with the terms of the Credit Agreement, in accordance with the pricing grid set forth below (the “Pricing Grid”), and on a prospective basis quarterly thereafter (each such date of
determination, an “Applicable Margin Determination Date”). Any Event of Default, including any failure to timely deliver such financial statements, shall, in addition to any other remedy provided for in the Credit Documentation,
result in an increase of the Applicable Margin to the highest level of the Pricing Grid until such Event of Default is waived.

  

									
	 Total Net Leverage Multiple
	  	Base Rate:	 	 	LIBOR:	 
	 > 6.50:1.00
	  	 	7.50	% 	 	 	8.50	% 
	 £ 6.50:1.00 but > 4.50:1.00
	  	 	7.00	% 	 	 	8.00	% 
	 £ 4.50:1.00 but > 3.50:1.00
	  	 	6.75	% 	 	 	7.75	% 
	 £ 3.50:1.00 but > 2.50:1.00
	  	 	6.50	% 	 	 	7.50	% 
	 £ 2.50:1.00
	  	 	6.00	% 	 	 	7.00	% 

  

			
		 	Notwithstanding the foregoing, at any time during the period commencing on the Closing Date and ending on the date that is two years thereafter, if, on any Applicable Margin Determination Date, the relevant compliance certificate
demonstrates that the total net leverage multiple exceeds 4.50:1.00, the Borrower shall have the option, upon written notice to the Agent delivered concurrently with the delivery of such compliance certificate, to elect to pay 50% of the interest
that will accrue in the quarterly period

  
 5 

			
		 	applicable to such Applicable Margin Determination Date in kind by capitalizing it and adding it to the principal balance of the Term Loan, in which case the Applicable Margin on such Applicable Margin Determination Date will be the
sum of (x) the Applicable Margin determined by reference to the Pricing Grid, plus 0.75% (the “PIK Option”); provided that the Borrower may also elect the PIK Option for the borrowing on the Closing Date by notifying
the Agent of such election in the initial notice of borrowing to be delivered with respect to such Closing Date borrowing.
		
	 Default Rate:
	 	Automatically upon the occurrence of a bankruptcy or payment event of default, or at the election of Agent or the Required Lenders (as defined below) upon the occurrence and during the continuance of one or more other
events of default, the Term Loan and all other outstanding amounts under the Credit Agreement shall bear interest at a default rate of interest equal to an additional 2.00% per annum over the rate otherwise applicable, and such interest will
be payable on demand (“Default Rate”).
		
	 Fees:
	 	 Borrower shall pay the fees payable pursuant to the Fee Letter, as and when due in accordance with the Fee Letter.

 
 All fees will be calculated based on a 360-day year and actual days
elapsed.

		
	 Prepayments and Commitment

Reductions:
	 	Borrower shall make the following mandatory prepayments (subject to (i) certain basket amounts and exceptions to be negotiated in the Credit Agreement, (ii) the Intercreditor Agreement (as defined below), and (iii) the penultimate
paragraph of this section titled “Prepayments and Commitment Reductions”):
		
		 	 (a)   Excess Cash Flow. Annual prepayments in an amount equal to (i) 50%
of Excess Cash Flow (to be defined), commencing with the fiscal year ending December 31, 2019, with reductions to (A) 25% based upon achievement of a total net leverage multiple of 3.50:1.00 as of the last day of such fiscal year and (B) 0% based
upon achievement of a total net leverage multiple of 2.50:1.00 as of the last day of such fiscal year, less (i) voluntary prepayments (not made in lieu of mandatory prepayments) of the Term Loan and Incremental Term Loans made during such
fiscal year, and (ii)

  
 6 

			
		 	repayments and prepayments of the loans under the First Lien Revolving Facility made during such fiscal year to the extent accompanied by a corresponding reduction in commitments under the First Lien Revolving Facility.
		
		 	 (b)   Debt Issuances. Prepayments in an amount equal to 100% of the net
cash proceeds of issuances or incurrences of debt obligations of the Borrower and its subsidiaries (but excluding other debt incurrences expressly permitted by the Credit Agreement).

		
		 	 (c)   Asset Sales. Prepayments in an amount equal to 100% of the net cash
proceeds of the sale or other disposition of any property or assets of the Borrower or its subsidiaries (including insurance and condemnation proceeds), to the extent such proceeds are not, at the election of Borrower, reinvested within 12 months
(or 18 months if committed to be reinvested within such 12 month period), subject to thresholds to be agreed.

		
		 	Subject to the Intercreditor Agreement, mandatory prepayments will be applied, first, to the loans outstanding under the First Lien Revolving Facility (but only as and to the extent required under the First Lien Revolving
Facility), and, second, to the outstanding Term Loan, and any such mandatory prepayment of the Term Loan shall be accompanied by any breakage costs in connection with any prepayments of LIBOR Loans and any applicable “make-whole”
premium or Prepayment Premium (as defined below).
		
		 	Voluntary prepayments of the Term Loan will be permitted at any time; provided that Borrower’s voluntary prepayments are accompanied by any breakage costs in connection with any voluntary prepayments of LIBOR Loans and
any applicable “make-whole” premium or Prepayment Premium.
		
	 Prepayment Premium:
	 	On or prior to the first anniversary of the Closing Date, any prepayment of the Term Loan, whether in whole or in part and whether voluntary or mandatory (including any prepayment as a result of an acceleration of the Term Loan)
shall be subject to payment of a customary “make-whole” premium. With respect to any prepayment of the Term Loan, whether in whole or in part, and, other than as set forth in the last sentence of this paragraph, whether voluntary or
mandatory

  
 7 

			
		  	(including any prepayment as a result of an acceleration of the Term Loan), made (x) after the first anniversary of the Closing Date but on or prior to the second anniversary of the Closing Date, the Borrower shall be required to
pay a prepayment premium of 5.0% of the principal amount of the Term Loan being prepaid, and (y) after the second anniversary of the Closing Date and on or prior to the third anniversary of the Closing Date, the Borrower shall be required to pay a
prepayment premium of 3.0% of the principal amount of the Term Loan being prepaid (each such prepayment premium, a “Prepayment Premium”). Notwithstanding the foregoing, no mandatory Excess Cash Flow prepayment shall be subject to
any “make-whole” premium or Prepayment Premium.
		
	 Collateral:
	  	Subject to the Funds Certain Provisions, all obligations of Borrower under the Second Lien Credit Facility and of the Guarantors under the guarantees will be secured by second priority perfected
security interests in substantially all existing and after-acquired real and personal property of Borrower and each Guarantor, including, without limitation, 100% of all outstanding equity interests (or, in the case of first tier Excluded Foreign
Subsidiaries, 65% of the voting and 100% of the non-voting equity interests) in their subsidiaries (the “Collateral”). Notwithstanding anything to the contrary, the Collateral shall in any event exclude the following (but shall
include, regardless any assets or properties otherwise included as “Collateral” in respect of the First Lien Revolving Facility):
		
		  	 (i) any subsequently acquired fee-owned or leased real property with a fair market value of
less than an amount to be agreed and all leasehold interests in real property;
  

(ii)  pledges and security interests prohibited by applicable law, rule or regulation (to the extent such
law, rule or regulation is effective under applicable anti-assignment provisions of the Uniform Commercial Code), other than proceeds and receivables thereof;
  

(iii)  any lease, license or other agreement or any property subject to a purchase money security interest
or similar arrangement to the extent that a grant of a security interest therein would violate or invalidate such lease, license or agreement or purchase money arrangement or create a right of termination in favor of
any

  
 8 

			
		 	 other party thereto (other than Borrower or a Guarantor) after giving effect to the applicable anti-assignment provisions
of the Uniform Commercial Code, the assignment of which is expressly deemed effective under the Uniform Commercial Code notwithstanding such prohibition, and other than proceeds and receivables thereof; and

 
 (iv) “intent to use”
trademarks.

		
		 	 In addition, perfection shall not be required with respect to:

		
		 	 (i) motor vehicles and other assets, in each instance, in which perfection of a security
requires notation on certificates of title, letter of credit rights (other than those that constitute supporting obligations as to other collateral or as to which liens can be perfected solely by filing a UCC financing statement) with a value of
less than an amount to be agreed and commercial tort claims with a value of less than an amount to be agreed; and

		
		 	 (ii)  those assets as to which the Agent and Borrower reasonably agree that the cost of
obtaining or perfecting such a security interest is excessive in relation to the benefit to the Lenders of the security to be afforded thereby.

		
		 	 Borrower and the Guarantors shall be required to maintain “springing” account control agreements with respect to all deposit and
securities accounts, excluding zero balance accounts, payroll, withholding and trust accounts and petty cash accounts containing less than a to be determined amount, and the implementation of such control agreements shall not be a condition to
funding on the Closing Date but rather subject to a post-closing covenant to be determined. Landlord, mortgagee and bailee waivers will be required only on a commercially reasonable efforts basis, and no such waivers will be required as a condition
to funding on the Closing Date.
  
 All of the above-described pledges, security
interests and mortgages shall be created on terms, and pursuant to documentation reasonably satisfactory to the Agent (including, in the case of real property, by customary items such as satisfactory title insurance and surveys), and none of the
Collateral shall be subject to any other

  
 9 

			
		 	liens, claims or encumbrances, except liens securing the First Lien Revolving Facility and other permitted liens and encumbrances acceptable to the Agent to be set forth in Credit Documentation (as defined below).
		
		 	“Excluded Foreign Subsidiary” means any subsidiary of a Borrower (i) that is a “controlled foreign corporation” as defined in the Internal Revenue Code or (ii) all or substantially all of the
assets of which consist of stock of one or more subsidiaries described in clause (i) above, in each case that has not guaranteed or pledged any of its assets or suffered a pledge of more than 66 and 2/3% of its voting stock, to secure,
directly or indirectly, any indebtedness of Borrowers or any Guarantor or any other Group Member that is a “United States Person” within the meaning of Section 7701(a)(30) of the Internal Revenue Code.
		
	 Intercreditor Agreement
	 	The priority of security interests and relative rights of the secured parties under the Second Lien Credit Facility and the secured parties under the First Lien Revolving Facility will be set forth in an intercreditor agreement
reasonably acceptable to the Agent, which intercreditor agreement will be executed and delivered by the Agent, on behalf of the secured parties under the Second Lien Credit Facility, and the agent under the First Lien Revolving Facility, on behalf
of the secured parties thereunder, and acknowledged by the Borrower and the Guarantors(the “Intercreditor Agreement”).
		
	 Conditions Precedent to Closing:
	 	As set forth in Schedule I hereto (the date upon which all such conditions precedent shall be satisfied and the initial funding under the Second Lien Credit Facility shall take place, the “Closing
Date”).
		
	 Documentation Principles:
	 	The definitive credit agreement (the “Credit Agreement”) and the other documents executed in connection therewith (collectively, with the Credit Agreement, the “Credit Documentation”) shall
(a) be consistent with the Term Sheet (including any references to certain sections or defined terms of the First Lien Revolving Facility, which are to be substantially similar to the corresponding sections of the First Lien Revolving Facility,
but with such changes as are applicable to reflect the second lien term loan nature of the Second Lien Credit Facility), (b) give due regard to the operational and strategic requirements of Borrower and its subsidiaries in light of their
consolidated capital structure, size, industry and practices (including, without limitation, the leverage profile and projected free cash flow

  
 10 

			
		 	generation of Borrower and its subsidiaries), in each case, after giving effect to the Transaction and (c) with respect to other terms requested by the Borrower, be reasonably acceptable to the Lead Arranger (the
“Documentation Principles”).
		
	 Representations and Warranties:
	 	Subject to the Funds Certain Provisions, the representations and warranties in the Credit Agreement will include (a) representations and warranties substantially similar to, and no more onerous than, the following
representations and warranties in the First Lien Revolving Facility, with appropriate modifications to reflect the different structure of the Second Lien Credit Facility:
		
		 	 •  Organization; Powers

 
 •  Authorization;
Enforceability
  

•  Governmental Approvals; No Conflicts

 
 •  Financial Condition; No
Material Adverse Change
  

•  Properties (including Intellectual Property)

 
 •  Litigation and Environmental
Matters
  
 •  Compliance with
Laws (other than health care laws, which are addressed below) and Agreements; No Defaults
  

•  Investment Company Status
  

•  Taxes
  

•  ERISA
  

•  Disclosure
  

•  Material Agreements
  

•  Solvency
  

•  Insurance
  

•  Capitalization and Subsidiaries

 
 •  Security Interest in
Collateral
  
 •  Employment
Matters
  
 •  Federal Reserve
Regulations
  
 •  Use of
Proceeds
  
 •  No Burdensome
Restrictions
  

•  Anti-Corruption and Sanctions

 
 •  Common Enterprise

 
 •  EEA Financial
Institutions

		
		 	and (b) representations and warranties with respect to the following additional matters:
		
		 	 •  Compliance with health care laws (limited to the provisions set forth in Part
V of Exhibit A)
  

•  FDA and other regulatory matters (limited to the provisions set forth in Part V of
Exhibit A)
  
 •  Deposit
and other accounts

  
 11 

			
		  	 •  Acquisition Agreement and related agreements

		
	 Affirmative Covenants:
	  	The affirmative covenants included in the Credit Agreement will include (a) affirmative covenants substantially similar to, and no more onerous than, the following affirmative covenants contained in the First Lien Revolving
Facility with appropriate modifications to reflect the different structure of the Second Lien Credit Facility:
		
		  	 •  Financial Statements and Other Information

 
 •  Notices of Material
Events
  
 •  Existence; Conduct
of Business
  
 •  Payment of
Obligations
  
 •  Maintenance
of Properties
  
 •  Books and
Records; Inspection Rights
  

•  Compliance with Laws and Material Contractual Obligations

 
 •  Use of Proceeds

 
 •  Accuracy of Information

 
 •  Insurance

 
 •  Casualty and Condemnation

 
 •  Additional Collateral;
Further Assurances
  

•  Post-Closing Obligations (if any)

		
		  	and (b) affirmative covenants with respect to the following additional matters:
		
		  	 •  Insurance endorsements naming Agent as loss payee or additional insured, as
applicable, and collateral assignments of business interruption insurance
  

•  Compliance with health care laws (limited to the provisions set forth in Part V of
Exhibit A)
  
 •  FDA
matters (limited to the provisions set forth in Part V of Exhibit A)
  

•  Springing account control agreements (to the extent not already in place in favor of the agent
under the First Lien Revolving Facility so long as such agent agrees, pursuant to the Intercreditor Agreement, to serve as the Agent’s bailee for perfection)
  

•  Commercially reasonable efforts to obtain landlord agreements (to the extent not already in place
in favor of the agent under the First Lien Revolving Facility so long as such agent agrees, pursuant to the Intercreditor Agreement, to serve as the Agent’s bailee for perfection)

		
	 Reporting Requirements:
	  	The reporting requirements included in the Credit Agreement will be substantially similar to (and in any event, and notwithstanding anything to the contrary in

  
 12 

			
		 	 this section, no more onerous than) the reporting requirements included in the First Lien Revolving Facility, with appropriate modifications
for the Second Lien Credit Facility, and shall include:
  
 Delivery of
(i) monthly financial statements (and customary comparisons), (ii) quarterly financial statements (and customary comparisons) and compliance certificates and (iii) annual audited financial statements; delivery of an annual budget
(including assumptions made in the build-up of such budget); annual insurance reports; copies of certain reports and other information sent to other parties (including, without limitation, (x) all reports
and other information required to be delivered to any agent or lender under the First Lien Revolving Facility, (y) subject to deemed delivery as provided in the First Lien Revolving Facility, all regular, periodic or special reports and all
registration statements (other than on form S-8), in each case filed with the SEC and (z) all proxy statements or other communications made to security holders generally), notices with respect to health
care and FDA matters, annual updates to security agreement schedules and notices consistent with those required under the First Lien Revolving Facility, including mandatory prepayment events.

		
	 Financial Performance Covenants:
	 	  
 The financial performance covenants (the “Financial Performance
Covenants”) included in the Credit Agreement will be limited to the following (provided that any other or different financial performance covenant contained in the definitive documentation for the First Lien Revolving Facility will
also be included), with certain definitions to be agreed:
  

•  maximum total leverage ratio (with debt being calculated net of unrestricted cash and cash
equivalents up to $10.0 million with respect to which the Agent has a perfected lien by account control agreements), not to exceed:

  

			
	 Computation Period Ending:
	  	Maximum Total
Leverage Covenant:
	 March 31, 2019
	  	9.00:1.00
	 June 30, 2019
	  	7.50:1.00
	 September 30, 2019
	  	6.00:1.00
	 December 31, 2019
	  	5.00:1.00
	 March 31, 2020
	  	4.75:1.00
	 June 30, 2020
	  	4.50:1.00
	 September 30, 2020
	  	4.25:1.00
	 December 31, 2020
	  	4.00:1.00
	 March 31, 2021
	  	3.75:1.00
	 June 30, 2021 and the last day of each fiscal quarter ending thereafter
	  	3.50:1.00

  
 13 

			
		 	 •  minimum fixed charge coverage ratio, to be set at a cushion to the First Lien
Revolving Facility to be determined.

		
	 Certain Definitions:
	 	 The following defined terms included in the Credit Agreement will be defined in a manner substantially similar to (and in any
event, and notwithstanding anything to the contrary in this section, no more onerous than) such terms included in the First Lien Revolving Facility, with appropriate modifications for the Second Lien Credit Facility:

 
 •  Change in Control

 
 •  EBITDA1
  

•  Fixed Charge Coverage Ratio (and component financial definitions contained therein)

 
 •  Fixed Charges

 
 •  Indebtedness

 
 •  Interest Expense

 
 •  Net Income

		
	 Negative Covenants:
	 	 The negative covenants included in the Credit Agreement will be substantially similar to (and in any event, and notwithstanding anything to
the contrary in this section, no more onerous than) the negative covenants included in the First Lien Revolving Facility (to the extent a provision of the type described below is included in the First Lien Revolving Facility), with appropriate
modifications for the Second Lien Credit Facility (and, with respect to fixed dollar baskets, to be set at a 10% cushion to the analogous baskets in the First Lien Revolving Facility), and shall include:

 
 •  Indebtedness (subject,
however, to the limitations set forth in Part I of Exhibit A)
  

•  Liens
  

•  Fundamental Changes (to include restrictions on name changes and jurisdiction, as well as creation
and division of Delaware limited liability companies)

  

	1 	 For the avoidance of doubt, a modification to the definition of “EBITDA” such that not less than $2.5
million in transaction expenses incurred by the Loan Parties in connection with the Acquisition shall be permitted add-backs for the period in which they were incurred. 

  
 14 

			
		 	  

•  Investments, Loans, Advances, Guarantees and Acquisitions (subject, however, to the limitations
set forth in Part II of Exhibit A and subject, in the case of acquisitions, to the conditions below in the section entitled “Permitted Acquisitions”)
  

•  Asset Sales (subject, however, to the limitations set forth in Part III of Exhibit
A)
  
 •  Swap Agreements
entered into in the ordinary course of business and not for speculative purposes
  

•  Restricted Payments; Certain Payments of Indebtedness (subject, however, to the limitations set
forth in Part IV of Exhibit A)
  

•  Transactions with Affiliates

 
 •  Restrictive Agreements

 
 •  Amendment of Material
Documents (inclusive of “most-favored-nation” provision with respect to the First Lien Revolving Facility), including the Acquisition Agreement and related agreements and subordinated debt documents

 
 •  Anti-Layering

 
 •  “Affiliate Lenders”
holds in respect of the First Lien Revolving Facility
  
 For purposes of clarity, sale
and leaseback transactions will not be permitted under the Second Lien Credit Facility.

		
	 Permitted Acquisitions:
	 	 Borrower shall be permitted to make acquisitions; provided that all of the conditions specified in the Credit Documentation
have been fully satisfied. The conditions shall consist of the following:
  

(a)   receipt of acquisition documents and, to the extent required in the acquisition documents,
receipt of all required regulatory and third party approvals and, if required by the Agent, delivery to the Agent of copies of environmental assessments satisfactory to the Agent;

 
 (b)   except with respect to an
acquisition in which the acquisition consideration is less than $25.0 million, delivery of (i) a description of the proposed acquisition and (ii) a quality of earnings report, in each case, prior to closing of the acquisition;

 
 (c)   (i) granting to the Agent
of a second-priority perfected security interest in all acquired assets to the extent required by the Credit Documentation;

  
 15 

			
		 	 and (ii) the absence of defaults under the Second Lien Credit Facility before and after giving effect to the
acquisition and any indebtedness assumed or incurred in connection therewith, in each case subject to customary “funds certain provisions” if such acquisition is financed solely with proceeds of an Incremental Term Loan or a permitted
equity issuance;
  

(d)   after giving pro forma effect to the acquisition, as of the last day of the fiscal quarter for
which financial statements have been delivered to the Agent under the Credit Documentation, (i) the total net leverage multiple shall not exceed 5.10:1.00; and (ii) the total net leverage multiple shall not exceed the maximum total net
leverage multiple then permitted under the Credit Agreement;
  

(e)   the proposed acquisition is consensual (i.e., not “hostile”), and, if
applicable, has been approved by the acquisition target’s board of directors; and
  

(f)   the aggregate purchase price consideration paid for (x) all equity interests of
acquisition targets that will not become Guarantors and (y) all assets that will not constitute Collateral shall not exceed $25.0 million.

		
	 Events of Default:
	 	 The Credit Agreement will contain the following events of default (and in any event, and notwithstanding anything to the contrary in this
section, no more onerous than the events of default included in the First Lien Revolving Facility to the extent a provision of the type described below is included in the First Lien Revolving Facility), with appropriate modifications for the Second
Lien Credit Facility:
  
 Failure to pay principal, interest or any other amount when
due; representations and warranties incorrect in any material respect when made or deemed made (without duplication of materiality qualifiers); failure to comply with covenants in the Credit Documentation; cross-default to other indebtedness and
certain contingent obligations (provided that the Second Lien Credit Facility shall be cross-accelerated, cross-commitment termination defaulted and cross-payment defaulted to loans under the First Lien Revolving Facility); failure to satisfy
or stay execution of judgments; bankruptcy or insolvency; actual or asserted invalidity or impairment of any part of the

  
 16 

			
		  	Credit Documentation (including the failure of any lien to remain perfected); invalidity of subordination provisions, and change of control.
		
	 Voting:
	  	Amendments, waivers and other modifications to the Credit Documentation shall require the consent of Lenders holding more than 50% of total commitments and/or Loans (“Required Lenders”; provided that, if
there are two (2) or more Lenders, then Required Lenders shall mean at least two (2) Lenders (affiliated Lenders being considered one lender for this purpose) holding greater than fifty percent (50%) of the loans and Commitments);
provided that certain amendments, waivers and other modifications shall require class votes or the consent of all Lenders.
		
	 Amend & Extend:
	  	The Credit Documentation shall provide the right for any individual Lender to agree to extend the maturity date of its outstanding Term Loan upon the request of Borrower without the consent of the Agent or any other Lender on to be
determined terms and conditions.
		
	 Miscellaneous:
	  	The Credit Documentation will include (a) standard yield protection provisions (including, without limitation, provisions relating to compliance with risk-based capital guidelines, increased costs, withholding taxes, illegality
and LIBOR breakage costs), (b) a waiver of consequential and punitive damages and right to a jury trial, (c) customary agency, set-off and sharing language, (d) customary “defaulting
lender” provisions and (e) other provisions as are usual and customary for facilities of this kind.
		
	 Assignments:
	  	Lenders will be permitted to make assignments in a minimum amount of $1.0 million (unless such assignment is of a Lender’s entire interest in a particular tranche of the Second Lien Credit Facility) to other financial
institutions with the consent of the Agent and, so long as no event of default has occurred and is continuing, the consent of Borrower, which consents shall not be unreasonably withheld or delayed; provided, however, (i) that the
consent of Borrower shall not be required in connection with assignments to other Lenders (or to affiliates or approved funds of the Lenders other than defaulting lenders, Affiliate Lenders or independent debt fund affiliates) and the consent of
Borrower will be deemed to have been given if Borrower has not responded within ten (10) business days of a request for such consent, (ii) that the consent of the Agent shall not be required in connection with assignments to
other

  
 17 

			
		 	Lenders (or to affiliates or approved funds of the Lenders other than defaulting lenders, Affiliate Lenders or independent debt fund affiliates), and (iii) unless a payment or insolvency event of default has occurred and has
not be cured or waived, no assignments shall be made to any Disqualified Institutions. All assignments of a Lender’s interest in the Second Lien Credit Facility will be made via an electronic settlement system designated by the Agent. An
assignment fee of $3,500 shall be payable to the Agent upon the effectiveness of any such assignment.
		
	 Governing Law and Submission to Jurisdiction:
	 	New York.
		
	 Counsel to Agent and Lead Arranger:
	 	Katten Muchin Rosenman LLP.

  
 18 

 EXHIBIT A 

Negative Covenant Modifications 

Notwithstanding anything to the contrary in the First Lien Revolving Facility: 

Part I – Indebtedness 
  

	 	•	 	 Subordinated Indebtedness shall only be permitted (a) if it is PIK Debt (as defined below) or
(b) otherwise so long as the principal balance of such Subordinated Indebtedness and all other outstanding Subordinated Indebtedness does exceed, in the aggregate, $10.0 million. 

 

	 	•	 	 “PIK Debt” shall mean Subordinated Indebtedness the interest of which is not permitted to be
paid in cash but instead must be paid in kind by capitalizing such interest and adding it to the principal balance of such Subordinated Indebtedness. 

  

	 	•	 	 “Subordinated Indebtedness” shall mean unsecured Indebtedness of notes or loans under credit
agreements, indentures or other similar agreements or instruments; provided that (a)(i) the terms of such Indebtedness do not provide for any scheduled repayment, mandatory redemption, redemption at the option of the holders thereof or
sinking fund obligations prior to the date that is one hundred eighty (180) days after the latest maturity date in respect of the Second Lien Credit Facility (including any Incremental Facility) in effect at the time of the incurrence or
issuance of such Indebtedness (other than customary offers to repurchase upon a change of control, asset sale or event of loss and customary acceleration rights after an event of default, subject to the prior repayment in full of the Obligations and
(ii) the covenants, events of default, guarantees and other terms of such Indebtedness are customary for similar Indebtedness in light of then-prevailing market conditions and in any event (x) dollar baskets, default triggers and covenant
(including financial covenant) levels are set back not less than fifteen percent (15%) as compared to equivalent provisions of the Credit Documentation (subject to customary reductions to and exclusions from such
set-backs) and (y) when taken as a whole (other than interest rate and redemption premiums), are not more restrictive to the Loan Parties and their Subsidiaries than those set forth in the Second Lien
Credit Facility (provided that a certificate of a responsible officer of Borrower delivered to Agent in good faith at least five (5) Business Days prior to the incurrence of such Indebtedness, together with a reasonably detailed
description of the material terms and conditions of such Indebtedness or drafts of the documentation relating thereto, stating that Borrower has determined in good faith that such terms and conditions satisfy the requirement set out in the foregoing
clause (ii)(y), shall be conclusive evidence that such terms and conditions satisfy such requirement unless Administrative Agent provides notice to the Borrower of its objection during such five (5) Business Day period) and such
Indebtedness shall not be cross-defaulted (but may be cross-accelerated) to the Obligations or the Loan Documents; (b) such Indebtedness shall be expressly subordinated to the prior payment in full in cash of the Obligations on terms and
conditions reasonably satisfactory to Agent; (c) immediately before and immediately after giving pro forma effect to the incurrence of such Indebtedness, no Event of Default shall have occurred and be continuing; and (d) no guaranty by any
Subsidiary of such Indebtedness shall be permitted unless such Subsidiary is a Guarantor. 

  

	 	•	 	 Indebtedness of the type described in Section 6.01(j) of the First Lien Credit Facility shall be capped at
an aggregate outstanding principal amount of $5.0 million. 

  

	 	•	 	 Indebtedness of the type described in Section 6.01(k) of the First Lien Credit Facility shall be capped at
an aggregate outstanding principal amount of $2.5 million. 

  
 19 

	 	•	 	 Indebtedness of the type described in Section 6.01(r) of the First Lien Revolving Facility that is permitted
to be paid in cash (other than such Indebtedness under the Acquisition Agreement) shall be capped at an aggregate outstanding principal amount of $10.0 million (but, for purposes of clarity, such Indebtedness that is payable only in the form of
capital stock shall not be subject to such a cap). 

 Part II – Investments 

 

	 	•	 	 Investments of the type contemplated in Section 6.04(q) of the First Lien Revolving Facility shall be capped
at $10.0 million in the aggregate outstanding at any time. 

 Part III – Asset Sales 

 

	 	•	 	 Asset sales of the type contemplated in Section 6.05(i) of the First Lien Revolving Facility shall be capped
at $10.0 million during the term of the Second Lien Credit Facility. 

 Part IV – Restricted Payments; Certain Payments of
Indebtedness 
  

	 	•	 	 No restricted payments of the type contemplated in Section 6.08(a)(v) of the First Lien Revolving Facility
shall be permitted. 

  

	 	•	 	 No cash payments of interest and principal of Subordinated Indebtedness will be permitted, but regularly
scheduled cash interest and principal payments will be permitted with respect to the $2.5 million of unsecured debt described in the fifth bullet above under Part I of this Exhibit A. 

Part V – Credit Agreement Provisions 

Representations and Warranties: 
 Regulatory Matters

 (a)    Schedule [●] sets forth, as of the Closing Date, a complete and correct list of all Registrations
held by each Loan Party and its Subsidiaries. Each Loan Party and its Subsidiaries has, and it and its Products are in conformance with, all Registrations required to conduct its respective businesses as conducted as of the Closing Date except where
the failure to have such Registrations would not reasonably be expected to have, either individually or in the aggregate, a Material Adverse Effect. To the knowledge of each Loan Party and its Subsidiaries, neither the FDA nor other Governmental
Authority is considering limiting, suspending, or revoking such Registrations or, except as set forth in Schedule [●], changing the marketing classification or labeling or other significant parameter affecting the Products of the Loan Parties
or any of their respective Subsidiaries. To the knowledge of each Loan Party and its Subsidiaries, there is no false or misleading information or significant omission in any product application or other submission to the FDA or other Governmental
Authority administering Public Health Laws. The Loan Parties and their respective Subsidiaries have fulfilled and performed their obligations under each Registration except where such failure would not reasonably be expected to have, either
individually or in the aggregate, a Material Adverse Effect, and to the knowledge of each Loan Party and its Subsidiaries no event has occurred or condition or state of facts exists which would constitute a breach or default, or would cause
revocation or termination of any such Registration. To the knowledge of each Loan Party and its Subsidiaries, no event has occurred or condition or state of facts exists which would present potential product liability related, in whole or in part,
to Regulatory Matters. To the knowledge of each Loan Party and its Subsidiaries, any third party that is a manufacturer or contractor for the Loan Parties or any of their respective Subsidiaries is in compliance with all Registrations required by
the FDA or comparable Governmental Authority and all Public Health Laws insofar as they reasonably pertain to the Products of the Loan Parties and their respective Subsidiaries. 

  
 20 

 (b)    All Products designed, developed, investigated, manufactured,
prepared, assembled, packaged, tested, labeled, distributed, sold or marketed by or on behalf of the Loan Parties or their respective Subsidiaries that are subject to Public Health Laws have been and are being designed, developed, investigated,
manufactured, prepared, assembled, packaged, tested, labeled, distributed, sold and marketed in compliance with the Public Health Laws or any other applicable Requirement of Law, including, without limitation, clinical and non-clinical evaluation, product approval or clearance, premarketing notification, good manufacturing practices, labeling, advertising and promotion, record-keeping, establishment registration and device listing,
reporting of recalls and adverse event reporting, except where such failure would not reasonably be expected to have, either individually or in the aggregate, a Material Adverse Effect.. 

(c)    Except as set forth on Schedule [●], no Loan Party nor its Subsidiaries is subject to any obligation arising
under an administrative or regulatory action, proceeding, investigation or inspection by or on behalf of a Governmental Authority, warning letter, notice of violation letter, consent decree, request for information or other notice, response or
commitment made to or with a Governmental Authority with respect to Regulatory Matters, and, to the knowledge of each Loan Party and its Subsidiaries, no such obligation has been threatened. Each Loan Party and its Subsidiaries has made all
notifications, submissions, and reports required by any such obligation, and all such notifications, submissions and reports were true, complete, and correct in all material respects as of the date of submission to FDA or any other Governmental
Authority. There is no, and there is no act, omission, event, or circumstance of which any Loan Party or any of its Subsidiaries has knowledge that would reasonably be expected to give rise to or lead to, any civil, criminal or administrative
action, suit, demand, claim, complaint, hearing, investigation, demand letter, warning letter, proceeding or request for information pending against any Loan Party or its Subsidiaries, and, to each Loan Party’s and its Subsidiary’s
knowledge, no Loan Party nor its Subsidiaries has any liability (whether actual or contingent) for failure to comply with any Public Health Laws. There has not been any violation of any Public Health Laws by any Loan Party or its Subsidiaries in its
product development efforts, submissions, record keeping and reports to the FDA or any other Governmental Authority that could reasonably be expected to require or lead to investigation, corrective action or enforcement, regulatory or administrative
action that would reasonably be expected, in the aggregate, have a Material Adverse Effect. To the knowledge of each Loan Party and each of their respective Subsidiaries, there are no civil or criminal proceedings relating to any Loan Party or any
of its Subsidiaries or any officer, director or employee of any Loan Party or Subsidiary of any Loan Party that involve a matter within or related to the FDA’s or any other Governmental Authority’s jurisdiction. 

(d)    As of the Closing Date, except as set forth on Schedule [●], no Loan Party nor its Subsidiaries is undergoing
any non-routine inspection related to Regulatory Matters, or any other Governmental Authority investigation. 

(e)    During the period of three calendar years immediately preceding the Closing Date, no Loan Party nor any Subsidiary
of any Loan Party has introduced into commercial distribution any Products manufactured by or on behalf of any Loan Party or any Subsidiary of a Loan Party or distributed any products on behalf of another manufacturer that were upon their shipment
by any Loan Party or any of its Subsidiaries adulterated or misbranded in violation of 21 U.S.C. § 331, except where such violation would not reasonably be expected to have, either individually or in the aggregate, a Material Adverse Effect. No
Loan Party nor any Subsidiary of any Loan Party has received any notice of communication from any Governmental Authority alleging material noncompliance with any Requirement of Law. No Product has been seized, withdrawn, recalled, detained, or
subject to a suspension (other than in the 

  
 21 

 
ordinary course of business) of research, manufacturing, distribution, or commercialization activity, and there are no facts or circumstances reasonably likely to cause (i) the seizure,
denial, withdrawal, recall, detention, public health notification, safety alert or suspension of manufacturing or other activity relating to any Product; (ii) a change in the labeling of any Product suggesting a compliance issue or risk; or
(iii) a termination, seizure or suspension of manufacturing, researching, distributing or marketing of any Product. To each Loan Party’s and its Subsidiary’s knowledge, no proceedings in the United States or any other jurisdiction
seeking the withdrawal, recall, revocation, suspension, import detention, or seizure of any Product are pending or threatened against any Loan Party or any of its Subsidiaries. 

(f) No Loan Party or any Subsidiary of any Loan Party or any of their respective officers, directors, employees, agents, or contractors
(i) have been excluded or debarred from any federal healthcare program (including without limitation Medicare or Medicaid) or any other federal program or (ii) have received notice from the FDA or any other Governmental Authority with
respect to debarment or disqualification of any Person that would reasonably be expected to have, in the aggregate, a Material Adverse Effect. To each Loan Party’s and its Subsidiary’s knowledge, no Loan Party nor any Subsidiary of any
Loan Party nor any of their respective officers, directors, employees, agents or contractors have been convicted of any crime or engaged in any conduct for which (x) debarment is mandated or permitted by 21 U.S.C. § 335a or (y) such
Person could be excluded from participating in the federal health care programs under Section 1128 of the Social Security Act or any similar law. No officer and to the knowledge of each Loan Party and its Subsidiaries, no employee or agent of
any Loan Party or its Subsidiaries, has (A) made any untrue statement of material fact or fraudulent statement to the FDA or any other Governmental Authority; (B) failed to disclose a material fact required to be disclosed to the FDA or
any other Governmental Authority; or (C) committed an act, made a statement, or failed to make a statement that would reasonably be expected to provide the basis for the FDA or any other Governmental Authority to invoke its policy respecting
“Fraud, Untrue Statements of Material Facts, Bribery, and Illegal Gratuities,” as set forth in 56 Fed. Reg. 46191 (September 10, 1991). 

(g) Except as set forth on Schedule [●]: (i) each Loan Party and its Subsidiaries and, to their knowledge, their respective contract
manufacturers are, and have been for the past three calendar years, in material compliance with, and each Product in current commercial distribution is designed, manufactured, prepared, assembled, packaged, labeled, stored, serviced, and processed
in compliance with, the Quality System Regulation set forth in 21 C.F.R. Part 820, or comparable quality management system, including, but not limited to, ISO 13485, as applicable, (ii) each Loan Party and its Subsidiaries is in material
compliance with the written procedures, record-keeping and reporting requirements required by the FDA or any other Governmental Authority pertaining to the reporting of adverse events and recalls involving the Products, including, as the case may
be, Medical Device Reporting set forth in 21 C.F.R. Part 803 and Reports of Corrections and Removals set forth in 21 C.F.R. Part 806, (iii) all Products are and have been labeled, promoted, and advertised in accordance with their Registration and
approved labeling or within the scope of an exemption from obtaining such Registration, and (iv) each Loan Party’s and its Subsidiaries’ establishments are registered with the FDA, as applicable, and each Product is listed with the
FDA under the applicable FDA registration and listing regulations for medical devices. 
 Acquisition Agreement 

As of the Closing Date, the Borrower has delivered to Agent a complete and correct copy of the Acquisition Agreement (including all schedules, exhibits,
amendments, supplements, modifications, assignments and all other material documents delivered pursuant thereto or in connection therewith). 

  
 22 

 Affirmative Covenants: 

Compliance with Laws 
 Each Loan Party shall, and shall
cause each of its Subsidiaries to, comply with all Requirements of Law and Permits (including without limitation, all Registrations) of any Governmental Authority having jurisdiction over it, its business or its Products, except where such failures
to comply would not reasonably be expected to have, either individually or in the aggregate, a Material Adverse Effect. Without limiting the generality of the foregoing, each Loan Party and its Subsidiaries shall comply with all Public Health Laws
and their implementation by any applicable Governmental Authority and all lawful requests of any Governmental Authority applicable to its Products. All Products developed, manufactured, tested, distributed or marketed by or on behalf of any Loan
Party or any of its Subsidiaries that are subject to the jurisdiction of the FDA or comparable Governmental Authority shall be developed, tested, manufactured, distributed and marketed in material compliance with the Public Health Laws and any other
Requirements of Law, including, without limitation, product approval or premarket notification, good manufacturing practices, labeling, advertising, record-keeping, and adverse event reporting, and have been and are being tested, investigated,
distributed, marketed, and sold in compliance with Public Health Laws and all other Requirements of Law. 
 Definitions: 

“Permits” means, with respect to any Person, any permit, approval, clearance, authorization, license, registration,
certificate, concession, grant, franchise, variance or permission from, and any other Contractual Obligations with, any Governmental Authority, in each case whether or not having the force of law and applicable to or binding upon such Person or any
of its property or Products or to which such Person or any of its property or Products is subject, including without limitation all Registrations. 

“Products” means any item or any service that is designed, created, manufactured, managed, performed, or otherwise used,
offered, or handled by or on behalf of the Loan Parties or any of their Subsidiaries. 
 “Public Health Laws” means all
applicable Requirements of Law relating to the procurement, development, manufacture, production, analysis, distribution, dispensing, importation, exportation, use, handling, quality, sale, or promotion of any drug, medical device, food, dietary
supplement, or other product (including, without limitation, any ingredient or component of the foregoing products) subject to regulation under the Federal Food, Drug, and Cosmetic Act (21 U.S.C. et seq.), similar state laws, controlled substances
laws, pharmacy laws, or consumer product safety laws, or subject to regulation under any foreign equivalent law or regulation, as applicable. 

“Registrations” means all Permits and exemptions issued or allowed by any Governmental Authority (including but not limited
to new drug applications, abbreviated new drug applications, biologics license applications, investigational new drug applications, over-the-counter drug monograph,
device pre-market approval applications, device pre-market notifications, investigational device exemptions, product recertifications, manufacturing approvals and
authorizations, service marks, pricing and reimbursement approvals, labeling approvals or their foreign equivalent, controlled substance registrations, and wholesale distributor permits) held by, or applied by contract to, any Loan Party or any of
its Subsidiaries, that are required for the research, development, manufacture, distribution, marketing, storage, transportation, use and sale of the Products of any Loan Party or any of its Subsidiaries. 

  
 23 

 SCHEDULE I 

to 
 Summary of Terms

 Conditions to Closing 

The availability of the Second Lien Credit Facility shall be subject only to the satisfaction (or waiver by the Lead Arranger) of the following conditions
(subject in all respects to the Funds Certain Provisions): 
  

	 	1.	 Absence of Litigation. There shall be no order, injunction or decree of any governmental authority
restraining or prohibiting the funding under the Second Lien Credit Facility or the First Lien Revolving Facility. 

  

	 	2.	 First Lien Revolving Facility. As of the Closing Date, Borrower shall have received commitments of
$75.0 million in respect of the First Lien Revolving Facility, of which no more than $60.0 million shall have been funded on the Closing Date. 

  

	 	3.	 Acquisition. The Acquisition shall have been consummated (or substantially simultaneously with the
initial borrowing under the Second Lien Credit Facility, shall be consummated) in all material respects in accordance with the terms of the Master Transaction Agreement (together with the schedules and exhibits thereto, the “Acquisition
Agreement”), dated as of November 1, 2018, by and among the Borrower and each of the sellers listed on the signature pages thereto, without any amendment, modification or waiver of, or consent granted under, any of the provisions
thereof by you that would be materially adverse to the Commitment Parties without the consent of the Lead Arranger (such consent not to be unreasonably withheld, delayed or conditioned); provided that (i) a reduction in the purchase
price under the Acquisition Agreement shall not be deemed to be materially adverse to the Commitment Parties so long as such decrease is not greater than 10% and shall be allocated to a reduction in any amounts to be funded under the Term Loan,
(ii) any amendment or waiver to the terms of the Acquisition Agreement that has the effect of increasing the consideration required to be paid thereunder on the Closing Date shall not be deemed to be materially adverse to the Commitment Parties
if such increase is funded solely by an increase in the aggregate amount of the Equity Issuance, (iii) any purchase price adjustment expressly contemplated by the Acquisition Agreement (including any working capital purchase price adjustment)
shall not be considered an amendment or waiver of the Acquisition Agreement and (iv) any change to the definition of “Material Adverse Effect” contained in the Acquisition Agreement shall be deemed to be materially adverse to the
Commitment Parties. 

  

	 	4.	 Evidence of Solvency. The Agent shall have received a certificate of the Chief Financial Officer of
Borrower in the form attached hereto as Annex A or otherwise in a form reasonably acceptable to the Agent. 

  

	 	5.	 Required Information. The Lead Arranger shall have received (a) unaudited consolidated balance
sheets and related statements of income and cash flows of the Borrower and the Acquired Business for each fiscal month ended after September 30, 2018 and at least thirty (30) days prior to the Closing Date, (b) unaudited consolidated
balance sheets and related statements of income and cash flows of the Borrower and the Acquired Business for each fiscal quarter ended after June 30, 2018 and at least forty-five (45) days prior to the Closing Date, and (c) a pro
forma consolidated balance sheet and related statements of income and cash flow of Borrower as of the last day of the most recent fiscal month ended at least thirty (30) days prior to the Closing Date, prepared after giving effect to the
Transactions as if the Transactions have 

	 	
occurred as of such date; provided that (i) each such pro forma financial statement and related statements of income and cash flow of Borrower shall be prepared in good faith
by Borrower and (ii) no such pro forma financial statement shall include adjustments for purchase accounting (including adjustments of the type contemplated by Financial Accounting Standards Board Accounting Standards Codification
805, Business Combinations (formerly SFAS 141R)). 

  

	 	6.	 No Material Adverse Effect. Since December 31, 2017, there shall have been no events,
circumstances, developments or other changes in facts that would, in the aggregate, have a Material Adverse Effect as defined and construed in accordance with the Acquisition Agreement. 

 

	 	7.	 Documentation and Other Customary Deliveries. The preparation, execution and delivery of the Credit
Documentation and the Intercreditor Agreement shall, in each case, be mutually acceptable to Borrower and the Agent, in accordance with the Documentation Principles and the delivery of other customary closing documents, and the Agent shall have
received satisfactory evidence that, subject to the Funds Certain Provisions, the Agent shall have a valid and perfected second priority lien and security interest in the Collateral. 

 

	 	8.	 Representations and Warranties. The Specified Acquisition Agreement Representations shall be true and
correct to the extent required by the Funds Certain Provisions, and the Specified Representations shall be true and correct in all material respects (except in the case of any Specified Representation which expressly relates to a given date or
period, such representation and warranty shall be true and correct in all material respects as of the respective date or for the respective period, as the case may be). 

 

	 	9.	 PATRIOT Act. The Agent shall have received, at least three days prior to the Closing Date (to the extent
requested at least ten days prior to the Closing Date, all documentation and other information required by regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations, including, without
limitation, the PATRIOT Act. 

  

	 	10.	 Payment of Fees and Expenses; Payment of all fees and expenses required to be paid on the Closing Date
pursuant to the Commitment Letter and Fee Letter shall have been paid. 

  

	 	11.	 Leverage. The consolidated total leverage multiple of Borrower and its subsidiaries on the Closing Date
after giving effect to the initial funding of the First Lien Revolving Facility and the Second Lien Credit Facility and other transactions contemplated hereby shall not exceed 5.90x (calculated on a pro forma basis after giving effect to the
Acquisition (including, for the avoidance of doubt, an add back of an amount equal to approximately $8.6 million related to certain synergies)). 

Notwithstanding anything in the Term Sheet, the Commitment Letter, the Fee Letter or the Credit Documentation to the contrary, (i) the only
representations and warranties related to the Acquired Business the accuracy of which will be a condition to the availability and initial funding of the Second Lien Credit Facility on the Closing Date will be (A) such representations and
warranties regarding the Acquired Business in the Acquisition Agreement as are material to the interests of the Lead Arranger and the Lenders, but only to the extent that you or your affiliates have the right to terminate your or your
affiliates’ obligations under the Acquisition Agreement (or the right not to consummate the Acquisition pursuant to the Acquisition Agreement) as a result of a failure of such representations and warranties to be true and correct (the
“Specified Acquisition Agreement Representations”); and (B) the Specified Representations (as defined below); and (ii) the terms of the Credit Documentation will not impair the

  
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availability of the Second Lien Credit Facility on the Closing Date if the conditions expressly set forth in this Schedule I are satisfied (it being understood that, to the extent a
security interest in any Collateral of the Acquired Business (the security interest in respect of which cannot be perfected by means of (x) the filing of a UCC financing statement or (y) delivery of possession of capital stock or other
certificated security of the Acquired Business, together with undated stock powers or transfer powers in blank, but in the case of this clause (y) only to the extent actually received by the Borrower from the Acquired Business prior to
the Closing Date) is not able to be provided and/or perfected on the Closing Date after Borrower’s use of commercially reasonable efforts to do so, the provision and/or perfection of such security interest in such Collateral will not constitute
a condition precedent to the availability of the Second Lien Credit Facility on the Closing Date, but a security interest in such Collateral will be required to be provided and/or perfected after the Closing Date pursuant to arrangements to be
mutually agreed between Borrower and Agent); provided that nothing herein shall limit the applicability of the individual conditions to closing expressly set forth herein except to the extent expressly stated to be subject to this paragraph.
For purposes hereof, “Specified Representations” means the representations and warranties of the Borrower and the Guarantors set forth in the Term Sheet relating to legal existence, organizational power and authority to execute,
deliver and perform the Credit Documentation; the authorization, execution and delivery, and legality, validity and enforceability, of the Credit Documentation; the creation, perfection and priority of liens (subject to the limitations set forth
above and liens permitted under the Credit Documentation); Federal Reserve margin regulations; the Investment Company Act; use of proceeds not in violation of Patriot Act, OFAC, FCPA and other anti-terrorism, anti-money laundering and
anti-corruption laws; solvency (defined consistent with the Annex A to this Schedule I); and no violation of, or conflict with, charter documents as it relates to the Credit Documentation. For the avoidance of doubt, the foregoing
provisions of this paragraph are sometimes referred to as the “Funds Certain Provisions”. 

  
 3 

 ANNEX A 

FORM OF SOLVENCY CERTIFICATE 

[                ]
[        ], 2018 
 This Solvency Certificate (this “Certificate”) is being
executed and delivered pursuant to Section [●] of the Credit Agreement, dated as of [●], 2018 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), by
and among RTI Surgical, Inc., a Delaware corporation (“Borrower”), the Lenders and party thereto, Ares Capital Corporation, as administrative agent (in such capacity, “Agent”). Capitalized terms used but not defined
herein shall have the meanings ascribed to them in the Credit Agreement. 
 The undersigned, solely in such undersigned’s capacity as
[Chief Financial Officer/equivalent officer] of Holdings, and not individually, hereby certifies to Agent and the Lenders, on behalf of the Credit Parties, as follows: 

1. The undersigned is familiar with the business and financial position of Credit Parties. In reaching the conclusions set forth in this
Certificate, the undersigned has made, or has caused to be made under such undersigned’s supervision, such other examinations, investigations and inquiries as is reasonable and necessary to enable the undersigned to express an informed opinion
as to the matters referred to herein, having taken into account the nature of the particular business anticipated to be conducted by the Credit Parties after consummation of the transactions contemplated by the Loan Agreement. 

2. As of the date hereof and after giving effect to (a) the borrowing of the Term Loan and the borrowing of loans under the First Lien
Revolving Facility, (b) the consummation of the Transactions, (c) the application of the proceeds of such Loans to or as directed by the Borrower and (d) the payment of all estimated legal, accounting and other fees and expenses in
connection with the foregoing, the following is true with respect to the Borrower and its Subsidiaries, taken as a whole, as of the Closing Date: 

(A) the present fair salable value of the assets of the Borrower and its Subsidiaries, taken as a whole (determined on a going
concern basis), is greater than the amount that will be required to pay the probable liability, on a consolidated basis, of their debts and other liabilities as such debts and liabilities become absolute and matured; 

(B) the fair value of the assets of the Borrower and its Subsidiaries, taken as a whole, is greater than the total amount of
debts and liabilities (including subordinated, contingent and un-liquidated liabilities) of the Borrower and its Subsidiaries, taken as a whole; 

(C) the Borrower and its Subsidiaries, taken as a whole, are able to pay all debts and liabilities (including subordinated,
contingent and un-liquidated liabilities) as such debts and liabilities become absolute and matured; and 

(D) the Borrower and its Subsidiaries, taken as a whole, do not have unreasonably small capital with which to conduct the
business in which they are engaged as such business is now conducted and is proposed to be conducted following the date hereof. 

 For purposes of this Certificate, in computing the amount of contingent or unliquidated
liabilities at any time, such liabilities shall be computed at the amount that, in light of all the facts and circumstances existing at such time, represents the amount that can reasonably be expected to become an actual or matured liability. 

[Remainder of Page Intentionally Left Blank] 

  
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 IN WITNESS WHEREOF, the undersigned has executed this Certificate as of the date first
written above. 
  

			
	RTI SURGICAL, INC.
		
	By:	 	 
	Name:	 	  

	Title:	 	  

  
 3

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