Document:

EX-10.23

 Exhibit 10.23 

BIOVENTUS INC. 

NON-EMPLOYEE DIRECTOR COMPENSATION POLICY 

Non-employee members of the board of directors (the “Board”) of Bioventus Inc. (the “Company”)
shall be eligible to receive cash and equity compensation as set forth in this Non-Employee Director Compensation Policy (this “Policy”). The cash and equity compensation described in this Policy shall be paid or be made, as
applicable, automatically and without further action of the Board, to each member of the Board who is not an employee of the Company or any parent or subsidiary of the Company (each, a “Non-Employee Director”), who may be
eligible to receive such cash or equity compensation, unless such Non-Employee Director declines the receipt of such cash or equity compensation by written notice to the Company. This Policy shall become effective after the effectiveness of the
Company’s initial public offering (the “IPO”) and immediately prior to the establishment of the IPO price of the shares of Class A common stock of the Company (the “Effective Time”) and shall
remain in effect until it is revised or rescinded by further action of the Board. This Policy may be amended, modified or terminated by the Board at any time in its sole discretion and if such an IPO does not occur on or prior to December 31, 2016
this Policy shall be void ab initio. The terms and conditions of this Policy shall supersede any prior cash and/or equity compensation arrangements for service as a member of the Board between the Company and any of its Non-Employee Directors
and between any subsidiary of the Company and any of its non-employee directors. No Non-Employee Director shall have any rights hereunder, except with respect to restricted stock units or non-qualified stock options granted pursuant to this
Policy. 
 1. Cash Compensation. 

(a) Annual Retainers. Each Non-Employee Director shall receive an annual retainer of $40,000 for service on the Board. 

(b) Additional Annual Retainers. In addition, a Non-Employee Director shall receive the following annual retainers: 

(i) Chairman of the Board. A Non-Employee Director serving as Chairman of the Board shall receive an additional annual retainer
of $50,000 for such service. 
 (ii) Audit Committee. A Non-Employee Director serving as Chairperson of the Audit Committee shall
receive an additional annual retainer of $20,000 for such service. A Non-Employee Director serving as a member of the Audit Committee (other than the Chairperson) shall receive an additional annual retainer of $10,000 for such service. 

(iii) Compensation Committee. A Non-Employee Director serving as Chairperson of the Compensation Committee shall receive an
additional annual retainer of $15,000 for such service. A Non-Employee Director serving as a member of the Compensation Committee (other than the Chairperson) shall receive an additional annual retainer of $7,500 for such service. 

(vi) Nominating and Corporate Governance Committee. A Non-Employee Director serving as Chairperson of the Nominating and Corporate
Governance Committee shall receive an additional annual retainer of $10,000 for such service. A Non-Employee Director serving as a member of the Nominating and Corporate Governance Committee (other than the Chairperson) shall receive an
additional annual retainer of $5,000 for such service. 

  
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 (c) Payment of Retainers. The annual retainers described in Sections 1(a) and 1(b)
shall be earned on a quarterly basis based on a calendar quarter and shall be paid by the Company in arrears not later than the fifteenth day following the end of each calendar quarter. In the event a Non-Employee Director does not serve as a
Non-Employee Director, or in the applicable positions described in Section 1(b), for an entire calendar quarter, such Non-Employee Director shall receive a prorated portion of the retainer(s) otherwise payable to such Non-Employee Director for such
calendar quarter pursuant to Section 1(b), with such prorated portion determined by multiplying such otherwise payable retainer(s) by a fraction, the numerator of which is the number of days during which the Non-Employee Director serves as a
Non-Employee Director or in the applicable positions described in Section 1(b) during the applicable calendar quarter and the denominator of which is the number of days in the applicable calendar quarter. 

2. Equity Compensation. Non-Employee Directors shall be granted the equity awards described below. The awards described below shall be
granted under and shall be subject to the terms and provisions of the Company’s 2016 Incentive Award Plan or any other applicable Company equity incentive plan then-maintained by the Company (such plan, as may be amended from time to time, the
“Equity Plan”) and shall be granted subject to the execution and delivery of award agreements, including attached exhibits, in substantially the forms previously approved by the Board. All applicable terms of the Equity Plan
apply to this Policy as if fully set forth herein, and all equity grants hereunder are subject in all respects to the terms of the Equity Plan. 

(a) IPO Awards. Each Non-Employee Director who (i) serves on the Board as of the date the IPO price of the shares of the Company’s
Class A common stock is established in connection with the Company’s IPO (the “Pricing Date”) and (ii) will continue to serve as a Non-Employee Director immediately following the Pricing Date shall be automatically granted, on
the Pricing Date, an option to purchase the number of shares of the Company’s Class A common stock (at a per-share exercise price equal to the closing price per share of the Company’s Class A common stock on the Pricing Date) that have an
aggregate fair value on the date of grant of $187,500 (in each case, as determined in accordance with FASB Accounting Codification Topic 718 (“ASC 718”) and subject to adjustment as provided in the Equity Plan in each case)
(the “IPO Awards”); provided, however, that, notwithstanding the foregoing, upon written notice provided to the Board at least ten days prior to the Pricing Date those certain Non-Employee Directors affiliated
with Essex or Smith & Nephew as set forth on Exhibit A (each, an “Investor Director”), may elect that, in lieu of stock options, such Investor Director’s IPO Award shall be made in the form of cash-settled restricted
stock units that have an aggregate fair value on the Pricing Date of $187,500. 
 (b) Annual Awards. Each Non-Employee Director who
(i) serves on the Board as of the date of any annual meeting of the Company’s stockholders (an “Annual Meeting”) after the Effective Time and (ii) will continue to serve as a Non-Employee Director immediately following
such Annual Meeting shall be automatically granted, on the date of such Annual Meeting, an option to purchase the number of shares of Class A common stock (at a per-share exercise price equal to the closing price per share of the Company’s
common stock on the date of such annual meeting (or on the last preceding trading day if the date of the annual meeting is not a trading day) that have an aggregate fair value on the date of grant of $125,000 (in each case, as determined in
accordance with ASC 718 and subject to adjustment as provided in the Equity Plan in each case)(the “Annual Awards”); provided, however, that, notwithstanding the foregoing, upon written notice provided to the
Board at least ten days prior to the date of any Annual Meeting, each Investor Director may elect that, in lieu of stock options, such Investor Director’s Annual Award shall be made in the form of cash-settled restricted stock units that have
an aggregate fair value on the date of grant of $125,000. For the avoidance of doubt, a Non-Employee Director or Investor Director elected for the first time to the Board at an Annual Meeting shall only receive an Annual Award in connection with
such election, and shall not receive any Initial Award on the date of such Annual Meeting as well. 

  
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 (c) Initial Awards. Except as otherwise determined by the Board, each Non-Employee
Director who is initially elected or appointed to the Board after the Pricing Date on any date other than the date of an Annual Meeting shall be automatically granted, on the date of such Non-Employee Director’s initial election or appointment
(such Non-Employee Director’s “Start Date”), an award of an option to purchase shares of the Company’s Class A common stock (at a per-share exercise price equal to the closing price on the Company’s Class A
common stock on the date of such annual meeting (or on the last preceding trading day if the date of the annual meeting is not a trading day), having an aggregate fair value on such Non-Employee Director’s Start Date equal to the product of (i)
$187,500 (as determined in accordance with ASC 718) and (ii) a fraction, the numerator of which is (x) 365 minus (y) the number of days in the period beginning on the date of the Annual Meeting immediately preceding such Non-Employee Director’s
Start Date (or, if no such Annual Meeting has occurred, the effective date of the Company’s IPO) and ending on such Non-Employee Director’s Start Date and the denominator of which is 365 (with the number of units or shares of Common Stock
underlying each such award subject to adjustment as provided in the Equity Plan in each case). The awards described in this Section 2(c) shall be referred to as “Initial Awards.” Notwithstanding the foregoing, the
Board in its sole discretion may determine that the Initial Award for any Non-Employee Director be granted in the form of restricted stock units with equivalent value on the date of grant (with the number of shares of Class A common stock underlying
each such award subject to adjustment as provided in the Equity Plan). For the avoidance of doubt, no Non-Employee Director shall be granted more than one Initial Award. 

(d) Termination of Employment of Employee Directors. Members of the Board who are employees of the Company or any parent or
subsidiary of the Company who subsequently terminate their employment with the Company and any parent or subsidiary of the Company and remain on the Board will not receive an Initial Award pursuant to Section 2(c) above, but to the extent that they
are otherwise eligible, will be eligible to receive, after termination from service with the Company and any parent or subsidiary of the Company, Annual Awards as described in Section 2(b) above. 

(e) Vesting of Awards Granted to Non-Employee Directors. Each IPO Award and Initial Award shall vest and become exercisable on each of
the first three anniversaries of the date of grant and each Annual Award shall vest and become exercisable on the earlier of (i) the first anniversary of the date of grant or (ii) immediately prior to the next annual meeting of the Company’s
stockholders after the date of grant, subject in each case to the Non-Employee Director continuing in service through the applicable vesting date. No portion of an IPO Award, Annual Award or Initial Award that is unvested or unexercisable at the
time of a Non-Employee Director’s termination of service on the Board shall become vested and exercisable thereafter. All of a Non-Employee Director’s IPO Awards, Annual Awards and Initial Awards shall vest in full immediately prior to the
occurrence of a Change in Control (as defined in the Equity Plan), to the extent outstanding at such time 
 (f) Option Term; Exercise
Price. The term of each stock option granted to a Non-Employee Director shall be ten (10) years from the date the option is granted. The per share exercise price of each option granted to a Non-Employee Director shall equal the Fair
Market Value (as defined in the Equity Plan) of a share of Class A common stock on the date the option is granted. 
 * * * * * 

  
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 Exhibit A 

Investor Directors 
 Philip Cowdy 

Cyrille Petit 
 Guido Neels 

Martin Sutter 
 David ParkerEX-10.24

 Exhibit 10.24 

BIOVENTUS INC. 
 SENIOR
EXECUTIVE INCENTIVE BONUS PLAN 
  

	1.	Purpose 

 This Senior Executive Incentive Bonus Plan (the “Bonus Plan”)
is intended to provide an incentive for superior work and to motivate eligible executives of Bioventus Inc. (the “Company”) and its subsidiaries toward even higher achievement and business results, to tie their goals and interests
to those of the Company and its stockholders and to enable the Company to attract and retain highly qualified executives. The Bonus Plan is for the benefit of Covered Employees (as defined below). 

 

	2.	Administration 

 The Compensation Committee of the Board of Directors of the Company (the
“Compensation Committee”) shall have the sole discretion and authority to administer and interpret the Bonus Plan. 
  

	3.	Eligibility and Participation 

 The Compensation Committee shall select the persons
eligible to participate in the Bonus Plan, which may include, without limitation, the executives of the Company and its subsidiaries who are or, as determined in the sole discretion of the Compensation Committee, may become “covered
employees” (as defined in Section 162(m) of the Internal Revenue Code of 1986, as amended (the “Code”)) of the Company and its subsidiaries for the applicable taxable year of the Company (such selected persons, the
“Covered Employees”). 
  

	4.	Bonus Determinations 

 (a) A Covered Employee may receive a bonus payment under the Bonus
Plan based upon the attainment of performance objectives which are established by the Compensation Committee and relate to financial, operational or other metrics with respect to the Company or any of its subsidiaries (the “Performance
Goals”), including but not limited to: (i) net earnings or losses (either before or after one or more of the following: (A) interest, (B) taxes, (C) depreciation, (D) amortization, (E) non-cash equity-based compensation expense, and (F)
other non-cash, one-time or non-recurring items); (ii) gross or net sales or revenue or sales or revenue growth; (iii) net income (either before or after taxes); (iv) adjusted net income; (v) operating earnings or profit (either before or after
taxes); (vi) cash flow (including, but not limited to, operating cash flow and free cash flow); (vii) return on assets or net assets; (viii) return on capital (or invested capital) and cost of capital; (ix) return on stockholders’ equity; (x)
total stockholder return; (xi) return on sales; (xii) gross or net profit or operating margin; (xiii) costs, reductions in costs and cost control measures; (xiv) funds from operations or funds available for distributions; (xv) expenses; (xvi)
working capital; (xvii) earnings or loss per share; (xviii) adjusted earnings or loss per share; (xix) price per share or dividends with respect to common stock or appreciation in and/or maintenance of such price or dividends; (xx) economic value
added models or similar metrics; (xxi) regulatory achievements or compliance (including, without limitation, regulatory body approval for commercialization of a product); (xxii) implementation, completion or attainment of critical projects,
processes or objectives relating to research, development, regulatory, commercial or strategic 

  
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milestones or developments; (xxiii) sales, unit volume or market share; (xxiv) licensing revenue; (xxv) brand recognition/acceptance; (xxvi) inventory turns or cycle time;
(xxvii) strategic initiatives (including, without limitation, with respect to market penetration and spending efficiency, geographic business expansion, manufacturing, commercialization, production and productivity, customer satisfaction and
growth, employee satisfaction, recruitment and maintenance of personnel, human resources management, supervision of litigation and other legal matters, information technology, strategic partnerships and transactions (including acquisitions,
dispositions, joint ventures, and in-licensing and out-licensing of intellectual property), and establishment of or growth in relationships with dealers or other commercial entities with respect to the marketing, distribution and sale of Company
products, factoring transactions, research and development and related activity, financial or other capital raising transactions, operating efficiency, and asset quality); (xxviii) financial ratios (including, without limitation, those
measuring liquidity, activity, profitability or leverage); (xxix) compound annual growth rate; (xxx) debt levels or reduction; (xxxi) sales-related goals; (xxxii) comparisons with other stock market indices; (xxxiii) quality control or quality
performance; (xxxiv) rate of new product introduction; (xxxv) product launches; and (xxxvi) business development transactions, any of which may be measured either in absolute terms or as compared to any incremental increase or decrease or as
compared to results of a peer group or to market performance indicators or indices.
 (b) Except as otherwise set forth in this Section
4(b): (i) any bonuses paid to Covered Employees under the Bonus Plan shall be based upon objectively determinable bonus formulas that tie such bonuses to one or more performance objectives relating to the Performance Goals; (ii) bonus formulas for
Covered Employees shall be adopted in each performance period by the Compensation Committee (generally, for performance periods of one year or more, no later than 90 days after the commencement of the performance period to which the Performance
Goals relate); and (iii) no bonuses shall be paid to Covered Employees unless and until the Compensation Committee makes a certification with respect to the attainment of the performance objectives. Notwithstanding the foregoing, the Company may pay
bonuses (including, without limitation, discretionary bonuses) to Covered Employees under the Bonus Plan based upon such other terms and conditions as the Compensation Committee may in its sole discretion determine. 

(c) The payment of a bonus to a Covered Employee with respect to a performance period shall be conditioned upon the Covered Employee’s
continued employment through the date of payment of such bonus; provided, however, that the Compensation Committee may make exceptions to this requirement, in its sole discretion, including, without limitation, in the case of a Covered
Employee’s termination of employment, retirement, death or disability. 

  
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	5.	Forfeiture and Claw-Back Provisions 

 The Compensation Committee may provide that any
bonuses paid under the Bonus Plan shall be subject to the provisions of any claw-back policy implemented by the Company, including, without limitation, any claw-back policy adopted to comply with the requirements of the Dodd-Frank Wall Street Reform
and Consumer Protection Act and any rules, regulations or interpretations thereunder, to the extent set forth in such claw-back policy. 
  

	6.	Other Provisions 

 (a) Neither the establishment of the Bonus Plan nor the selection of
any individual as a Covered Employee shall give any individual any right to be retained in the employ of the Company or any subsidiary thereof, or any right whatsoever under the Bonus Plan other than to receive bonus payments awarded by the
Compensation Committee. 
 (b) No member of the Board of Directors of the Company or the Compensation Committee shall be liable to any
individual in respect of the Bonus Plan for any act or omission of such member, any other member, or any officer, agent or employee of the Company or any of its subsidiaries. 

(c) The Company and its subsidiaries shall be entitled to withhold such amounts as may be required by federal, state or local law from all
bonus payments under the Bonus Plan. 
 (d) To the extent not preempted by federal law, the Bonus Plan shall be governed and construed in
accordance with the internal laws of the State of Delaware, without regard to the principles of conflicts of law thereof or any other jurisdiction. 

(e) The Bonus Plan is intended to meet the requirements of Section 409A of the Code and will be interpreted and construed in accordance with
Section 409A of the Code and Department of Treasury Regulations and other interpretive guidance issued thereunder, including without limitation any such regulations or other guidance that may be issued after the Effective Date. Each bonus payable
pursuant to the Bonus Plan shall be intended to comply with, or be exempt from, the requirements of Section 409A of the Code such that the bonus will not be subject to any penalty tax imposed under Section 409A of the Code and, unless otherwise
determined by the Compensation Committee, each bonus under the Bonus Plan shall be paid subject to the applicable Covered Employee’s continued employment through the date of payment of such bonus. Notwithstanding any provision of the Bonus Plan
to the contrary, in the event that following the Effective Date the Company determines that any provision of the Bonus Plan could otherwise cause any person to be subject to the penalty taxes imposed under Section 409A of the Code, the Company may
adopt such amendments to the Bonus Plan or adopt other policies and procedures (including amendments, policies and procedures with retroactive effect), or take any other actions, that the Company determines are necessary or appropriate to comply
with the requirements of Section 409A of the Code and related Department of Treasury guidance and thereby avoid the application of any penalty taxes under Section 409A of the Code. Notwithstanding anything herein to the contrary, in no event shall
any liability for failure to comply with the requirements of Section 409A of the Code be transferred from a Covered Employee or any other person to the Company or any of its affiliates, employees or agents pursuant to the terms of the Bonus Plan or
otherwise. 

  
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	7.	Amendment and Termination 

 The Board of Directors of the Company reserves the right to
amend or terminate the Bonus Plan at any time in its sole discretion. Any amendments to the Bonus Plan shall require stockholder approval only to the extent required by any applicable law, rule or regulation. 

 

	8.	Stockholder Approval 

 No bonuses shall be paid under the Bonus Plan unless and until the
Company’s stockholders shall have approved the Bonus Plan. The Bonus Plan will be submitted for the approval of the Company’s stockholders after the initial adoption of the Bonus Plan by the Board of Directors of the Company. 

 

	9.	Term of Bonus Plan 

 The Bonus Plan shall become effective as of the day immediately
prior to the first date upon which common stock of the Company is listed (or approved for listing) upon notice of issuance on any securities exchange or designated (or approved for designation) upon notice of issuance as a national market security
on an interdealer quotation system (the “Effective Date”). The Bonus Plan shall expire on the earliest to occur of: (a) the first material modification of the Bonus Plan (as defined in Treasury Regulation Section
1.162-27(h)(1)(iii)); (b) the first meeting of the Company’s stockholders at which members of the Board of Directors of the Company are to be elected that occurs after the close of the third calendar year following the calendar year in which
occurred the first registration of an equity security of the Company under Section 12 of the Securities Exchange Act of 1934, as amended; or (c) such other date, if any, on which the “reliance period” described under Treasury
Regulation 1.162-27(f)(2) expires pursuant to the terms of Section 162(m) of the Code, and the rules, regulations and interpretations thereunder. The Bonus Plan is intended to be subject to the relief set forth in Treasury Regulation Section
1.162-27(f)(1) and shall be interpreted accordingly. 
 *  *  *  *  * 

  
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