Document:

<PAGE>

                                                                   EXHIBIT 10.77

                              EMPLOYMENT AGREEMENT

      THIS EMPLOYMENT AGREEMENT (the "Agreement") is made as of November 12,
2002 (the "Effective Date") by and between Gen-Probe Incorporated, a Delaware
corporation with offices at 10210 Genetic Center Drive, San Diego, California
92121 ("Gen-Probe"), and [NAME] (the "Executive").

      WHEREAS, the Executive is currently employed as an officer of Gen-Probe;

      WHEREAS, prior to September 15, 2002, Gen-Probe was a wholly-owned
subsidiary of Chugai Pharmaceutical Co., Ltd.;

      WHEREAS, Chugai distributed its Gen-Probe shareholdings to its
shareholders in a "spin off" transaction on September 15, 2002; and

      WHEREAS, the Board of Directors of Gen-Probe (the "Board"), having
considered the proposed spin-off transaction and other circumstances, deems it
in the best interest of Gen-Probe to offer this Agreement to the Executive and
the Executive desires to enter into this Agreement.

      ACCORDINGLY, the parties hereto agree as follows:

1.    TERM OF EMPLOYMENT. This Agreement shall be immediately effective. This
      Agreement, and Executive's employment hereunder, shall be for an
      indefinite term. At any time during the term of this Agreement, either
      party may terminate this Agreement, and Executive's employment, in
      accordance with the provision of Sections 6 and 7 of this Agreement.

2.    POSITION AND DUTIES. The Executive shall serve as [TITLE] of Gen-Probe,
      and shall have commensurate responsibilities and authority. The Board of
      Directors may from time to time particularly specify the Executive's
      duties and authority. The Executive shall not engage in or perform duties
      for any other persons or entities that interfere with the performance of
      his duties hereunder. Any outside board of director positions held by the
      Executive will be subject to approval by the Board of Directors of
      Gen-Probe.

                                       1
<PAGE>

3.    SALARY, BONUS AND BENEFITS.

      (a)   SALARY. During the period of the Executive's employment, Gen-Probe
            shall pay him an annual base salary at the rate the Executive is
            being paid as of the Effective Date. This base salary may be
            adjusted annually by the Board, subject to the terms of this
            Agreement and consistent with the Executive's performance and
            Gen-Probe's policy regarding adjustments in officer compensation
            established from time to time by the Board.

      (b)   BONUS. In addition, at the Board's discretion, the Executive may be
            awarded incentive compensation, in the form of a cash bonus for each
            fiscal year during his employment, based upon performance.

      (c)   BENEFITS. The Executive shall be entitled to participate in the
            employee benefit programs (including but not limited to medical,
            dental, life and disability insurance, 401K retirement plan, and
            vacation program), which may be adopted and maintained by Gen-Probe.
            The Executive may receive such other and additional benefits as the
            Board may determine from time to time in its sole discretion.

4.    EXPENSE REIMBURSEMENT. The Executive shall be entitled to receive prompt
      reimbursement for all reasonable and customary expenses incurred by him in
      performing services hereunder, including all expenses of travel and living
      expenses while away from home on business or at the request of, and in the
      service of Gen-Probe; provided, that such expenses are incurred and
      accounted for in accordance with the policies and procedures established
      by Gen-Probe.

5.    INDEMNIFICATION. Gen-Probe shall indemnify the Executive to the maximum
      extent permitted by law and by the by-laws of Gen-Probe if the Executive
      is made a party, or threatened to be made a party, to any threatened or
      pending legal action, suit or proceeding, whether civil, criminal,
      administrative or investigative, by reason of the fact that the Executive
      is or was an officer, director or employee of Gen-Probe or any subsidiary
      or affiliate thereof, in which capacity the Executive is or was serving at
      Gen-Probe's request, against reasonable expenses (including reasonable
      attorneys' fees), judgments, fines and settlement payments incurred by him
      in connection with such action, suit or proceeding.

6.    TERMINATION. The Executive may terminate his employment hereunder at any
      time, with or without Good Reason (as defined below) upon written notice
      to Gen-Probe. If Executive contends that Good Reason exists for his
      termination, such notice shall specifically and expressly state the
      grounds which he contends constitute Good Reason. Gen-Probe may terminate
      the Executive's employment hereunder at any time, subject to the terms of
      this Agreement, with or without Cause (as defined below) upon written
      notice to the Executive. If this Agreement is terminated, all compensation
      and benefits other than severance benefits

                                       2
<PAGE>

      described in Section 7 below, to the extent applicable, shall immediately
      cease, except that the Executive will be entitled, through the date of
      termination, to payment of his salary and benefits under Gen-Probe benefit
      programs and plans in accordance with their terms.

      As used in this Agreement, "Good Reason" shall mean any of the following
      events that are not consented to by the Executive: (i) a substantial and
      material diminution in the Executive's duties and responsibilities
      hereunder; (ii) the location of the Executive's assignment on behalf of
      Gen-Probe is moved to a location more than 30 miles from its present
      location; (iii) a reduction of more than ten percent (10%) in the
      Executive's base salary or in the Executive's benefits received from
      Gen-Probe; (iv) the failure of Gen-Probe to obtain a satisfactory
      agreement from any other successor to Gen-Probe to assume and agree to
      perform this Agreement; or (iv) a material breach by Gen-Probe of its
      obligations under this Agreement after notice in writing from the
      Executive and a reasonable opportunity for Gen-Probe to cure or
      substantially mitigate any material adverse effect of such breach. The
      Executive's consent to any event which would otherwise constitute Good
      Reason shall be conclusively presumed if the Executive does not exercise
      his rights to terminate this Agreement for Good Reason under this section
      within ninety (90) days of notice of the event.

      As used in this Agreement, "Cause" shall mean any of the following events:
      (i) any act of gross or willful misconduct, fraud, misappropriation,
      dishonesty, embezzlement or similar conduct on the part of Executive; (ii)
      the Executive's conviction of a felony or any crime involving moral
      turpitude (which conviction, due to the passage of time or otherwise, is
      not subject to further appeal); (iii) the Executive's misuse or abuse of
      alcohol, drugs or controlled substances and failure to seek and comply
      with appropriate treatment; (iv) willful and continued failure by the
      Executive to substantially perform his duties under this Agreement (other
      than any failure resulting from disability or from termination by the
      Executive for Good Reason) as determined by a majority of the Board after
      written demand from the Board of Directors for substantial performance is
      delivered to the Executive, and the Executive fails to resume substantial
      performance of his duties on a continuous basis within 30 days of such
      notice; (vi) the death of the Executive; or (vii) the Executive becoming
      disabled such that he is not able to perform his usual duties for
      Gen-Probe for a period in excess of six (6) consecutive calendar months.

                                       3
<PAGE>

7.    SEVERANCE BENEFITS IN CERTAIN EVENTS. If Gen-Probe terminates the
      Executive's employment for reasons other than Cause, or if the Executive
      terminates his employment for Good Reason, the Executive shall be entitled
      to receive as liquidated damages, the following severance benefits:

      (a)   SALARY. The Executive shall continue to receive his base salary, at
            the rate in effect at the time of his termination of employment, in
            monthly installments commencing the first day of the first month
            following termination and continuing for an aggregate period of six
            (6) months (the "Salary Continuation Period"); provided, however,
            that if termination under this Section 7 occurs in connection with a
            Change in Control, then the Executive shall receive a single lump
            sum payment, payable within 10 days of termination, equal to twelve
            (12) months' base salary.

            For purposes of this Agreement, "Change in Control" shall have the
            meaning set forth on Attachment "1" to this Agreement (hereby
            incorporated by reference). For purposes of this Agreement, a
            termination shall be "in connection with" a Change in Control if
            termination occurs within the period six (6) months prior to or
            eighteen (18) months after a Change in Control.

      (a)   (b) BONUS. If termination under this Section 7 occurs in connection
            with a Change in Control then the Executive shall be entitled to
            receive, in lieu of the bonus provided in Section 3(b) and in
            addition to the salary payment described in Section 7(a), above, an
            amount equal to the greater of (i) the Executive's targeted level
            bonus in the year of the termination, or (ii) the Executive's
            highest discretionary bonus in the preceding three years. The amount
            payable shall be paid in the same manner as and on the same schedule
            as the salary compensation paid under subsection (a) above. No bonus
            compensation shall be payable under this section 7 unless
            termination occurs in connection with a change in control.

            (c) HEALTH CARE AND LIFE INSURANCE COVERAGE. Continued health care
            coverage under Gen-Probe's medical plan will be provided, without
            charge, to the Executive and his eligible dependents until the
            earlier of (i) one (1) year following the termination date or (ii)
            the first date that the Executive is covered under another
            employer's health benefit program providing substantially the same
            or better benefit options to the Executive without exclusion for any
            pre-existing medical condition. The period of time medical coverage
            continues under this agreement will be counted as coverage time
            under COBRA. Gen-Probe will pay the premium for continued life
            insurance coverage, if any, that the Executive may have elected
            under Gen-Probe's Life Insurance and Supplemental Life Insurance
            plan, subject to payment by the Executive of the portion of such
            premium not contributed by Gen-Probe under such plan, during the
            Salary Continuation Period.

                                       4
<PAGE>

      (d)   401(k) PLAN. The Executive's interest in any unvested contributions
            made by Gen-Probe to the Executive's 401(k) account shall vest as of
            the date of termination.

      (e)   OUTPLACEMENT SERVICES. Gen-Probe agrees to provide Executive with
            outplacement services during the first six months of the Salary
            Continuation Period.

      (f)   TAX MATTERS. All compensation described in this Section 7 will be
            subject to Gen-Probe's collection of all applicable federal, state
            and local income and employment withholding taxes. If any excise tax
            is imposed under Section 4999 in connection with the compensation
            described in this Section 7 and/or in connection with the
            acceleration upon severance of any stock options granted by
            Gen-Probe to the Executive, Executive shall be solely responsible
            for any such excise tax.

      (g)   RELEASE OF CLAIMS. Gen-Probe's obligation to make the payments and
            provide the benefits hereunder shall be conditioned upon Executive's
            execution of a release of all claims, in standard form and content.
            The release shall be mutual and shall also be signed on behalf of
            Gen-Probe.

8.    MISCELLANEOUS.

      (a)   ARBITRATION. Executive and Gen-Probe agree that any and all claims
            or disputes that in any way relate to or arise out of Executive's
            employment with Gen-Probe or the termination of such employment
            (including but not limited to claims under this Agreement or any
            other contract, tort claims, and statutory claims of employment
            discrimination, retaliation or harassment) shall be resolved
            exclusively through final and binding arbitration in San Diego,
            California. Executive and Gen-Probe waive any rights to a jury trial
            in connection with such claims or disputes. The costs of the
            arbitration, including the fees of the arbitrator, shall be borne
            exclusively by Gen-Probe. Any such arbitration shall take place in
            San Diego, California and shall be conducted by a single neutral
            arbitrator who shall be a retired federal or state judge, to be
            appointed by Judicial Arbitration and Mediation Services ("JAMS") in
            accordance with JAMS rules. The applicable procedural rules of JAMS
            shall govern the arbitration. The arbitrator's decision shall be
            delivered in writing and shall disclose the essential findings and
            conclusion on which the arbitrator's decision is based. The parties
            shall be permitted to conduct adequate discovery to allow for a full
            and fair exploration of the issues in dispute in the arbitration
            proceeding. The arbitrator may grant any relief which otherwise
            would have been available to the parties in a court proceeding. The
            decision and award of the arbitrator shall be final and binding, and
            judgment upon the arbitrator's award may be entered by any court of
            competent jurisdiction.

                                       5
<PAGE>

      (b)   GOVERNING LAW. This Agreement shall be construed and enforced in
            accordance with and be governed by the laws of the State of
            California.

      (c)   ENTIRE AGREEMENT. This Agreement sets forth the entire Agreement and
            understanding between the Executive and the Company on the subject
            matter hereof, and supersedes any other negotiations, agreements,
            understandings, oral agreements, representations and past or future
            practices whether written or oral. No provision of this Agreement
            may be amended, supplemented, modified, cancelled, or discharged
            unless such amendment, supplement, modification, cancellation or
            discharge is agreed to, in writing, signed by the Executive and a
            duly authorized officer of the Company (other than the Executive);
            and no provisions hereof may be waived, except in writing, so signed
            by or on behalf of the party granting such waiver.

      (d)   VALIDITY. The invalidity or unenforceability of any provision or
            provisions of this Agreement shall not affect the validity or
            enforceability of any other provision of this Agreement, which shall
            remain in full force and effect.

      (e)   NOTICES. For the purposes of this Agreement, notices, demands and
            all other communications provided for in this Agreement shall be in
            writing and shall be deemed to have duly given when personally
            delivered or mailed by United States certified or registered mail,
            return receipt requested, postage prepaid, addressed as follows:

            If    to the Executive:

                                        [ADDRESS]

            If to Gen-Probe:
                                        President and Chief Executive Officer
                                        Gen-Probe Incorporated
                                        10210 Genetic Center Drive
                                        San Diego, California 92121

                       With a copy to:

                                        General Counsel
                                        Gen-Probe Incorporated
                                        10210 Genetic Center Drive
                                        San Diego, California 92121

                                       6
<PAGE>

      (f)   SUCCESSORS. Gen-Probe will require any successor (whether direct or
            indirect, by purchase, merger, consolidation or otherwise) to all or
            substantially all the business and/or assets of Gen-Probe, by
            agreement in form and substance satisfactory to the Executive,
            expressly to assume and agree to perform this Agreement in the same
            manner and to the same extent that Gen-Probe would be required to
            perform it if no such succession had taken place. This Agreement and
            all rights under the Agreement shall be binding upon and shall inure
            to the benefit of and be enforceable by the party's personal or
            legal representatives, executors, administrators, heirs, and
            successors.

      (g)   NO RIGHT TO CONTINUED EMPLOYMENT. Nothing herein shall be construed
            as giving the Executive any rights to continued employment with
            Gen-Probe, and Gen-Probe shall continue to have the right to
            terminate the Executive's employment at any time, with or without
            cause, subject to the provisions of this Agreement.

      In witness whereof, the parties have executed this Agreement.

Executive:                              Gen-Probe Incorporated:

____________________________            By __________________________
[NAME]                                  Henry L. Nordhoff
                                        Chairman, President and Chief Executive
                                        Officer

                                       7
<PAGE>

                                 ATTACHMENT "1"

                        DEFINITION OF "CHANGE IN CONTROL"

            Change in Control. "Change in Control" shall mean a change in
ownership or control of the Company effected through any of the following
transactions:

            (a) any person or related group of persons (other than the Company
or a person that, prior to such transaction, directly or indirectly controls, is
controlled by, or is under common control with, the Company) directly or
indirectly acquires beneficial ownership (within the meaning of Rule 13d-3 under
the Exchange Act) of securities possessing more than fifty percent (50%) of the
total combined voting power of the Company's outstanding securities by means of
any transaction or series of transactions; or

            (b) there is a change in the composition of the Board over a period
of thirty-six (36) consecutive months (or less) such that a majority of the
Board members (rounded up to the nearest whole number) ceases, by reason of one
or more proxy contests for the election of Board members, to be comprised of
individuals who either (i) have been Board members continuously since the
beginning of such period or (ii) have been elected or nominated for election as
Board members during such period by at least a majority of the Board members
described in clause (i) who were still in office at the time such election or
nomination was approved by the Board; or

            (c) the stockholders of the Company approve a merger or
consolidation of the Company with any other corporation (or other entity), other
than a merger or consolidation which would result in the voting securities of
the Company outstanding immediately prior thereto continuing to represent
(either by remaining outstanding or by being converted into voting securities of
the surviving entity or another entity) more than 66-2/3% of the combined voting
power of the voting securities of the Company or such surviving entity
outstanding immediately after such merger or consolidation; provided, however,
that a merger or consolidation effected to implement a recapitalization of the
Company (or similar transaction) in which no person acquires more than 25% of
the combined voting power of the Company's then outstanding voting securities
shall not constitute a Change in Control; or

            (d) the stockholders of the Company approve a plan of complete
liquidation of the Company or an agreement for the sale or disposition by the
Company of all or substantially all of the Company's assets.

                                       8
<PAGE>

Schedule to Exhibit 10.65

The preceding form of Employment Agreement was entered into between the Company
and the following individuals:

<TABLE>
<CAPTION>
      NAME                           TITLE                              EXECUTION DATE
<S>                        <C>                                         <C>
Lyle J. Arnold             Vice President - Research                   January 12, 2004
Martin B. Edelshain        Vice President - Corporate Development      November 11, 2003
Paul E. Gargan             Vice President - Business Development       November 12, 2002
Gurney I. Lashley          Vice President - Supply Chain               November 12, 2002
Mark A. Powelson           Vice President - Worldwide Sales            January 12, 2004
Peter R. Shearer           Vice President - Intellectual Property      November 12, 2002
Donald D. Tartre           Vice President - Finance and
                              Corporate Controller                     January 19, 2004
Valerie M. Day             Vice President - Product Development        April 1, 2004
</TABLE>

                                       9Exhibit 10.6

                    Nonqualified Stock Option Agreement under
                         the Orthofix International N.V.
               Amended and Restated 2004 Long-Term Incentive Plan

         This Option Agreement (the "Agreement") is made effective as of [o],
2004 (the "Grant Date"), between Orthofix International N.V., a Netherlands
Antilles company (the "Company"), and the person signing this Agreement adjacent
to the caption "Optionee" on the signature page hereof (the "Optionee").
Capitalized terms used and not otherwise defined herein shall have the meanings
attributed thereto in the Orthofix International N.V. Amended and Restated 2004
Long-Term Incentive Plan (the "Plan").

         WHEREAS, pursuant to the Plan, the Company desires to afford the
Optionee the opportunity to purchase Common Shares on the terms and conditions
set forth herein;

         NOW, THEREFORE, in connection with the mutual covenants hereinafter set
forth and for other good and valuable consideration, the parties hereto agree as
follows:

         1. Grant of Option. Subject to the provisions of this Agreement and the
Plan, the Company hereby grants to the Optionee the right and option (the
"Option") to purchase [o] Common Shares at an exercise price of $[o] per share
(the "Exercise Price"), which represents the average of the highest and lowest
quoted selling prices of the Common Shares as reported on the Nasdaq National
Market on the Grant Date.

         2. Incorporation of Plan. The Optionee acknowledges receipt of the
Plan, a copy of which is annexed hereto, and represents that he or she is
familiar with its terms and provisions and hereby accepts this Option subject to
all of the terms and provisions of the Plan and all interpretations, amendments,
rules and regulations which may, from time to time, be promulgated and adopted
pursuant to the Plan. The Plan is incorporated herein by reference. In the event
of any conflict or inconsistency between the Plan and this Agreement, the Plan
shall govern and this Agreement shall be interpreted to minimize or eliminate
any such conflict or inconsistency.

         3. Nature of the Option. The Option shall be a Nonqualified Stock
Option.

         4. Vesting. Subject to earlier termination in accordance with the Plan
or this Agreement and the terms and conditions therein, the Option shall vest
and become exercisable with respect to thirty three and one-third percent (33
1/3%) of the shares covered thereby on each of the first (1st), second (2nd) and
third (3rd) anniversaries of the Grant Date; provided, however, that the
exercisability of any portion of the Option relating to a fractional share shall
be deferred until such time, if any, that such portion can be exercised as a
whole Common Share.

         5. Term. The Option shall expire and no longer be exercisable ten (10)
years from the Grant Date, subject to earlier termination in accordance with the
Plan or this Agreement; provided, however, if the termination date falls on a
date on which the Optionee is prohibited, by Company policy in effect on such
date, from engaging in transactions in the Company's securities, such
termination date shall be extended to the first date that the Optionee is
permitted to engage in transactions in the Company's securities under such
Company policy.

         6. Termination of Employment.

         (a) General. A termination of employment shall be deemed to have
occurred if the Optionee is no longer employed by the Company or any of its
Subsidiaries for any reason. The

<PAGE>

Committee shall have discretion to determine whether an authorized leave of
absence (as a result of disability or otherwise) shall constitute a termination
of employment for purposes of the Plan.

         (b) Termination of Employment Other than for Cause, Death or Permanent
Disability. If the Optionee's employment is terminated prior to vesting other
than for Cause, death or Permanent Disability, the Option shall be considered
vested with respect to the aggregate number of Common Shares as to which the
Option would have been vested as of December 31 of the year in which such
termination of employment occurs. The Optionee shall have the right, subject to
the other terms and conditions set forth in this Agreement and the Plan, to
exercise the Option, to the extent it has vested as of the date of such
termination of employment, at any time within one hundred and eighty (180) days
after the date of such termination of employment, subject to the earlier
expiration of the Option as provided in Section 5 hereof. To the extent the
vested portion of the Option is not exercised within such one hundred and eighty
(180) day period, the Option shall be cancelled and revert back to the Company
and the Optionee shall have no further right or interest therein. The unvested
portion of any Option shall be cancelled and revert back to the Company as of
the date of the Optionee's termination of employment and the Optionee shall have
no further right or interest therein.

         (c) Termination of Employment for Cause. If the Optionee's employment
with the Company and its Subsidiaries is terminated by the Company or any of its
Subsidiaries for Cause prior to vesting, the unvested portion of the Option
shall be cancelled and revert to the Company, and the Optionee shall have no
further right or interest therein unless the Committee in its sole discretion
shall determine otherwise. The Optionee shall have the right, subject to the
other terms and conditions set forth in this Agreement and the Plan, to exercise
the Option, to the extent it has vested as of the date of such termination of
employment, at any time within three months after the date of such termination,
subject to the earlier expiration of the Option as provided in Section 5 hereof.

         (d) Termination of Employment for Death or Permanent Disability. If the
Optionee's employment with the Company and its Subsidiaries terminates by reason
of death or Permanent Disability, the Option shall automatically vest and become
immediately exercisable in full and remain exercisable by the Optionee, a
Permitted Transferee or the Optionee's estate, personal representative or
beneficiary, as applicable, at any time within twelve (12) months after the date
of such termination of employment, subject to the earlier expiration of the
Option as provided in Section 5 hereof. To the extent the Option is not
exercised within such twelve (12) month period, the Option shall be cancelled
and revert back to the Company and the Optionee shall have no further right or
interest therein.

         7. Change in Control. Upon the occurrence of a Change in Control, the
Option shall automatically vest and become immediately exercisable in full and
shall remain exercisable at any time within three (3) months after the date of
such Change in Control, subject to the earlier expiration of the Option as
provided in Section 5 hereof. To the extent the Option is not exercised within
such three (3) month period, the Option shall be cancelled and revert back to
the Company and the Optionee shall have no further right or interest therein.

         8. Method of Exercising Option.

         (a) Notice of Exercise. Subject to the terms and conditions of this
Agreement, the Option may be exercised by written notice to the Company signed
by the Optionee or a Permitted Transferee and stating the number of Common
Shares in respect of which the Option is being exercised. Such notice shall be
accompanied by payment of the full Purchase Price. The date of exercise of the
Option shall be the later of (i) the date on which the Company receives the
notice of exercise or (ii) the date on which the conditions set forth in
Sections 8(b) and 8(e) are satisfied. Notwithstanding any other provision of
this Agreement, the Optionee may not exercise the Option and no Common Shares
will be

<PAGE>

issued by the Company with respect to any attempted exercise when such exercise
is prohibited by law or any Company policy then in effect. The Option may not be
exercised at any one time as to less than one hundred (100) shares (or such
number of shares as to which the Option is then exercisable if less than one
hundred (100)). In no event shall the Option be exercisable for a fractional
share.

         (b) Payment. Prior to the issuance of a certificate pursuant to Section
8(e) hereof evidencing the Common Shares in respect of which all or a portion of
the Option shall have been exercised, the Optionee shall have paid to the
Company the Exercise Price for all Common Shares purchased pursuant to the
exercise of such Option. Payment may be made by personal check, bank draft or
postal or express money order (such modes of payment are collectively referred
to as "cash") payable to the order of the Company in U.S. dollars. Payment may
also be made in mature Common Shares owned by the Optionee, or in any
combination of cash or such mature shares as the Committee in its sole
discretion may approve. The Company may also permit the Optionee to pay for such
Common Shares by directing the Company to withhold Common Shares that would
otherwise be received by the Optionee, pursuant to such rules as the Committee
may establish from time to time. In the discretion of the Committee, and in
accordance with rules and procedures established by the Committee, the Optionee
may be permitted to make a "cashless" exercise of all or a portion of the
Option.

         (c) Shareholder Rights. The Optionee shall have no rights as a
shareholder with respect to any Common Shares issuable upon exercise of the
Option until the Optionee shall become the holder of record thereof, and no
adjustment shall be made for dividends or distributions or other rights in
respect of any Common Shares for which the record date is prior to the date upon
which the Optionee shall become the holder of record thereof.

         (d) Limitation on Exercise. The Option shall not be exercisable unless
the offer and sale of Common Shares pursuant thereto has been registered under
the Securities Act of 1933, as amended (the "1933 Act"), and qualified under
applicable state "blue sky" laws or the Company has determined that an exemption
from registration under the 1933 Act and from qualification under such state
"blue sky" laws is available.

         (e) Issuance of Common Share Certificate. Subject to the foregoing
conditions, as soon as is reasonably practicable after its receipt of a proper
notice of exercise and payment of the Purchase Price, the Company shall deliver
or cause to be delivered to the Optionee (or a Permitted Transferee or,
following the Optionee's death, the Optionee's estate, personal representative
or beneficiary, as applicable) one or more share certificates for the
appropriate number of Common Shares issued in connection with such exercise.
Such Common Shares shall be fully paid and nonassessable and shall be issued in
the name of the Optionee (or a Permitted Transferee or, following the Optionee's
death, the Optionee's estate, personal representative or beneficiary, as
applicable).

         9. Adjustment of and Changes in Common Shares. In the event of any
merger, consolidation, recapitalization, reclassification, stock dividend,
extraordinary dividend, or other event or change in corporate structure
affecting the Common Shares, the Committee shall make such adjustments, if any,
as it deems appropriate in the number and class of shares subject to, and the
exercise price of, the Option. The foregoing adjustments shall be determined by
the Committee in its sole discretion.

         10. Tax Withholding. The Company shall have the right, prior to the
delivery of any certificates evidencing Common Shares to be issued upon full or
partial exercise of the Option (whether by the Optionee or any Permitted
Transferees), to require the Optionee to remit to the Company any amount
sufficient to satisfy the minimum required federal, state or local tax
withholding requirements. The Company may permit the Optionee to satisfy, in
whole or in part, such obligation to remit taxes, by directing the Company to
withhold Common Shares that would otherwise be received by the Optionee,

<PAGE>

pursuant to such rules as the Committee may establish from time to time. The
Company shall also have the right to deduct from all cash payments made pursuant
to, or in connection with, the Option the minimum required federal, state or
local taxes required to be withheld with respect to such payments.

         11. Transfers. Unless the Committee determines otherwise after the
Grant Date, the Option shall not be transferable other than by will or by the
laws of descent and distribution or pursuant to a domestic relations order;
provided, however, the Option may be transferred to the Optionee's family
members or to one or more trusts or partnerships established in whole or in part
for the benefit of one or more of such family members (collectively, the
"Permitted Transferees"). Any Option transferred to a Permitted Transferee shall
be further transferable only by will or the laws of descent and distribution or,
for no consideration, to another Permitted Transferee of the Optionee. The
Committee may in its discretion permit transfers of Options other than those
contemplated by this Section 11.

         12. Option Exercisable Only by the Optionee. During the lifetime of the
Optionee, an Option shall be exercisable only by the Optionee or by a Permitted
Transferee to whom such Option has been transferred in accordance with Section
11.

         13. Miscellaneous Provisions.

         (a) Notices. Any notice required by the terms of this Agreement shall
be given in writing and shall be deemed effective upon personal delivery or upon
deposit with the United States Postal Service, by registered or certified mail,
with postage and fees prepaid. Notice shall be addressed to the Company at its
principal executive office and to the Optionee at the address that he or she has
most recently provided to the Company.

         (b) Headings. The headings of sections and subsections are included
solely for convenience of reference and shall not affect the meaning of the
provisions of this Agreement.

         (c) Counterparts. This Agreement may be executed in two or more
counterparts, each of which shall be deemed to be an original but all of which
together will constitute one and the same instrument.

         (d) Entire Agreement. This Agreement and the Plan constitute the entire
agreement between the parties hereto with regard to the subject matter hereof.
They supersede all other agreements, representations or understandings (whether
oral or written and whether express or implied) that relate to the subject
matter hereof.

         (e) Amendments. The Committee shall have the power to alter or amend
the terms of the Option as set forth herein from time to time, in any manner
consistent with the provisions of Section 16 of the Plan, and any alteration or
amendment of the terms of the Option by the Committee shall, upon adoption,
become and be binding on all persons affected thereby without requirement for
consent or other action with respect thereto by any such person. The Committee
shall give written notice to the Optionee of any such alteration or amendment as
promptly as practicable after the adoption thereof. The foregoing shall not
restrict the ability of the Optionee and the Company by mutual consent to alter
or amend the terms of the Option in any manner which is consistent with the Plan
and approved by the Committee.

         (f) Binding Effect. This Agreement shall be binding upon the heirs,
executors, administrators and successors of the parties hereto and may only be
amended by written agreement of the parties hereto.

<PAGE>

         (g) Governing Law. This Agreement shall be governed by, and construed
in accordance with, the laws of the State of New York, without regard to the
choice of law provisions thereof.

         14. Definitions. For purposes of this Agreement, the following
capitalized words shall have the meanings set forth below.

         "Cause" shall mean termination of the Optionee's employment because of
     the Optionee's (i) involvement in fraud, misappropriation or embezzlement
     related to the business or property of the Company, (ii) conviction for, or
     guilty plea to, a felony or crime of similar gravity in the jurisdiction
     which such conviction or guilty plea occurs or (iii) unauthorized
     disclosure of any trade secrets or other confidential information relating
     to the Company's business and affairs (except to the extent such disclosure
     is required under applicable law).

         "Change in Control" shall mean:

              (i) the acquisition by any individual, entity or group (within the
     meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of
     1934 (the "Exchange Act")) (a "Person") of beneficial ownership (within the
     meaning of Rule 13d-3 promulgated under the Exchange Act) of 30% or more of
     either (A) the then outstanding shares of the Company's common stock (the
     "Outstanding Common Stock") or (B) the combined voting power of the then
     outstanding voting securities of the Company entitled to vote generally in
     the election of directors (the "Outstanding Voting Securities"); excluding,
     however, the following: (1) any acquisition directly from the Company,
     other than an acquisition by virtue of the exercise of a conversion
     privilege unless the security being so converted was itself acquired
     directly from the Company; (2) any acquisition by the Company; (3) any
     acquisition by any employee benefit plan (or related trust) sponsored or
     maintained by the Company or any entity controlled by the Company; or (4)
     any acquisition pursuant to a transaction which complies with clauses (A),
     (B) and (C) of subsection (iii) of this definition of Change of Control; or

              (ii) a change in the composition of the Board such that the
     individuals who, as of the date hereof, constitute the Board (such Board
     shall be hereinafter referred to as the "Incumbent Board") cease for any
     reason to constitute at least a majority of the Board; provided, however,
     for purposes of this paragraph, that any individual who becomes a member of
     the Board subsequent to the date hereof, whose election, or nomination for
     election by the Company's shareholders, was approved by a vote of at least
     a majority of those individuals who are members of the Board and who were
     also members of the Incumbent Board (or deemed to be such pursuant to this
     proviso) shall be considered as though such individual were a member of the
     Incumbent Board; but provided further that any such individual whose
     initial assumption of office occurs as a result of either an actual or
     threatened election contest (as such terms are used in Rule 14a-11 of
     Regulation 14A promulgated under the Exchange Act) or other actual or
     threatened solicitation of proxies or consents by or on behalf of a Person
     other than the Board shall not be so considered as a member of the
     Incumbent Board; or

              (iii) consummation of a reorganization, merger or consolidation or
     sale or other disposition of all or substantially all of the assets of the
     Company ("Corporate Transaction"); excluding, however, such a Corporate
     Transaction pursuant to which all of the following conditions are met: (A)
     all or substantially all of the individuals and entities who are the
     beneficial owners, respectively, of the Outstanding Common Stock and
     Outstanding Voting Securities immediately prior to such Corporate
     Transaction will beneficially own, directly or indirectly, more than 50%
     of, respectively, the outstanding shares of common stock, and the

<PAGE>

     combined voting power of the then outstanding voting securities entitled to
     vote generally in the election of directors, as the case may be, of the
     corporation resulting from such Corporate Transaction (including, without
     limitation, a corporation which as a result of such transaction owns the
     Company or all or substantially all of the Company's assets either directly
     or through one or more subsidiaries) in substantially the same proportions
     as their ownership, immediately prior to such Corporate Transaction, of the
     Outstanding Common Stock and Outstanding Voting Securities, as the case may
     be, (B) no Person (other than the Company, any employee benefit plan (or
     related trust) of the Company or such corporation resulting from such
     Corporate Transaction) will beneficially own, directly or indirectly, 30%
     or more of, respectively, the outstanding shares of common stock of the
     corporation resulting from such Corporate Transaction or the combined
     voting power of the outstanding voting securities of such corporation
     entitled to vote generally in the election of directors except to the
     extent that such ownership existed prior to the Corporate Transaction, and
     (C) individuals who were members of the Incumbent Board will constitute at
     least a majority of the members of the board of directors of the
     corporation resulting from such Corporate Transaction; or

              (iv) the approval by the shareholders of the Company of a complete
     liquidation or dissolution of the Company.

         "Permanent Disability" shall mean termination of the Optionee's
     employment as a result of a physical or mental incapacity which
     substantially prevents the Optionee from performing his or her duties as an
     employee and that has continued for at least one hundred and eighty (180)
     days and can reasonably be expected to continue indefinitely. Any dispute
     as to whether or not the Optionee is disabled within the meaning of the
     preceding sentence shall be resolved by a physician selected by the
     Committee.

         "Purchase Price" shall mean the Exercise Price multiplied by the number
     of Common Shares with respect to which the Option is being exercised.

     EXECUTED effective as of the day and year first written above.

                                                 ORTHOFIX INTERNATIONAL N.V.
COMPANY:

                                                 By:
                                                    ---------------------------
                                                    Name:
                                                    Title:

OPTIONEE:

                                                 ------------------------------
                                                 Name:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00080-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00080-of-00352.parquet"}]]