Document:

Form of Employment Agreement

 EXHIBIT 10.2 
 TORNIER, INC. 
 EMPLOYMENT AGREEMENT 

THIS EMPLOYMENT AGREEMENT (the “Agreement”) is made and entered into effective as of September 4, 2012 (the
“Effective Date”), between Tornier, Inc., a Delaware corporation (the “Company”), and Shawn T McCormick (the “Executive”). 
 R E C I T A L S: 

WHEREAS, the Company recognizes that the future growth, profitability and success of the Company’s business will be substantially
and materially enhanced by the employment of the Executive by the Company; and 
 WHEREAS, the Company desires to employ the
Executive and the Executive has indicated his willingness to provide his services to the Company, on the terms and conditions set forth herein. 
 NOW, THEREFORE, on the basis of the foregoing premises and in consideration of the mutual covenants and agreements contained herein, the parties hereto agree as follows: 

Section 1. Employment. The Company hereby agrees to employ the Executive and the Executive hereby accepts employment with the
Company, on the terms and subject to the conditions hereinafter set forth. The Executive shall serve as Chief Financial Officer, and in such capacity, shall report directly to the President and Chief Executive Officer and shall have such duties as
assigned by the President and Chief Executive Officer which are typically performed by the Chief Financial Officer of a corporation. The Executive shall take the office of Chief Financial Officer effective as of the Effective Date. The principal
location of the Executive’s employment shall be at the Company’s principal executive office located in Minnesota, although the Executive understands and agrees that he may be required to travel from time to time for Company business
reasons. 
 Section 2. Term. Unless terminated pursuant to Section 6 hereof, the Executive’s employment
hereunder shall commence on the Effective Date and shall continue during the period ending on the third anniversary of such date (the “Initial Term”). Thereafter, the Executive’s employment term shall extend automatically
for consecutive periods of one year unless either party shall provide notice of termination not less than 60 days prior to an anniversary date of this Agreement. The Initial Term, together with any extension pursuant to this Section 2, is
referred to herein as the “Employment Term.” The Employment Term shall terminate upon any termination of the Executive’s employment pursuant to Section 6. 

Section 3. Compensation. During the Employment Term, the Executive shall be entitled to the following compensation and
benefits: 

 (a) Salary. As compensation for the performance of the Executive’s services
hereunder, the Company shall pay to the Executive a base salary (the “Salary”) of U.S. $350,000 per year (which is not subject to a cap or a maximum) with increases, if any, as may be approved by the Board of Directors or the
Compensation Committee of the Board. The Salary shall be payable in accordance with the customary payroll practices of the Company as the same shall exist from time to time. In no event shall the Salary be decreased during the Employment Term.

 (b) Bonus. During the Employment Term, in addition to Salary, the Executive shall be eligible to participate in such
bonus plans as may be adopted from time to time by the Board of Directors for other officers of the Company (the “Bonus”) for each such calendar or fiscal year ending during the Employment Period; provided that, unless the Board of
Directors or the Compensation Committee of the Board determines otherwise, the Executive must be employed on the last day of such year in order to receive the Bonus attributable thereto. The bonus of the Executive shall be initially targeted at 50%
of his base salary at 100% achievement. The Executive’s entitlement to the Bonus for any particular year shall be based on the attainment of performance objectives established by the President and Chief Executive Officer or the Compensation
Committee of the Board in any such bonus plan. In no event shall the bonus target be decreased during the Employment Term. 

(c) Benefits. Except as otherwise provided in this Agreement, in addition to the Salary and Bonus, if any, the Executive shall be
entitled during the Employment Term to participate in health insurance, retirement, disability, and other benefit programs provided to other officers of the Company on terms no less favorable than those available to the other officers of the
Company. The Executive shall also be entitled to the same number of vacation days, holidays, sick days and other benefits as are generally allowed to other senior executives of the Company in accordance with the Company’s policies in effect
from time to time. The Executive shall be initially entitled to five (5) weeks of accrued vacation for immediate use under this Agreement. 
 (d) Equity Awards. The Executive shall be granted under the Tornier N.V. 2010 Incentive Plan (the “2010 Plan”) an option (the “Option”) to purchase 42,645 ordinary
shares, par value €0.03 per share (“Shares”), of Tornier N.V., a company organized under the laws of the Netherlands (the “Parent Corporation”), at a per Share exercise price equal to the Fair Market
Value (as defined in the 2010 Plan) of a Share on the Grant Date (as defined below), and a stock grant in the form of a restricted stock unit for 19,531 Shares (the “RSU”). Such grants shall be effective as of the Effective Date;
provided, however, that if such Grant Date is impermissible under applicable Dutch law, then such Grant Date will be the first date on which such grants can occur under applicable Dutch law (such date, the “Grant
Date”). All of the terms and conditions relating to the Option and RSU, including the vesting and, in the case of the Option, the expiration date, are set forth in grant certificates to be provided to the Executive after the Grant Date (the
“Grant Certificates”). 
 Section 4. Exclusivity. During the Employment Term, the Executive shall
devote his full time to the business of the Company and its subsidiaries, shall faithfully serve the Company and its subsidiaries, shall in all respects conform to and comply with the lawful and reasonable directions and instructions given to him by
the President and Chief Executive Officer in accordance with the terms of this Agreement, shall use his best efforts to promote and serve the interests of the Company and its subsidiaries and shall not engage in any other business activity, whether
or not such activity shall be engaged in for pecuniary profit, except that the Executive 

  
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may (i) participate in the activities of professional trade organizations related to the business of the Company and its subsidiaries, (iii) participate in the activities on non profit
organizations (iii) engage in personal investing activities and (iv) serve on the board of directors of not more than two other companies whose businesses are not in competition with the business interests of the Company or any of its
subsidiaries or affiliates, provided that the activities set forth in these clauses (i), (ii), (iii) and (iv), either singly or in the aggregate, do not interfere in any material respect with the services to be provided by the Executive
hereunder. 
 Section 5. Reimbursement for Expenses. During the Employment Term, the Executive is authorized to
incur reasonable expenses in the discharge of the services to be performed hereunder, including expenses for travel, entertainment, lodging and similar items in accordance with the Company’s expense reimbursement policy, as the same may be
modified by the Company from time to time. The Company shall reimburse the Executive for all such proper expenses upon presentation by the Executive of itemized accounts of such expenditures in accordance with the financial policy of the Company, as
in effect from time to time. 
 Section 6. Termination and Default. 

(a) Death. The Executive’s employment shall automatically terminate upon his death and upon such event, the Executive’s
estate shall be entitled to receive the amounts specified in Section 6(e) below. 
 (b) Disability. If the Executive
is unable to perform the duties required of him under this Agreement because of illness, incapacity, or physical or mental disability, the Employment Term shall continue and the Company shall pay all compensation required to be paid to the Executive
hereunder, unless the Executive is disabled such that the Executive would be entitled to receive disability benefits under the Company’s long-term disability plan, or if no such plan exists, the Executive is unable to perform the duties
required of him under this Agreement for an aggregate of 180 days (whether or not consecutive) during any 12-month period during the term of this Agreement, in which event the Executive’s employment shall terminate. 

(c) Cause. The Company may terminate the Executive’s employment at any time, with or without Cause. In the event of
termination pursuant to this Section 6(c) for Cause (as defined below), the Company shall deliver to the Executive written notice setting forth the basis for such termination, which notice shall specifically set forth the nature of the Cause
which is the reason for such termination. Termination of the Executive’s employment hereunder shall be effective upon delivery of such notice of termination. For purposes of this Agreement, “Cause” shall mean: (i) the
Executive’s failure (except where due to a disability contemplated by subsection (b) hereof), neglect or refusal to perform his duties hereunder which failure, neglect or refusal shall not have been corrected by the Executive within 30
days of receipt by the Executive of written notice from the Company of such failure, neglect or refusal, which notice shall specifically set forth the nature of said failure, neglect or refusal, (ii) any willful or intentional act of the
Executive that has the effect of injuring the reputation or business of the Company or its affiliates in any material respect; (iii) any continued or repeated absence from the Company, unless such absence is (A) approved or excused by the
Board of Directors or (B) is the result of the Executive’s illness, disability or incapacity (in which event the provisions of Section 

  
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6(b) hereof shall control); (iv) use of illegal drugs by the Executive or repeated drunkenness; (v) conviction of the Executive for the commission of a felony; or (vi) the
commission by the Executive of an act of fraud or embezzlement against the Company. 
 (d) Resignation. The Executive
shall have the right to terminate his employment at any time by giving notice of his resignation. 
 (e) Payments. In the
event that the Executive’s employment terminates for any reason, the Company shall pay to the Executive all amounts and benefits accrued but unpaid hereunder through the date of termination in respect of Salary or unreimbursed expenses,
including accrued and unused vacation. In addition, in the event the Executive’s employment is terminated by the Company without Cause, whether during or upon expiration of the then current term of this Agreement, in addition to the amounts
specified in the foregoing sentence, (i) the Executive shall continue to receive the Salary at the rate in effect hereunder on the date of such termination, on such regular payroll dates and in accordance with the Company’s prevailing
payroll practices, for a period of 12 months following the date of such termination (the “Severance Term”) and (ii) to the extent permissible under the Company’s health and welfare plans, the Executive shall continue to
receive any health and welfare benefits provided to him as of the date of such termination in accordance with Section 3(c) hereof during the Severance Term, on the same basis and at the same cost as during the Employment Term. Further, in the
event the Executive’s employment is terminated without Cause by reason of the Company having notified the Executive that this Agreement will not be extended pursuant to Section 2, the Executive shall be entitled to receive a pro-rated
amount of the Bonus in a lump sum based on the Executive’s period of employment during the calendar year in which such termination occurs. Following the end of the Severance Term, the Executive shall be entitled to elect health care
continuation coverage permitted under Section 601 through 608 of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), as if his employment had then terminated. In the event the Executive accepts other full
time employment or engages in his own business prior to the last date of the Severance Term, the Executive shall forthwith notify the Company and the Company shall be entitled to set off from amounts and benefits due the Executive under this
Section 6(e) (other than in respect of the Bonus) the amounts paid to and benefits received by the Executive in respect of such other employment or business activity. Amounts owed by the Company in respect of the Salary, Bonus or reimbursement
for expenses under the provisions of Section 6 hereof shall, except as otherwise set forth in this Section 6(e), be paid promptly after the Executive’s Termination of Employment (or, in the case of payroll continuation of Salary,
payments will commence promptly after the Executive’s Termination of Employment). The payments and benefits to be provided to the Executive as set forth in this Section 6(e) in the event the Executive’s employment is terminated by the
Company without Cause: (i) shall be lieu of any and all benefits otherwise provided under any severance pay policy, plan or program maintained from time to time by the Company for its employees, and (ii) shall not be paid to the extent
that Executive’s employment is terminated following a Change in Control under circumstances entitling the Executive to the benefits described in Section 6(f). 
 (f) Change in Control Benefit. In the event that the Executive’s employment is terminated by the Company without Cause or by the Executive for Good Reason, as defined below, during the
12-month period immediately following a Change in Control, as defined below, whether during or upon expiration of the then current term of this Agreement: (i) the 

  
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Company shall pay to the Executive all amounts and benefits accrued but unpaid hereunder through the date of termination in respect of Salary or unreimbursed expenses, including accrued and
unused vacation, (ii) all unvested shares that are subject to the Option and RSU shall become immediately vested and exercisable as set forth in the 2010 Plan and Grant Certificates, (iii) the Company shall pay to Executive (within 15 days
after his Termination of Employment) a lump sum payment equal to 12 months of his Salary at the rate in effect hereunder on the date of such termination, plus his full target Bonus for the year in which the Change in Control occurs, and (iv) to
the extent permissible under the Company’s health and welfare plans, the Executive shall continue to receive, at the Company’s cost, any health and welfare benefits provided to him as of the date of such termination for the 12-month period
following his termination of employment. Following the end of the 12-month period described in clause (iv) of the preceding sentence, the Executive shall be entitled to elect health care continuation coverage permitted under Sections 601
through 608 of ERISA as if his employment with the Company then terminated. 
 For purposes of this Agreement, “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, as amended (the “Exchange Act”)) (a “Person”) of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act)
of 50% or more (on a fully diluted basis) of either (A) the then outstanding shares of common stock of the Parent Corporation, taking into account as outstanding for this purpose such common stock issuable upon the exercise of options or
warrants, the conversion of convertible stock or debt, and the exercise of any similar right to acquire such common stock (the “Outstanding Parent Corporation Common Stock”) or (B) the combined voting power of the then
outstanding voting securities of the Parent Corporation entitled to vote generally in the election of directors (the “Outstanding Parent Corporation Voting Securities”); provided, however, that for purposes of this subsection (i),
the following acquisitions shall not constitute a Change in Control: (x) any acquisition by the Parent Corporation or any “affiliate” of the Parent Corporation, within the meaning of 17 C.F.R. § 230.405 (an
“Affiliate”), (y) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Parent Corporation or any Affiliate of the Parent Corporation, (z) any acquisition by any corporation or
business entity pursuant to a transaction which complies with clauses (A), (B) and (C) of subsection (ii) of this Section 6(f) (persons and entities described in clauses (x), (y) and (z) being referred to herein as
“Permitted Holders”); or 
 (ii) The consummation of a reorganization, merger or consolidation or sale or
other disposition of all or substantially all of the assets of the Parent Corporation (a “Business Combination”), in each case, unless, following such Business Combination, (A) all or substantially all of the individuals
and entities who were the beneficial owners, respectively, of the Outstanding Parent Corporation Common Stock and Outstanding Parent Corporation Voting Securities immediately prior to such Business Combination beneficially own, directly or
indirectly, more than 60% of, respectively, the then outstanding shares of common stock and the 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 Business Combination (including, without limitation, a corporation which as a result of such transaction owns the Parent Corporation or all or substantially all of the Parent Corporation’s assets either directly
or through one or more subsidiaries) in substantially the same proportions as their 

  
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ownership, immediately prior to such Business Combination of the Outstanding Parent Corporation Common Stock and Outstanding Parent Corporation Voting Securities, as the case may be, and
(B) no Person (excluding any Permitted Holder) beneficially owns, directly or indirectly, 50% or more (on a fully diluted basis) of, respectively, the then outstanding shares of common stock of the corporation resulting from such Business
Combination, taking into account as outstanding for this purpose such common stock issuable upon the exercise of options or warrants, the conversion of convertible stock or debt, and the exercise of any similar right to acquire such common stock, or
the combined voting power of the then outstanding voting securities of such corporation except to the extent that such ownership existed prior to the Business Combination and (C) at least a majority of the members of the board of directors of
the corporation resulting from such Business Combination were members of the incumbent Board of Directors of the Parent Corporation at the time of the execution of the initial agreement providing for such Business Combination; or 

(iii) Approval by the shareholders of the Parent Corporation of a complete liquidation or dissolution of the Parent Corporation; or

 (iv) The sale of at least 80% of the assets of the Parent Corporation to an unrelated party, or completion of a transaction
having a similar effect. 
 (g) Change in CEO Benefit. In the event that the Executive’s employment is terminated by
the Company without Cause during the 12-month period immediately following a change in the individual who serves as President and Chief Executive Officer of the Company, whether during or upon expiration of the then current term of this Agreement,
then in addition to any payments and benefits to be received by the Executive pursuant to Section 6(e), all unvested shares that are subject to the Option and RSU and any unvested equity awards held by the Executive shall become immediately
vested and exercisable, notwithstanding any terms to the contrary in the 2010 Plan and Grant Certificates. 
 (h) Survival of
Operative Sections. Upon any termination of the Executive’s employment, the provisions of Sections 6(e), 6(f), 6(g) and 7 through 20 of this Agreement shall survive to the extent necessary to give effect to the provisions thereof.

 (i) Six Month Suspension if the Executive is a Specified Employee. Notwithstanding the foregoing, if, at the time of
his Termination of Employment, the Executive is a Specified Employee (within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”)), then to the extent any payment under Section 6 is
determined by the Company to be deferred compensation subject to the requirements of Section 409A of the Code, payment of such deferred compensation shall be suspended and not made until the first day of the month next following the end of the
6-month period following the Executive’s Termination of Employment, or, if earlier, upon the Executive’s death. 

  
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 (j) Definitions. 

(i) Good Reason. For purposes of subsection (f), “Good Reason” shall mean, without the Executive’s prior written
consent, (A) a material diminution in the Executive’s authority, duties or responsibilities as in effect prior to the Change in Control, (B) a material diminution in the Executive’s base compensation (which includes the
Executive’s base Salary and Bonus, annual equity grant targets and employee benefit plan coverage for the Executive and his family) in effect immediately prior to the Change in Control or as thereafter increased, or (C) the Company’s
requiring the Executive to be based at any office or location that is more than fifty (50) miles further from the office or location thereof immediately preceding a Change in Control. In order to constitute Good Reason, the Executive must give
written notice to the Company of the existence of the condition constituting Good Reason within 90 days of the initial existence of the condition and his intent to terminate employment with the Company for Good Reason. If the Company remedies any
event or change described in this subsection within 30 days of such notice from the Executive, such event or change shall not constitute Good Reason. 
 (ii) Termination of Employment. Solely for purposes of determining when payments may be made to the Executive under this Section 6, “Termination of Employment” means a termination of
the Executive’s employment relationship with the Company and all affiliates or such other change in the Executive’s employment relationship with the Company and all affiliates that would be considered a “separation from service”
under Section 409A of the Code. 
 Section 7. Secrecy and Non-Competition. 

(a) No Competing Employment. The Executive acknowledges that the agreements and covenants contained in this Section 7 are
essential to protect the value of the Company’s, or any of its subsidiaries’ or affiliates’, business and assets and by his current employment with the Company and its subsidiaries, the Executive has obtained and will obtain such
knowledge, contacts, know-how, training and experience and there is a substantial probability that such knowledge, know-how, contacts, training and experience could be used to the substantial advantage of a competitor of the Company or any of its
subsidiaries or affiliates and to the Company’s, or any of its subsidiaries’ or affiliates’, substantial detriment. Therefore, the Executive agrees that for the period commencing on the date of this Agreement and ending on the first
anniversary of the termination of the Executive’s employment hereunder (such period is hereinafter referred to as the “Restricted Period”) with respect to any State in which the Company is engaged in business during the
Employment Term, the Executive shall not participate or engage, directly or indirectly, for himself or on behalf of or in conjunction with any person, partnership, corporation or other entity, whether as an employee, agent, officer, director,
partner or joint venturer, in any business activities if such activity consists of any activity undertaken or expressly contemplated to be undertaken by the Company or any of its subsidiaries or by the Executive at any time during the last three
(3) years of the Employment Term. The foregoing restrictions contained in this Section 7(a) shall not prevent the Executive from accepting employment with a large diversified organization with separate and distinct divisions that do not
compete, directly or indirectly, with the Company or any of its subsidiaries or affiliates, so long as prior to accepting such employment the Company receives separate written assurances from the prospective employer and from the Executive,
satisfactory to the Company, to the effect that the Executive will not render any services, directly or indirectly, to any division or business unit that competes, directly or indirectly, with the Company or any of its subsidiaries or affiliates.
During the Restricted Period, the Executive will inform any new employer, prior to accepting employment, of the existence of this Agreement and provide such employer with a copy of this Agreement. 

  
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 (b) Nondisclosure of Confidential Information. The Executive, except in connection
with his employment hereunder, shall not disclose to any person or entity or use, either during the Employment Term or at any time thereafter, any information not in the public domain or generally known in the industry that the Company any of its
subsidiaries or affiliates treats as confidential or proprietary, in any form, acquired by the Executive while employed by the Company or any predecessor to the Company’s business or, if acquired following the Employment Term, such information
which, to the Executive’s knowledge, has been acquired, directly or indirectly, from any person or entity owing a duty of confidentiality to the Company or any of its subsidiaries or affiliates, relating to the Company, its subsidiaries or
affiliates, including but not limited to information regarding customers, vendors, suppliers, trade secrets, training programs, manuals or materials, technical information, contracts, systems, procedures, mailing lists, know-how, trade names,
improvements, price lists, financial or other data (including the revenues, costs or profits associated with any of the Company’s, or any of its subsidiaries’ or affiliates’, products or services), business plans, code books, invoices
and other financial statements, computer programs, software systems, databases, discs and printouts, plans (business, technical or otherwise), customer and industry lists, correspondence, internal reports, personnel files, sales and advertising
material, telephone numbers, names, addresses or any other compilation of information, written or unwritten, which is or was used in the business of the Company or any subsidiaries or affiliates thereof. The Executive agrees and acknowledges that
all of such information, in any form, and copies and extracts thereof, are and shall remain the sole and exclusive property of the Company any of its subsidiaries or affiliates, and upon termination of his employment with the Company, the Executive
shall return to the Company any of its subsidiaries or affiliates the originals and all copies of any such information provided to or acquired by the Executive in connection with the performance of his duties for the Company, and shall return to the
Company any of its subsidiaries or affiliates all files, correspondence and/or other communications received, maintained and/or originated by the Executive during the course of his employment. 

(c) No Interference. During the Restricted Period, the Executive shall not, whether for his own account or for the account of any
other individual, partnership, firm, corporation or other business organization (other than the Company), directly or indirectly solicit, endeavor to entice away from the Company or any of its subsidiaries or affiliates, or otherwise directly
interfere with the relationship of the Company or any of its subsidiaries or affiliates with any person who, to the knowledge of the Executive, is employed by or otherwise engaged to perform services for the Company or any of its subsidiaries or
affiliates (including, but not limited to, any independent sales representatives or organizations) or who is, or was within the then most recent 12-month period, a customer or client of the Company, its predecessors or any of its subsidiaries or
affiliates. The placement of any general classified or ‘help wanted’ advertisements and/or general solicitations to the public at large shall not constitute a violation of this Section 7(c) unless the Executive’s name is
contained in such advertisements or solicitations. 
 (d) Inventions, etc. The Executive hereby sells, transfers and
assigns to the Company or any of its subsidiaries or affiliates or to any person or entity designated by the Company all of the entire right, title and interest of the Executive in and to all inventions, ideas, disclosures and improvements, whether
patented or unpatented, and copyrightable material, made or conceived by the Executive, solely or jointly, during his employment by the Company 

  
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which relate to methods, apparatus, designs, products, processes or devices, sold, leased, used or under consideration or development by the Company or any of its subsidiaries or affiliates, or
which otherwise relate to or pertain to the business, functions or operations of the Company or any of its subsidiaries or affiliates or which arise from the efforts of the Executive during the course of his employment for the Company. The Executive
shall communicate promptly and disclose to the Company, in such form as the Company requests, all information, details and data pertaining to the aforementioned inventions, ideas, disclosures and improvements; and the Executive shall execute and
deliver to the Company such formal transfers and assignments and such other papers and documents as may be necessary or required of the Executive to permit the Company or any of its subsidiaries or affiliates or any person or entity designated by
the Company to file and prosecute the patent applications and, as to copyrightable material, to obtain copyright thereof. Any invention relating to the business of the Company or any of its subsidiaries or affiliates and disclosed by the Executive
within one year following the termination of his employment with the Company shall be deemed to fall within the provisions of this paragraph unless proved to have been first conceived and made following such termination. The foregoing requirements
of this Section 7(d) shall not apply to any invention for which no equipment, supplies, facility or trade secret information of the Company was used and which was developed entirely on the Executive’s own time, and (i) which does not
relate directly to the Company’s, or any of its subsidiaries’ or affiliates’, business or to the Company’s, or any of its subsidiaries’ or affiliates’, actual or demonstrably anticipated research or development, or
(ii) which does not result from any work the Executive performed for the Company or any of its subsidiaries or affiliates. 

Section 8. Injunctive Relief. Without intending to limit the remedies available to the Company or any of its subsidiaries or
affiliates, the Executive acknowledges that in the event of a breach of any of the covenants contained in Section 7 hereof may result in material irreparable injury to the Company or its subsidiaries or affiliates for which there is no adequate
remedy at law, that it will not be possible to measure damages for such injuries precisely and that, in the event of such a breach or threat thereof, the Company shall be entitled to obtain a temporary restraining order and/or a preliminary or
permanent injunction, without the necessity of proving irreparable harm or injury as a result of such breach or threatened breach of Section 7 hereof, restraining the Executive from engaging in activities prohibited by Section 7 hereof or
such other relief as may be required specifically to enforce any of the covenants in Section 7 hereof. 
 Section 9.
Representations and Warranties of the Executive. The Executive represents and warrants to the Company as follows: 
 (a)
This Agreement, upon execution and delivery by the Executive, will be duly executed and delivered by the Executive and (assuming due execution and delivery hereof by the Company) will be the valid and binding obligation of the Executive enforceable
against the Executive in accordance with its terms. 
 (b) Neither the execution and delivery of this Agreement, the
consummation of the transactions contemplated hereby nor the performance of this Agreement in accordance with its terms and conditions by the Executive (i) requires the approval or consent of any governmental body or of any other person or
(ii) conflicts with or results in any breach or violation of, or constitutes (or with notice or lapse of time or both would constitute) a default 

  
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under, any agreement, instrument, judgment, decree, order, statute, rule, permit or governmental regulation applicable to the Executive. Without limiting the generality of the foregoing, and
except as previously disclosed by the Executive to the Company, the Executive is not a party to any non-competition, non-solicitation, no hire or similar agreement that restricts in any way the Executive’s ability to engage in any business or
to solicit or hire the employees of any person. 
 The representations and warranties of the Executive contained in this
Section 9 shall survive the execution and delivery of this Agreement and the consummation of the transactions contemplated hereby. 
 Section 10. Representations and Warranties of the Company. The Company represents and warrants to the Executive as follows: 

(a) This Agreement, upon execution and delivery by the Company, will be duly executed and delivered by the Company and (assuming due
execution and delivery hereof by the Executive) will be the valid and binding obligation of the Company enforceable against the Company in accordance with its terms. 
 (b) Neither the execution and delivery of this Agreement, the consummation of the transactions contemplated hereby nor the performance of this Agreement in accordance with its terms and conditions by the
Company (i) requires the approval or consent of any governmental body or of any other person or (ii) conflicts with or results in any breach or violation of, or constitutes (or with notice or lapse of time or both would constitute) a
default under, any agreement, instrument, judgment, decree, order, statute, rule, permit or governmental regulation applicable to the Company. 
 The representations and warranties of the Company contained in this Section 10 shall survive the execution and delivery of this Agreement and the consummation of the transactions contemplated hereby.

 Section 11. Tax Withholding. All amounts payable to the Executive under this Agreement shall be reduced by all
applicable U.S. federal, state, local, foreign and other withholdings and similar taxes and payments required by applicable law. 
 Section 12. Code Section 409A. The Company and the Executive intend that the benefits provided under this Agreement will comply, in form and operation, with an exception to or exclusion
from the requirements of Code section 409A and this Agreement will be construed and administered in a manner that is consistent with and gives effect to such intention; provided, however, if any payment is or becomes subject to the
requirements of Code section 409A, the Agreement as it relates to such payment is intended to comply with the requirements of Code section 409A. In no event may the Executive, directly or indirectly, designate the calendar year of any payment to be
made under this Agreement. Certain payments to be made under Sections 3 and 6 are intended to be exempt from the requirements of Code section 409A because they are (i) non-taxable benefits, (ii) welfare benefits within the meaning of
Treas. Reg. Sec. 1.409A-1(a)(5), (iii) short-term deferrals under Treas. Reg. Sec. 1.409A-1(b)(4), or (iv) payments under a separation pay plan within the meaning of Treas. Reg. Sec. 1.409A-1(b)(9). 

  
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 Section 13. Successors and Assigns; No Third-Party Beneficiaries. This Agreement
shall inure to the benefit of, and be binding upon, the successors and assigns of each of the parties, including, but not limited to, the Executive’s heirs and the personal representatives of the Executive’s estate; provided,
however, that neither party shall assign or delegate any of the obligations created under this Agreement without the prior written consent of the other party. Notwithstanding the foregoing, the Company shall have the unrestricted right to
assign this Agreement and to delegate all or any part of its obligations hereunder to any of its subsidiaries or affiliates, but in such event such assignee shall expressly assume all obligations of the Company hereunder and the Company shall remain
fully liable for the performance of all of such obligations in the manner prescribed in this Agreement. Nothing in this Agreement shall confer upon any person or entity not a party to this Agreement, or the legal representatives of such person or
entity, any rights or remedies of any nature or kind whatsoever under or by reason of this Agreement. 
 Section 14.
Waiver and Amendments. Any waiver, alteration, amendment or modification of any of the terms of this Agreement shall be valid only if made in writing and signed by the parties hereto; provided, however, that any such waiver,
alteration, amendment or modification is consented to on the Company’s behalf by the Board of Directors. No waiver by either of the parties hereto of their rights hereunder shall be deemed to constitute a waiver with respect to any subsequent
occurrences or transactions hereunder unless such waiver specifically states that it is to be construed as a continuing waiver. 

Section 15. Severability and Governing Law. The Executive acknowledges and agrees that the covenants set forth in
Section 7 hereof are reasonable and valid in geographical and temporal scope and in all other respects. If any of such covenants or such other provisions of this Agreement are found to be invalid or unenforceable by a final determination of a
court of competent jurisdiction (a) the remaining terms and provisions hereof shall be unimpaired and (b) the invalid or unenforceable term or provision shall be deemed replaced by a term or provision that is valid and enforceable and that
comes closest to expressing the intention of the invalid or unenforceable term or provision. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF MINNESOTA APPLICABLE TO CONTRACTS MADE AND TO BE PERFORMED
ENTIRELY WITHIN SUCH STATE. 
 Section 16. Notices. 

(a) All communications under this Agreement shall be in writing and shall be delivered by hand or mailed by overnight courier or by
registered or certified mail, postage prepaid: 
 (i) If to the Executive, at such other address as the Executive may have
furnished the Company in writing, and 
 (ii) If to the Company, at Minnesota Headquarters, marked for the attention of the
President and Chief Executive Officer, or at such other address as it may have furnished in writing to the Executive. 

  
 11 

 (b) Any notice so addressed shall be deemed to be given: if delivered by hand, on the date
of such delivery; if mailed by courier, on the first business day following the date of such mailing; and if mailed by registered or certified mail, on the third business day after the date of such mailing. 

Section 17. Section Headings. The headings of the sections and subsections of this Agreement are inserted for convenience
only and shall not be deemed to constitute a part thereof, affect the meaning or interpretation of this Agreement or of any term or provision hereof. 
 Section 18. Entire Agreement. This Agreement, including the Exhibits hereto, constitutes the entire understanding and agreement of the parties hereto regarding the employment of the Executive.
This Agreement supersedes all prior negotiations, discussions, correspondence, communications, understandings and agreements between the parties relating to the subject matter of this Agreement, including without limitation that certain offer letter
dated May 24, 2012. 
 Section 19. Severability. In the event that any part or parts of this Agreement shall be
held illegal or unenforceable by any court or administrative body of competent jurisdiction, such determination shall not effect the remaining provisions of this Agreement which shall remain in full force and effect. 

Section 20. Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed an
original and all of which together shall be considered one and the same agreement. 
 [Remainder of Page Intentionally Left
Blank] 

  
 12 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first
above written. 
  

			
	TORNIER, INC.
		
	By:	 	 
		 	Name: Douglas W. Kohrs
		 	Title: President and Chief Executive Officer
	
	EXECUTIVE
	
	 
	Shawn T McCormickSeparation Agreement and Release of Claims Effective as of July 17, 2012

 EXHIBIT 10.4 
 SEPARATION AGREEMENT AND RELEASE OF CLAIMS 
 This Separation
Agreement and Release of Claims (“Agreement”) is made by and between Carmen Diersen (“Employee”), and Tornier, Inc. (“Tornier” or the “Company”). 

Tornier and Employee (collectively the “Parties”) wish to end their employment relationship in an honorable, dignified, and
orderly manner. Recognizing that termination of employment generally implicates potential personal transition and legal issues, Tornier is willing to provide Employee with additional benefits to ease Employee’s transition in exchange for a full
and final release of claims. Toward that end, Tornier and Employee have agreed to separate according to the terms set forth in this Agreement. 
 Employee does not believe that she has any claims against the Company, but Employee nevertheless agrees to resolve any actual and potential claims arising out of her employment with and separation from
the Company by entering into this Agreement. 
 IN CONSIDERATION OF THE FOREGOING RECITALS AND THE MUTUAL PROMISES CONTAINED IN
THIS AGREEMENT, EMPLOYEE AGREES AS FOLLOWS: 
  

	1.	Definitions. Subject to the following defined terms, all words used in this Agreement are to have their plain meanings in ordinary English.

  

	 	A.	Employee includes both Employee and anyone who has or obtains any legal rights or claims through Employee, including any and all heirs, executors, administrators
and assigns. 

  

	 	B.	Released Parties means Tornier, Inc., and its parents, subsidiaries, affiliates, predecessors, successors, joint venture partners, and divisions; their present
and past officers, directors, committees, shareholders, and employees, whether in their individual or official capacities; any company providing insurance to them, in the present or past; present and past fiduciaries of any employee benefit plan
sponsored or maintained by them (other than multiemployer plans); their attorneys; and anyone who acted on their behalf or on instructions from them. 

  

	 	C.	Termination Date means the date on which Employee’s employment with the Company ends, as set forth in Exhibit 1 to this Agreement (Notice of Scheduled
Termination Date and Statement of Special Consideration). 

  

	 	D.	Claims means any and all actual, suspected or potential claims, suits, controversies, actions, causes of action, cross-claims, counterclaims, demands, debts, or
liabilities of any nature whatsoever in law and in equity, whether known or unknown, suspected, or claimed, both past and present through the date this Release becomes effective, against any of the Released Parties, seeking any form of relief,
whether for compensatory damages, liquidated damages, punitive or exemplary damages, penalties, fines, assessments, other damages, reinstatement, back pay, front pay, attorneys’ fees, specific performance, injunctive relief, or costs, and which
arise out of or are connected with Employee’s employment with, relationship with, or Employee’s separation or termination from, the Company, including without limitation: 

	 	(i)	Claims arising out of or relating to Employee’s employment with the Company or the termination of that employment; 

 

	 	(ii)	Claims, whether asserted on Employee’s behalf or on behalf of any third party, arising out of or relating to the statements, actions, or omissions of the Company;

  

	 	(iii)	Claims for any alleged unlawful discrimination, harassment, retaliation or reprisal, or other alleged unlawful practices arising under any federal, state, or local
statute, ordinance, rule or regulation, including without limitation, claims under the Age Discrimination in Employment Act (ADEA), the Older Workers Benefit Protection Act (OWBPA), Title VII of the Civil Rights Act of 1964 (Title VII), the
Americans with Disabilities Act (ADA), the Genetic Information Nondiscrimination Act of 2008 (GINA), the Civil Rights Act (42 U.S.C. § 1981), the Family Medical Leave Act (FMLA), the Employee Retirement Income Security Act (ERISA), Equal Pay
Act (EPA), the Worker Adjustment and Retraining Notification Act (WARN), all fair employment practices, individual rights, or other statutes including without limitation the Minnesota Human Rights Act (MHRA), non-interference or non-retaliation
statutes and any other federal, state, or local statute, law, rule, regulation, ordinance or order; 

  

	 	(iv)	Claims for alleged wrongful discharge; breach of contract (including, but not limited to, claims for breach of any written or verbal employment agreement); breach of
implied contract; failure to keep any promise; breach of an express or implied covenant of good faith and fair dealing; breach of fiduciary duty; estoppel; whistleblower or other illegal retaliation or reprisal; defamation; infliction of emotional
distress; fraud; misrepresentation; negligence; harassment; constructive discharge; assault; battery; false imprisonment; invasion of privacy; interference with contractual or business relationships; any other wrongful employment practices; and a
violation of any other principle of common law; 

  

	 	(v)	Claims for compensation of any kind (except those expressly provided in or excepted from this Agreement), including without limitation, salary, bonuses, commissions,
expense reimbursements, stock options or other stock-based compensation, used or accrued vacation pay, personal time pay, personal time reservoir, sick pay, severance payments under any past, pending or future severance pay plans, short and/or long
term disability benefits, life insurance benefits, accidental death and disability insurance benefits, dental, medical and vision benefits, retirement savings or 401(k) contributions, and payments for any other type of benefit, leave of absence or
time off of work; 

  

	 	(vi)	Claims for back pay, front pay, reinstatement, injunctions or other equitable relief, compensatory damages, damages for alleged personal injury, liquidated damages, and
punitive damages; and 

  

	 	(vii)	Claims for attorneys’ fees, disbursements, costs, and interest. 

 The term “Claims” does not include any applicable claims for: (i) unemployment insurance benefits; (ii) workers’ compensation benefits to the extent that such benefits are awarded
by a state agency or agreed upon consistent with applicable state law; (iii) vested post-termination benefits under any employee benefit plan; (iv) rights and benefits under the Consolidated Omnibus Reconciliation Act of 1985, as amended,
(COBRA); (v) the 

  
 2 

 
right to enforce the terms of this Release; (vi) any right to defense, indemnification or contribution, whether pursuant to the Company’s certificate of incorporation or bylaws,
contract, applicable law or otherwise for claims brought against Employee in her capacity as an employee or agent of Employer; (vii) rights as a shareholder of the Company; (viii) rights under the Uniformed Services Employment and
Reemployment Rights Act (USERRA) 38 U.S.C. § 4301, et seq.; (ix) events occurring after this Release becomes effective; and (x) any other rights which cannot be waived or released under applicable law. 

 

	 	E.	Special Consideration means the severance pay and other benefits that Employee is offered as part of this Agreement and as described more fully in Exhibit 1 to
this Agreement. The term Special Consideration does not include the following amounts which will be paid to Employee regardless of whether Employee signs this Agreement: 

 

	 	1.	Employee’s base salary for the time Employee worked through the end of business on the Termination Date; 

 

	 	2.	Any accrued but unused PTO to which Employee is entitled; or 

  

	 	3.	Any unpaid business expenses incurred by Employee through the Termination Date in the course of and pursuant to the Company’s expense reimbursement policies and
procedures. 

  

	2.	Consulting Agreement. As a condition of this Agreement, Employee agrees to sign the Consulting Agreement attached hereto as Exhibit 2.

  

	3.	Agreement to Release Employee’s Claims and Covenant Not to Sue. In exchange for the Special Consideration to be paid by the Company as provided in
Exhibit 1 to this Agreement and the other undertakings of the Company stated in this Agreement and the Consulting Agreement attached as Exhibit 2, Employee knowingly and willingly releases, waives and forever discharges all Released Parties from any
and all Claims, and all rights to any legal or equitable relief under any such Claims. In exchange for Employee’s agreement to release these Claims, Employee is receiving satisfactory compensation (Special Consideration) from the Company to
which Employee is not otherwise entitled by law, contract, or under any Company plan, policy or procedure. The Special Consideration that Employee is receiving is a full and fair payment for the above release of all Claims. The Released Parties do
not owe Employee anything in addition to what Employee is entitled to receive will receive under this Agreement and the attached Consulting Agreement. 

 Except for the exceptions provided below, Employee will not, directly or indirectly, whether on behalf of herself or any third party, bring any lawsuits against the Company or make any demands against the
Company for any kind compensation, damages, or other relief. If Employee institutes any claim that is not excepted or excluded as provided in this Agreement, Employee agrees that the Company will be entitled to cease all payments to Employee of any
unpaid portion of the Special Consideration, to recoup from Employee the Special Consideration already paid under this Agreement, to recover all costs and expenses of defending against the suit incurred by the Company, including reasonable
attorneys’ fees, and to recover any costs and fees, including attorneys’ fees, incurred in connection with the recoupment of the Special Consideration. 
 Employee agrees that the consideration offered under the Consulting Agreement attached as Exhibit 2 is in addition to anything owed by the Company to Employee by law or contract, or under company policy,
and it is provided to Employee in exchange for, and specifically contingent upon, Employee entering into this Agreement. 

  
 3 

 The Company has made no representations or warranties to Employee regarding the tax
treatment of the payments provided under this Agreement. Employee understands that Employee is solely responsible for all federal, state, and local income and any other taxes that may be due on account of these payments. 

 

	4.	Waiver of Rights to Additional Recovery. Employee understands that she is not being required to waive, dismiss or withdraw any charges, grievances,
petitions, or complaints that Employee may have filed against any Released Party with the Equal Employment Opportunity Commission, or local human rights or fair employment practices agency to the extent that any such charge, grievance, petition, or
complaint claims a violation of Title VII, the ADEA, the ADA, GINA, the EPA, or other applicable civil rights or fair employment practices statutes, rules or regulations. Employee understands, however, that Employee is waiving her right to recover
individual relief including, but not limited to, back pay, front pay, reinstatement, attorneys’ fees, and/or punitive damages, in any administrative or legal action whether brought by the EEOC or other civil rights enforcement agency, Employee,
or any other party. Nothing in this Agreement interferes with Employee’s right to file a charge with the EEOC, or participate in any manner in an EEOC investigation or proceeding under Title VII, the ADA, the ADEA or the EPA. Employee agrees
that Company reserves any and all defenses, which it has or might have against any claims brought by Employee or on Employee’s behalf. 

 Employee represents and warrants that she is aware of no facts, evidence, allegations, claims, liabilities, or demands relating to alleged or potential violations of law that may give rise to a claim or
liability on the part of any Released Party under the Securities Exchange Act of 1934, the Sarbanes–Oxley Act of 2002, the Dodd-Frank Wall Street Reform and Consumer Protection Act, or any other federal, state, local or international law,
statute or regulation providing for protection and/or recovery to whistleblowers. Nothing in this Agreement interferes with Employee’s right to file a complaint or charge with the SEC or other regulatory body, or to participate in any manner in
an SEC or other governmental investigation or proceeding under any such law, statute or regulation. Employee understands and agrees, however, that Employee waives her right to recover any whistleblower award under Section 21F of the Securities
Exchange Act of 1934 or other individual relief in any administrative or legal action whether brought by the SEC or other law enforcement agency, Employee, or any other party, unless and only to the extent that such waiver is contrary to law.
Employee agrees that Company reserves any and all defenses that it has or might have against any such claims brought by Employee or on Employee’s behalf. 
  

	5.	Compliance with Prior Agreements. Employee understands that Employee remains bound by the terms of all prior agreements which Employee entered into with
the Company. To the extent applicable, such agreements may include without limitation any agreement relating to: (1) confidential, proprietary or trade secret information of the Company and its affiliates; (2) assignment, disclosure or
cooperation with respect to inventions, know-how, creations or other intellectual property; (3) non-competition with the Company; (4) non-competition and non-solicitation of Company employees, agents, customers or prospective customers; or
(5) any similar obligations, all of which do and will continue in full force and effect. 

  

	6.	No Right to Reemployment. Employee understands and agrees that her employment with the Company is terminated effective as of the Termination Date and
Employee has no express or implied right or entitlement to reinstatement or reemployment with the Company following Employee’s Termination Date. Employee agrees that the Company may use this Agreement as the sole reason to reject any inquiry or
application for employment Employee may make. 

  
 4 

	7.	Agreement to Cooperate in Transition; Return of Property. In exchange for the Special Consideration to be paid by the Company and other undertakings of
the Company stated in this Agreement, Employee also agrees to cooperate with the Company in its transition efforts as follows: (1) Employee agrees to be available, on a reasonable basis, to answer questions that may arise relating to
Employee’s employment with or duties to the Company; (2) Employee shall return, on or before Employee’s Termination Date, and will not retain in any form or format, all Company documents, data, trunk stock, and other property in
Employee’s possession or control, with the exception of Employee’s company-issued laptop computer and mobile phone, which Employee may retain and use during term of her Consulting Agreement, at the conclusion of which Employee will return
these two items, as well; (3) after returning Employee’s company-issued laptop computer and mobile phone, Employee will permanently delete from any electronic media in Employee’s possession, custody, or control (such as computers,
smart phones, cell phones, hand-held devices, back-up devices, zip drives, etc.) or to which Employee has or may have had access (such as remote e-mail exchange servers, back-up servers, off-site storage, etc.), all documents or electronically
stored images of the Company, including writings, drawings, graphs, charts, sound recordings, images, and other data or data compilations stored in any medium from which such information can be obtained; and (4) Employee agrees to provide the
Company with a list of any documents that Employee created or is otherwise aware that are password-protected and the password(s) necessary to access such password-protected documents. Company “documents, data, and other property” includes,
without limitation, computers, fax machines, cell phones, access cards, keys, reports, manuals, records, product samples, trunk stock, correspondence and/or other documents or materials related to the business of the Company or its affiliates that
Employee has compiled, generated or received while working for the Company, including all copies, samples, computer data, disks, or records of such material. Employee understands and agrees that the Company’s obligations under this Agreement
and the Consulting Agreement are contingent upon Employee returning all Company documents, data, trunk stock, and other property and cooperating with the Company as set forth above. 

 

	8.	Agreement to Cooperate in Investigations and Litigation. Employee agrees that Employee will, at any future time, be available upon reasonable notice from
the Company, with or without a subpoena, to be interviewed, review documents or things, give depositions, testify, or engage in other reasonable activities, with respect to matters and/or disputes concerning which Employee has or may have knowledge
as a result of or in connection with Employee’s employment by the Company. In performing Employee’s obligations under this paragraph to testify or otherwise provide information, Employee will honestly, truthfully, forthrightly, and
completely provide the information requested. Employee will comply with this Agreement upon notice from the Company that the Company or its attorneys believe that Employee’s compliance will assist in the resolution of an investigation or the
prosecution or defense of claims. Employee understands and agrees that the Company’s obligations under this Agreement and the Consulting Agreement are contingent upon Employee cooperating with the Company in investigations and litigation.

  

	9.	Non-Disparagement. The parties each agree that neither will make any defamatory, disparaging, critical, derogatory or negative oral or written comments
regarding the other party, or the Company’s products or services. Employee understands and agrees that the Company’s obligations under this Agreement and the Consulting Agreement are contingent upon Employee’s compliance with this
non-disparagement requirement. 

  
 5 

	10.	Advice to Consult with an Attorney. Employee understands and acknowledges that Employee hereby is being advised by the Company to consult with an attorney
prior to signing this Agreement. Employee’s decision whether to sign this Agreement is Employee’s own voluntary decision made with full knowledge that the Company has advised Employee to consult with an attorney. The Company will not
advance or reimburse any attorneys fees, costs, or expenses incurred by Employee in connection with any such review. 

  

	11.	Older Workers Benefit Protection Act. Employee has been advised and understands that the waiver and release of Claims being granted hereunder is subject
to the terms of the Older Workers Benefit Protection Act (“OWBPA”). The OWBPA provides that an individual cannot waive a right or claim under the ADEA unless the waiver is knowing and voluntary. Nothing in this Agreement interferes with
Employee’s right to challenge the knowing and voluntary nature of the waiver and release under the ADEA and/or OWBPA. Employee has been advised of this law, and Employee agrees that she is signing this Agreement of Employee’s own free
will, and with full knowledge of its consequences. Employee understands that the Company is giving Employee at least 21 days from the date she received a copy of this Agreement to decide whether she wishes to sign it. Employee acknowledges that the
Company has advised Employee to use this time to consult with an attorney about the effect of the waiver and release. If Employee signs this Agreement before the end of the 21-day period, it will be Employee’s personal, voluntary decision to do
so, and shall be done with full knowledge of Employee’s legal rights. Employee agrees that any changes to this Agreement will not restart the running of this consideration period. 

 

	12.	Rights and Procedure for Accepting or Revoking this Agreement. Employee has been advised that this Agreement shall be signed by Employee no earlier
than Employee’s Termination Date. Employee understands that insofar as this Agreement relates to Employee’s rights under the ADEA, she has the right to revoke that aspect of the release by written notice of such to the Company within 7
calendar days following Employee’s signing this Agreement. Employee understands that insofar as it extends to Employee’s rights under the MHRA, she has the right to rescind that aspect of the release by written notice of such to the
Company within 15 calendar days of Employee’s signing this Agreement. Any such revocation or rescission must be in writing and hand-delivered to Tornier’s Vice President, Human Resources, Mr. Greg Morrison, or, if sent by mail,
post-marked within the 7-day revocation or 15-day rescission period, addressed to Mr. Greg Morrison, Senior Vice President, Human Resources, Tornier, Inc., 7701 France Avenue S., Suite 600, Edina, MN 55435, and sent by certified mail, return
receipt requested. 

 Employee understands that the Special Consideration she is receiving for settling and
releasing Employee’s Claims and the Company’s performance per the Consulting Agreement attached to this Agreement as Exhibit 2 are contingent upon Employee’s agreement to be bound by the terms of this Agreement. Accordingly, if
Employee decides to revoke or rescind any release portion of this Agreement: (a) Employee is not entitled to the Special Consideration offered in this Agreement; (b) Employee must immediately return to the Company any Special Consideration
she may have received under this Agreement, (c) the Parties’ Consulting Agreement will be considered as rescinded effective immediately; and (d) any unvested equity interests or employee benefits that Employee has at the time of the
revocation or rescission will be forfeited. 
  

	13.	No Admission of Wrongdoing. Nothing in this Agreement shall be construed as an admission of liability for any of the Claims released by Employee in
connection with any other matter. 

  
 6 

	14.	Successors and Assigns. Employee agrees that the promises in this Agreement benefit the Company and also any successor or assignee of the Company’s
business or operations. The Company agrees that its promises in this Agreement shall be binding on any successor or assignee of its business or operations. Employee warrants and represents that Employee has not assigned or transferred in any manner,
or purported to assign or transfer in any manner, to any person or entity, any claim or interest that is the subject of this Agreement. 

  

	15.	Entire Agreement/Merger; Other Written Agreements. Subject to Employee’s agreement, as set forth above, to abide by other agreements with the
Company, this is the entire agreement between Employee and the Company relating to Employee’s employment and Employee’s termination from employment. Except as expressly provided otherwise in this Agreement, this Agreement supersedes all
prior oral and written agreements and communications between the Parties. This Agreement shall not be modified, amended, or terminated except by a written agreement manually signed by both Parties. 

 

	16.	Interpretation of the Agreement. This Agreement is to be interpreted as broadly as possible to achieve Employee’s intention to resolve all of
Employee’s Claims against the Company. If this Agreement is held by a court to be inadequate to release a particular claim encompassed within Employee’s Claims, this Agreement will remain in full force and effect with respect to all the
rest of Employee’s Claims. In case any one or more of the provisions of this Agreement shall be held invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions will not in any way be
affected or impaired. 

  

	17.	Governing Law and Venue. Employee understands and that Tornier’s principal place of business is Edina, Minnesota, and accordingly, Employee agrees
that this Agreement shall be governed by, and be construed and enforced in accordance with Minnesota law, without reference to choice of law, except to the extent it is pre-empted by federal law. Employee agrees that any dispute relating to this
Agreement must be brought in the state or federal court within the State of Minnesota, Hennepin County. 

  

	18.	Remedies. In the event that Employee breaches Employee’s obligations under this Agreement or the Company learns that Employee’s representations
and warranties contained in this Agreement are false, the Company will have the right to bring a legal action for appropriate equitable relief as well as damages, including reasonable attorneys’ fees, and will also have to right to suspend
payment of the Special Consideration set forth in this Agreement and/or to recover, in addition to any equitable relief and damages allowed by law, the Special Consideration Employee has received under this Agreement. 

 

	19.	Representations and Warranties. Employee represents and warrants that she is aware of no alleged or potential violations of law, liabilities, claims, or
demands of any kind or nature that have been or could be made against the Company by Employee or any other person or entity. Employee represents that she has carefully read this entire Agreement and understand all of its terms. Employee represents
that no promise or inducement has been offered to Employee except as set forth herein, and that this Agreement is executed without reliance upon any statement or representation by the Company or any representative or agent of the Company. Employee
warrants that she has full legal authority to release any and all claims as specified herein and to undertake all other obligations as specified herein. Employee warrants that she enters into this Agreement voluntarily and with full knowledge and
understanding of Employee’s legal rights and obligations. Employee understands that this Agreement will have a final and binding effect and that by executing this Agreement she may be giving up legal rights. Employee intends this Agreement to
be legally binding. 

  
 7 

							
	Dated: July 17, 2012	 		 		 	CARMEN DIERSEN
				
		 		 		 	/s/ Carmen Diersen
		 		 		 	Signature

  
 Accepted by Tornier, Inc.: 

 

	By:	/s/ Douglas W.
Kohrs                         

	Its	President and Chief Executive Officer 

  
 8 

 EXHIBIT 1 

NOTICE OF SCHEDULED TERMINATION DATE AND 
 STATEMENT OF SPECIAL CONSIDERATION 
 This document, which is Exhibit 1 to the
Severance Agreement and Release of Claims (“Agreement”) naming as the releasing party the employee identified below (“Employee”), constitutes a statement of the Special Consideration that Employee will receive pursuant to the
terms of the Agreement, provided Employee signs and does not revoke or rescind the release in the Agreement and otherwise complies with the terms and conditions of the Agreement. 
 Statement of Special Consideration for Carmen Diersen: 

Termination Date: July 17, 2012 
 1. Severance Pay: Employer will provide Employee with up to 12 months of severance pay, in the form of salary continuation commencing effective immediately upon termination, in the maximum gross
amount of Three Hundred Forty Two Thousand Two Hundred Eighty Five -Dollars ($342,285.00) (“Severance Pay”), less payroll withholdings that Employer reasonably believes are required by law or elected by Employee for state and federal
income taxes, FICA, and other applicable payroll deductions, payable in accordance with Employer’s normal payroll practices. The Severance Pay will be distributed to Employee as continuation of base salary paid to Employee at the rate paid to
Employee on her Termination Date. 
 2. Health Insurance Benefits. If Employee timely elects continued coverage under the
Company’s group medical plan or group dental plan pursuant to section 4980B of the Internal Revenue Code of 1986, as amended (“COBRA”), in accordance with ordinary plan practices: (a) from the Termination Date through the last
day of the month in which the above-described salary continuation is credited, (b) the Company will reimburse Employee in an amount equal to the difference between the amount Employee in fact pays for such COBRA continuation coverage and the
amount paid by an full-time active employee for the same level of coverage elected by Employee. 
 3. Outplacement Services.
The Company will provide up to six-months in pre-approved outplacement assistance in an amount to be determined in the sole discretion of the Company; please see Greg Morrison for details. 

Conditions. In the event that Employee accepts other full-time employment, full-time engagement as an independent contractor or otherwise engages
in her own business on a full-time basis prior to July 17, 2013, Employee will promptly notify the Company and the Company shall be entitled to deduct from the Severance Pay and Health Insurance Benefits referenced above the compensation paid
to and the value of the benefits received by Employee in respect of such other employment or business activity. 
 All Special Consideration
will be made only if: (i) Employee has provided the Company with an original executed Separation Agreement and Release of Claims; (ii) Employee has provided the Company with an original executed Consulting Agreement in the form attached to
this Agreement as Exhibit 2; (iii) any applicable revocation or rescission period set forth in the Agreement has expired and Employee has not revoked, rescinded or attempted to revoke or rescind the Release; and (iv) Employee has returned
all of the Company’s property. 

  
 9

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