Document:

EX-10.38

 Exhibit 10.38 

FORM OF 

INDEMNIFICATION AGREEMENT 

THIS INDEMNIFICATION AGREEMENT (this “Agreement”) is made and entered into as of
[            ] [    ], 20[    ], by and between Bioventus Inc. (the “Company”) and
[                    ] (“Indemnitee”). 

RECITALS 
 WHEREAS,
the Company values Indemnitee’s service to the Company as a director or officer and desires that Indemnitee continue to serve the Company in such capacity; 

WHEREAS, (i) the Certificate of Incorporation of the Company (as may be amended from time to time, the
“Certificate of Incorporation”) and the Bylaws of the Company (as may be amended from time to time, the “Bylaws”) require indemnification of the officers and directors of the Company,
(ii) Indemnitee may also be entitled to indemnification pursuant to the General Corporation Law of the State of Delaware (“DGCL”) and (iii) the Certificate of Incorporation, the Bylaws and the DGCL expressly provide
that the indemnification provisions set forth therein are not exclusive and thereby contemplate that contracts may be entered into between the Company and members of the Board, officers and other persons with respect to indemnification;

 WHEREAS, this Agreement is a supplement to and in furtherance of the Certificate of Incorporation and Bylaws and any
resolutions adopted pursuant thereto, and shall not be deemed a substitute therefor, nor to diminish or abrogate any rights of Indemnitee thereunder; 

WHEREAS, Indemnitee does not regard the protection available under the organizational documents of the Company and any insurance
policies maintained by the Company as adequate in the present circumstances, and Indemnitee may not be willing to continue to serve in his or her capacity as a director or officer of the Company without the additional protections set forth in this
Agreement; 
 WHEREAS, the Board of Directors of the Company (the “Board”) has
determined that, on the basis of the foregoing, it is reasonable, prudent and necessary for the Company to obligate itself contractually to indemnify, and to advance expenses on behalf of, Indemnitee to the fullest extent permitted by applicable law
so that Indemnitee will serve or continue to serve the Company free from undue concern that he or she will not be so indemnified; and 

WHEREAS, this Agreement is a supplement to and in furtherance of the organizational documents of the Company and any resolutions
adopted pursuant thereto, and shall not be deemed a substitute therefor, nor to diminish or abrogate any rights of Indemnitee thereunder. 

 NOW, THEREFORE, in consideration of the mutual promises and agreements herein contained,
and intending to be legally bound, the parties hereto agree as follows: 
 AGREEMENT 

1. INDEMNIFICATION OF INDEMNITEE. The Company hereby agrees to hold harmless and indemnify Indemnitee to the fullest extent permitted by applicable
law, including the DGCL, as such may be amended from time to time. In furtherance of the foregoing indemnification, and without limiting the generality thereof: 

(a) Indemnitee shall be entitled to the rights of indemnification provided in this Section 1(a) if, by reason of his or her
Corporate Status (as defined in Section 13(c)), the Indemnitee is, or is threatened to be made, a party to or participant in any Proceeding (as defined in Section 13(j)) other than a Proceeding by or in the right of the
Company. Pursuant to this Section 1(a), Indemnitee shall be indemnified against all Expenses (as defined in Section 13(g)), judgments, penalties, fines and amounts paid in settlement actually and reasonably incurred by him or
her, or on his or her behalf, in connection with such Proceeding or any claim, issue or matter therein, if the Indemnitee acted in good faith and in a manner the Indemnitee reasonably believed to be in or not opposed to the best interests of the
Company, and with respect to any criminal Proceeding, had no reasonable cause to believe the Indemnitee’s conduct was unlawful. 

(b) Indemnitee shall be entitled to the rights of indemnification provided in this Section 1(b) if, by reason of his or her
Corporate Status, the Indemnitee is, or is threatened to be made, a party to or participant in any Proceeding brought by or in the right of the Company. Pursuant to this Section 1(b), Indemnitee shall be indemnified against all Expenses
actually and reasonably incurred by the Indemnitee, or on the Indemnitee’s behalf, in connection with such Proceeding if the Indemnitee acted in good faith and in a manner the Indemnitee reasonably believed to be in or not opposed to the best
interests of the Company; provided, however, that if applicable law so provides, no indemnification against such Expenses shall be made in respect of any claim, issue or matter in such Proceeding as to which Indemnitee shall have been
adjudged to be liable to the Company unless and to the extent that a court of competent jurisdiction shall determine that such indemnification may be made. 

(c) Notwithstanding any other provision of this Agreement, to the extent that Indemnitee is, by reason of his or her Corporate Status,
a party to and is successful, on the merits or otherwise, in any Proceeding, he or she shall be indemnified to the maximum extent permitted by law, as such may be amended from time to time, against all Expenses actually and reasonably incurred by
him or her, or on his or her behalf, in connection therewith. If Indemnitee is not wholly successful in such Proceeding but is successful, on the merits or otherwise, as to one or more but less than all claims, issues or matters in such Proceeding,
the Company shall indemnify Indemnitee against all Expenses actually and reasonably incurred by him or her, or on his or her behalf, in connection with each successfully resolved claim, issue or matter. For purposes of this Section 1(c)
and without limitation, the termination of any claim, issue or matter in such a Proceeding by dismissal, with or without prejudice, shall be deemed to be a successful result as to such claim, issue or matter. 

2. ADDITIONAL INDEMNITY. In addition to, and without regard to any limitations on, the indemnification provided for in Section 1 of this
Agreement, the Company shall and hereby does indemnify and hold harmless Indemnitee against all Expenses, judgments, penalties, fines and amounts paid in settlement actually and reasonably incurred by him or her, or on his or her 

  
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behalf if, by reason of his or her Corporate Status, he or she is, or is threatened to be made, a party to or participant in any Proceeding (including a Proceeding by or in the right of the
Company), including, without limitation, all liability arising out of the negligence or active or passive wrongdoing of Indemnitee. The only limitation that shall exist upon the Company’s obligations pursuant to this Agreement shall be that the
Company shall not be obligated to make any payment to Indemnitee that is finally determined (under the procedures, and subject to the presumptions, set forth in Sections 6 and 7 hereof) to be unlawful. 

3. CONTRIBUTION. 
 (a)
Whether or not the indemnification provided in Sections 1 and 2 hereof is available, in respect of any Proceeding in which the Company is jointly liable with Indemnitee (or would be if joined in such Proceeding), the Company
shall pay, in the first instance, the entire amount of any judgment or settlement of such Proceeding without requiring Indemnitee to contribute to such payment and the Company hereby waives and relinquishes any right of contribution it may have
against Indemnitee. The Company shall not enter into any settlement of any Proceeding in which the Company is jointly liable with Indemnitee (or would be if joined in such Proceeding) unless such settlement provides for a full and final release of
all claims asserted against Indemnitee. 
 (b) Without diminishing or impairing the obligations of the Company set forth in
Section 3(a), if, for any reason, Indemnitee shall elect or be required to pay all or any portion of any judgment or settlement in any Proceeding in which the Company is jointly liable with Indemnitee (or would be if joined in such
Proceeding), the Company shall contribute to the amount of Expenses, judgments, fines and amounts paid in settlement actually and reasonably incurred and paid or payable by Indemnitee in proportion to the relative benefits received by the Company
and all officers, directors or employees of the Company, other than Indemnitee, who are jointly liable with Indemnitee (or would be if joined in such Proceeding), on the one hand, and Indemnitee, on the other hand, from the transaction from which
such Proceeding arose; provided, however, that the proportion determined on the basis of relative benefit may, to the extent necessary to conform to law, be further adjusted by reference to the relative fault of the Company and all
officers, directors or employees of the Company other than Indemnitee who are jointly liable with Indemnitee (or would be if joined in such Proceeding), on the one hand, and Indemnitee, on the other hand, in connection with the events that resulted
in such expenses, judgments, fines or settlement amounts, as well as any other equitable considerations which the Law may require to be considered. The relative fault of the Company and all officers, directors or employees of the Company, other than
Indemnitee, who are jointly liable with Indemnitee (or would be if joined in such Proceeding), on the one hand, and Indemnitee, on the other hand, shall be determined by reference to, among other things, the degree to which their actions were
motivated by intent to gain personal profit or advantage, the degree to which their liability is primary or secondary and the degree to which their conduct is active or passive. 

(c) The Company hereby agrees to fully indemnify and hold Indemnitee harmless from any claims of contribution which may be brought by
officers, directors or employees of the Company, other than Indemnitee, who may be jointly liable with Indemnitee. 

  
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 (d) To the fullest extent permissible under applicable law, if the indemnification
provided for in this Agreement is unavailable to Indemnitee for any reason whatsoever, the Company, in lieu of indemnifying Indemnitee, shall contribute to the amount incurred by Indemnitee, whether for judgments, fines, penalties, excise taxes,
amounts paid or to be paid in settlement and/or for Expenses, in connection with any claim relating to an indemnifiable event under this Agreement, in such proportion as is deemed fair and reasonable in light of all of the circumstances of such
Proceeding in order to reflect: (i) the relative benefits received by the Company and Indemnitee as a result of the event(s) and/or transaction(s) giving cause to such Proceeding; and/or (ii) the relative fault of the Company (and its
directors, officers, employees and agents) and Indemnitee in connection with such event(s) and/or transaction(s). 
 4. INDEMNIFICATION FOR
EXPENSES OF A WITNESS. Notwithstanding any other provision of this Agreement, to the extent that Indemnitee is, by reason of his or her Corporate Status, a witness, or is made (or asked to) respond to discovery requests, in any Proceeding to
which Indemnitee is not a party, he or she shall be indemnified against all Expenses actually and reasonably incurred by him or her, or on his or her behalf, in connection therewith. 

5. ADVANCEMENT OF EXPENSES. Notwithstanding any other provision of this Agreement, the Company shall advance all Expenses incurred by or on behalf of
Indemnitee in connection with any Proceeding by reason of Indemnitee’s Corporate Status within thirty (30) days after the receipt by the Company of a statement or statements from Indemnitee requesting such advance or advances from time to
time, whether prior to or after final disposition of such Proceeding. Such statement or statements shall reasonably evidence the Expenses incurred by Indemnitee and shall include or be preceded or accompanied by a written undertaking by or on behalf
of Indemnitee to repay any Expenses advanced if it shall ultimately be determined that Indemnitee is not entitled to be indemnified against such Expenses. Any advances and undertakings to repay pursuant to this Section 5 shall be
unsecured and interest free. 
 6. PROCEDURES AND PRESUMPTIONS FOR DETERMINING ENTITLEMENT TO INDEMNIFICATION. It is the intent of this
Agreement to secure for Indemnitee rights of indemnification that are as favorable as may be permitted under applicable law. Accordingly, the parties agree that the following procedures and presumptions shall apply in the event of any question as to
whether Indemnitee is entitled to indemnification under this Agreement: 
 (a) To obtain indemnification under this Agreement,
Indemnitee shall submit to the Company a written request, including therein or therewith such documentation and information as is reasonably available to Indemnitee and is reasonably necessary to determine whether and to what extent Indemnitee is
entitled to indemnification. The Secretary of the Company shall, promptly upon receipt of such a request for indemnification, advise the Board in writing that Indemnitee has requested indemnification. Notwithstanding the foregoing, any failure of
Indemnitee to provide such a request to the Company, or to provide such a request in a timely fashion, shall not relieve the Company of any liability that it may have to Indemnitee unless, and to the extent that, such failure actually and materially
prejudices the interests of the Company. 

  
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 (b) Upon written request by Indemnitee for indemnification pursuant to the first sentence
of Section 6(a) hereof, a determination with respect to Indemnitee’s entitlement thereto shall be made in the specific case by one of the following four methods, which shall be at the election of the Board: (i) by a majority
vote of the Disinterested Directors (as defined in Section 13(d)), even though less than a quorum; (ii) by a committee of those Disinterested Directors designated by a majority vote of the Disinterested Directors, even though less
than a quorum; (iii) if there are no Disinterested Directors or if the Disinterested Directors so direct, by Independent Counsel (as defined in Section 13(h)) in a written opinion to the Board, a copy of which shall be delivered to
the Indemnitee, or (iv) if so directed by the Board, by the stockholders of the Company; provided, however, that, notwithstanding the foregoing, any determination with respect to Indemnitee’s entitlement to indemnification
hereunder that is made at any time following the consummation of a Change in Control (as defined in Section 13(b)) that occurs at any time when the Company has a class of securities registered under the Exchange Act (as defined in
Section 13(f)) or following the consummation of an initial public offering of the Company’s Common Stock under the Securities Act of 1933, as amended, shall be made solely by Independent Counsel in a written opinion to the Board, a
copy of which shall be delivered to the Indemnitee. 
 (c) If the determination of entitlement to indemnification is to be made by
Independent Counsel pursuant to Section 6(b) hereof, the Independent Counsel shall be selected as provided in this Section 6(c). The Independent Counsel shall be selected by the Board. Indemnitee may, within 10 days after such written
notice of selection shall have been given, deliver to the Company a written objection to such selection; provided, however, that such objection may be asserted only on the ground that the Independent Counsel so selected does not meet
the requirements of “Independent Counsel” as defined in Section 13(h) of this Agreement, and the objection shall set forth with particularity the factual basis of such assertion. Absent a proper and timely objection, the person
so selected shall act as Independent Counsel. If a written objection is made and substantiated, the Independent Counsel selected may not serve as Independent Counsel unless and until such objection is withdrawn or a court has determined that such
objection is without merit. If, within 20 days after submission by Indemnitee of a written request for indemnification pursuant to Section 6(a) hereof, no Independent Counsel shall have been selected and not objected to, either the Company
or Indemnitee may petition a court of competent jurisdiction for resolution of any objection which shall have been made by the Indemnitee to the Company’s selection of Independent Counsel and/or for the appointment as Independent Counsel of a
person selected by the court or by such other person as the court shall designate, and the person with respect to whom all objections are so resolved or the person so appointed shall act as Independent Counsel under Section 6(b) hereof. The
Company shall pay any and all reasonable fees and expenses of Independent Counsel incurred by such Independent Counsel in connection with acting pursuant to Section 6(b) hereof, and the Company shall pay all reasonable fees and expenses
incident to the procedures of this Section 6(c), regardless of the manner in which such Independent Counsel was selected or appointed. 

(d) In making a determination with respect to entitlement to indemnification hereunder, the person or persons or entity making such
determination shall presume that Indemnitee is entitled to indemnification under this Agreement. Anyone seeking to overcome this presumption shall have the burden of proof and the burden of persuasion by clear and convincing evidence. Neither the
failure of the Company (including by its directors or  

  
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independent legal counsel) to have made a determination prior to the commencement of any action pursuant to this Agreement that indemnification is proper in the circumstances because Indemnitee
has met the applicable standard of conduct, nor an actual determination by the Company (including by its directors or independent legal counsel) that Indemnitee has not met such applicable standard of conduct, shall be a defense to the action or
create a presumption that Indemnitee has not met the applicable standard of conduct. 
 (e) Indemnitee shall be deemed to have acted
in good faith if Indemnitee’s action is based on the records or books of account of the Enterprise (as defined in Section 13(e)), including financial statements, or on information supplied to Indemnitee by the officers of the
Enterprise in the course of their duties, or on the advice of legal counsel for the Enterprise or on information or records given or reports made to the Enterprise by an independent certified public accountant or by an appraiser or other expert
selected with reasonable care by the Enterprise. In addition, the knowledge and/or actions, or failure to act, of any director, officer, agent or employee of the Enterprise shall not be imputed to Indemnitee for purposes of determining the right to
indemnification under this Agreement. Whether or not the foregoing provisions of this Section 6(e) are satisfied, it shall in any event be presumed that Indemnitee has at all times acted in good faith and in a manner he or she reasonably
believed to be in or not opposed to the best interests of the Company. Anyone seeking to overcome this presumption shall have the burden of proof and the burden of persuasion by clear and convincing evidence. 

(f) If the person, persons or entity empowered or selected under this Section 6 to determine whether Indemnitee is entitled
to indemnification shall not have made a determination within sixty (60) days after receipt by the Company of the request therefor, the requisite determination of entitlement to indemnification shall be deemed to have been made and Indemnitee
shall be entitled to such indemnification absent: (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s statement not materially misleading, in connection with the request for
indemnification; or (ii) a prohibition of such indemnification under applicable law; provided, however, that such 60-day period may be extended for a reasonable time, not to exceed an
additional thirty (30) days, if the person, persons or entity making such determination with respect to entitlement to indemnification in good faith requires such additional time to obtain or evaluate documentation and/or information relating
thereto; and provided, further, that the foregoing provisions of this Section 6(f) shall not apply if the determination of entitlement to indemnification is to be made by the stockholders pursuant to
Section 6(b) of this Agreement and if (A) within fifteen (15) days after receipt by the Company of the request for such determination, the Board or the Disinterested Directors, if appropriate, resolve to submit such
determination to the stockholders for their consideration at an annual meeting thereof to be held within seventy-five (75) days after such receipt and such determination is made thereat or (B) a special meeting of stockholders is called
within fifteen (15) days after such receipt for the purpose of making such determination, such meeting is held for such purpose within sixty (60) days after having been so called and such determination is made thereat. 

(g) Indemnitee shall cooperate with the person, persons or entity making such determination with respect to Indemnitee’s
entitlement to indemnification, including providing to such person, persons or entity upon reasonable advance request any documentation or information which is not privileged or otherwise protected from disclosure and which is 

  
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reasonably available to Indemnitee and reasonably necessary to such determination. Any Independent Counsel, member of the Board or stockholder of the Company shall act reasonably and in good
faith in making a determination regarding the Indemnitee’s entitlement to indemnification under this Agreement. Any costs or expenses (including attorneys’ fees and disbursements) incurred by Indemnitee in so cooperating with the person,
persons or entity making such determination shall be borne by the Company (irrespective of the determination as to Indemnitee’s entitlement to indemnification) and the Company hereby indemnifies and agrees to hold Indemnitee harmless therefrom.

 (h) The Company acknowledges that a settlement or other disposition short of final judgment may be successful if it permits a
party to avoid expense, delay, distraction, disruption and uncertainty. In the event that any Proceeding to which Indemnitee is a party is resolved in any manner other than by adverse judgment against Indemnitee (including, without limitation,
settlement of such Proceeding with or without payment of money or other consideration) it shall be presumed that Indemnitee has been successful on the merits or otherwise in such Proceeding. Anyone seeking to overcome this presumption shall have the
burden of proof and the burden of persuasion by clear and convincing evidence. 
 (i) The termination of any Proceeding or of
any claim, issue or matter therein, by judgment, order, settlement or conviction, or upon a plea of nolo contendere or its equivalent, shall not (except as otherwise expressly provided in this Agreement) of itself adversely affect the right of
Indemnitee to indemnification or create a presumption that Indemnitee did not act in good faith and in a manner which he or she reasonably believed to be in or not opposed to the best interests of the Company or, with respect to any criminal
Proceeding, that Indemnitee had reasonable cause to believe that his or her conduct was unlawful. 
 7. REMEDIES OF INDEMNITEE. 

(a) In the event that: (i) a determination is made pursuant to Section 6 of this Agreement that Indemnitee is not
entitled to indemnification under this Agreement; (ii) advancement of Expenses is not timely made pursuant to Section 5 of this Agreement; (iii) no determination of entitlement to indemnification is made pursuant to
Section 6(b) of this Agreement within ninety (90) days after receipt by the Company of the request for indemnification; (iv) payment of indemnification is not made pursuant to this Agreement within ten (10) days after
receipt by the Company of a written request therefor; or (v) payment of indemnification is not made within ten (10) days after a determination has been made that Indemnitee is entitled to indemnification or such determination is deemed to
have been made pursuant to Section 6 of this Agreement, Indemnitee shall be entitled to an adjudication in any court of competent jurisdiction of Indemnitee’s entitlement to such indemnification. Indemnitee shall commence such
proceeding seeking an adjudication within one hundred eighty (180) days following the date on which Indemnitee first has the right to commence such proceeding pursuant to this Section 7(a). The Company shall not oppose
Indemnitee’s right to seek any such adjudication. 
 (b) In the event that a determination shall have been made pursuant to
Section 6(b) of this Agreement that Indemnitee is not entitled to indemnification, any judicial proceeding commenced pursuant to this Section 7 shall be conducted in all respects as a de novo trial on the merits, and
Indemnitee shall not be prejudiced by reason of the adverse determination under Section 6(b). 

  
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 (c) If a determination shall have been made pursuant to Section 6(b) of this
Agreement that Indemnitee is entitled to indemnification, the Company shall be bound by such determination in any judicial proceeding commenced pursuant to this Section 7, absent: (i) a misstatement by Indemnitee of a material fact
or an omission of a material fact necessary to make Indemnitee’s misstatement not materially misleading in connection with the application for indemnification; or (ii) a prohibition of such indemnification under applicable law. 

(d) In the event that Indemnitee, pursuant to this Section 7, seeks a judicial adjudication of his or her rights under, or
to recover damages for breach of, this Agreement, or to recover under any directors’ and officers’ liability insurance policies maintained by the Company, the Company shall pay on his or her behalf, in advance, any and all expenses (of the
types described in the definition of “Expenses” in Section 13(g) of this Agreement) actually and reasonably incurred by him or her in such judicial adjudication, regardless of whether Indemnitee ultimately is determined to be
entitled to such indemnification, advancement of expenses or insurance recovery. 
 (e) The Company shall be precluded from asserting
in any judicial proceeding commenced pursuant to this Section 7 that the procedures and presumptions of this Agreement are not valid, binding and enforceable and shall stipulate in any such court that the Company is bound by all the
provisions of this Agreement. The Company shall indemnify Indemnitee against any and all Expenses and, if requested by Indemnitee, shall (within ten (10) days after receipt by the Company of a written request therefor) advance, to the extent
not prohibited by law, such expenses to Indemnitee, which are incurred by Indemnitee in connection with any action brought by Indemnitee for indemnification or advance of Expenses from the Company under this Agreement or under any directors’
and officers’ liability insurance policies maintained by the Company, regardless of whether Indemnitee ultimately is determined to be entitled to such indemnification, advancement of Expenses or insurance recovery, as the case may be. 

(f) Notwithstanding anything in this Agreement to the contrary, no determination as to entitlement to indemnification under this
Agreement shall be required to be made prior to the final disposition of the Proceeding. 

  
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 8. NON-EXCLUSIVITY, SURVIVAL OF RIGHTS, ETC. 

(a) The rights of indemnification as provided by this Agreement shall not be deemed exclusive of any other rights to which Indemnitee
may at any time be entitled under applicable law, the organizational documents of the Company, any other agreement with the Company, a vote of the Company’s stockholders, a resolution of the Board or otherwise. No amendment, alteration or
repeal of this Agreement or of any provision hereof shall limit or restrict any right of Indemnitee under this Agreement in respect of any action taken or omitted by such Indemnitee in his or her Corporate Status prior to such amendment, alteration
or repeal. To the extent that a change in any applicable law, whether by statute or judicial decision, permits greater indemnification than would be afforded currently under the Company’s organizational documents and this Agreement, it is the
intent of the parties hereto that Indemnitee shall enjoy by this Agreement the greater benefits so afforded by such change. No right or remedy herein conferred is intended to be exclusive of any other right or remedy, and every other right and
remedy shall be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent
the concurrent assertion or employment of any other right or remedy. 
 (b) To the extent that the Company maintains an
insurance policy or policies providing liability insurance for directors, officers, employees, or agents or fiduciaries of the Company or of any other Enterprise, Indemnitee shall be covered by such policy or policies in accordance with its or their
terms to the maximum extent of the coverage available for any director, officer, employee, agent or fiduciary under such policy or policies. If, at the time of the receipt of a notice of a claim pursuant to the terms hereof, the Company has
directors’ and officers’ liability insurance in effect, the Company shall give prompt notice of the commencement of such proceeding to the insurers in accordance with the procedures set forth in the respective policies. The Company shall
thereafter take all necessary or desirable action to cause such insurers to pay, on behalf of the Indemnitee, all amounts payable as a result of such proceeding in accordance with the terms of such policies. 

(c) In the event of any payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the
rights of recovery of Indemnitee, who shall execute all papers required and take all action necessary to secure such rights, including execution of such documents as are necessary to enable the Company to bring suit to enforce such rights.

 (d) The Company shall not be liable under this Agreement to make any payment of amounts otherwise indemnifiable hereunder if
and to the extent that Indemnitee has otherwise actually received payment of such amounts under any insurance policy, contract, other agreement or otherwise. 

(e) The Company’s obligation to indemnify or advance Expenses hereunder to Indemnitee who is or was serving at the request of the
Company as a director, officer, employee or agent of any Enterprise other than the Company shall be reduced by any amount Indemnitee has actually received as indemnification or advancement of expenses from such other Enterprise. 

  
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 9. EXCEPTION TO RIGHT OF INDEMNIFICATION. Notwithstanding any provision in this Agreement, the Company
shall not be obligated under this Agreement to provide any indemnification in connection with any claim made against Indemnitee: (i) for which payment has actually been made to or on behalf of Indemnitee under any insurance policy or other
indemnity provision, except with respect to any excess beyond the amount paid under any insurance policy or other indemnity provision, provided that the foregoing shall not affect the rights of Indemnitee; (ii) for an accounting of profits made
from the purchase and sale (or sale and purchase) by Indemnitee of securities of the Company within the meaning of Section 16(b) of the Exchange Act or similar provisions of state statutory law or common law; or (iii) in connection with
any Proceeding (or any part of any Proceeding) initiated by Indemnitee, including any Proceeding (or any part of any Proceeding) initiated by Indemnitee against the Company or its directors, officers, employees or other indemnitees, unless
(A) the Board authorized the Proceeding (or any part of any Proceeding) prior to its initiation or (B) the Company provides the indemnification, in its sole discretion, pursuant to the powers vested in the Company under applicable law.

 10. DURATION OF AGREEMENT. All agreements and obligations of the Company contained herein shall continue until the date that is ten
(10) years after the date upon which Indemnitee’s Corporate Status terminates and shall continue thereafter so long as Indemnitee shall be subject to any Proceeding (or any proceeding commenced under Section 7 hereof) by reason
of his or her Corporate Status, whether or not he or she is acting or serving in any such capacity at the time any liability or expense is incurred for which indemnification can be provided under this Agreement. This Agreement shall be binding upon
and inure to the benefit of and be enforceable by the parties hereto and their respective successors (including any direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially all of the business or assets of
the Company), assigns, spouses, heirs, executors and personal and legal representatives. 
 11. SECURITY. To the extent requested by
Indemnitee and approved by the Board, the Company may at any time and from time to time provide security to Indemnitee for the Company’s obligations hereunder through an irrevocable bank line of credit, funded trust or other collateral. Any
such security, once provided to Indemnitee, may not be revoked or released without the prior written consent of the Indemnitee. 
 12.
ENFORCEMENT. The Company expressly confirms and agrees that it has entered into this Agreement and assumes the obligations imposed on it hereby in order to induce Indemnitee to serve as an officer or director of the Company, and the Company
acknowledges that Indemnitee is relying upon this Agreement in serving as an officer or director of the Company. The Company shall not seek from a court, or agree to, a “bar order” that would have the effect of prohibiting or limiting
Indemnitee’s rights to receive advancement of Expenses under this Agreement. 
 13. DEFINITIONS. For purposes of this Agreement:

 (a) “Beneficial Owner” shall have the meaning given to such term in Rule 13d-3 under the Exchange Act; provided, however, that Beneficial Owner shall exclude any Person otherwise becoming a Beneficial Owner by reason of the stockholders of the Company approving a
merger of the Company with another entity. 

  
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 (b) A “Change in Control” shall be
deemed to occur upon the earliest to occur after the date of this Agreement of any of the following events: 
 (i) any
Person is or becomes the Beneficial Owner, directly or indirectly, of securities of the Company representing fifteen percent (15%) or more of the combined voting power of the Company’s then outstanding securities; 

(ii) during any period of two (2) consecutive years (not including any period prior to the execution of this Agreement),
individuals who at the beginning of such period constitute the Board, and any new director (other than a director designated by a person who has entered into an agreement with the Company to effect a transaction described in
Sections 13(b)(i), (b)(iii) or (b)(iv)) whose election by the Board or nomination for election by the Company’s stockholders was approved by a vote of at least two-thirds of the directors then still in office who
either were directors at the beginning of the period or whose election or nomination for election was previously so approved, cease for any reason to constitute a least a majority of the members of the Board; 

(iii) the effective date of a merger or consolidation of the Company with any other entity, other than a merger or consolidation which
would result in the voting securities of the Company outstanding immediately prior to such merger or consolidation continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity) more
than fifty-one percent (51%) of the combined voting power of the voting securities of the surviving entity outstanding immediately after such merger or consolidation and with the power to elect at least a majority of the Board or other
governing body of such surviving entity;  
 (iv) the approval by the stockholders of the Company of a 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; or  

(v) there occurs any other event of a nature that would be required to be reported in response to Item 6(e) of Schedule 14A
of Regulation 14A (or a response to any similar item on any similar schedule or form) promulgated under the Exchange Act, whether or not the Company is then subject to such reporting requirement. 

(c) “Corporate Status” describes the status of a person who is or was at any time
(including, without limitation, any time prior to the date of this Agreement) a director, officer, employee, agent or fiduciary of the Company or of any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise
that such person is or was serving at the express written request of the Company. 
 (d)
“Disinterested Director” means a director of the Company who is not and was not a party to the Proceeding in respect of which indemnification is sought by Indemnitee. 

  
 11 

 (e) “Enterprise” shall mean the
Company and any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise that Indemnitee is or was serving at the express written request of the Company as a director, officer, employee, agent or
fiduciary. 
 (f) “Exchange Act” shall mean the Securities Exchange
Act of 1934, as amended. 
 (g) “Expenses” shall include all
reasonable attorneys’ fees, retainers, court costs, transcript costs, fees of experts, witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees and all other disbursements
or expenses of the types customarily incurred in connection with prosecuting, defending, preparing to prosecute or defend, investigating, participating, or being or preparing to be a witness in a Proceeding, or responding to, or objecting to, a
request to provide discovery in any Proceeding. Expenses also shall include Expenses incurred in connection with any appeal resulting from any Proceeding and any federal, state, local or foreign taxes imposed on the Indemnitee as a result of the
actual or deemed receipt of any payments under this Agreement, including without limitation the premium, security for, and other costs relating to any cost bond, supersede as bond, or other appeal bond or its equivalent. Expenses, however, shall not
include amounts paid in settlement by Indemnitee or the amount of judgments or fines against Indemnitee. 

(h) “Independent Counsel” means a law firm, or a member of a law firm, that is
experienced in matters of corporation law and neither presently is, nor in the past five years has been, retained to represent: (i) the Company or Indemnitee in any matter material to either such party (other than with respect to matters
concerning Indemnitee under this Agreement, or of other indemnitees under similar indemnification agreements), or (ii) any other party to the Proceeding giving rise to a claim for indemnification hereunder. Notwithstanding the foregoing, the
term “Independent Counsel” shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or Indemnitee in an action to
determine Indemnitee’s rights under this Agreement. The Company agrees to pay the reasonable fees of the Independent Counsel referred to above and to fully indemnify such counsel against any and all Expenses, claims, liabilities and damages
arising out of or relating to this Agreement or its engagement pursuant hereto. 
 (i) “Person”
shall have the meaning as set forth in Sections 13(d) and 14(d) of the Exchange Act; provided, however, that Person shall exclude: (i) the Company; (ii) any trustee or other fiduciary holding securities under an employee
benefit plan of the Company; and (iii) any corporation owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their ownership of stock of the Company. 

(j) “Proceeding” includes any threatened, pending or completed action, suit,
arbitration, alternate dispute resolution mechanism, investigation, inquiry, administrative hearing or any other actual, threatened or completed proceeding (including one pending on or before the date of this Agreement but excluding one initiated by
an Indemnitee pursuant to Section 7 of this Agreement to enforce his or her rights under this Agreement), whether brought by or in the right of the Company or otherwise and whether civil, criminal, administrative or investigative, in
which Indemnitee was, is or will be involved as a party or otherwise, by reason of the fact that Indemnitee is or was an officer or director of the Company, by reason of any action taken by him or her or of any inaction on his or her part while
acting as an officer or director of the Company,  

  
 12 

 
or by reason of the fact that he or she is or was serving at the request of the Company as a director, officer, employee, agent or fiduciary of another corporation, partnership, joint venture,
trust or other Enterprise, in each case whether or not he or she is acting or serving in any such capacity at the time any liability or expense is incurred for which indemnification can be provided under this Agreement. 

14. SEVERABILITY. The invalidity or unenforceability of any provision hereof shall in no way affect the validity or enforceability of any other
provision. Without limiting the generality of the foregoing, this Agreement is intended to confer upon Indemnitee indemnification rights to the fullest extent permitted by applicable laws. In the event any provision hereof conflicts with any
applicable law, such provision shall be deemed modified, consistent with the aforementioned intent, to the extent necessary to resolve such conflict. 

15. MODIFICATION AND WAIVER. No supplement, modification, termination or amendment of this Agreement shall be binding unless executed in writing by
both of the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions hereof (whether or not similar) nor shall such waiver constitute a continuing waiver. 

16. NOTICE BY INDEMNITEE. Indemnitee agrees to promptly notify the Company in writing upon being served with or otherwise receiving any summons,
citation, subpoena, complaint, indictment, information or other document relating to any Proceeding or matter which may be subject to indemnification covered hereunder. The failure to so notify the Company shall not relieve the Company of any
obligation which it may have to Indemnitee under this Agreement or otherwise unless and only to the extent that such failure or delay materially prejudices the Company. 

17. NOTICES. All notices and other communications given or made pursuant to this Agreement shall be in writing and shall be deemed effectively given:
(i) upon personal delivery to the party to be notified; (ii) when sent by confirmed electronic mail or facsimile if sent during normal business hours of the recipient, and if not so confirmed, then on the next business day; (iii) five
(5) business days after having been sent by registered or certified mail, return receipt requested, postage prepaid; or (iv) one business (1) day after deposit with a nationally recognized overnight courier, specifying next day
delivery, with written verification of receipt. All notices and other communications shall be sent: 
  

	 	(a)	To Indemnitee at the address set forth below Indemnitee’s signature hereto. 

  

	 	(b)	To the Company at: 

 Bioventus Inc. 

4721 Emperor Boulevard, Suite 100 

Durham, North Carolina 27703 

Attention: Board of Directors 
 or to such other
address as may have been furnished to Indemnitee by the Company or to the Company by Indemnitee, as the case may be. 

  
 13 

 18. HEADINGS. The headings of the paragraphs of this Agreement are inserted for convenience only and shall
not be deemed to constitute part of this Agreement or to affect the construction thereof. 
 19. APPLICABLE LAW AND CONSENT TO JURISDICTION.
This Agreement and the legal relations among the parties shall be governed by, and construed and enforced in accordance with, the laws of the State of Delaware, without regard to its conflict of laws rules that would require the application of any
other laws. The Company and Indemnitee hereby irrevocably and unconditionally (i) agree that any action or proceeding arising out of or in connection with this Agreement shall be brought only in the Chancery Court of the State of Delaware and
any state appellate court therefrom within the State of Delaware (unless the Chancery Court declines to accept jurisdiction over a particular matter, in which case, in any Delaware state or federal court within the State of Delaware) (the
“Chosen Courts”), and not in any other state or federal court in the United States of America or any court in any other country, (ii) consent to submit to the exclusive jurisdiction of the Chosen Courts for
purposes of any action or proceeding arising out of or in connection with this Agreement, (iii) waive any objection to the laying of venue of any such action or proceeding in the Chosen Courts, and (iv) waive, and agree not to plead or to
make, any claim that any such action or proceeding brought in the Chosen Courts has been brought in an improper or inconvenient forum. 
 20.
ENTIRE AGREEMENT. This Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter hereof and supersedes all prior agreements and understandings, oral, written and implied, between the parties hereto
with respect to the subject matter hereof 
 21. COUNTERPARTS. This Agreement may be executed in two (2) or more counterparts, each of
which shall be deemed an original, but all of which together shall constitute one and the same Agreement. This Agreement may also be executed and delivered by facsimile signature (or other similar electronic means) and in two (2) or more
counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

  
 14 

 IN WITNESS WHEREOF, the parties have caused this Agreement to be signed as of the day and year
first above written. 
  

			
	BIOVENTUS INC.
		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	
	
	INDEMNITEE
		
	 By:
	 	  

	 Name:
	 	
	 Address:
	 	

 [Signature Page to Indemnification Agreement]Exhibit
10.14

 

MASSACHUSETTS INSTITUTE OF TECHNOLOGY

EXCLUSIVE PATENT LICENSE AGREEMENT

 

This Agreement, effective
as of the date set forth above the signatures of the parties below (the "EFFECTIVE DATE"), is between the Massachusetts
Institute of Technology ("M.I.T."), a Massachusetts corporation, with a principal office at 77 Massachusetts Avenue,
Cambridge, Massachusetts 02139-4307, U.S.A., and Interactive Motion Technologies, Inc., ("COMPANY"), a Massachusetts
corporation, with a principal place of business at 56 Highland Avenue, Cambridge, Massachusetts 02139, U.S.A.

 

RECITALS

 

WHEREAS, M.I.T. is
the owner of certain PATENT RIGHTS (as later defined herein) relating to M.I.T. Case No. 6365, "Interactive Robotic Therapist",
by Jain Charnnarong, Neville Hogan, Hermano I. Krebs and Andre Sharon, U.S.P.N. 5,466,213, Issued November 14, 1995, and has the
right to grant licenses under said PATENT RIGHTS, subject only to a royalty-free, nonexclusive non-transferable license to practice
the PATENT RIGHTS granted to the United States Government for government purposes;

 

WHEREAS, COMPANY is
an M.I.T. sponsor of the PATENT RIGHTS; and

 

WHEREAS, Neville Hogan,
and Hermano Igo Krebs, inventors of the PATENT RIGHTS and current employees of M.I.T., have or will shortly acquire equity in COMPANY,
the Conflict of Interest Avoidance Statements of Neville Hogan and Hermano Igo Krebs are attached as Exhibit A-1 and Exhibit
A-2 hereto; and

 

WHEREAS, Neville Hogan,
and Hermano Igo Krebs, inventors of the PATENT RIGHTS and current employees of M.I.T., have or will shortly acquire equity in COMPANY,
the Waivers of Participation in M.I.T.'s Institutional Royalty Distributions of Neville Hogan and Hermano Igo Krebs are attached
as Exhibit A-3 and Exhibit A-4 hereto; and

 

WHEREAS. M.I.T. desires
to have the PATENT RIGHTS developed and commercialized to benefit the public and is willing to grant a license thereunder; and

 

WHEREAS, COMPANY has represented to M.I.T.,
to induce M.I.T. to enter into this Agreement, that COMPANY shall commit itself to a thorough, vigorous and diligent program of
exploiting the PATENT RIGHTS so that public utilization shall result therefrom; and

 

WHEREAS, COMPANY desires to obtain a license
under the PATENT RIGHTS upon the terms and conditions hereinafter set forth.

 

     

     

    

 

NOW, THEREFORE. M.I.T. and COMPANY hereby
agree as follows:

 

1.          
DEFINITIONS.

 

1.1           "AFFILIATE"
shall mean any legal entity (such as a corporation, partnership, or limited liability company) that is controlled by COMPANY. For
the purposes of this definition, the term "control" means (i) beneficial ownership of at least fifty percent (50%) of
the voting securities of a corporation or other business organization with voting securities or (ii) a fifty percent (50%) or greater
interest in the net assets or profits of a partnership or other business organization without voting securities.

 

1.2           "EXCLUSIVE
PERIOD" shall mean the period of time set forth in Section 2.2.

 

1.3           "FIELD"
shall mean robotically aided physical therapy.

 

1.4           "LICENSED
PRODUCT" shall mean any product or part thereof that:

 

(i)          absent
the license granted hereunder, would infringe one or more claims of the PATENT RIGHTS; or

 

(ii)         is
manufactured by using a LICENSED PROCESS or that, when used, practices a LICENSED PROCESS.

 

1.5           "LICENSED
PROCESS" shall mean any process that, absent the license granted hereunder would infringe one or more claims of the PATENT
RIGHTS or which uses a LICENSED PRODUCT.

 

1.6           "NET
SALES" shall mean the gross amount billed by COMPANY and its AFFILIATES for sales and leases of LICENSED PRODUCTS and
LICENSED PROCESSES, and gross amount billed by COMPANY and its AFFILIATES for services based upon the application or the use of
LICENSED PRODUCTS or LICENSED PROCESSES less the following:

 

(i)          customary
trade, quantity, or cash discounts to the extent actually allowed and taken;

 

(ii)         amounts
repaid or credited by reason of rejection or return;

 

(iii)        to
the extent separately stated on purchase orders, invoices, or other documents of sale, any taxes or other governmental charges
levied on the production. sale, transportation, delivery, or use of a LICENSED PRODUCT or LICENSED PROCESS which is paid by or
on behalf of COMPANY; and

 

     

     

    

 

(iv)        outbound
transportation costs prepaid or allowed and costs of insurance in transit.

 

No deductions shall
be made for commissions paid to individuals whether they be with independent sales agencies or regularly employed by COMPANY and
on its payroll, or for cost of collections. NET SALES shall occur on the date of billing for a LICENSED PRODUCT or LICENSED PROCESS.
If a LICENSED PRODUCT or a LICENSED PROCESS is distributed at a discounted price that is substantially lower than the customary
price charged by COMPANY, or distributed for non-cash consideration (whether or not at a discount), NET SALES shall be calculated
based on the non-discounted amount of the LICENSED PRODUCT or LICENSED PROCESS charged to an independent third party during the
same REPORTING PERIOD or, in the absence of such sales, on the fair market value of the LICENSED PRODUCT or LICENSED PROCESS.

 

Non-monetary consideration
shall not be accepted by COMPANY, any AFFILIATE, or any SUBLICENSEE for any LICENSED PRODUCTS or LICENSED PROCESSES without the
prior written consent of M.I.T.

 

1.7           "PATENT
RIGHTS" shall mean:

 

(a)         the
United States and international patents listed on Appendix A;

 

(b)         the
United States and international patent applications and/or provisional applications listed on Appendix A and the resulting
patents;

 

(c)         any
patent applications resulting from the provisional applications listed on Appendix A, and any divisionals, continuations,
continuation-in-part applications, and continued prosecution applications (and their relevant international equivalents) of the
patent applications listed on Appendix A and of such patent applications that result from the provisional applications listed
on Appendix A, to the extent the claims are directed to subject matter specifically described in the patent applications
listed on Appendix A, and the resulting patents;

 

(d)         any
patents resulting from reissues, reexaminations, or extensions (and their relevant international equivalents) of the patents described
in (a), (b), and (c) above; and

 

     

     

    

 

(e)         international
(non-United States) patent applications and provisional applications filed after the EFFECTIVE DATE and the relevant international
equivalents to divisionals, continuations, continuation-in-part applications and continued prosecution applications of the patent
applications to the extent the claims are directed to subject matter specifically described in the patents or patent applications
referred to in (a), (b), (c), and (d) above, and the resulting patents.

 

1.8           "REPORTING
PERIOD" For the first three years of this agreement shall begin on the first day of the first and third calendar quarters,
and end on the last day of the second and fourth calendar quarters respectively. Beginning with the fourth year of this agreement,
and for each year thereafter, the reporting period shall begin on the first day of each calendar quarter and end on the last day
of said calendar quarter.

 

1.9           "SUBLICENSE
INCOME" shall mean any payments that COMPANY or an AFFILIATE receives from a SUBLICENSEE in consideration for the sublicense
of the rights granted COMPANY and AFFILIATES under Section 2.1, including without limitation license fees, milestone payments,
license maintenance fees, royalties and other payments.

 

1.10         "SUBLICENSEE"
shall mean any non-AFFILIATE sublicensee of the rights granted COMPANY under Section 2.1.

 

1.11         'TERM"
shall mean the term of this Agreement, which shall commence on the EFFECTIVE DATE and shall remain in effect until the expiration
or abandonment of all issued patents and filed patent applications within the PATENT RIGHTS, unless earlier terminated in accordance
with the provisions of this Agreement.

 

1.12         "TERRITORY"
shall mean worldwide.

 

2.          
GRANT OF RIGHT

 

2.1           License
Grants. Conditional upon the execution of the Conflict Avoidance Statements and Royalty Waivers in Exhibits A-1, A-2, A-3 and
A-4, by Neville Hogan and Hermann Igo Krebs and subject to the terms of this Agreement, M.I.T. hereby grants to COMPANY and its
AFFILIATES for the TERM a royalty-bearing license under the PATENT RIGHTS to develop, make, have made, use, offer to sell, sell,
lease, and import LICENSED PRODUCTS in the FIELD in the TERRITORY and to develop and perform LICENSED PROCESSES in the FIELD in
the TERRITORY.

 

2.2           Exclusivity.
In order to establish an exclusive period for COMPANY, M.I.T. agrees that it shall not grant any other license to make, have made,
use, offer to sell, sell, lease and import LICENSED PRODUCTS in the FIELD in the TERRITORY or to perform LICENSED PROCESSES in
the FIELD in the TERRITORY during the period of time commencing on the EFFECTIVE DATE and terminating with the expiration of Twelve
(12) years after the EFFECTIVE DATE ("EXCLUSIVE PERIOD"). Upon expiration of the EXCLUSIVE PERIOD, the license granted
hereunder shall become nonexclusive and shall extend to the end of the TERM, unless sooner terminated as provided in this Agreement.

 

     

     

    

 

2.3           Sublicenses.
COMPANY shall have the right to grant sublicenses of its rights under Section 2.1 only during the EXCLUSIVE PERIOD. Such sublicenses
may extend past the expiration date of the EXCLUSIVE PERIOD, but any exclusivity of such sublicense shall expire upon the expiration
of the EXCLUSIVE PERIOD. COMPANY shall incorporate terms and conditions into its sublicense agreements sufficient to enable COMPANY
to comply with this Agreement. COMPANY shall promptly furnish M.I.T. with a fully signed photocopy of any sublicense agreement.
Upon termination of this Agreement for any reason, any SUBLICENSEE not then in default shall have the right to seek a license from
M.I.T. M.I.T. agrees to negotiate such licenses in good faith under reasonable terms and conditions.

 

2.4           U.S.
Manufacturing. COMPANY agrees that any LICENSED PRODUCTS used or sold in the United States will be manufactured substantially
in the United States.

 

2.5           Retained
Rights.

 

(a)          M.I.T.
M.I.T. retains the right to practice under the PATENT RIGHTS for research, teaching, and educational purposes.

 

(b)          Federal
Government. COMPANY acknowledges that the U.S. federal government retains a royalty-free, non-exclusive, non-transferable license
to practice any government-funded invention claimed in any PATENT RIGHTS as set forth in 35 U.S.C. §§ 201-211, and the
regulations promulgated thereunder, as amended, or any successor statutes or regulations.

 

2.6           No
Additional Rights. Nothing in this Agreement shall be construed to confer any rights upon COMPANY by implication, estoppel,
or otherwise as to any technology or patent rights of M.I.T. or any other entity other than the PATENT RIGHTS, regardless of whether
such technology or patent rights shall be dominant or subordinate to any PATENT RIGHTS.

 

3.          
COMPANY DILIGENCE OBLIGATIONS.

 

3.1           Diligence
Requirements. COMPANY shall use diligent efforts, or shall cause its AFFILIATES and SUBLICENSEES to use diligent efforts, to
develop LICENSED PRODUCTS or LICENSED PROCESSES and to introduce LICENSED PRODUCTS or LICENSED PROCESSES into the commercial market;
thereafter, COMPANY or its AFFILIATES or SUBLICENSEES shall make LICENSED PRODUCTS or LICENSED PROCESSES reasonably available to
the public. Specifically, COMPANY or AFFILIATE or SUBLICENSEE shall fulfill the following obligations:

 

     

     

    

 

(a)          Within
six (6) months after the EFFECTIVE DATE, COMPANY shall furnish M.I.T. with a written research and development plan describing the
major tasks to be achieved in order to bring to market a LICENSED PRODUCT or a LICENSED PROCESS, specifying the number of staff
and other resources to be devoted to such commercialization effort.

 

(b)          Within
sixty (60) days after the end of each calendar year, COMPANY shall furnish M.I.T. with a written report (consistent with Section
5.1(a)) on the progress of its efforts during the immediately preceding calendar year to develop and commercialize LICENSED PRODUCTS
or LICENSED PROCESSES. The report shall also contain a discussion of intended efforts and sales projections for the year in which
the report is submitted.

 

(c)          COMPANY
shall develop a working model on or before December 31, 2000, and permit an in-plant inspection by M.I.T. on or before December
31, 2000, and thereafter permit in-plant inspections by M.I.T. at regular intervals.

 

(d)          COMPANY
shall expend no less than Two Hundred Thousand dollars ($200,000) of research toward the development of LICENSED PRODUCTS and/or
LICENSED PROCESSES in each calendar year (pro-rated for partial years) beginning in the year 2000 and ending with the first commercial
sale of a LICENSED PRODUCT or a first commercial performance of a LICENSED PROCESS.

 

(e)          COMPANY
shall make a first commercial sale of a LICENSED PRODUCT and/or a first commercial performance of a LICENSED PROCESS on or before
June 30, 2001.

 

(f)          COMPANY
shall make NET SALES according to the following schedule:

 

	2001	 	$	50,000	 
	 	 	 	 	 
	2002	 	$	100,000	 
	 	 	 	 	 
	2003 and each year thereafter	 	$	150,000	 

 

     

     

    

 

In the event that M.I.T.
determines that COMPANY (or an AFFILIATE or SUBLICENSEE) has failed to fulfill any of its obligations under this Section 3.1. then
M.I.T. may treat such failure as a material breach in accordance with Section 12.3(b).

 

4.          ROYALTIES
AND PAYMENT TERMS.

 

4.1           Consideration
for Grant of Rights.

 

(a)          License
Issue Fee and Patent Cost Reimbursement. COMPANY shall pay to M.I.T. on the EFFECTIVE DATE a license issue fee of Zero dollars
($0), and, in accordance with Section 6.3, shall reimburse M.I.T. for its actual expenses incurred as of the EFFECTIVE DATE in
connection with obtaining the PATENT RIGHTS. These payments are nonrefundable.

 

(b)          License
Maintenance Fees. COMPANY shall pay to M.I.T. the following license maintenance fees on the dates set forth below:

 

	January 1, 2000	 	$	2,500	 
	 	 	 	 	 
	January 1, 2001	 	$	5,000	 
	 	 	 	 	 
	January 1, 2002	 	$	7,500	 
	 	 	 	 	 
	January 1, 2003 and each year thereafter	 	$	8,500	 

 

This annual license
maintenance fee is nonrefundable; however, the license maintenance fee shall be credited to running royalties subsequently due
on NET SALES earned during the same calendar year, if any. License maintenance fees paid in excess of running royalties due in
such calendar year shall not be creditable to amounts due for future years.

 

(c)          Running
Royalties. COMPANY shall pay to M.I.T. a running royalty of three percent (3 %) of NET SALES by COMPANY and AFFILIATES. Running
royalties shall be payable for each REPORTING PERIOD and shall be due to M.I.T. within sixty (60) days of the end of each REPORTING
PERIOD. Royalties shall not be payable on sales to US Federal Government Institutions provided that prices on such sales are reduced
to reflect the removal of royalty fees.

 

     

     

    

 

(d)          Sharing
of SUBLICENSE INCOME. COMPANY shall pay M.I.T. a total of fifty percent (50%) of all SUBLICENSE INCOME received by COMPANY
or AFFILIATES. Such amount shall be payable for each REPORTING PERIOD and shall be due to M.I.T. within sixty (60) days of the
end of each REPORTING PERIOD.

 

No sublicense fees for
use of the Licensed Process shall be due from persons who purchase, lease or otherwise are transferred the Licensed Product for
which a royalty as set forth in paragraph 4.1(c) has been paid.

 

4.2           Payments.

 

(a)          Method
of Payment. All payments under this Agreement should be made payable to "Massachusetts Institute of Technology" and
sent to the address identified in Section 14.1. Each payment should reference this Agreement and identify the obligation under
this Agreement that the payment satisfies.

 

(b)          Payments
in U.S. Dollars. All payments due under this Agreement shall be payable in United States dollars. Conversion of foreign currency
to U.S. dollars shall be made at the conversion rate existing in the United States (as reported in the Wall Street Journal) on
the last working day of the calendar quarter of the applicable REPORTING PERIOD. Such payments shall be without deduction of exchange,
collection, or other charges, and, specifically, without deduction of withholding or similar taxes or other government imposed
fees or taxes, except as permitted in the definition of NET SALES.

 

(c)          Late
Payments. Any payments by COMPANY that are not paid on or before the date such payments are due under this Agreement shall
bear interest, to the extent permitted by law, at two (2) percentage points above the Prime Rate of interest as reported in the
Wall Street Journal on the date payment is due.

 

5.          REPORTS
AND RECORDS.

 

5.1           Frequency
of Reports.

 

(a)          Before
First Commercial Sale. Prior to the first commercial sale of any LICENSED PRODUCT or first commercial performance of any LICENSED
PROCESS, COMPANY shall deliver reports to M.I.T. annually, within sixty (60) days of the end of each calendar year, containing
information concerning the immediately preceding calendar year, as further described in Section 5.2.

 

     

     

    

 

(b)          Upon
First Commercial Sale of a LICENSED PRODUCT or Commercial Performance of a LICENSED PROCESS. COMPANY shall report to M.I.T.
the date of first commercial sale of a LICENSED PRODUCT and the date of first commercial performance of a LICENSED PROCESS within
sixty (60) days of occurrence in each country.

 

(c)          After
First Commercial Sale. After the first commercial sale of a LICENSED PRODUCT, COMPANY shall deliver reports to M.I.T. within
sixty (60) days of the end of each REPORTING PERIOD, containing information concerning the immediately preceding REPORTING PERIOD,
as further described in Section 5.2.

 

5.2           Content
of Reports and Payments. Each report delivered by COMPANY to M.I.T. shall contain at least the following information for the
immediately preceding REPORTING PERIOD:

 

(i)          the
number of LICENSED PRODUCTS sold, leased or distributed by COMPANY, its AFFILIATES and SUBLICENSEES to independent third parties
in each country, and, if applicable, the number of LICENSED PRODUCTS used by COMPANY, its AFFILIATES and SUBLICENSEES in the provision
of services in each country;

 

(ii)         a
description of LICENSED PROCESSES performed by COMPANY, its AFFILIATES and SUBLICENSEES in each country as may be pertinent to
a royalty accounting hereunder;

 

(iii)        the
gross price charged by COMPANY, its AFFILIATES and SUBLICENSEES for each LICENSED PRODUCT and, if applicable, the gross price charged
for each LICENSED PRODUCT used to provide services in each country; and the gross price charged for each LICENSED PROCESS performed
by COMPANY, its AFFILIATES and SUBLICENSEES in each country;

 

(iv)        calculation
of NET SALES for the applicable REPORTING PERIOD in each country, including a listing of applicable deductions;

 

(v)         total
royalty payable on NET SALES in U.S. dollars, together with the exchange rates used for conversion;

 

(vi)        the
amount of SUBLICENSE INCOME received by COMPANY from each SUBLICENSEE and the amount due to M.I.T. from such SUBLICENSE INCOME,
including an itemized breakdown of the sources of income comprising the SUBLICENSE INCOME.

 

(vii)       the
number of sublicenses entered into for the PATENT RIGHTS, LICENSED PRODUCTS and/or LICENSED PROCESSES.

 

     

     

    

 

If no amounts are due to M.I.T. for any
REPORTING PERIOD, the report shall so state.

 

5.3           Financial
Statements. On or before the ninetieth (90th) day following the close of COMPANY's fiscal year, COMPANY shall provide M.I.T.
with COMPANY's financial statements for the preceding fiscal year including, at a minimum, a balance sheet and an income statement,
certified by COMPANY's treasurer or chief financial officer or by an independent auditor.

 

5.4           Records.
COMPANY shall maintain, and shall cause its AFFILIATES and SUBLICENSEES to maintain, complete and accurate records relating to
the rights and obligations under this Agreement and any amounts payable to M.I.T. in relation to this Agreement, which records
shall contain sufficient information to permit M.I.T. to confirm the accuracy of any reports delivered to M.I.T. and compliance
in other respects with this Agreement. The relevant party shall retain such records for at least three (3) years following the
end of the calendar year to which they pertain, during which time M.I.T. or M.I.T.'s appointed agents, shall have the right, at
M.I.T.'s expense, to inspect such records during normal business hours to verify any reports and payments made or compliance in
other respects under this Agreement. In the event that any audit performed under this Section reveals an underpayment in excess
of ten percent (10%), COMPANY shall bear the full cost of such audit and shall remit any amounts due to M.I.T. within thirty (30)
days of receiving notice thereof from M.I.T.

 

6.          PATENT
PROSECUTION.

 

6.1           Responsibility
for PATENT RIGHTS. M.I.T. shall prepare, file, prosecute, and maintain all of the PATENT RIGHTS, using attorneys selected by
M.I.T. and acceptable to COMPANY. COMPANY shall have reasonable opportunities to advise M.I.T. and shall cooperate with M.I.T.
in such filing, prosecution and maintenance.

 

6.2           International
(non-United States) Filings. Appendix B is a list of countries in which patent applications corresponding to the United
States patent applications listed in Appendix A shall be filed, prosecuted, and maintained. Appendix B may be amended
by mutual agreement of COMPANY and M.I.T.

 

6.3           Payment
of Expenses. Payment of all fees and costs, including attorneys fees, relating to the filing, prosecution and maintenance of
the PATENT RIGHTS shall be the responsibility of COMPANY, whether such amounts were incurred before or after the EFFECTIVE DATE.
M.I.T. shall provide copies of attorney fee invoices with each billing to COMPANY. As of September 15, 1999, M.I.T. has incurred
approximately Seventeen Thousand Four Hundred and Fourteen Dollars ($17,414) for such patent-related fees and costs. COMPANY shall
reimburse all reasonable amounts due pursuant to this Section within thirty (30) days of invoicing; late payments shall accrue
interest pursuant to Section 4.2(c). In all instances, M.I.T. shall pay the fees prescribed for large entities to the United States
Patent and Trademark Office.

 

     

     

    

 

7.          INFRINGEMENT.

 

7.1           Notification
of infringement. Each party agrees to provide written notice to the other party promptly after becoming aware of any infringement
of the PATENT RIGHTS.

 

7.2           Right
to Prosecute Infringements.

 

(a)          COMPANY
Right to Prosecute. So long as COMPANY remains the exclusive licensee of the PATENT RIGHTS in the FIELD in the TERRITORY, COMPANY,
to the extent permitted by law, shall have the right, under its own control and at its own expense, to prosecute any third party
infringement of the PATENT RIGHTS in the FIELD in the TERRITORY, subject to Sections 7.4 and 7.5. If required by law, M.I.T. shall
permit any action under this Section to be brought in its name, including being joined as a party-plaintiff, provided that COMPANY
shall hold M.I.T. harmless from, and indemnify M.I.T. against, any costs. expenses, or liability that M.I.T. incurs in connection
with such action.

 

Prior to commencing any such action, COMPANY
shall consult with M.I.T. and shall consider the views of M.I.T. regarding the advisability of the proposed action and its effect
on the public interest. COMPANY shall not enter into any settlement, consent judgment, or other voluntary final disposition of
any infringement action under this Section without the prior written consent of M.I.T.

 

(b)          M.I.T.
Right to Prosecute. In the event that COMPANY is unsuccessful in persuading the alleged infringer to desist or fails to have
initiated an infringement action within a reasonable time after COMPANY first becomes aware of the basis for such action, M.I.T.
shall have the right, at its sole discretion, to prosecute such infringement under its sole control and at its sole expense, and
any recovery obtained shall belong to M.I.T.

 

7.3           Declaratory
Judgment Actions. In the event that a declaratory judgment action is brought against M.I.T. or COMPANY by a third party alleging
invalidity, unenforceability, or non-infringement of the PATENT RIGHTS, M.I.T., at its option, shall have the right within twenty
(20) days after commencement of such action to take over the sole defense of the action at its own expense. If M.I.T. does not
exercise this right, COMPANY may take over the sole defense of the action at COMPANY's sole expense, subject to Sections 7.4 and
7.5.

 

     

     

    

 

7.4           Offsets.
COMPANY may offset a total of fifty percent (50%) of any expenses incurred under Sections 7.2 and 7.3 against any payments due
to M.I.T. under Article 4, provided that in no event shall such payments under Article 4, when aggregated with any other offsets
and credits allowed under this Agreement, be reduced by more than fifty percent (50%) in any REPORTING PERIOD.

 

7.5           Recovery.
Any recovery obtained in an action brought by COMPANY under Sections 7.2 or 7.3 shall be distributed as follows: (1) each party
shall be reimbursed for any expenses incurred in the action (including the amount of any royalty or other payments withheld from
M.I.T. as described in Section 7.4), (ii) as to ordinary damages, COMPANY shall receive an amount equal to its lost profits or
a reasonable royalty on the infringing sales, or whichever measure of damages the court shall have applied, and COMPANY shall pay
to M.I.T. based upon such amount a reasonable approximation of the royalties and other amounts that COMPANY would have paid to
M.I.T. if COMPANY had sold the infringing products, processes and services rather than the infringer, and (iii) as to special or
punitive damages, the parties shall share equally in any award.

 

7.6           Cooperation.
Each party agrees to cooperate in any action under this Article which is controlled by the other party, provided that the controlling
party reimburses the cooperating party promptly for any costs and expenses incurred by the cooperating party in connection with
providing such assistance.

 

7.7           Right
to Sublicense. So long as COMPANY remains the exclusive licensee of the PATENT RIGHTS in the FIELD in the TERRITORY, COMPANY
shall have the sole right to sublicense any alleged infringer in the FIELD in the TERRITORY for future use of the PATENT RIGHTS
in accordance with the terms and conditions of this Agreement relating to sublicenses. Any upfront fees as part of such sublicense
shall be shared equally between COMPANY and M.I.T.; other revenues to COMPANY pursuant to such sublicense shall be treated as set
forth in Article 4.

 

8.          INDEMNIFICATION
AND INSURANCE

 

8.1           Indemnification.

 

(a)          Indemnity.
COMPANY shall indemnify, defend, and hold harmless M.I.T. and its trustees, officers, faculty, students, employees, and agents
and their respective successors, heirs and assigns (the "Indemnitees"), against any liability, damage, loss, or expense
(including reasonable attorneys fees and expenses) incurred by or imposed upon any of the Indemnitees in connection with any claims,
suits, actions, demands or judgments arising out of any theory of liability (including without limitation actions in the form of
tort, warranty, or strict liability and regardless of whether such action has any factual basis) concerning any product, process,
or service that is made, used, sold, imported. or performed pursuant to any right or license granted under this Agreement.

 

     

     

    

 

(b)          Procedures.
The Indemnitees agree to provide COMPANY with prompt written notice of any claim, suit, action, demand, or judgment for which indemnification
is sought under this Agreement. COMPANY agrees, at its own expense, to provide attorneys reasonably acceptable to M.I.T. to defend
against any such claim. The Indemnitees shall cooperate fully with COMPANY in such defense and will permit COMPANY to conduct and
control such defense and the disposition of such claim, suit, or action (including all decisions relative to litigation, appeal,
and settlement); provided, however, that any Indemnitee shall have the right to retain its own counsel, at the expense of COMPANY,
if representation of such Indemnitee by the counsel retained by COMPANY would be inappropriate because of actual or potential differences
in the interests of such Indemnitee and any other party represented by such counsel. COMPANY agrees to keep M.I.T. informed of
the progress in the defense and disposition of such claim and to consult with M.I.T. with regard to any proposed settlement.

 

8.2           Insurance.
Prior to the use of LICENSED PRODUCT on any human, and prior to any sales or transfer of LICENSED PRODUCT to a third party, COMPANY
shall obtain and carry in full force and effect commercial general liability insurance, including product liability and errors
and omissions insurance which shall protect COMPANY and Indemnitees with respect to events covered by Section 8.1(a) above. Such
insurance (i) shall be issued by an insurer licensed to practice in the Commonwealth of Massachusetts or an insurer pre-approved
by M.I.T., such approval not to be unreasonably withheld, (ii) shall list M.I.T. as an additional named insured thereunder, (iii)
shall be endorsed to include product liability coverage, and (iv) shall require thirty (30) days written notice to be given to
M.I.T. prior to any cancellation or material change thereof. The limits of such insurance shall not be less than One Million Dollars
($1,000,000) per occurrence with an aggregate of Three Million Dollars ($3,000,000) for bodily injury including death; One Million
Dollars ($1,000,000) per occurrence with an aggregate of Three Million Dollars ($3,000,000) for property damage; and One Million
Dollars ($1,000,000) per occurrence with an aggregate of Three Million Dollars ($3,000,000) for errors and omissions. In the alternative,
COMPANY may self-insure subject to prior approval of M.I.T. COMPANY shall provide M.I.T. with Certificates of Insurance evidencing
compliance with this Section. COMPANY shall continue to maintain such insurance or self-insurance after the expiration or termination
of this Agreement during any period in which COMPANY or any AFFILIATE or SUBLICENSEE continues (i) to make, use, or sell a product
that was a LICENSED PRODUCT under this Agreement or (ii) to perform a service that was a LICENSED PROCESS under this Agreement,
and thereafter for a period of five (5) years.

 

     

     

    

 

9.          NO
REPRESENTATIONS OR WARRANTIES

 

EXCEPT AS MAY OTHERWISE
BE EXPRESSLY SET FORTH IN THIS AGREEMENT, M.I.T. MAKES NO REPRESENTATIONS OR WARRANTIES OF ANY KIND CONCERNING THE PATENT RIGHTS,
EXPRESS OR IMPLIED, INCLUDING WITHOUT LIMITATION WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NONINFRINGEMENT,
VALIDITY OF PATENT RIGHTS CLAIMS, WHETHER ISSUED OR PENDING, AND THE ABSENCE OF LATENT OR OTHER DEFECTS, WHETHER OR NOT DISCOVERABLE.
SPECIFICALLY, AND NOT TO LIMIT THE FOREGOING, M.I.T. MAKES NO WARRANTY OR REPRESENTATION (I) REGARDING THE VALIDITY OR SCOPE OF
THE PATENT RIGHTS, AND (II) THAT THE EXPLOITATION OF THE PATENT RIGHTS OR ANY LICENSED PRODUCT OR LICENSED PROCESS WILL NOT INFRINGE
ANY PATENTS OR OTHER INTELLECTUAL PROPERTY RIGHTS OF M.I.T. OR OF A THIRD PARTY.

 

IN NO EVENT SHALL M.I.T.,
ITS TRUSTEES, DIRECTORS, OFFICERS, EMPLOYEES AND AFFILIATES BE LIABLE FOR INCIDENTAL OR CONSEQUENTIAL DAMAGES OF ANY KIND, INCLUDING
ECONOMIC DAMAGES OR INJURY TO PROPERTY AND LOST PROFITS, REGARDLESS OF WHETHER M.I.T. SHALL BE ADVISED, SHALL HAVE OTHER REASON
TO KNOW, OR IN FACT SHALL KNOW OF THE POSSIBILITY OF THE FOREGOING.

 

10.         ASSIGNMENT.

 

This Agreement is personal to Company and
no rights or obligations may be assigned by Company without the prior written consent of M.I.T. except that Company may assign
its rights and obligations under this Agreement to an Affiliate or to a successor in connection with the merger, consolidation,
or sale of all or substantially all of its assets or that portion of its business to which this Agreement relates; provided,
however, that this Agreement shall immediately terminate if the proposed assignee fails to agree in writing to be bound
by the terms and conditions of this Agreement on or before the effective date of the assignment.

 

11.         GENERAL
COMPLIANCE WITH LAWS

 

11.1         Compliance
with Laws. COMPANY shall use reasonable commercial efforts to comply with all commercially material local, state, federal,
and international laws and regulations relating to the development, manufacture, use, and sale of LICENSED PRODUCTS and LICENSED
PROCESSES.

 

     

     

    

 

11.2         Export
Control. COMPANY and its AFFILIATES and SUBLICENSEES shall comply with all United States laws and regulations controlling the
export of certain commodities and technical data, including without limitation all Export Administration Regulations of the United
States Department of Commerce. Among other things, these laws and regulations prohibit or require a license for the export of certain
types of commodities and technical data to specified countries. COMPANY hereby gives written assurance that it will comply with,
and will cause its AFFILIATES and SUBLICENSEES to comply with, all United States export control laws and regulations, that it bears
sole responsibility for any violation of such laws and regulations by itself or its AFFILIATES or SUBLICENSEES, and that it will
indemnify, defend, and hold M.I.T. harmless (in accordance with Section 8.1) for the consequences of any such violation.

 

11.3        
Non-Use of M.I.T. Name. COMPANY and its AFFILIATES and SUBLICENSEES shall not use the name of "Massachusetts Institute
of Technology," "Lincoln Laboratory" or any variation, adaptation, or abbreviation thereof, or of any of its trustees,
officers, faculty, students, employees, or agents, or any trademark owned by M.I.T., or any terms of this Agreement in any promotional
material or other public announcement or disclosure without the prior written consent of M.I.T. The foregoing notwithstanding,
without the consent of M.I.T., COMPANY may state that it is licensed by M.I.T. under one or more of the patents and/or patent applications
comprising the PATENT RIGHTS.

 

11.4        
Marking of LICENSED PRODUCTS. To the extent commercially feasible and consistent with prevailing business practices, COMPANY
shall mark, and shall cause its AFFILIATES and SUBLICENSEES to mark, all LICENSED PRODUCTS that are manufactured or sold under
this Agreement with the number of each issued patent under the PATENT RIGHTS that applies to such LICENSED PRODUCT.

 

12.         TERMINATION.

 

12.1         Voluntary
Termination by COMPANY. COMPANY shall have the right to terminate this Agreement, for any reason, (1) upon at least six (6)
months prior written notice to M.I.T., such notice to state the date at least six (6) months in the future upon which termination
is to be effective, and (ii) upon payment of all amounts due to M.I.T. through such termination effective date.

 

12.2         Cessation
of Business. If COMPANY ceases to carry on its business related to this Agreement, M.I.T. shall have the right to terminate
this Agreement immediately upon written notice to COMPANY.

 

     

     

    

 

12.3         Termination
for Default.

 

(a)          Nonpayment.
In the event COMPANY fails to pay any amounts due and payable to M.I.T. hereunder, and fails to make such payments within thirty
(30) days after receiving written notice of such failure, M.I.T. may terminate this Agreement immediately upon written notice to
COMPANY.

 

(b)          Material
Breach. In the event COMPANY commits a material breach of its obligations under this Agreement, except for breach as described
in Section 12.3(a), and fails to cure that breach within sixty (60) days after receiving written notice thereof, M.I.T. may terminate
this Agreement immediately upon written notice to COMPANY.

  

12.4         Effect
of Termination.

 

(a)          Survival.
The following provisions shall survive the expiration or termination of this Agreement: Articles 1, 8, 9, 13 and 14, and Sections
4.1(f), 5.2 (obligation to provide final report and payment). 5.4, 11.1, 11.2 and 12.4.

 

(b)          Inventory.
Upon the early termination of this Agreement, COMPANY and its AFFILIATES and SUBLICENSEES may complete and sell any work-in-progress
and inventory of LICENSED PRODUCTS that exist as of the effective date of termination, provided that (i) COMPANY pays M.I.T. the
applicable running royalty or other amounts due on such sales of LICENSED PRODUCTS in accordance with the terms and conditions
of this Agreement, and (ii) COMPANY and its AFFILIATES and SUBLICENSEES shall complete and sell all work-in-progress and inventory
of LICENSED PRODUCTS within six (6) months after the effective date of termination.

 

(c)          Pre-termination
Obligations. In no event shall termination of this Agreement release COMPANY, AFFILIATES, or SUBLICENSEES from the obligation
to pay any amounts that became due on or before the effective date of termination.

 

13.         DISPUTE
RESOLUTION.

 

13.1         Mandatory
Procedures. The parties agree that any dispute arising out of or relating to this Agreement shall be resolved solely by means
of the procedures set forth in this Article, and that such procedures constitute legally binding obligations that are an essential
provision of this Agreement. If either party fails to observe the procedures of this Article, as may be modified by their written
agreement, the other party may bring an action for specific performance of these procedures in any court of competent jurisdiction.

 

     

     

    

 

13.2         Equitable
Remedies. Although the procedures specified in this Article are the sole and exclusive procedures for the resolution of disputes
arising out of or relating to this Agreement, either party may seek a preliminary injunction or other provisional equitable relief
if, in its reasonable judgment, such action is necessary to avoid irreparable harm to itself or to preserve its rights under this
Agreement.

 

13.3         Dispute
Resolution Procedures.

 

(a)          Mediation.
In the event any dispute arising out of or relating to this Agreement remains unresolved within sixty (60) days from the date the
affected party informed the other party of such dispute, either party may initiate mediation upon written notice to the other party
("Notice Date"), whereupon both parties shall be obligated to engage in a mediation proceeding under the then current
Center for Public Resources ("CPR") Model Procedure for Mediation of Business Disputes (http://www.cpradr.org), except
that specific provisions of this Article shall override inconsistent provisions of the CPR Model Procedure. The mediator will be
selected from the CPR Panels of Neutrals. If the parties cannot agree upon the selection of a mediator within fifteen (15) business
days after the Notice Date, then upon the request of either party, the CPR shall appoint the mediator. The parties shall attempt
to resolve the dispute through mediation until the first of the following occurs: (i) the parties reach a written settlement; (ii)
the mediator notifies the parties in writing that they have reached an impasse; (iii) the parties agree in writing that they have
reached an impasse; or (iv) the parties have not reached a settlement within sixty (60) days after the Notice Date.

 

(b)          Trial
Without Jury. If the parties fail to resolve the dispute through mediation, or if neither party elects to initiate mediation,
each party shall have the right to pursue any other remedies legally available to resolve the dispute, provided, however, that
the parties expressly waive any right to a jury trial in any legal proceeding under this Article.

 

13.4         Performance
to Continue. Each party shall continue to perform its undisputed obligations under this Agreement pending final resolution
of any dispute arising out of or relating to this Agreement; provided, however, that a party may suspend performance of its undisputed
obligations during any period in which the other party fails or refuses to perform its undisputed obligations. Nothing in this
Article is intended to relieve COMPANY from its obligation to make undisputed payments pursuant to Articles 4 and 6 of this Agreement.

 

13.5         Statute
of Limitations. The parties agree that all applicable statutes of limitation and time-based defenses (such as estoppel and
laches) shall be tolled while the procedures set forth in Sections 13.3(a) are pending. The parties shall cooperate in taking any
actions necessary to achieve this result.

 

     

     

    

 

14.         MISCELLANEOUS.

 

14.1         Notice.
Any notices required or permitted under this Agreement shall be in writing, shall specifically refer to this Agreement, and shall
be sent by hand, recognized national overnight courier, confirmed facsimile transmission, confirmed electronic mail, or registered
or certified mail, postage prepaid, return receipt requested, to the following addresses or facsimile numbers of the parties:

 

	If to M.I.T.:	Technology Licensing Office, Room NE25-230
	 	Massachusetts Institute of Technology
	 	77 Massachusetts Avenue 
	 	Cambridge, MA 02139-4307
	 	Attention: Director 
	 	Tel: (617) 253-6966 
	 	Fax: (617) 258-6790

 

	If to COMPANY:	Interactive Motion Technologies, Inc.
	 	56 Highland Avenue 
	 	Cambridge, MA 02139 
	 	Attention: President 
	 	Tel:	________________________
	 	Fax:	________________________

 

All notices under this
Agreement shall be deemed effective upon receipt. A party may change its contact information immediately upon written notice to
the other party in the manner provided in this Section.

 

14.2         Governing
Law. This Agreement and all disputes arising out of or related to this Agreement, or the performance, enforcement, breach or
termination hereof, and any remedies relating thereto, shall be construed, governed, interpreted and applied in accordance with
the laws of the Commonwealth of Massachusetts, U.S.A., without regard to conflict of laws principles, except that questions affecting
the construction and effect of any patent shall be determined by the law of the country in which the patent shall have been granted.

 

14.3         Force
Majeure. Neither party will be responsible for delays resulting from causes beyond the reasonable control of such party, including
without limitation fire, explosion, flood, war, strike, or riot, provided that the nonperforming party uses commercially reasonable
efforts to avoid or remove such causes of nonperformance and continues performance under this Agreement with reasonable dispatch
whenever such causes are removed.

 

     

     

    

 

14.4         Amendment
and Waiver. This Agreement may be amended, supplemented, or otherwise modified only by means of a written instrument signed
by both parties. Any waiver of any rights or failure to act in a specific instance shall relate only to such instance and shall
not be construed as an agreement to waive any rights or fail to act in any other instance, whether or not similar.

 

14.5         Severability.
In the event that any provision of this Agreement shall be held invalid or unenforceable for any reason, such invalidity or unenforceability
shall not affect any other provision of this Agreement, and the parties shall negotiate in good faith to modify the Agreement to
preserve (to the extent possible) their original intent. If the parties fail to reach a modified agreement within thirty (30) days
after the relevant provision is held invalid or unenforceable, then the dispute shall be resolved in accordance with the procedures
set forth in Article 13. While the dispute is pending resolution, this Agreement shall be construed as if such provision were deleted
by agreement of the parties.

 

14.6         Binding
Effect. This Agreement shall be binding upon and inure to the benefit of the parties and their respective permitted successors
and assigns.

 

14.7         Headings.
All headings are for convenience only and shall not affect the meaning of any provision of this Agreement.

 

14.8         Entire
Agreement. This Agreement constitutes the entire agreement between the parties with respect to its subject matter and supersedes
all prior agreements or understandings between the parties relating to its subject matter.

 

IN WITNESS WHEREOF,
the parties have caused this Agreement to be executed by their duly authorized representatives.

 

The EFFECTIVE DATE of this Agreement is December 1, 1999.

 

	MASSACHUSETTS INSTITUTE OF	 	INTERACTIVE MOTION	 
	TECHNOLOGY	 	TECHNOLOGIES, INC.	 
	 	 	 	 	 	 
	By:	  /s/ Lita Nelsen	 	By: 	  /s/ Robert A. Parlow	 
	Name: 	  Lita Nelsen	 	Name:  	  Robert A. Parlow	 
	Title: 	  Technology Licensing Office	 	Title: 	  President	 
	Date: 	  Jan. 5, 2000	 	Date: 	  December 30, 1999	 

 

     

     

    

 

APPENDIX A

List of Patent Applications and Patents

 

1.         United
States Patents and Applications

 

M.I.T. Case No. 6365,

"Interactive Robotic Therapist",

by Jain Charnnarong, Neville Hogan, Hermano Igo Krebs, And Andre
Sharon

U.S.P.N. 5,466,213, Issued November 14, 1995

 

II         International (non-U.S.) Patents and Applications

 

None

 

     

     

    

 

FIRST AMENDMENT

 

This First Amendment,
effective as of the date set forth above the signatures of the parties below, amends the Exclusive Patent License Agreement dated
December 1, 1999 ("LICENSE") between the Massachusetts Institute of Technology ("M.I.T."), a Massachusetts
corporation having its principal office at 77 Massachusetts Avenue, Cambridge, Massachusetts, 02139, USA and Interactive Motion
Technologies, Inc. ("COMPANY"). a corporation having its principal office at 56 Highland Ave., Cambridge, MA 02139.

 

WHEREAS, COMPANY and
M.I.T. wish to modify the provisions of the LICENSE relating to MIT. Case No. 6365;

 

WHEREAS, COMPANY and
M.I.T. wish to add to the LICENSE the following cases: M.I.T. Case No. 10864, "A Wrist Robot for Rehabilitation, Psychophysics,
and Haptic Interface," by James Celestino, Neville Hogan, Hermano Igo Krebs and Dustin Williams; and M.I.T. Case No. 10865,
"Robotic Device for Ankle Rehabilitation or System and Method for Human Ankle interface for Control of Devices, for Psychophysical
Research, for Haptic and Human-Machine Interface and for Rehab.," by Neville Hogan, Hermano Igo Krebs and Jason William Wheeler.

 

NOW, THEREFORE, in consideration of the
premises and mutual covenants contained herein, the parties hereby agree to modify the LICENSE as follows:

 

		1	The following shall be added to Appendix A of the LICENSE and shall be included under the definition
of PATENT RIGHTS:

 

M.I.T. Case No. 10864

United States of America Serial No. 10/976,083, Filed October
27, 2004

"Wrist And Upper Extremity Motion"

by James Celestino, Neville Hogan, Hermano Igo Krebs and Dustin
Williams

 

M.I.T. Case No. 10865

United States of America Serial No. 11/236,470, Filed September
27, 2005

"Ankle Interface"

by Neville Hogan, Hermano Igo Krebs, Jason William Wheeler and
Dustin Williams

 

     

     

    

 

		2	Per Section 6.3 of the LICENSE, payment of all fees and costs, including attorney's fees relating
to the filing prosecution and maintenance of the PATENT RIGHTS for M.I.T. Cases 10864 and 10865 shall be the responsibility of
COMPANY, whether such amounts were incurred before or after the EFFECTIVE DATE. As of December 21, 2005, M.I.T. has incurred approximately
Twenty Five Thousand Six Hundred Dollars ($25,600) for such patent-related fees and costs. COMPANY shall reimburse M.I.T. for patent
costs incurred prior to the EFFECTIVE DATE on April 1, 2006. COMPANY shall reimburse M.I.T. for patent costs incurred on or after
the EFFECTIVE DATE within thirty (30) days of invoicing.

 

		3	COMPANY shall pay to M.I.T. on the Effective Date of this Amendment a Case Addition Fee of Ten
Thousand Dollars ($10,000). This payment is nonrefundable.

 

		4	The table in Section 4.1(b) of the LICENSE shall be deleted and replaced with the following:

 

	January 1, 2000	 	$	2,500	 
	 	 	 	 	 
	January 1, 2001	 	$	5,000	 
	 	 	 	 	 
	 January 1, 2002	 	$	7,500	 
	 	 	 	 	 
	January 1, 2003, 2004 and 2005	 	$	8,500	 
	 	 	 	 	 
	January 1, 2006 and Each year thereafter	 	$	10,000	 

 

		5	Section 3.1(f) of the LICENSE shall be deleted and replaced with the following:

 

COMPANY shall make NET SALES according to the following schedule:

 

	2001	 	$	50,000	 
	 	 	 	 	 
	2002	 	$	100,000	 
	 	 	 	 	 
	2003, 2004, 2005	 	$	150,000	 
	 	 	 	 	 
	2006 and each year thereafter	 	$	300,000	 

 

     

     

    

 

		6	The following shall be added as Section 3.1(g) of the LICENSE:

 

COMPANY shall expend no less than Two Hundred
Thousand Dollars ($200,000) of research toward the development of LICENSED PRODUCTS and/or LICENSED PROCESSES relating to M.I.T.
Case 10865 in each calendar year (pro-rated for partial years) beginning in the year 2006 and ending with the first commercial
sale of a LICENSED PRODUCT or a first commercial performance of a LICENSED PROCESS relating to M.I.T. Case 10865.

 

		7	The following shall be added as Section 3.1(h) of the LICENSE:

 

COMPANY shall make a first commercial sale
of a LICENSED PRODUCT and/or a first commercial performance of a LICENSED PROCESS relating to M.I.T. Case 10865 on or before January
1, 2007.

 

IN WITNESS WHEREOF,
the parties have caused this Agreement to be executed under seal by their duly authorized representatives.

 

The Effective Date of this First Amendment is November 15,
2005.

 

	MASSACHUSETTS INSTITUTE OF	 	INTERACTIVE MOTION	 
	TECHNOLOGY	 	TECHNOLOGIES, INC.	 
	 	 	 	 	 	 
	By: 	  /s/ Lita Nelsen	 	By: 	  /s/ Robert A. Perlow	 
	Name:  	  Lita L. Nelsen, Director	 	Name:  	  Robert A. Perlow	 
	Title: 	  Technology Licensing Office	 	Title:	   Presiden	 

 

     

     

    

 

SECOND AMENDMENT

 

This Second Amendment,
effective as of the date set forth above the signatures of the parties below, amends the Exclusive Patent License Agreement dated
December 1, 1999 ("LICENSE") between the Massachusetts Institute of Technology ("M.I.T."), a Massachusetts
corporation having its principal office at 77 Massachusetts Avenue, Cambridge, Massachusetts, 02139, USA and Interactive Motion
Technologies, Inc. ("COMPANY"), a corporation having its principal office at 56 Highland Ave., Cambridge, MA 02139.

 

WHEREAS, COMPANY and
M.I.T. wish to modify the provisions of the amended LICENSE;

 

WHEREAS, COMPANY and
M.I.T. have agreed to revise royalty reports for 2007 and 2008;

 

WHEREAS, COMPANY and
M.I.T. wish to enter into an Option for M.I.T. Case No. 10866, "System and Method for Rehabilitation of Gait and Balance
Utilizing Automation Technology and Robotic Devices", by Neville Hogan, Hermano Igo Krebs and Michael H. Roberts;

 

NOW, THEREFORE, in consideration of the
premises and mutual covenants contained herein, the parties hereby agree to modify the LICENSE as follows:

 

1.             The
following shall be added as Section 2.7 of the LICENSE:

 

2.7         Grant
of Option Right. M.I.T. hereby grants COMPANY for a period of two years an option to negotiate a royalty-bearing, limited-term
exclusive license under the patent rights relating to M.I.T. Case No. 10866 ("Pelvis Interface" by Neville Hogan, Hermano
Igo. Krebs and Michael H. Roberts) United States of America Serial No. 11/750324, Allowed, February 5, 2009, (PATENT RIGHTS-10866)
in the following field: "Robotically aided physical therapy" in the following territory: "Internal evaluation"
(the "Option Right"), subject only to the following:

 

(i)          the
right for M.I.T. and any other non-profit research institute to practice under the PATENT RIGHTS- 10688 for research, teaching,
and educational purposes;

 

(ii)         a
royalty-free, non-exclusive, non-transferable license to practice the PATENT RIGHTS-10866 reserved by the United States government;

 

     

     

    

 

COMPANY may exercise
the Option Right upon written notice to M.I.T. received by M.I.T. during the period from the EFFECTIVE DATE to on or before June
30, 2011 (the "Option Period"). If COMPANY does not elect to exercise the Option Right, or fails to exercise the Option
Right during the Option Period, M.I.T. shall be free to license its rights under the relevant PATENT RIGHTS to any third party
and this Agreement shall terminate. If COMPANY does elect to exercise the Option Right, M.I.T. and COMPANY shall negotiate in good
faith a license agreement containing commercially reasonable terms and conditions. If M.I.T. and COMPANY are unable to reach agreement
within ninety (90) days after COMPANY has exercised the Option Right (the "Negotiation Period"), this Agreement shall
terminate. Thereafter, MIT. may offer its rights in the PATENT RIGHTS to any third parties.

 

Limited License.
M.I.T. hereby grants COMPANY an internal use license during the Option Period to practice the PATENT RIGHTS-10866 solely for the
purpose of COMPANY's internal evaluation of the PATENT RIGHTS-10866 in furtherance of this Agreement. During the Option Period,
COMPANY shall use commercially reasonable efforts to evaluate the PATENT RIGHTS-10866 with a view toward creating a commercial
product or process that will be covered by the PATENT RIGHTS-10866. Such efforts shall include, but not be limited to, sponsoring
or performing research.

 

2.             Payment
of Patent Expenses - PATENT RIGHTS - 10866. Within thirty (30) days after M.I.T. invoices COMPANY, COMPANY shall reimburse
M.I.T. for the issuance fee incurred by M.I.T. for the PATENT RIGHTS - 10866. Should COMPANY exercise its option, COMPANY shall
reimburse M.I.T. for all past and future patent expenses (including attorney's fees) in connection with obtaining or maintaining
the PATENT RIGHTS-10866.

 

3.             Section
4.1 (c) shall be deleted and replaced with:

 

Running Royalties.
COMPANY shall pay to M.I.T. a running royalty of three percent (3%) of NET SALES by COMPANY and AFFILIATES for sales within the
United States of America. COMPANY shall pay to M.I.T. a running royalty of one and a half percent (1.5%) of NET SALES by COMPANY
and AFFILIATES for sales outside the United States of America. Running royalties shall be payable for each REPORTING PERIOD and
shall be due to M.I.T. within sixty (60) days of the end of each REPORTING PERIOD. Royalties shall not be payable on sales to US
Federal Government Institutions provided that prices on such sales are reduced to reflect the removal of royalty fees. These royalties
are only for issued/allowed PATENT RIGHTS. For pending PATENT RIGHTS, the royalties will be half of that for issued/allowed PATENT
RIGHTS. For clarity, Running Royalties for cases with pending patent claims will be one and a half percent (1.5%) of NET SALES.
Upon the notification of issued/allowed PATENT RIGHTS, the Running Royalty will convert to three percent of SALES for sales within
the United States, The Running Royalty for sales outside United States of America will be one and a half percent (1.5%) of NET
SALES.

 

     

     

    

 

This modification of Running Royalties will
apply to the reports due from 2007, 2008 and going forward.

 

4.             In
Section 14, the address for Licensee shall be updated. Therefore, delete:

 

	 	Interactive Motion Technologies, Inc. 
	 	56 Highland Avenue
	 	Cambridge, MA 02139
	 	Attn: President

 

and replace with:

 

	 	Interactive Motion Technologies, Inc.
	 	80 Coolidge Hill Road
	 	Watertown, MA 02472
	 	Attn: President and CEO
	 	Tel: 617-926-4800
	 	Fax: 617-926-4808

 

Except as specifically modified or amended,
all terms and conditions of the December 1, 1999 LICENSE shall remain in full force and effect.

 

IN WITNESS WHEREOF,
the parties have caused this Agreement to be executed under seal by their duly authorized representatives.

 

The EFFECTIVE DATE of this Second Amendment is June 3, 2009.

 

	MASSACHUSETTS INSTITUTE OF	 	INTERACTIVE MOTION	 
	TECHNOLOGY	 	TECHNOLOGIES, INC.	 
	 	 	 	 	 	 
	By: 	  /s/ Lita Nelsen	 	By: 	  /s/	 
	Name:  	  Lita Nelsen, Director	 	Name:  	   	 
	Title: 	  Technology Licensing Office	 	Title:	  President and CEO	 

 

     

     

    

 

Third Amendment to the Exclusive Patent
License Agreement

 

This Third Amendment,
effective as of the date set forth above the signatures of the parties below, amends the Exclusive Patent License Agreement dated
December 1, 1999 (the "LICENSE AGREEMENT') by and between the Massachusetts Institute of Technology, a Massachusetts corporation
having its principal office at 77 Massachusetts Avenue, Cambridge, Massachusetts 02139 ("M.I.T.") and Interactive Motion
Technologies, Inc. ("COMPANY"), a Massachusetts corporation having its principal office at 80 Coolidge Hill Road, Watertown,
Massachusetts 02472.

 

WHEREAS, M.I.T. and
COMPANY wish to modify the provisions of the LICENSE AGREEMENT;

 

NOW, THEREFORE, in
consideration of the promises and mutual covenants contained herein, the parties hereto agree as follows:

 

1.             Sections
2.2 is hereby deleted in its entirety and replaced with the following:

 

2.2           Exclusivity.

 

In order to establish
an exclusive period for COMPANY, M.I.T. agrees that it shall not grant any other license to make, have made, use, offer to sell,
lease and import LICENSED PRODUCTS in the FIELD in the TERRITORY or to perform LICENSED PROCESSES in the FIELD in the TERRITORY
during the TERM, unless sooner terminated in this agreement.

 

2.             Except
as specifically modified or amended hereby, all other terms and conditions of the LICENSE AGREEMENT shall remain unchanged and
in full force and effect. Capitalized terms used herein and not defined shall have the meanings set forth in the LICENSE AGREEMENT.

 

IN WITNESS WHEREOF, the parties have caused
this First Amendment to be executed under seal by their duly authorized representatives.

 

The Effective Date of this Third Amendment is January 1,
2012.

 

	MASSACHUSETTS INSTITUTE OF	 	INTERACTIVE MOTION	 
	TECHNOLOGY	 	TECHNOLOGIES, INC.	 
	 	 	 	 	 	 
	By: 	  /s/ Lita Nelsen	 	By: 	  /s/ Rodolfo Rohr	 
	Name:	Lita L. Nelsen, Director	 	Name:  	  Rodolfo Rohr	 
	Title: 	  Technology Licensing Office	 	Title:	  CEO

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00260-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00260-of-00352.parquet"}]]