Document:

Exhibit
4.1

 

XTANT
MEDICAL HOLDINGS, INC.

 

DESCRIPTION
OF SECURITIES REGISTERED PURSUANT TO SECTION 12 OF THE SECURITIES EXCHANGE ACT OF 1934

 Xtant
Medical Holdings, Inc., a Delaware corporation (Xtant, we, us and our), has only one class of securities registered under Section
12 of the Securities Exchange Act of 1934, as amended: our common stock, par value $0.000001 (common stock).

 

The
following description summarizes the material terms and provisions of our common stock and does not purport to be complete. It
is subject to and qualified in its entirety by reference to the provisions of our Amended and Restated Certificate of Incorporation,
as amended (Certificate of Incorporation), our Second Amended and Restated Bylaws (Bylaws) and the Investor Rights Agreement dated
as of February 14, 2018, by and among Xtant and certain stockholders (Investor Rights Agreement), which are filed as exhibits
to our Annual Report on Form 10-K for the fiscal year ended December 31, 2019 and are incorporated by reference herein. We encourage
you to read our Certificate of Incorporation, our Bylaws, the Investor Rights Agreement and the applicable provisions of the General
Corporation Law of the State of Delaware for additional information.

 

Authorized
Shares

 

Our
Certificate of Incorporation provides that we have authority to issue 75,000,000 shares of common stock and 10,000,000 shares
of preferred stock, par value $0.000001 per share (preferred stock).

 

As
of December 31, 2019, we had 13,161,762 shares of common stock outstanding and no shares of preferred stock outstanding. As of
December 31, 2019, the following additional shares of common stock were reserved for issuance:

 

		●	2,908,874
    shares of common stock were reserved for issuance upon exercise of outstanding warrants;
	 	 	 
	 	●	602,966
    shares of common stock were reserved for issuance upon exercise of outstanding stock options;
	 	 	 
	 	●	499,914
    shares of common stock were reserved for issuance upon settlement of outstanding restricted stock units; and
	 	 	 
	 	●	1,650,005
    shares of common stock remained available for future grant of awards under the Xtant Medical Holdings, Inc. 2018 Equity Incentive
    Plan, as amended.

 

Our
preferred stock may be issued from time to time in one or more series. The Board of Directors of Xtant (the Board) is authorized,
by resolution or resolutions, to fix the number of shares of any series of preferred stock and to determine the designation, powers,
rights, preferences, qualifications, limitations, privileges and restrictions, if any, of any wholly unissued series of preferred
stock, including without limitation, authority to fix by resolution or resolutions the dividend rights, dividend rate, conversion
rights, voting rights, rights and terms of redemption (including sinking fund provisions), redemption price or prices and liquidation
preferences of any such series, and the number of shares constituting any such series and the designation thereof, or any of the
foregoing.

 

    	 

    	 

    

 

We
may amend from time to time our Certificate of Incorporation to increase the number of authorized shares of common stock or preferred
stock. Any such amendment would require the approval of the holders of a majority of the voting power of the shares entitled to
vote thereon. In addition, pursuant to our Certificate of Incorporation, the Board is authorized to increase (but not above the
total number of authorized shares of the class) or decrease (but not below the number of shares of any such series then outstanding)
the number of shares of any series (including a series of preferred stock), the number of which was fixed by it, subsequent to
the issuance of shares of such series then outstanding, subject to certain limitations, without the vote of our stockholders.

 

Voting
Rights

 

Each
holder of our common stock is entitled to one vote per share on each matter submitted to a vote at a meeting of stockholders,
including in all elections for directors. Stockholders are not entitled to cumulative voting in the election of directors. Subject
to applicable law and the rights, if any, of the holders of outstanding shares of any series of preferred stock we may designate
and issue in the future, holders of our common stock are entitled to vote on all matters on which stockholders are generally entitled
to vote.

 

Our
stockholders may vote either in person or by proxy. At all meetings of stockholders for the election of directors at which a quorum
is present, a plurality of the votes cast shall be sufficient to elect. All other elections and questions presented to the stockholders
at a meeting at which a quorum is present shall, unless otherwise provided by our Certificate of Incorporation, our Bylaws, the
rules or regulations of any stock exchange applicable to us or applicable law or pursuant to any regulation applicable to us or
our securities, be decided by the affirmative vote of the holders of a majority in voting power of the shares of our stock that
are present in person or by proxy and entitled to vote thereon.

 

Dividends

 

The
Board may authorize, and we may make, distributions to our stockholders, subject to any restriction in our Certificate of Incorporation
and to those limitations prescribed by law and contractual restrictions. Subject to preferences that may apply to any shares of
preferred stock outstanding at the time, the holders of our common stock will be entitled to share equally, identically and ratably
in any dividends that the Board may determine to issue from time to time.

 

Liquidation
Rights

 

Upon
liquidation, dissolution or winding up, all holders of our common stock are entitled to participate pro rata in our assets available
for distribution, subject to applicable law and the rights, if any, of the holders of any class of preferred stock then outstanding.

 

    	 

    	 

    

 

Other
Rights and Preferences 

 

Under
the terms of our Certificate of Incorporation and Bylaws, holders of our common stock have no preemptive rights, conversion rights
or subscription rights, and there are no redemption or sinking fund provisions applicable to our common stock. The rights, preferences
and privileges of the holders of our common stock are subject to, and may be adversely affected by, the rights of the holders
of shares of any series of preferred stock that the Board may designate and issue in the future. Our Certificate of Incorporation
and Bylaws do not restrict the ability of a holder of our common stock to transfer his, her or its shares of common stock. All
shares of our common stock currently outstanding are fully paid and non-assessable.

 

Transfer
Agent

 

The
transfer agent for our common stock is Corporate Stock Transfer, Inc.

 

Exchange
Listing

 

Our
common stock is listed on NYSE American under the symbol “XTNT.”

 

Anti-Takeover
Effects of Certain Provisions of our Certificate of Incorporation, Bylaws and Investor Rights Agreement and Our Status as a Controlled
Company

 

Anti-takeover
provisions in our Certificate of Incorporation, Bylaws and Investor Rights Agreement and our status as a controlled company may
discourage or prevent a change in control, even if such a sale could be beneficial to our stockholders.

 

Certificate
of Incorporation and Bylaws

 

Our
Certificate of Incorporation and Bylaws contain the following anti-takeover provisions that may have an anti-takeover effect of
delaying, deferring or preventing a change in control of Xtant:

 

	 	●	We
    have shares of common stock and preferred stock available for issuance without stockholder approval. The existence of unissued
    and unreserved common stock and preferred stock may enable the Board to issue shares to persons friendly to current management
    or to issue preferred stock with terms that could render more difficult or discourage a third-party attempt to obtain control
    of us by means of a merger, tender offer, proxy contest or otherwise, thereby protecting the continuity of our management.
	 	 	 
	 	●	Shares
    of our common stock do not have cumulative voting rights in the election of directors, so our stockholders holding a majority
    of the shares of common stock outstanding will be able to elect all of our directors.
	 	 	 
	 	●	Special
    meetings of the stockholders may be called only by the Board, the chairman of the Board or the chief executive officer. 
	 	 	 
	 	●	The
    Board may adopt, alter, amend or repeal our Bylaws without stockholder approval.

 

    	 

    	 

    

 

	 	●	Unless
    otherwise provided by law, any newly created directorship or any vacancy occurring on the Board for any cause may be filled
    by the affirmative vote of a majority of the remaining members of the Board, even if such majority is less than a quorum,
    and any director so elected shall hold office until the expiration of the term of office of the director whom he or she has
    replaced or until his or her successor is elected and qualified.
	 	 	 
	 	●	The
    affirmative vote of the holders of at least two-thirds of the voting power of the then outstanding shares of our capital stock
    entitled to vote generally in the election of directors, voting together as a single class, is required to amend or repeal
    the provisions of our Certificate of Incorporation related to the amendment of our Bylaws, the Board and our stockholders
    as well as the general provisions of our Certificate of Incorporation. 
	 	 	 
	 	●	Stockholders
    must follow advance notice procedures to submit nominations of candidates for election to the Board at an annual or special
    meeting of our stockholders and must follow advance notice procedures to submit other proposals for business to be brought
    before an annual meeting of our stockholders. 
	 	 	 
	 	●	Unless
    we consent in writing to an alternative forum, the Court of Chancery of the State of Delaware will be the exclusive forum
    for (i) any derivative action or proceeding brought on our behalf, (ii) any action asserting a claim of breach of a fiduciary
    duty owed by any director, officer or other employee of Xtant to us or our stockholders, (iii) any action asserting a claim
    arising under any provision of the General Corporation Law of the State of Delaware, our Certificate of Incorporation or our
    Bylaws, or (iv) any action asserting a claim governed by the internal-affairs doctrine. 

 

Investor
Rights Agreement

 

We
are party to an Investor Rights Agreement, which includes certain provisions that may have an anti-takeover effect of delaying,
deferring or preventing a change in control of Xtant. The Investor Rights Agreement includes director nomination rights, which
provide that so long as the Ownership Threshold (as defined in the Investor Rights Agreement) is met, OrbiMed Royalty Opportunities
II, LP and ROS Acquisition Offshore LP (collectively, the Investors) are entitled to nominate such individuals to the Board constituting
a majority of the directors. In addition, under the Investor Rights Agreement, so long as the Ownership Threshold is met, certain
matters require the approval of the Investors to proceed with such a transaction, including without limitation, the sale, transfer
or other disposition of assets or businesses of the Company or its subsidiaries with a value in excess of $250,000 in the aggregate
during any fiscal year (other than sales of inventory or supplies in the ordinary course of business, sales of obsolete assets
(excluding real estate), sale-leaseback transactions and accounts receivable factoring transactions).

 

Controlled
Company Status

 

We
are a “controlled company” as defined in section 801(a) of the NYSE American Company Guide because more than 50% of
the combined voting power of all of our outstanding common stock is beneficially owned by OrbiMed Advisors LLC. Our status as
a controlled company may have an anti-takeover effect of delaying, deferring or preventing a change in control of Xtant.Exhibit
10.11

 

EMPLOYMENT
AGREEMENT

 

This
Employment Agreement (“Agreement”) is effective as of January 1, 2019 (“Effective Date”),
by and between Xtant Medical Holdings, Inc. , a Delaware corporation (the “Company”), and Ronald Berlin, an
individual (“Employee”). The Company and Employee are sometimes referred to as the “Parties” or
“Party” in this Agreement, and the Company may designate a subsidiary to be the employer of the Employee.

 

In
consideration of the mutual promises, covenants and agreements contained in this Agreement, and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:

 

1. EMPLOYMENT
AND DUTIES. 

 

A. Job
Title and Responsibilities and Place of Employment. The Company hereby employs Employee, and Employee hereby agrees to be
employed, as Vice President and Chief Operations Officer reporting to the Chief Executive Officer. The initial scope of responsibilities
includes customer services, donor services, procurement, biologics operations, hardware operations, facilities, IT, and RA/QA.
Employee’s title and responsibilities may change during the course of Employee’s employment with Employer, but the
terms of this Agreement shall remain in full force and effect regardless of any change in Employee’s title or responsibilities.
The Employee’s place of employment shall be the company’s operational center in Belgrade, Montana.

 

B. Full-Time
Best Efforts. Employee agrees to devote Employee’s full professional time and attention to the business of the Company
(and its subsidiaries, affiliates, or related entities) and the performance of Employee’s obligations under this Agreement,
and will at all times faithfully, industriously and to the best of Employee’s ability, experience and talent, perform all
of Employee’s obligations hereunder. Employee shall not, at any time during Employee’s employment by the Company,
directly or indirectly, act as a partner, officer, director, consultant or employee, or provide services in any other capacity
to any other business enterprise that conflicts with the Company’s business or Employee’s duty of loyalty to the Company.
Employee shall seek the written consent of the Company prior to accepting any outside board positions.

 

C. Duty
of Loyalty. Employee acknowledges that during Employee’s employment with the Company, Employee has participated in and
will participate in relationships with existing and prospective clients, customers, partners, suppliers, service providers and
vendors of the Company that are essential elements of the Company’s goodwill. The parties acknowledge that Employee owes
the Company a fiduciary duty to conduct all affairs of the Company in accordance with all applicable laws and the highest standards
of good faith, trust, confidence and candor, and to endeavor, to the best of Employee’s ability, to promote the best interests
of the Company.

 

D. Conflict
of Interest. Employee agrees that while employed by the Company, and except with the advance written consent of the Company’s
Board of Directors (the “Board”), Employee will not enter into, on behalf of the Company, or cause the Company or
any of its affiliates to enter into, directly or indirectly, any transactions with any business organization in which Employee
or any member of Employee’s immediate family may be interested as a shareholder, partner, member, trustee, director, officer,
employee, consultant, lender or guarantor or otherwise; provided, however, that nothing in this Agreement shall restrict transactions
between the Company and any company whose stock is listed on a national securities exchange or actively traded in the over-the-counter
market and over which Employee does not have the ability to control or significantly influence policy decisions.

 

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2. COMPENSATION.

 

A. Base
Pay. The Company agrees to pay Employee gross annual compensation of $265,000 (“Base Salary”), less usual
and customary withholdings, which shall be payable in arrears in accordance with the Company’s customary payroll practices.
The Base Salary will be subject to normal periodic review, and such review will consider Employee’s contributions to the
Company and the Company’s overall performance.

 

B. Bonus
and Incentive Compensation. Employee shall be eligible for bonus and incentive-based compensation approved by the Board (or
a committee thereof) from time to time. The target bonus compensation will be 40% of Employee’s Base Salary, which bonus
shall be contingent upon the achievement of performance objectives as established by the Board (or a committee thereof) and communicated
to Employee. Such bonus and incentive compensation shall be less all tax withholdings and other applicable deductions the Company
reasonably determines are required to be made and shall be paid in accordance with the bonus and incentive compensation plan documents
adopted by the Company. Employee must remain continuously employed by the Company through the date bonus compensation is paid
to be eligible to receive such bonus compensation, and such bonus shall be paid no later than March 15 of the calendar year immediately
following the calendar year in which the bonus is being measured.

 

C. Equity
Award. Effective as of January 15, 2019, Employee shall be granted a Non-Statutory Stock Option (the “Option”),
as defined in the Xtant Medical Holdings, Inc. 2018 Equity Incentive Plan (the “Plan”), to purchase 100,000
shares of Common Stock (as defined in the Plan) at a per share exercise price equal to 100% of the Fair Market Value (as defined
in the Plan) of a share of Common Stock on January 15, 2019. The Option (i) shall have a term of ten (10) years from the Grant
Date; (ii) shall vest with respect to 25% of the shares of Common Stock purchasable thereunder on each of the one-year, two-year,
three-year and four-year anniversaries of the Grant Date, contingent upon Employee having continuously served as an employee of
the Company or one of its subsidiaries from the Grant Date until the respective vesting date; (iii) shall be subject to all of
the terms and conditions of the Plan; and (iv) shall be evidenced by an appropriate individual award agreement, in substantially
the form as previously approved by the Board. This initial grant is considered a two-year grant, covering 2019 and 2020, and Employee
will be eligible for another equity grant in 2021, subject to the Board’s approval.

 

D. Signing
Bonus. The Company shall provide the Employee a one time signing bonus of $50,000 (the “Signing Bonus”)
to be paid within 30 days of the Effective Date, assuming Employee is still an employee of the Company as of such date. In the
event Employee terminates his employment with the Company for any reason on or prior to the one (1) year anniversary of the Effective
Date, Employee shall repay to the Company the Signing Bonus.

 

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E. Benefits.
During Employee’s employment, Employee will be eligible to participate in the Company’s benefit programs, as summarized
and as governed by any plan documents concerning such benefits. Employee acknowledges that the Company may amend, modify or terminate
any of its benefit plans or programs at any time and for any reason. Employee will be eligible for 20 days of paid vacation per
year, subject to the Company’s carryover policy for unused vacation in effect from time to time.

 

F. Clawback.
Employee agrees that any compensation or benefits provided by the Company under this Agreement or otherwise will be subject to
recoupment or clawback by the Company under any applicable clawback or recoupment policy of the Company as may be in effect from
time-to-time or as required by applicable law, regulation or stock exchange listing requirement.

 

3. CONFIDENTIAL
INFORMATION. 

 

A. Employee
understands that during Employee’s employment relationship with the Company, the Company intends to provide Employee with
information, including Confidential Information (as defined herein), without which Employee would not be able to perform Employee’s
duties to the Company. Employee agrees, at all times during the term of Employee’s employment relationship and thereafter,
to hold in strictest confidence, and not to use or disclose, except for the benefit of the Company to the extent necessary to
perform Employee’s obligations to the Company, any Confidential Information that Employee obtains, accesses or creates during
the term of the relationship, whether or not during working hours, until such Confidential Information becomes publicly and widely
known and made generally available through no wrongful act of Employee or of others under confidentiality obligations as to the
information involved. Employee understands that “Confidential Information” means information and physical material
not generally known or available outside the Company and information and physical material entrusted to the Company by third parties
under an obligation of non-disclosure or non-use or both. “Confidential Information” includes, without limitation,
inventions, technical data, trade secrets, clinical data, regulatory information and strategies, marketing ideas or plans, research,
product or service ideas or plans, business strategies, investments, investment opportunities, potential investments, market studies,
industry studies, historical financial data, financial information and results, budgets, identity of customers, forecasts (financial
or otherwise), possible or pending transactions, customer lists and domain names, price lists, and pricing methodologies.

 

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B. At
all times, both during Employee’s employment and after its termination, Employee will keep and hold all such Confidential
Information in strict confidence and trust. Employee will not use or disclose any Confidential Information without the prior written
consent of the Company, except as may be necessary to perform Employee’s duties as an employee of the Company for the benefit
of the Company. Employee may disclose information that Employee is required to disclose by valid order of a government agency
or court of competent jurisdiction, provided that Employee will:

 

1. Notify
the Company in writing immediately upon learning that such an order may be sought or issued,

 

2. Cooperate
with the Company as reasonably requested if the Company seeks to contest such order or to place protective restrictions on the
disclosure pursuant to such order, and

 

3. Comply
with any protective restrictions in such order, and disclose only the information specified in the order.

 

C. Upon
termination of employment with the Company, Employee will promptly deliver to the Company all documents and materials of any nature
pertaining to Employee’s work with the Company.

 

D. Employee
agrees not to infringe the copyrights of the Company, its customers or third parties (including, without limitation, Employee’s
previous employer, customers, etc. ) by unauthorized or unlawful copying, modifying or distributing of copyrighted material, including
plans, drawings, reports, financial analyses, market studies, computer software and the like.

 

4. COVENANT
NOT TO COMPETE. 

 

A. Non-competition
Covenant. Employee agrees that during the Restricted Period (as defined below), without the prior written consent of the Company,
Employee shall not, directly or indirectly within the Territory (as defined below): (i) personally, by agency, as an employee,
independent contractor, consultant, officer, director, manager, agent, associate, investor (other than as a passive investor holding
less than five percent of the outstanding equity of an entity), or by any other artifice or device, engage in any Competitive
Business (as defined below), (ii) assist others, including but not limited to employees of the Company, to engage in any Competitive
Business, or (iii) own, purchase, finance, organize or take preparatory steps to own, purchase, finance, or organize a Competitive
Business.

 

B. Definitions.

 

1. “Competitive
Business” means (i) any person, entity or organization which is engaged in or about to become engaged in research on,
consulting regarding, or development, production, marketing or selling of any product, process, technology, device, invention
or service which resembles, competes with or is intended to resemble or compete with a product, process, technology, device, invention
or service under research or development or being promoted, marketed, sold or serviced by the Company or any subsidiary; or (ii)
any other line of business that was conducted by the Company or any subsidiary or that Employee knows or should reasonably know
is actively preparing to pursue at any time during the term of Employee’s employment with the Company.

 

2. “Territory”
means the United States of America.

 

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3. “Restricted
Period” means the period of Employee’s employment with the Company and for a period of twelve (12) months following
the termination of Employee’s employment.

 

5. NON-SOLICITATION
AND NON-INTERFERENCE COVENANTS. 

 

A. Non-solicitation
of Employees and Others. During the Restricted Period, (i) Employee shall not, directly or indirectly, solicit, recruit, or
induce, or attempt to solicit, recruit or induce any employee, consultant, independent contractor, vendor, supplier, or agent
to terminate or otherwise adversely affect his or her employment or other business relationship (or prospective employment or
business relationship) with the Company, and (ii) Employee shall not, directly or indirectly, solicit, recruit, or induce, or
attempt to solicit, recruit or induce any employee to work for Employee or any other person or entity, other than the Company
or its affiliates or related entities.

 

B. Non-solicitation
of Customers. During the Restricted Period, Employee shall not, directly or indirectly, solicit, recruit, or induce any Customer
(as defined below) for the purpose of (i) providing any goods or services related to a Competitive Business, or (ii) interfering
with or otherwise adversely affecting the contracts or relationships, or prospective contracts or relationships, between the Company
(including any related or affiliated entities) and such Customers. “Customer” means a person or entity with which
Employee had contact or about whom Employee gained information while an Employee of the Company, and to which the Company was
selling or providing products or services, was in active negotiations for the sale of its products or services, or was otherwise
doing business as of the date of the cessation of Employee’s employment with the Company or for whom the Company had otherwise
done business within the twelve (12) month period immediately preceding the cessation of Employee’s employment with the
Company.

 

6. ACKNOWLEDGEMENTS.
Employee acknowledges and agrees that:

 

A. The
geographic and duration restrictions contained in Paragraphs 4 and 5 of this Agreement are fair, reasonable, and necessary to
protect the Company’s legitimate business interests and trade secrets, given the geographic scope of the Company’s
business operations, the competitive nature of the Company’s business, and the nature of Employee’s position with
the Company;

 

B. Employee’s
employment creates a relationship of confidence and trust between Employee and the Company with respect to the Confidential Information,
and Employee will have access to Confidential Information (including but not limited to trade secrets) that would be valuable
or useful to the Company’s competitors;

 

C. The
Company’s Confidential Information is a valuable asset of the Company, and any violation of the restrictions set forth in
this Agreement would cause substantial injury to the Company;

 

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D. The
restrictions contained in this Agreement will not unreasonably impair or infringe upon Employee’s right to work or earn
a living after Employee’s employment with the Company ends; and

 

E. This
Agreement is a contract for the protection of trade secrets under applicable law and is intended to protect the Confidential Information
(including trade secrets) identified above.

 

7. “BLUE
PENCIL” AND SEVERABILITY PROVISION. If a court of competent
jurisdiction declares any provision of this Agreement invalid, void, voidable, or unenforceable, the court shall reform such provision(s)
to render the provision(s) enforceable, but only to the extent absolutely necessary to render the provision(s) enforceable and
only in view of the parties’ express desire that the Company be protected to the greatest possible extent under applicable
law from improper competition and the misuse or disclosure of trade secrets and Confidential Information. To the extent such a
provision (or portion thereof) may not be reformed so as to make it enforceable, it may be severed and the remaining provisions
shall remain fully enforceable.

 

8. INVENTIONS.

 

A. Inventions
Retained and Licensed. Attached as Exhibit A is a list describing all inventions and information created, discovered or developed
by Employee, whether or not patentable or registrable under patent, copyright or similar statutes, made or conceived or reduced
to practice or learned by Employee, either alone or with others before Employee’s employment with the Company (“Prior
Inventions”), which belong in whole or in part to Employee, and which are not being assigned by Employee to the Company.
Employee represents that Exhibit A is complete and contains no confidential or Confidential information belonging to a person
or entity other than Employee. Employee acknowledges and agrees that Employee has no rights in any Inventions (as that term is
defined below) other than the Prior Inventions listed on Exhibit A. If there is nothing identified on Exhibit A, Employee represents
that there are no Prior Inventions as of the time of signing this Agreement. Employee shall not incorporate, or permit to be incorporated,
any Prior Invention owned by Employee or in which he has an interest in a Company product, process or machine without the Company’s
prior written consent. Notwithstanding the foregoing, if, in the course of Employee’s employment with the Company, Employee
directly or indirectly incorporates into a Company product, process or machine a Prior Invention owned by Employee or in which
Employee has an interest, the Company is hereby granted and shall have a non-exclusive, royalty-free, irrevocable, perpetual,
world-wide license to make, have made, modify, use, create derivative works from and sell such Prior Invention as part of or in
connection with such product, process or machine.

 

B. Assignment
of Inventions. Employee shall promptly make full, written disclosure to the Company, will hold in trust for the sole right
and benefit of the Company, and hereby irrevocably transfers and assigns, and agrees to transfer and assign, to the Company, or
its designee, all his right, title and interest in and to any and all inventions, original works of authorship, developments,
concepts, improvements, designs, discoveries, ideas, trademarks (and all associated goodwill), mask works, or trade secrets, whether
or not they may be patented or registered under copyright or similar laws, which Employee may solely or jointly conceive or develop
or reduce to practice, or cause to be conceived or developed or reduced to practice, during Employee’s employment by the
Company (the “Inventions”). Employee further acknowledges that all original works of authorship which are made
by Employee (solely or jointly with others) within the scope of and during the period of his employment with the Company and which
may be protected by copyright are “Works Made For Hire” as that term is defined by the United States Copyright
Act. Employee understands and agrees that the decision whether to commercialize or market any Invention developed by Employee
solely or jointly with others is within the Company’s sole discretion and the Company’s sole benefit and that no royalty
will be due to Employee as a result of the Company’s efforts to commercialize or market any such invention.

 

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Employee
recognizes that Inventions relating to his activities while working for the Company and conceived or made by Employee, whether
alone or with others, within one (1) year after cessation of Employee’s employment, may have been conceived in significant
part while employed by the Company. Accordingly, Employee acknowledges and agrees that such Inventions shall be presumed to have
been conceived during Employee’s employment with the Company and are to be, and hereby are, assigned to the Company unless
and until Employee has established the contrary.

 

The
requirements of this Paragraph 8B do not apply to any intellectual property for which no equipment, supplies, facility or trade
secret information of the Company was used, and which was developed entirely on the Employee’s own time, and (i) which does
not relate (x) directly to the Company’s business or (y) to the Company’s actual or demonstrably anticipated research
and development or (ii) which does not result from any work the Employee performed for the Company.

 

C. Maintenance
of Records. Employee agrees to keep and maintain adequate and current written records of all Inventions made by Employee (solely
or jointly with others) during his employment with the Company. The records will be in the form of notes, sketches, drawings and
any other format that may be specified by the Company. The records will be available to and remain the sole property of the Company
at all times.

 

D. Patent,
Trademark and Copyright Registrations. Employee agrees to assist the Company, or its designee, at the Company’s expense,
in every proper way to secure the Company’s rights in the Inventions and any copyrights, patents, trademarks, service marks,
mask works, or any other intellectual property rights in any and all countries relating thereto, including, but not limited to,
the disclosure to the Company of all pertinent information and data with respect thereto, the execution of all applications, specifications,
oaths, assignments and all other instruments the Company reasonably deems necessary in order to apply for and obtain such rights
and in order to assign and convey to the Company, its successors, assigns, and nominees the sole and exclusive rights, title,
and interest in and to such inventions, and any copyrights, patents, trademarks, service marks, mask works, or any other intellectual
property rights relating thereto. Employee further agrees that his obligation to execute or cause to be executed, when it is in
his power to do so, any such instrument or paper shall continue after termination or expiration of this Agreement or the cessation
of his employment with the Company. If the Company is unable because of Employee’s mental or physical incapacity or for
any other reason, after reasonably diligent efforts, to secure Employee’s signature to apply for or to pursue any application
for any United States or foreign patents, trademarks or copyright registrations covering inventions or original works of authorship
assigned to the Company as above, then Employee hereby irrevocably designates and appoints the Company and its duly authorized
officers and agents as Employee’s agent and attorney-in-fact to act for and in his behalf and stead to execute and file
any such applications and to do all other lawfully permitted acts to further the prosecution and issuance of letters patent, trademarks
or copyright registrations thereon with the same legal force and effect as if executed by Employee; this power of attorney shall
be a durable power of attorney which shall come into existence upon Employee’s mental or physical incapacity.

 

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9. SURVIVAL
AND REMEDIES. Employee’s obligations of nondisclosure,
non-solicitation, non-interference, and non-competition under this Agreement shall survive the cessation of Employee’s employment
with the Company and shall remain enforceable. In addition, Employee acknowledges that upon a breach or threatened breach of any
obligation of nondisclosure, non-solicitation, non-interference, or noncompetition of this Agreement, the Company may suffer irreparable
harm and damage for which money alone cannot fully compensate the Company. Employee therefore agrees that upon such breach or
threat of imminent breach of any such obligation, the Company shall be entitled to seek a temporary restraining order, preliminary
injunction, permanent injunction or other injunctive relief, without posting any bond or other security, barring Employee from
violating any such provision. This Paragraph shall not be construed as an election of any remedy, or as a waiver of any right
available to the Company under this Agreement or the law, including the right to seek damages from Employee for a breach of any
provision of this Agreement and the right to require Employee to account for and pay over to the Company all profits or other
benefits derived or received by Employee as the result of such a breach, nor shall this Paragraph be construed to limit the rights
or remedies available under state law for any violation of any provision of this Agreement.

 

10. RETURN
OF COMPANY PROPERTY. All devices, records, reports, data, notes,
compilations, lists, proposals, correspondence, specifications, equipment, drawings, blueprints, manuals, DayTimers, planners,
calendars, schedules, discs, data tapes, financial plans and information, or other recorded matter, whether in hard copy, magnetic
media or otherwise (including all copies or reproductions made or maintained, whether on the Company’s premises or otherwise),
pertaining to Employee’s work for the Company, or relating to the Company or the Company’s Confidential Information,
whether created or developed by Employee alone or jointly during his employment with the Company, are the exclusive property of
the Company. Employee shall surrender the same (as well as any other property of the Company) to the Company upon its request
or promptly upon the cessation of employment. Upon cessation of Employee’s employment, Employee agrees to sign and deliver
the “Termination Certificate” attached as Exhibit B, which shall detail all Company property that is
surrendered upon cessation of employment.

 

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11. NO
CONFLICTING AGREEMENTS OR IMPROPER USE OF THIRD-PARTY INFORMATION.
During his employment with the Company, Employee shall not improperly use or disclose any Confidential information or trade secrets
of any former employer or other person or entity, and Employee shall not bring on to the premises of the Company any unpublished
document or Confidential information belonging to any such former employer, person or entity, unless consented to in writing by
the former employer, person or entity. Employee represents that he has not improperly used or disclosed any Confidential information
or trade secrets of any other person or entity during the application process or while employed or affiliated with the Company.
Employee also acknowledges and agrees that he is not subject to any contract, agreement, or understanding that would prevent Employee
from performing his duties for the Company or otherwise complying with this Agreement. To the extent Employee violates this provision,
or his employment with the Company constitutes a breach or threatened breach of any contract, agreement, or obligation to any
third party, Employee shall indemnify and hold the Company harmless from all damages, expenses, costs (including reasonable attorneys’
fees) and liabilities incurred in connection with, or resulting from, any such violation or threatened violation.

 

12. TERMINATION.

 

A. By
Either Party. Either Party may terminate the Employee’s at-will employment at any time with or without notice, and with
or without cause. Except as provided in this Paragraph 12, upon termination of employment, Employee shall only be entitled to
Employee’s accrued but unpaid Base Salary and other benefits earned under any Company-provided plans, policies and arrangements
for the period preceding the effective date of the termination of employment.

 

B. Termination
Without Cause. If the Company terminates Employee’s employment without Cause (defined below), Employee shall be entitled
to receive continuing severance pay at a rate equal to Employee’s Base Salary, as then in effect, for twelve (12) months
from the date of termination of employment, less all required tax withholdings and other applicable deductions, payable in accordance
with the Company’s standard payroll procedures, commencing on the effective date of a Separation Agreement and Release of
claims against the Company that has not been revoked, in substantially the form of Exhibit C attached hereto, the timely
execution and performance by Employee of which is specifically a condition to his receipt of any of the payments and benefits
provided under this Paragraph 12B; provided that (1) such Separation Agreement and Release shall be executed and be fully
effective within sixty (60) days of the Employee’s termination of employment; (2) the first payment shall include any amounts
that would have been paid to Employee if payment had commenced on the date of termination of employment; and (3) Employee shall
not be required to execute a release of any claims arising from the Company’s failure to comply with its obligations under
Paragraph 12A. If Employee timely and effectively elects continuation coverage under the Company’s group health plan pursuant
to the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”) or similar state law, the Company will
pay or reimburse the premiums for such coverage of Employee (and his dependents, as applicable) at the same rate it pays for active
employees for a period for twelve (12) months from the date of termination of employment; provided that the Company’s
obligation to make such payments shall immediately expire if Employee ceases to be eligible for continuation coverage under COBRA
or similar state law or otherwise terminates such coverage. Notwithstanding the foregoing, any of the foregoing payments due under
this Paragraph 12B shall commence within sixty (60) days of Employee’s termination of employment, provided that if
such sixty (60)-day period spans two (2) calendar years, payments shall commence in the latter calendar year. In addition to the
foregoing and subject to Employee’s execution of a Separation Agreement and Release of claims against the Company that has
been executed and not revoked within any applicable rescission period that has expired within sixty (60) days of the Employee’s
termination of employment, Employee shall be entitled to the pro-rated amount of any unpaid bonus for the calendar year in which
his termination of employment occurs, if earned pursuant to the terms thereof (except for the provision of remaining an employee
through the date of payment thereof) and at such time and in such manner as determined by the Board (or a committee thereof) in
its sole discretion pursuant to the terms thereof, less any payments thereof already made during such year.

 

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C. Termination
Upon a Change in Control. If the Company or any successor in interest to the Company terminates Employee’s employment
without Cause in connection with or within twelve (12) months after a Change in Control (defined below) or if Employee terminates
his employment for Good Reason (defined below) within twelve (12) months after a Change in Control, Employee shall be entitled
to receive (i) his accrued but unpaid Base Salary and other benefits earned under any Company-provided plans, policies and arrangements
for the period preceding the effective date of the termination of employment, and (ii) a lump-sum payment equal to one time Employee’s
Base Salary, as then in effect, less all tax withholdings and other applicable deductions the Company reasonably determines are
required to be made, payable on the first regular payroll date after the effective date of a Separation Agreement and Release
that has been executed and not revoked within any applicable rescission period that has expired within sixty (60) days of the
Employee’s termination of employment, in substantially the form of Exhibit C attached hereto, the execution and performance
by Employee of which is specifically a condition to his receipt of any of the payments and benefits provided under this Paragraph
12C; provided that Employee shall not be required to execute a release of any claims arising from the Company’s failure
to comply with its obligations under Paragraph 12A. If Employee timely and effectively elects continuation coverage under the
Company’s group health plan pursuant to COBRA or similar state law, the Company will pay or reimburse the premiums for such
coverage of Employee (and his dependents, as applicable) at the same rate it pays for active employees for a period for twelve
(12) months from the date of termination of employment; provided that the Company’s obligation to make such payments
shall immediately expire if Employee ceases to be eligible for continuation coverage under COBRA or similar state law or otherwise
terminates such coverage. Notwithstanding the previous provisions of this Paragraph 12C, any payments due under this Paragraph
12C shall commence within sixty (60) days of Employee’s termination of employment, provided that if such sixty (60)-day
period spans two calendar years, payments shall commence in the latter calendar year. In addition to the foregoing and subject
to Employee’s timely execution of a Separation Agreement and Release that has been executed and not revoked within any applicable
rescission period that has expired within sixty (60) days of the Employee’s termination of employment„ Employee shall
be entitled to the pro-rated amount of any unpaid bonus for the calendar year in which his termination of employment occurs, if
earned pursuant to the terms thereof (except for the provision of remaining an employee through the date of payment thereof) and
at such time and in such manner as determined by the Board (or a committee thereof) in its sole discretion pursuant to the terms
thereof, less any payments thereof already made during such year. The payments and benefits described in this Paragraph 12C are
in lieu of, and not in addition to, the payments and benefits described in Paragraph 12B, it being understood by Employee that
he shall be paid and receive only one set of severance payments and benefits.

 

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    	10

    	 

    

 

D. Termination
for Cause, Death or Disability, or Resignation. If Employee’s employment with the Company terminates voluntarily by
Employee other than for Good Reason pursuant to Paragraph 12C above, for Cause by the Company or due to Employee’s death
or disability, then payments of compensation by the Company to Employee hereunder will terminate immediately (except as to amounts
already earned).

 

E. Definitions.

 

1. “Cause.”
For all purposes under this Agreement, “Cause” is defined as (i) gross negligence or willful failure to perform Employee’s
duties and responsibilities to the Company; (ii) commission of any act of fraud, theft, embezzlement, financial dishonesty or
any other willful misconduct that has caused or is reasonably expected to result in injury to the Company; (iii) conviction of,
or pleading guilty or nolo contendere to, any felony or a lesser crime involving dishonesty or moral turpitude; or (iv) material
breach by Employee of any of his obligations under this Agreement or any written agreement or covenant with the Company, including
the policies adopted from time to time by the Company applicable to all employees.

 

2. “Good
Reason.” For all purposes under this Agreement, “Good Reason” is defined as Employee’s resignation
within thirty (30) days following the expiration of any Company cure period (discussed below) following the occurrence of one
or more of the following, without Employee’s express written consent: (i) a material reduction of Employee’s duties,
authority, reporting level, or responsibilities, relative to Employee’s duties, authority, reporting level, or responsibilities
in effect immediately prior to such Change in Control; (ii) a material reduction in Employee’s base compensation; or (iii)
the Company’s requiring of Employee to change the principal location at which Employee is to perform his services by more
than fifty (50) miles. Employee will not resign for Good Reason without first providing the Company with written notice within
thirty (30) days of the initial occurrence of the event that Employee believes constitutes “Good Reason” specifically
identifying the acts or omissions constituting the grounds for Good Reason and a reasonable cure period of not less than thirty
(30) days following the date of such notice during which such condition shall not have been cured.

 

3. “Change
in Control.” For all purposes under this Agreement, a “Change in Control” means a Change in Control,
as deemed in the Plan, that occurs after the date hereof; provided, that a liquidation, dissolution or winding up of the Company
or change in the state of the Company’s incorporation shall not constitute a Change in Control event for purposes of this
Agreement.

 

F. No
Other Benefits. In the event of a termination of Employee’s employment with the Company, the provisions of this Paragraph
12 are Employee’s exclusive right to severance benefits and are in lieu of participation in any other severance policy or
plan to which Employee might otherwise be entitled.

 

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G. Termination
from any Offices Held. Upon his termination of employment with the Company, Employee agrees that and any and all offices held,
if applicable, shall be automatically terminated. Employee agrees to cooperate with the Company and execute any documents reasonably
required by the Company or competent authorities to effect this provision.

 

13. GENERAL
PROVISIONS. 

 

A. Governing
Law; Consent To Personal Jurisdiction. The laws of the State of Minnesota shall govern the Employee’s employment and
this Agreement without regard to conflict of laws principles. Employee and the Company each hereby consents to the personal jurisdiction
of the state courts located in Hennepin County, State of Minnesota, and the federal district court sitting in Hennepin County,
State of Minnesota, if that court otherwise possesses jurisdiction over the matter, for any legal proceeding concerning Employee’s
employment or termination of employment, or arising from or related to this Agreement or any other agreement executed between
Employee and the Company. Employee and the Company hereby consents that each shall be responsible for their own legal expenses
for any legal proceeding related to this Agreement or any other agreement executed between Employee and the Company.

 

B. Entire
Agreement. This Agreement, together with the Exhibits hereto, sets forth this entire Agreement between the Company (and any
of its related or affiliated entities, officers, agents, owners or representatives) and Employee relating to the subject matter
herein, and supersedes any and all prior discussions and agreements, whether written or oral, on the subject matter hereof, including
without limitation that certain Employment Offer Term Sheet provided to Employee by the Company prior to the commencement of his
employment with the Company. To the extent that this Agreement may conflict with the terms of another written agreement between
Employee and the Company, the terms of this Agreement will control.

 

C. Modification.
No modification of or amendment to this Agreement will be effective unless in writing and signed by Employee and an authorized
representative of the Company.

 

D. Waiver.
The Company’s failure to enforce any provision of this Agreement shall not act as a waiver of its ability to enforce that
provision or any other provision. The Company’s failure to enforce any breach of this Agreement shall not act as a waiver
of that breach or any future breach. No waiver of any of the Company’s rights under this Agreement will be effective unless
in writing. Any such written waiver shall not be deemed a continuing waiver unless specifically stated, and shall operate only
as to the specific term or condition waived and shall not constitute a waiver of such term or condition for the future or as to
any act other than that specifically waived.

 

E. Successors
and Assigns. This Agreement shall be assignable to, and shall inure to the benefit of, the Company’s, affiliates, subsidiaries,
successors and assigns. Employee shall not have the right to assign his rights or obligations under this Agreement.

 

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    	12

    	 

    

 

F. Construction.
The language used in this Agreement will be deemed to be language chosen by Employee and the Company to express their mutual intent,
and no rules of strict construction will be applied against either Party.

 

G. Counterparts.
This Agreement may be executed in any number of counterparts, each of which shall be enforceable, and all of which together shall
constitute one agreement. Signatures of the parties that are transmitted in person or by facsimile or e-mail shall be accepted
as originals.

 

H. Further
Assurances. Employee agrees to execute any proper oath or verify any document required to carry out the terms of this Agreement.

 

I. Title
and Headings. The titles, captions and headings of this Agreement are included for ease of reference only and will be disregarded
in interpreting or construing this Agreement.

 

J. Notices.
All notices and communications that are required or permitted to be given under this Agreement shall be in writing and shall be
sufficient in all respects if given and delivered in person, by electronic mail, by facsimile, by overnight courier, or by certified
mail, postage prepaid, return receipt requested, to the receiving Party at such Party’s address shown in the signature blocks
below or to such other address as such Party may have given to the other by notice pursuant to this Paragraph. Notice shall be
deemed given (i) on the date of delivery in the case of personal delivery, electronic mail or facsimile, or (ii) on the delivery
or refusal date as specified on the return receipt in the case of certified mail or on the tracking report in the case of overnight
courier.

 

K. Section
409A. The amounts payable under this Agreement are intended to be exempt from the requirements of Section 409A of the Internal
Revenue Code of 1986, as amended (“Section 409A”). Any payments due under this Agreement on account of a termination
of employment shall only be payable if the termination constitutes a “separation from service” within the meaning
of Section 409A. To the extent that any such payments are determined to be subject to Section 409A, (i) the terms of this Agreement
shall be interpreted to avoid incurring any penalties under Section 409A, (ii) any right to a series of installment payments is
to be treated as a right to a series of separate payments, and (iii) any payments due to a “specified employee” of
a publicly-traded company upon a separation from service shall be delayed until the first day of the seventh month following such
separation from service. Notwithstanding the foregoing, in no event shall the Company be responsible for any taxes or penalties
due under Section 409A.

 

14. EMPLOYEE’S
ACKNOWLEDGMENTS. Employee acknowledges that he is executing
this Agreement voluntarily and without duress or undue influence by the Company or anyone else and that Employee has carefully
read this Agreement and fully understands the terms, consequences, and binding effect of this Agreement.

 

[REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK.]

 

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    	13

    	 

    

 

IN
WITNESS WHEREOF, and intending to be legally bound, the Parties have executed this Employment Agreement as of the date first written
above.

 

	EMPLOYEE	 	XTANT
    MEDICAL HOLDINGS, INC.
	 	 	 
	/s/
    Ron Berlin	 	/s/
    Michael Mainelli December 3, 2018
	Ron
    Berlin	 	Michael
    Mainelli
	03
    Dec 18	 	Interim
    Chief Executive Officer
	 	 	 
	 	 	/s/
    Kathie J. Lenzen
	 	 	Kathie
    Lenzen
	 	 	Chief
    Financial Officer

 

[Signature
Page to Employment Agreement]

 

    	 

    	 

    

 

EXHIBIT
A

 

LIST
OF PRIOR INVENTIONS AND ORIGINAL WORKS OF AUTHORSHIP

 

IS
A LIST ATTACHED? (PLEASE CHECK): _____ YES __X___ NO

 

NOTE:
The following is a list of all Prior Inventions made, conceived, developed or reduced to practice by Employee prior to his employment
with the Company.

 

IF
NO SUCH LIST IS ATTACHED, THAT MEANS EMPLOYEE IS NOT ASSERTING THE EXISTENCE OF ANY PRIOR INVENTIONS.

 

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    	Ex. A-1

    	 

    

 

EXHIBIT
B

 

TERMINATION
CERTIFICATE

 

I
hereby represent and certify that I have in all material respects complied with my obligations to the Company under the Employment
Agreement between the Company and me to which the form of this Certificate is attached as Exhibit B.

 

I
also represent that on or before my last day, I have specifically returned the following items:

 

	[  ]	Computer/laptop
	 	 
	[  ]	Keys/access
    cards
	 	 
	[  ]	Company
    credit card
	 	 
	[  ]	Other
    equipment (please list) _________________________________________________________________
	 	 

 

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    	Ex. B-1

    	 

    

 

EXHIBIT
C

 

FORM
OF SEPARATION AGREEMENT AND RELEASE

 

This
Separation Agreement (“Agreement”) and the Release, which is attached and incorporated by reference as Exhibit
A (“Release”), are made by and between Ronald Berlin (“Employee”), and Xtant Medical Holdings,
Inc. , its affiliates, related or predecessor corporations, subsidiaries, successors and assigns (“Employer”).

 

Employer
and Employee (collectively, “Parties”) wish to end their employment relationship in an honorable, dignified
and orderly fashion. Toward that end, the Parties have agreed to separate according to the following terms.

 

IN
CONSIDERATION OF THIS AGREEMENT, THE PARTIES AGREE AS FOLLOWS:

 

1. Termination.
Employee’s employment shall end on a date and time Employer shall determine (“Termination Date”).

 

2. Consideration.
Employer shall, (1) after receipt of a fully executed Agreement and Release; (2) after expiration of all applicable rescission
periods; and (3) provided Employee complies with her obligations under this Agreement, provide Employee with separation benefits
(“Consideration”) in compliance with Employee’s Employment Agreement (“Exhibit B”):

 

3. Termination
of Benefits. Except as otherwise provided by this Agreement, Employee’s participation in Employer’s employee benefits,
bonus, and all other compensation or commission plans, will terminate on the Termination Date, unless otherwise provided by law,
or benefit plan. Employee shall receive no compensation or benefits under such plans, except as specifically provided in Section
2 of this Agreement.

 

4. Execution
of Agreement and Release of all Claims. Employee agrees to fully execute this Agreement, and the Release attached as Exhibit
A, releasing any and all actual or potential claims which may have arisen at any time during her employment with or termination
from employment with Employer. Employee’s failure to execute this Agreement and/or Release, or any attempt to rescind this
Agreement or that Release, shall terminate this Agreement, and the Parties’ respective rights and obligations under this
Agreement.

 

5. Satisfactory
Performance and Cooperation During Transition. Employee shall fully cooperate with Employer in responding to questions, providing
assistance and information, and defending against claims of any type, and will otherwise assist Employer as Employer may request
through Employee’s Termination Date (“Transition Period”). More specifically:

 

(a) During
the Transition Period, Employee shall reasonably cooperate with Employer as it meets and otherwise communicates/works, with Employer’s
employees, customers, strategic relationships, consultants, and vendors on the transition of Employee’s duties to other
individuals. Employee shall be available, upon reasonable notice, during business hours to respond to Employer’s questions
and electronic communications. Employer shall reimburse Employee for Employee’s reasonable out-of-pocket expenses (such
reimbursement shall not include compensation for any such time or Employee’s attorney’s fees) incurred in accordance
with this paragraph upon submission of receipts to Employer for such expenses.

                                         

EMPLOYEE
INITIALS

 

    	Ex. C-1

    	 

    

 

(b) Employee
shall not, absent Employer’s specific approval, initiate any form of communication with Employer’s employees, customers
or strategic partners regarding Employer, Employer’s products or Employees, and shall communicate with such persons in the
above capacity only in conjunction with person(s) who Employer has designated to participate in such communications.

 

6. Stipulation
of No Charges. Employee affirmatively represents that she has not filed nor caused to be filed any charges, claims, complaints,
or actions against Employer before any federal, state, or local administrative agency, court, or other forum. Except as expressly
provided in this Agreement or required by law, Employee acknowledges and agrees that she has been paid all wages, bonuses, compensation,
benefits and other amounts that are due, with the exception of any vested right under the terms of a written ERISA-qualified benefit
plan. Employee waives any right to any form of recovery or compensation from any legal action, excluding any action claiming this
Agreement and Release violate the Age Discrimination in Employment Act (“ADEA”) and/or the Older Workers Benefit
Protection Act (“OWBPA”), filed or threatened to be filed by Employee or on Employee’s behalf based on
Employee’s employment, terms of employment, or separation from, Employer. Employee understands that any Consideration paid
to Employee pursuant to this Agreement may be deducted from any monetary award she may receive as a result of a successful ADEA
and/or OWBPA claim or challenge to this Agreement and Release. This does not preclude Employee from eligibility for unemployment
benefits, and does not preclude or obstruct Employee’s right to file a Charge with the Equal Employment Opportunity Commission
(“EEOC”).

 

7. Return
of Property. Employee shall return, on or before the Termination Date, all Employer property in Employee’s possession
or control, including but not limited to any drawings, orders, files, documents, notes, computers, laptop computers, fax machines,
cell phones, smart devices, access cards, fobs, keys, reports, manuals, records, product samples, correspondence and/or other
documents or materials related to Employer’s business that Employee has compiled, generated or received while working for
Employer, including all electronically stored information, copies, samples, computer data, disks, or records of such materials.
Employee must return to Employer, and Employee shall not retain, any Employer property as previously defined in this section.

 

8. Agreement
Not to Seek Future Employment. Employee agrees that she will never knowingly seek nor accept employment or a consulting/independent
contractor relationship with Employer, nor any other entity owned by Xtant Medical Holdings, Inc., either directly or through
a consulting firm.

 

9. Withholding
For Amounts Owed to Employer. Execution of this Agreement shall constitute Employee’s authorization for Employer to
make deductions from Employee’s Consideration, for Employee’s indebtedness to Employer, or to repay Employer for unaccrued
Paid Time Off already taken, employee purchases, wage or benefit overpayment, or other Employer claims against Employee, to the
extent permitted by applicable law.

                                         

EMPLOYEE
INITIALS

 

    	Ex. C-2

    	 

    

 

10. Non-Disparagement.
Employee agrees that, unless it is in the context of an EEOC or other civil rights or other government enforcement agency investigation
or proceeding, Employee will make no critical, disparaging or defamatory comments regarding Employer or any Released Party, as
defined in the Release, in any respect or make any comments concerning the conduct or events which precipitated Employee’s
separation. Furthermore, Employee agrees not to assist or encourage in any way any individual or group of individuals to bring
or pursue a lawsuit, charge, complaint, or grievance, or make any other demands against Employer or any Released Party. This provision
does not prohibit Employee from participating in an EEOC or other civil rights or other government enforcement agency charge,
investigation or proceeding, or from providing testimony or documents pursuant to a lawful subpoena or as otherwise required by
law.

 

11. Compliance
with Employment Agreement and Protection of Confidential Information. Employee agrees to comply with the provisions of and
the restrictions set forth in her Employment Agreement (Exhibit B). Employee agrees to never divulge or use any trade secrets,
confidential information, or other proprietary information of Employer which Employee obtained or to which Employee had access
during her employment with Employer. For purposes of this latter obligation, “Confidential Information” means information
that is not generally known and that is proprietary to Employer or that Employer is obligated to treat as proprietary. It includes,
but is not limited to, information or data of Employer concerning its business, financial statements, patient contact information
and data, products, plans, ideas, drawings, designs, concepts, inventions, discoveries, improvements, patent applications, know-how,
trade secrets, prototypes, processes, techniques and other proprietary information. It does not include information that Employee
can establish: (i) is already lawfully in the possession of Employee through independent means at the time of disclosure thereof;
(ii) is or later becomes part of the public domain through no fault of Employee; (iii) is lawfully received by Employee from a
third party having no obligations of confidentiality to Employer; or (iv) is required to be disclosed by order of a governmental
agency or by a court of competent jurisdiction. Any information that Employee knows or should reasonably know is Confidential
Information, or that Employer treats as Confidential Information, will be presumed to be Confidential Information.

 

12. Confidentiality.
It is the intent of Employer and Employee that the terms of this Agreement be treated as Confidential, except to the extent this
Agreement is required to be disclosed under applicable federal securities laws, as determined by Employer. Employee warrants that
she has not and agrees that she will not in the future disclose the terms of this Agreement, or the terms of the Consideration
to be paid by Employer to Employee as part of this Agreement, to any person other than her attorney, tax advisor, spouse, or representatives
of any state or federal regulatory agency, who shall be bound by the same prohibitions against disclosure as bind Employee, and
Employee shall be responsible for advising those individuals or agencies of this confidentiality provision. Employee shall not
provide or allow to be provided to any person this Agreement, or any copies thereof, nor shall Employee now or in the future disclose
the terms of this Agreement to any person, with the sole exception of communications with Employee’s spouse, attorney and
tax advisor, unless otherwise ordered to do so by a court or agency of competent jurisdiction.

                                         

EMPLOYEE
INITIALS

 

    	Ex. C-3

    	 

    

 

13. Invalidity.
In case any one or more of the provisions of this Agreement or Release shall be held invalid, illegal or unenforceable in any
respect, the validity, legality and enforceability of the remaining provisions contained in this Agreement and Release will not
in any way be affected or impaired thereby.

 

14. Non-Admissions.
The Parties expressly deny any and all liability or wrongdoing and agree that nothing in this Agreement or the Release shall be
deemed to represent any concession or admission of such liability or wrongdoing or any waiver of any defense.

 

15. Governing
Law. This Agreement shall be governed by and construed in accordance with the laws of Minnesota, without reference to its
choice of law rules. Any action for breach of this Agreement shall be brought in the federal or state court, as appropriate, located
in Minnesota.

 

16. Voluntary
and Knowing Action. Employee acknowledges that she has had sufficient opportunity to review the terms of this Agreement and
attached Release, and that she has voluntarily and knowingly entered into this Agreement. Employer shall not be obligated to provide
any Consideration to Employee pursuant to this Agreement in the event Employee elects to rescind/revoke the Release. The Release
becomes final and binding on the Parties upon expiration of the rescission/revocation period, provided Employee has not exercised
her option to rescind/revoke the Release. Any attempt by Employee to rescind any part of the Release obligates Employee to immediately
return all Consideration under this Agreement to counsel for Employer.

 

17. Legal
Counsel and Fees. Except as otherwise provided in this Agreement and the Release, the Parties agree to bear their own costs
and attorneys’ fees, if any. Employee acknowledges that Employer, by this Agreement, has advised her that she may consult
with an attorney of her choice prior to executing this Agreement and the Release. Employee acknowledges that she has had the opportunity
to be represented by legal counsel during the negotiation and execution of this Agreement and the Release, and that she understands
she will be fully bound by this Agreement and the Release.

 

18. Modification.
This Agreement may be modified or amended only by a writing signed by both Employer and Employee.

 

19. Successors
and Assigns. This Agreement is binding on and inures to the benefit of the Parties’ respective successors and assigns.

 

20. Notices.
Any notice, request or demand required or desired to be given hereunder shall be in writing and shall be addressed as follows:

                                         

EMPLOYEE
INITIALS

 

    	Ex. C-4

    	 

    

 

	 	If
    to Employer:	Michael
                                         Mainelli

        Interim
        Chief Executive Officer

        Xtant
        Medical Holdings, Inc.

        664
        Cruiser Lane

        Belgrade,
        MT 59714

	 	 	 
	 	With
    a copy to:	Thomas
                                         A. Letscher

        Fox
        Rothschild LLP

        Campbell
        Mithun Tower – Suite 2000

        222
        South Ninth Street

        Minneapolis,
        MC 55402-3338

	 	 	 
	 	If
    to Employee:	Ronald
                                         Berlin

        [address]

 

Either
party may change its address by giving the other Party written notice of its new address.

 

21. Waivers.
No failure or delay by either Party in exercising any right or remedy under this Agreement will waive any provision of this Agreement.

 

22. Miscellaneous.
This Agreement may be executed simultaneously in counterparts, each of which shall be an original, but all of which shall constitute
but one and the same agreement.

 

23. Entire
Agreement. Except for any continuing, post-employment, obligations under Exhibit B, or employment related Employer policy,
or as otherwise provided in this Agreement, this Agreement, the attached Release, and Exhibit B are the entire Agreement between
Employer and Employee relating to her employment and her separation. Employee understands that this Agreement and the Release
cannot be changed unless it is done in writing and signed by both Employer and Employee.

 

	 	EMPLOYEE
	 	 
	 	 
	 	Ronald
    Berlin
	 	Dated:
    _________, 20__
	 	 
	 	XTANT
    MEDICAL HOLDINGS, INC.
	 	 
	 	By:
    	        
	 	 
	 	Its:
    	 
	 	 
	 	Dated:
    _________, 20__

 

                                          

EMPLOYEE
INITIALS

 

    	Ex. C-5

    	 

    

 

EXHIBIT
A

 

RELEASE

 

	I.	Definitions.
    I, Ronald Berlin, intend all words used in this release (“Release”) to have their plain meanings in ordinary
    English. Technical legal words are not needed to describe what I mean. Specific terms I use in this Release have the following
    meanings:

 

	 	A.	“I,”
    “Me,” and “My” individually and collectively mean Ronald Berlin and anyone who has or
    obtains or asserts any legal rights or claims through Me or on My behalf. 
	 	 	 
	 	B.	“Employer”
    as used in this Release, shall at all times mean Xtant Medical Holdings, Inc. and any affiliates, related or predecessor corporations,
    parent corporations or subsidiaries, successors and assigns.
	 	 	 
	 	C.	“Released
    Party” or “Released Parties” as used in this Release, shall at all times mean Xtant Medical Holdings,
    Inc. and its affiliates, related or predecessor corporations, subsidiaries, successors and assigns, present or former officers,
    directors, shareholders, agents, employees, representatives and attorneys, whether in their individual or official capacities,
    and its affiliates, related or predecessor corporations, parent corporations or subsidiaries, successors and assigns, present
    or former officers, directors, shareholders, agents, employees, representatives and attorneys, whether in their individual
    or official capacities, benefit plans and plan administrators, and insurers, insurers’ counsel, whether in their individual
    or official capacities, and the current and former trustees or administrators of any pension, 401(k), or other benefit plan
    applicable to the employees or former employees of Employer, in their official and individual capacities. 
	 	 	 
	 	D.	“My
    Claims” mean any and all of the actual or potential claims of any kind whatsoever I may have had, or currently may
    have against Employer or any Released Party, whether known or unknown, that are in any way related to My employment with or
    separation from employment with Employer, including, but not limited to any claims for: invasion of privacy; breach of written
    or oral, express or implied, contract; fraud; misrepresentation; violation of the Age Discrimination in Employment Act of
    1967 (“ADEA”), 29 U. S. C. § 626, as amended; the Genetic Information Nondiscrimination Act of 2008
    (“GINA”), 42 U. S. C. § 2000, et seq., the Older Workers Benefit Protection Act of 1990 (“OWBPA”),
    29 U. S. C. § 626(f), Title VII of the Civil Rights Act of 1964 (“Title VII”), 42 U. S. C. §
    2000e, et seq., the Americans with Disabilities Act (“ADA”), 29 U. S. C. § 2101, et seq.,
    and as amended (“ADAAA”), the Employee Retirement Income Security Act of 1974 (“ERISA”),
    as amended, 29 U. S. C. § 1001, et seq., Equal Pay Act (“EPA”), 29 U. S. C. § 206(d),
    the Worker Adjustment and Retraining Notification Act (“WARN”), 29 U. S. C. § 2101, et seq.,
    the Family and Medical Leave Act (“FMLA”), 29 U. S. C. § 2601, et seq.; National Labor Relations
    Act, 29 U. S. C. § 141, et seq., the False Claims Act, 31 U. S. C. § 3729, et seq., Anti-Kickback
    Statute, 42 U. S. C. § 1320a, et seq., the Minnesota Human Rights Act, Minn. Stat. § 363A.01, et seq.,
    Minn. Stat. § 181, et seq., the Minnesota Whistleblower Act, Minn. Stat. § 181.931, et seq., the Montana
    Human Rights Act, Mont. Code Ann. § 49-1-101, et seq., the Montana Wrongful Discharge for Employment Act, Mont.
    Code Ann. § 39-2-901, et seq., the Montana Wage Payment Act, Mont. Code Ann. § 39-3-201, et seq.,
    or any and all other Minnesota, Montana, and other state human rights or fair employment practices statutes, administrative
    regulations, or local ordinances, and any other Minnesota, Montana, or other federal, state, local or foreign statute, law,
    rule, regulation, ordinance or order, all as amended. This includes, but is not limited to, claims for violation of any civil
    rights laws based on protected class status; claims for assault, battery, defamation, intentional or negligent infliction
    of emotional distress, breach of the covenant of good faith and fair dealing; promissory estoppel; negligence; negligent hiring;
    retention or supervision; retaliation; constructive discharge; violation of whistleblower protection laws; unjust enrichment;
    violation of public policy; and, all other claims for unlawful employment practices, and all other common law or statutory
    claims. 

                                         

EMPLOYEE
INITIALS

 

    	Ex. A-1

    	 

    

 

	II.	Except
    as stated in Section V of this Release, I agree to release all My Claims and waive any rights to My Claims. I also agree to
    withdraw any and all of My charges and lawsuits against Employer; except that I may, but am not required to, withdraw or dismiss,
    or attempt to withdraw or dismiss, any charges that I may have pending against Employer with the Employment Opportunity Commission
    (“EEOC”) or other civil rights enforcement agency. In exchange for My agreement to release My Claims, I
    am receiving satisfactory Consideration from Employer to which I am not otherwise entitled by law, contract, or under any
    Employer policy. The Consideration I am receiving is a full and fair consideration for the release of all My Claims. Employer
    does not owe Me anything in addition to what I will be receiving according to the Separation Agreement which I have signed.
    
	 	 
	III.	Unknown
    Claims. In waiving and releasing any and all actual, potential, or threatened claims against Employer, whether or
    not now known to me, I understand that this means that if I later discover facts different from or in addition to those facts
    currently known by me, or believed by me to be true, the waivers and releases of this Release will remain effective in all
    respects – despite such different or additional facts and my later discovery of such facts, even if I would not have
    agreed to the Separation Agreement and this Release if I had prior knowledge of such facts. 
	 	 
	IV.	Confirmation
    of No Claims, Etc. I am not aware of any other facts, evidence, allegations, claims, liabilities, or demands relating
    to alleged or potential violations of law that may give rise to any claim or liability on the part of any Released Party under
    the Securities Exchange Act of 1934, the Sarbanes–Oxley Act of 2002, the Dodd-Frank Wall Street Reform and Consumer
    Protection Act, the False Claims Act, the Anti-kickback Statute. I understand that nothing in this Release interferes with
    My right to file a complaint, charge or report with any law enforcement agency, with the Securities and Exchange Commission
    (“SEC”) or other regulatory body, or to participate in any manner in an SEC or other governmental investigation
    or proceeding under any such law, statute or regulation, or to require notification or prior approval by Employer of any such
    a complaint, charge or report. I understand and agree, however, that I waive My right to recover any whistleblower award under
    the Securities Exchange Act of 1934, the Sarbanes–Oxley Act of 2002, the Dodd-Frank Wall Street Reform and Consumer
    Protection Act, or other individual relief in any administrative or legal action whether brought by the SEC or other governmental
    or law enforcement agency, Me, or any other party, unless and to the extent that such waiver is contrary to law. I agree that
    the Released Parties reserve any and all defenses which they might have against any such allegations or claims brought by
    Me or on My behalf. I understand that Employer is relying on My representations in this Release and related Separation Agreement.
    

                                         

EMPLOYEE
INITIALS

 

    	Ex. A-2

    	 

    

 

	V.	Exclusions
    from Release.

 

	 	A.	The
    term “Claims” does not include My rights, if any, to claim the following: unemployment insurance benefits; workers
    compensation benefits; claims for My vested post-termination benefits under any 401(k) or similar retirement benefit plan;
    My rights to group medical or group dental insurance coverage pursuant to section 4980B of the Internal Revenue Code of 1986,
    as amended (“COBRA”); My rights to enforce the terms of this Release; or My rights to assert claims that are based
    on events occurring after this Release becomes effective. 
	 	 	 
	 	B.	Nothing
    in this Release interferes with My right to file or maintain a charge with the Equal Employment Opportunity Commission or
    other local civil rights enforcement agency, or participate in any manner in an EEOC or other such agency investigation or
    proceeding. I, however, understand that I am waiving My right to recover individual relief including, but not limited to,
    back pay, front pay, reinstatement, attorneys’ fees, and/or punitive damages, in any administrative or legal action
    whether brought by the EEOC or other civil rights enforcement agency, Me, or any other party. 
	 	 	 
	 	C.	Nothing
    in this Release interferes with My right to challenge the knowing and voluntary nature of this Release under the ADEA and/or
    OWBPA. 
	 	 	 
	 	D.	I
    agree that Employer reserves any and all defenses, which it has or might have against any claims brought by Me. This includes,
    but is not limited to, Employer’s right to seek available costs and attorneys’ fees as allowed by law, and to
    have any monetary award granted to Me, if any, reduced by the amount of money that I received in consideration for this Release.
    

 

	VI.	Older
    Workers Benefit Protection Act. The Older Workers Benefit Protection Act applies to individuals age 40 and older and
    sets forth certain criteria for such individuals to waive their rights under the Age Discrimination in Employment Act in connection
    with an exit incentive program or other employment termination program. I understand and have been advised that, if applicable,
    the above release of My Claims is subject to the terms of the OWBPA. The OWBPA provides that a covered individual cannot waive
    a right or claim under the ADEA unless the waiver is knowing and voluntary. If I am a covered individual, I acknowledge that
    I have been advised of this law, and I agree that I am signing this Release voluntarily, and with full knowledge of its consequences.
    I understand that Employer is giving Me twenty-one (21) days from the date I received a copy of this Release to decide whether
    I want to sign it. I acknowledge that I have been advised to use this time to consult with an attorney about the effect of
    this Release. If I sign this Release before the end of the twenty-one (21) day period it will be My personal, voluntary decision
    to do so, and will be done with full knowledge of My legal rights. I agree that material and/or immaterial changes to the
    Separation Agreement or this Release will not restart the running of this consideration period. I also acknowledge that the
    Separation Agreement, this Release and any other attachments or exhibits have each been written in a way that I understand.
    

                                         

EMPLOYEE
INITIALS

 

    	Ex. A-3

    	 

    

 

	VII.	Right
    to Rescind and/or Revoke. I understand that insofar as this Release relates to My rights under the Minnesota Human
    Rights Act, it shall not become effective or enforceable until fifteen (15) days after I sign it. Any such revocation must
    be in writing and hand-delivered to Employer or, if sent by mail, postmarked within the applicable time period, sent by certified
    mail, return receipt requested, and addressed as follows:

 

	 	A.	post-marked
    within the fifteen (15) day revocation period;
	 	 	 
	 	B.	properly
    addressed to:
	 	 	 
	 	 	Michael
    Mainelli
	 	 	Interim
    Chief Executive Officer
	 	 	Xtant
    Medical Holdings, Inc.
	 	 	664
    Cruiser Lane
	 	 	Belgrade,
    MT 59714
	 	 	 
	 	 	and
	 	 	 
	 	C.	sent
    by certified mail, return receipt requested. 

 

I
understand that the Consideration I am receiving for settling and releasing My Claims is contingent upon My agreement to be bound
by the terms of this Release. Accordingly, if I decide to rescind or revoke this Release, I understand that I am not entitled
to the Consideration described in the Separation Agreement. I further understand that if I attempt to rescind or revoke My release
of any claim, I must immediately return to Employer all Consideration I have received under My Agreement.

 

	VIII.	I
    Understand the Terms of this Release. I have had the opportunity to read this Release carefully and understand all
    its terms. I have had the opportunity to review this Release with My own attorney. In agreeing to sign this Release, I have
    not relied on any oral statements or explanations made by Employer, including its employees or attorneys. I understand and
    agree that this Release and the attached Agreement contain all the agreements between Employer and Me. We have no other written
    or oral agreements. 

 

	 	 
	 	Ronald
    Berlin
	 	Dated:_______
    , 20___

                                         

EMPLOYEE
INITIALS

 

    	Ex. A-4

    	 

    

 

EXHIBIT
B

 

AGREEMENT

                                         

EMPLOYEE
INITIALS

 

    	Ex. B-1

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